SCHEDULE OF INVESTMENTS
Thornburg Municipal Managed Account Fund | June 30, 2024 (Unaudited) |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
LONG-TERM MUNICIPAL BONDS — 96.0% | |||
Alabama — 14.8% | |||
a | Black Belt Energy Gas District (Guaranty: Goldman Sachs Group, Inc.), Series D-1, 5.50% due 6/1/2049 (put 2/1/2029) | $150,000 | $ 159,221 |
Black Belt Energy Gas District (Guaranty: Royal Bank of Canada), Series B, 5.00% due 12/1/2030 | 250,000 | 264,615 | |
a | Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 3.875% due 8/1/2037 (put 8/1/2024) | 250,000 | 250,004 |
a | Energy Southeast A Cooperative District (Guaranty: Morgan Stanley Group), Series B, 5.25% due 7/1/2054 (put 6/1/2032) | 300,000 | 320,672 |
a | Southeast Alabama Gas Supply District (Guaranty: Morgan Stanley Group), 5.00% due 6/1/2049 (put 5/1/2032) | 250,000 | 263,609 |
a | Southeast Alabama Gas Supply District (Guaranty: Pacific Life Insurance Co.), Series A, 5.00% due 8/1/2054 (put 4/1/2032) | 250,000 | 268,265 |
Arizona — 3.0% | |||
a | Chandler (Intel Corp.) IDA AMT, 4.10% due 12/1/2037 (put 6/15/2028) | 150,000 | 153,313 |
City of Phoenix Civic Improvement Corp. (Phoenix Airport Revenue) AMT, 5.00% due 7/1/2048 | 150,000 | 153,239 | |
California — 6.6% | |||
a | California Community Choice Financing Authority (Guaranty: Morgan Stanley Group), Series A-1, 5.00% due 5/1/2054 (put 4/1/2032) | 250,000 | 265,568 |
California Municipal Finance Authority (Greenfield Commons Eah LP) (FNMA) (Green Bond), Series A, 5.28% due 9/1/2046 | 150,000 | 167,145 | |
a,b | California Pollution Control Financing Authority (Republic Services, Inc.) AMT, Series A2, 4.05% due 11/1/2042 (put 7/15/2024) | 250,000 | 250,000 |
Connecticut — 1.5% | |||
Connecticut Housing Finance Authority, Series B, 4.65% due 11/15/2048 | 150,000 | 151,041 | |
Florida — 9.3% | |||
b | Capital Projects Finance Authority (Kissimmee Charter Academy), 6.625% due 6/15/2059 | 145,000 | 148,155 |
b | Capital Trust Agency, Inc. (Southeastern University Obligated Group), Series A, 6.25% due 5/1/2048 | 100,000 | 102,045 |
County of Broward Airport System Revenue AMT, 5.00% due 10/1/2042 | 150,000 | 153,989 | |
County of Miami-Dade Aviation Revenue AMT, Series A, 5.00% due 10/1/2035 | 150,000 | 150,054 | |
Florida Development Finance Corp. (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), Series A, 5.00% due 6/15/2042 | 150,000 | 151,106 | |
b | Florida Development Finance Corp. (SFP - Tampa I LLC), Series A1, 5.25% due 6/1/2054 | 250,000 | 253,568 |
Georgia — 4.6% | |||
a | Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 100,000 | 101,178 |
Main Street Natural Gas, Inc. (Guaranty: Royal Bank of Canada), | |||
a | Series A, 5.00% due 5/1/2054 (put 9/1/2031) | 200,000 | 211,777 |
a | Series B, 5.00% due 7/1/2053 (put 3/1/2030) | 150,000 | 157,556 |
Illinois — 2.9% | |||
City of Chicago (Chicago O’Hare International Airport) AMT, Series A, 5.00% due 1/1/2028 | 150,000 | 150,594 | |
State of Illinois GO, Series B, 4.00% due 11/1/2038 | 150,000 | 150,185 | |
Indiana — 1.0% | |||
a | Indiana Finance Authority (Republic Services, Inc.) AMT, 4.20% due 12/1/2037 (put 9/3/2024) | 100,000 | 100,000 |
Iowa — 1.5% | |||
a | Iowa Finance Authority (Iowa Fertilizer Co. LLC; Guaranty: OCI NV), 5.00% due 12/1/2050 (put 12/1/2042) | 150,000 | 157,741 |
Kentucky — 4.4% | |||
a | County of Owen (American Water/Kentucky-American Water Co. Obligated Group), 3.875% due 6/1/2040 (put 9/1/2028) | 150,000 | 148,316 |
Kentucky Housing Corp. (FHLMC, FNMA, GNMA), Series A, 4.35% due 7/1/2044 | 150,000 | 147,287 | |
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group), Series A, 5.00% due 10/1/2033 | 150,000 | 152,997 | |
Michigan — 2.7% | |||
City of Detroit GO, Series C, 6.00% due 5/1/2043 | 250,000 | 280,157 | |
Missouri — 1.0% | |||
Health & Educational Facilities Authority of the State of Missouri (Lutheran Senior Services Obligated Group), Series A, 5.25% due 2/1/2054 | 100,000 | 103,183 | |
Nevada — 2.4% | |||
a | County of Washoe (Sierra Pacific Power Co.) AMT, Series F, 4.125% due 3/1/2036 (put 10/1/2029) | 250,000 | 252,257 |
New Hampshire — 1.8% | |||
New Hampshire Business Finance Authority (Presbyterian Homes Obligated Group), Series A, 5.25% due 7/1/2048 | 175,000 | 180,832 | |
New Jersey — 3.1% | |||
New Jersey Higher Education Student Assistance Authority AMT, Series C, 5.25% due 12/1/2054 | 140,000 | 141,672 | |
New Jersey Housing & Mortgage Finance Agency (Riverview Towers Preservation LLC) (FHA, GNMA), Series B, 5.25% due 12/20/2065 | 175,000 | 181,105 | |
New Mexico — 7.6% | |||
a | City of Farmington (Public Service Co. of New Mexico), Series D, 3.90% due 6/1/2040 (put 6/1/2028) | 250,000 | 251,364 |
New Mexico Educational Assistance Foundation AMT, Series 1A, 5.00% due 9/1/2029 | 150,000 | 156,632 | |
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group), Series A, 5.00% due 7/1/2049 | 150,000 | 126,416 | |
New Mexico Mortgage Finance Authority (FHLMC, FNMA, GNMA), Series C, 4.60% due 9/1/2044 | 250,000 | 252,567 | |
North Carolina — 1.4% | |||
North Carolina Medical Care Commission (United Methodist Retirement Homes Inc Obligated Group), Series 2024B-1, 4.25% due 10/1/2028 | 150,000 | 148,147 | |
Ohio — 1.4% | |||
a | Ohio Air Quality Development Authority (Ohio Valley Electric Corp.), Series C, 1.50% due 2/1/2026 (put 11/4/2025) | 155,000 | 147,646 |
SCHEDULE OF INVESTMENTS, Continued
Thornburg Municipal Managed Account Fund | June 30, 2024 (Unaudited) |
ISSUER-DESCRIPTION | Principal Amount | VALUE | |
Pennsylvania — 1.4% | |||
Northeastern Pennsylvania Hospital & Education Authority (King’s College), 5.00% due 5/1/2031 | $145,000 | $ 145,229 | |
South Dakota — 1.5% | |||
South Dakota Health & Educational Facilities Authority (Monument Health Obligated Group), 5.00% due 9/1/2040 | 150,000 | 154,343 | |
Tennessee — 3.5% | |||
Knox County Health Educational & Housing Facility Board (Provident Group - UTK Properties LLC) (BAM), Series A-1, 5.00% due 7/1/2044 | 200,000 | 212,758 | |
Tennessee HDA, Series 2A, 4.70% due 7/1/2053 | 150,000 | 150,172 | |
Texas — 5.9% | |||
Clifton Higher Education Finance Corp. (YES Prep Public Schools, Inc.) (PSF-GTD), 4.25% due 4/1/2048 | 150,000 | 147,151 | |
Matagorda County Navigation District No. 1 (AEP Texas, Inc.) AMT, 4.25% due 5/1/2030 | 150,000 | 146,265 | |
Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC) AMT, 5.50% due 12/31/2058 | 150,000 | 162,638 | |
Texas Transportation Commission (Central Texas Turnpike System), Series C, 5.00% due 8/15/2034 | 150,000 | 150,106 | |
Utah — 4.5% | |||
b | Black Desert Public Infrastructure District (Black Desert Assessment Area No. 1), 5.625% due 12/1/2053 | 200,000 | 205,800 |
b | Utah Charter School Finance Authority (Freedom Academy Foundation), Series A, 5.00% due 6/15/2041 | 120,000 | 108,573 |
Utah Charter School Finance Authority (Summit Academy, Inc.), Series A, 5.00% due 4/15/2049 | 150,000 | 152,825 | |
Virginia — 2.0% | |||
Virginia HDA, Series D, 4.70% due 8/1/2048 | 200,000 | 202,728 | |
Washington — 1.1% | |||
b | Washington State Housing Finance Commission (Seattle Academy of Arts & Sciences), 6.125% due 7/1/2053 | 100,000 | 109,424 |
West Virginia — 3.4% | |||
West Virginia (Kentucky Power Co.) EDA AMT, | |||
a | 1.00% due 1/1/2041 (put 9/1/2025) | 105,000 | 100,986 |
a | Series A, 4.70% due 4/1/2036 (put 6/17/2026) | 250,000 | 252,356 |
Wisconsin — 1.7% | |||
Wisconsin Housing & EDA (Flats at Bishops Woods LP) (FNMA), Series E, 4.75% due 6/1/2043 | 175,000 | 179,759 | |
Total Long-Term Municipal Bonds — 96.0% (Cost $9,718,646) | 9,906,331 | ||
Short-Term Municipal Bonds — 1.4% | |||
Kentucky — 1.4% | |||
a | County of Meade (Nucor Corp.) AMT, Series A-1, 5.40% due 8/1/2061 (put 7/1/2024) | 150,000 | 150,000 |
Total Short-Term Municipal Bonds — 1.4% (Cost $150,000) | 150,000 | ||
Total Investments — 97.4% (Cost $9,868,646) | $10,056,331 | ||
Other Assets Less Liabilities — 2.6% | 263,716 | ||
Net Assets — 100.0% | $10,320,047 |
Footnote Legend | |
a | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2024. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2024, the aggregate value of these securities in the Fund’s portfolio was $1,177,565, representing 11.41% of the Fund’s net assets. |
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
To simplify the listings of securities, abbreviations are used per the table below:
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
EDA | Economic Development Authority |
FHA | Insured by Federal Housing Administration |
FHLMC | Collateralized by Federal Home Loan Mortgage Corp. |
FNMA | Collateralized by Federal National Mortgage Association |
GNMA | Collateralized by Government National Mortgage Association |
GO | General Obligation |
HDA | Housing Development Authority |
IDA | Industrial Development Authority/Agency |
IDB | Industrial Development Board |
PSF-GTD | Guaranteed by Permanent School Fund |
SPA | Stand-by Purchase Agreement |
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg Municipal Managed Account Fund | June 30, 2024 (Unaudited) |
NOTE 1 – ORGANIZATION
Thornburg Municipal Managed Account Fund (the “Fund”) is a non-diversified series of Thornburg Investment Trust (the “Trust”). The Trust is organized as a Massachusetts business trust under a Declaration of Trust dated June 3, 1987 and is registered as a diversified, open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is currently one of twenty-four separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers one class of shares of beneficial interest: Institutional Class (“Class I”).
NOTE 2 – SECURITY VALUATION
Valuation of the Fund’s portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund’s "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the “Valuation Policy and Procedures”).
In its capacity as the Fund’s valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the “Committee”), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund’s investments. The Committee provides reports on its activities to the Trustees’ Audit Committee, which is responsible for overseeing the Committee’s and the Advisor’s work in discharging the functions under the Valuation Policy and Procedures.
In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund’s financial statements. The Committee’s calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.
Valuation of Securities: Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.
In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.