SCHEDULE OF INVESTMENTS
| Thornburg Short Duration Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| LONG-TERM MUNICIPAL BONDS — 100.9% | |||
| Alabama — 2.1% | |||
| a | Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 3.875% due 8/1/2037 (put 8/1/2024) | $1,500,000 | $ 1,500,021 |
| a | City of Mobile Alabama (Alabama Power Co.) IDB, Series C, 3.78% due 6/1/2034 (put 6/16/2026) | 1,000,000 | 996,465 |
| Arizona — 0.8% | |||
| Arizona (Banner Health Obligated Group) HFA, | |||
| Series B, | |||
| a | 4.13% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025) | 155,000 | 155,052 |
| a | 4.13% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026) | 845,000 | 835,832 |
| California — 3.3% | |||
| California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2027 | 365,000 | 379,047 | |
| City of Stockton Redevelopment Successor Agency (Redevelopment of Midtown, North & South Stockton & Waterfront Areas) (AGM), Series A, 5.00% due 9/1/2027 | 1,000,000 | 1,030,377 | |
| a,b | Deutsche Bank Spears/Lifers Trust (LOC Deutsche Bank AG), Series 2024-8135, 5.10% due 4/1/2060 (put 7/1/2024) | 1,400,000 | 1,400,000 |
| Tulare Public Financing Authority (BAM), 5.00% due 4/1/2027 - 4/1/2028 | 1,055,000 | 1,084,106 | |
| Colorado — 2.6% | |||
| a | Adams County Housing Authority (647 Oat LLLP), 4.50% due 5/1/2042 (put 5/1/2026) | 1,000,000 | 1,009,680 |
| a | E-470 Public Highway Authority, Series B, 3.928% (SOFR + 0.35%) due 9/1/2039 (put 9/1/2024) | 2,000,000 | 1,998,716 |
| Florida — 6.2% | |||
| a | Broward County Housing Finance Authority (Pinnacle 441 Phase 2 LLC), 4.05% due 9/1/2056 (put 3/1/2026) | 500,000 | 501,944 |
| City of Orlando (Senior Tourist Development) (AGM), Series A, 5.00% due 11/1/2025 | 1,000,000 | 1,018,223 | |
| City of Tampa (State of Florida Cigarette Tax Revenue), Series A, 5.00% due 9/1/2026 | 300,000 | 311,177 | |
| County of Manatee (Public Utilities System Improvements), 5.00% due 10/1/2026 | 370,000 | 374,061 | |
| a | Florida Housing Finance Corp. (GNMA), Series B, 3.35% due 10/1/2027 (put 10/1/2026) | 1,000,000 | 990,659 |
| a | Florida Housing Finance Corp. (Hampton Point Preservation Ltd.), Series E, 5.00% due 5/1/2026 (put 5/1/2025) | 1,000,000 | 1,010,333 |
| a | Miami-Dade County Housing Finance Authority (Fairfield Miami Gardens LP), Series B, 4.05% due 9/1/2026 (put 9/1/2025) | 1,000,000 | 1,002,404 |
| a | Miami-Dade County Housing Finance Authority (Quail Roost Transit Village I Ltd.) (HUD), 5.00% due 9/1/2026 (put 9/1/2025) | 1,000,000 | 1,016,070 |
| a | Miami-Dade County Housing Finance Authority (St. Mary Towers Apartments LLLP) (HUD), 3.40% due 4/1/2041 (put 10/1/2026) | 1,000,000 | 991,573 |
| Georgia — 4.4% | |||
| a | Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) | 1,300,000 | 1,315,314 |
| a | Development Authority of Burke County (Georgia Power Co.), Series REMK, 3.80% due 10/1/2032 (put 5/21/2026) | 1,000,000 | 1,002,456 |
| Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2024 - 10/1/2026 | 870,000 | 890,972 | |
| Savannah (International Paper Co.) EDA, Series B, 1.90% due 8/1/2024 | 2,000,000 | 1,996,210 | |
| Guam — 0.3% | |||
| Guam Waterworks Authority (Water & Wastewater System), 5.00% due 7/1/2024 | 350,000 | 350,033 | |
| Hawaii — 0.9% | |||
| a | City & County of Honolulu (Komohale Maunakea Venture LP) (HUD), 5.00% due 6/1/2027 (put 6/1/2026) | 1,000,000 | 1,028,374 |
| Illinois — 8.6% | |||
| Chicago Park District GO, Series A, 5.00% due 1/1/2027 | 825,000 | 839,018 | |
| City of Chicago (Water System), 5.00% due 11/1/2027 | 560,000 | 578,035 | |
| a | City of Chicago Heights (Olympic Village LLC) (FHA, GNMA, HUD), 2.875% due 8/1/2027 (put 8/1/2025) | 1,000,000 | 990,901 |
| City of Chicago Waterworks Revenue, 5.00% due 11/1/2029 | 385,000 | 393,665 | |
| Clinton Bond Fayette Etc Counties Community College District No. 501 Kaskaskia (AGM) GO, 5.00% due 12/1/2027 | 220,000 | 230,390 | |
| Greene Jersey & Macoupin Counties Community Unit School District No. 9 Southwest (BAM) GO, 5.00% due 12/1/2029 | 350,000 | 371,581 | |
| a | Illinois (Anchor Senior Living 2021 LP) (HUD) HDA, Series A, 4.00% due 11/1/2042 (put 5/1/2025) | 2,000,000 | 2,000,344 |
| a | Illinois (South Shore IL Preservation LP) (FHA, HUD) HDA, 4.00% due 6/1/2026 (put 6/1/2025) | 550,000 | 551,439 |
| Illinois Finance Authority (Ascension Health Credit Group), Series C, 5.00% due 2/15/2029 | 275,000 | 283,772 | |
| Metropolitan Pier & Exposition Authority, Series A, 5.00% due 12/15/2028 | 440,000 | 461,646 | |
| Southern Illinois University (BAM), Series A, 5.00% due 4/1/2026 | 320,000 | 325,981 | |
| State of Illinois (State Facilities Improvements) GO, Series D, 5.00% due 11/1/2024 | 1,000,000 | 1,004,214 | |
| State of Illinois GO, Series B, 5.00% due 3/1/2025 - 9/1/2027 | 1,995,000 | 2,056,711 | |
| Indiana — 3.0% | |||
| City of Rockport (AEP Generating Co.; Guaranty: American Electric Power Co.), Series A, 3.125% due 7/1/2025 | 1,000,000 | 993,514 | |
| Warsaw Community Schools (State Intercept) GO, 5.00% due 7/15/2024 - 1/15/2025 | 1,510,000 | 1,514,148 | |
| Westfield-Washington Schools (State Intercept) GO, Series C, 6.00% due 7/15/2025 - 1/15/2026 | 1,010,000 | 1,042,925 | |
| Iowa — 2.6% | |||
| a | PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) | 3,000,000 | 3,058,743 |
| Kentucky — 1.9% | |||
| County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 | 1,000,000 | 987,731 | |
| a | Kentucky Public Energy Authority (Guaranty: Morgan Stanley Group), Series C-1, 4.00% due 12/1/2049 (put 6/1/2025) | 1,230,000 | 1,230,139 |
| Louisiana — 4.8% | |||
| City of Shreveport (AGM) GO, Series A, 5.00% due 3/1/2025 - 3/1/2026 | 1,000,000 | 1,014,225 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Short Duration Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| a | Louisiana Offshore Terminal Authority (Loop LLC), Series A-R, 4.20% due 9/1/2033 (put 9/1/2028) | $1,000,000 | $ 1,005,064 |
| a | Louisiana Public Facilities Authority (Ochsner Clinic Foundation Obligated Group), Series B, 5.00% due 5/15/2050 (put 5/15/2025) | 1,065,000 | 1,076,366 |
| Plaquemines Port Harbor & Terminal District (International Marine Terminals Partnership; LOC Wells Fargo Bank NA), Series A, 4.00% due 3/15/2025 (put 3/15/2024) | 1,500,000 | 1,507,950 | |
| a | State of Louisiana Gasoline & Fuels Tax Revenue, Series A, 4.238% (SOFR + 0.50%) due 5/1/2043 (put 5/1/2026) | 975,000 | 969,940 |
| Massachusetts — 2.1% | |||
| a,b | Massachusetts (Mass General Brigham, Inc.) DFA, Series T-1, 4.48% (MUNIPSA + 0.60%) due 7/1/2049 (put 1/29/2026) | 2,500,000 | 2,493,392 |
| Minnesota — 0.9% | |||
| a | City of Mounds View Multifamily Housing Revenue (Sherman Forbes Project) (HUD), Series A, 4.05% due 11/1/2026 (put 11/1/2024) | 1,000,000 | 999,990 |
| Mississippi — 1.1% | |||
| a | County of Jackson (Chevron Corp.) GO, 3.55% due 11/1/2024 (put 8/1/2024) | 1,240,000 | 1,239,999 |
| Montana — 0.9% | |||
| City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 | 1,000,000 | 1,009,192 | |
| Nebraska — 2.4% | |||
| a | Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) | 1,000,000 | 1,045,502 |
| Central Plains Energy Project (Guaranty: Royal Bank of Canada), | |||
| 4.00% due 8/1/2024 | 250,000 | 249,975 | |
| a | 4.00% due 12/1/2049 (put 8/1/2025) | 1,000,000 | 1,000,756 |
| Gretna Public Schools GO, Series B, 5.00% due 12/15/2027 | 500,000 | 509,717 | |
| Nevada — 1.7% | |||
| a | County of Clark (Nevada Power Co.), 3.75% due 1/1/2036 (put 3/31/2026) | 1,000,000 | 987,547 |
| a | Nevada Housing Division (Fairfield Woodcreek LLC) (FHA), 5.00% due 12/1/2025 (put 12/1/2024) | 1,000,000 | 1,005,622 |
| New Jersey — 1.8% | |||
| Essex County Improvement Authority, 5.00% due 7/3/2024 | 500,000 | 500,037 | |
| Jersey City Municipal Utilities Authority Sewer Fund, Series B, 5.00% due 5/1/2025 | 1,000,000 | 1,013,550 | |
| Township of Springfield /Burlington County GO, 4.75% due 9/5/2024 | 600,000 | 601,172 | |
| New Mexico — 1.2% | |||
| a | City of Farmington (Public Service Co. of New Mexico), Series B, 3.875% due 6/1/2040 (put 6/1/2029) | 1,000,000 | 1,006,645 |
| City of Santa Fe Gasoline Tax GRT, 5.00% due 6/1/2025 | 380,000 | 385,813 | |
| New York — 3.4% | |||
| a | Metropolitan Transportation Authority, Series A-1, 5.00% due 11/15/2048 (put 11/15/2024) | 500,000 | 502,664 |
| a | New York City Housing Development Corp. (FHA), Series F-2A, 3.40% due 11/1/2062 (put 12/22/2026) | 1,100,000 | 1,101,289 |
| a | Rockland County (Rockland Gardens Housing Partners LP) (FHA, HUD) IDA, 4.65% due 5/1/2027 (put 5/1/2025) | 1,600,000 | 1,602,074 |
| a | Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series B2, 5.00% due 5/15/2050 (put 5/15/2026) | 500,000 | 511,665 |
| Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2027 | 270,000 | 271,211 | |
| North Carolina — 0.5% | |||
| 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 | |
| Series 2024B-2, 3.75% due 10/1/2028 | 500,000 | 482,615 | |
| Ohio — 6.3% | |||
| Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2027 | 735,000 | 759,440 | |
| City of Elyria GO, 4.625% due 6/26/2025 | 1,250,000 | 1,263,529 | |
| a | County of Allen Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.), Series B-1, 5.00% due 10/1/2049 (put 8/3/2027) | 2,000,000 | 2,076,870 |
| Northeast Ohio Medical University (BAM), 5.00% due 12/1/2029 | 260,000 | 277,525 | |
| a | State of Ohio (Republic Services, Inc.), 3.90% due 11/1/2035 (put 9/3/2024) | 3,000,000 | 3,000,000 |
| Oklahoma — 1.7% | |||
| Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, 5.00% due 9/1/2027 | 1,000,000 | 1,027,045 | |
| Cushing Educational Facilities Authority (Payne County No. 67 Cushing) ISD, 5.00% due 9/1/2028 | 500,000 | 522,558 | |
| Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2027 | 475,000 | 488,907 | |
| Pennsylvania — 4.8% | |||
| Allegheny County Hospital Development Authority (UPMC Obligated Group), Series A, 5.00% due 7/15/2025 | 1,500,000 | 1,522,691 | |
| a | Bethlehem Area School District Authority (State Aid Withholding), Series B, 3.928% (SOFR + 0.35%) due 7/1/2031 (put 11/1/2025) | 1,745,000 | 1,718,411 |
| a | Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) | 1,140,000 | 1,157,981 |
| Northeastern Pennsylvania Hospital & Education Authority (King’s College), 5.00% due 5/1/2026 | 485,000 | 485,091 | |
| Pennsylvania (UPMC Obligated Group) EDFA, 5.00% due 3/15/2026 | 220,000 | 225,506 | |
| a | Pennsylvania Housing Finance Agency (Cambridge Community Partners LP) (HUD), Series B, 5.00% due 11/1/2026 (put 11/1/2025) | 500,000 | 508,479 |
| Tennessee — 5.7% | |||
| Johnson City Health & Educational Facilities Board (Ballad Health Obligated Group), Series A, 5.00% due 7/1/2024 - 7/1/2025 | 1,600,000 | 1,613,342 | |
| a | Knox County Health Educational & Housing Facility Board (Gleason Partners LP) (HUD), 3.95% due 12/1/2027 (put 12/1/2025) | 2,000,000 | 2,009,186 |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Short Duration Municipal Fund | June 30, 2024 (Unaudited) |
| ISSUER-DESCRIPTION | Principal Amount | VALUE | |
| a | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Northview Housing Development LP), Series B, 3.85% due 2/1/2045 (put 2/1/2025) | $1,000,000 | $ 999,231 |
| a,c | Tennergy Corp. (Guaranty: Royal Bank of Canada), Series A, 5.00% due 10/1/2054 (put 12/1/2029) | 2,000,000 | 2,099,972 |
| Texas — 15.6% | |||
| a | Boerne School District (PSF-GTD) ISD GO, 3.125% due 2/1/2053 (put 2/1/2027) | 995,000 | 993,633 |
| a | Capital Area Housing Finance Corp. (LDG Redwood LP), 3.65% due 1/1/2041 (put 1/1/2026) | 1,000,000 | 997,834 |
| City of Aubrey Jackson Ridge Public Improvement District (BAM), 5.00% due 9/1/2024 - 9/1/2025 | 335,000 | 337,295 | |
| a | City of Dallas Housing Finance Corp. (Ash Creek Housing LLC) (FHA), 5.00% due 7/1/2026 (put 12/1/2025) | 500,000 | 509,218 |
| City of Georgetown Utility System Revenue (BAM), 5.00% due 8/15/2024 - 8/15/2026 | 1,505,000 | 1,528,290 | |
| a | Denton (PSF-GTD) ISD GO, Series B, 2.00% due 8/1/2044 (pre-refunded 8/1/2024) | 135,000 | 134,840 |
| a | Dickinson (PSF-GTD) ISD GO, 3.50% due 8/1/2037 (put 8/1/2025) | 1,000,000 | 1,000,136 |
| a | Grand Parkway Transportation Corp., 5.00% due 10/1/2052 (put 4/1/2028) | 1,000,000 | 1,049,135 |
| Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2027 | 2,000,000 | 2,076,062 | |
| Hays Consolidated (PSF-GTD) ISD GO, 5.00% due 8/15/2027 | 385,000 | 396,923 | |
| a,c | Houston Housing Finance Corp. (Cordova Apartments), 3.65% due 2/1/2048 (put 2/1/2028) | 1,000,000 | 998,910 |
| North East (PSF-GTD) ISD GO, | |||
| a | 3.60% due 8/1/2052 (put 8/1/2024) | 1,000,000 | 999,482 |
| a | 3.75% due 8/1/2049 (put 8/1/2027) | 1,000,000 | 1,006,877 |
| a | Northside (PSF-GTD) ISD GO, Series B, 3.45% due 8/1/2054 (put 8/1/2027) | 1,000,000 | 1,007,732 |
| Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2025 - 12/15/2026 | 1,125,000 | 1,143,648 | |
| a | Texas State Affordable Housing Corp. (AHFC-FC Norman Housing LP), 3.625% due 1/1/2045 (put 1/1/2027) | 1,000,000 | 997,812 |
| a | Texas State Affordable Housing Corp. (Eden Court Senior Housing LP) (HUD), 5.00% due 4/1/2043 (put 4/1/2026) | 1,000,000 | 1,015,510 |
| a | Travis County Housing Finance Corp. (Austin Gateway Apartments LP), 4.125% due 6/1/2045 (put 6/1/2027) | 2,000,000 | 2,003,084 |
| Virginia — 2.9% | |||
| a | Halifax County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 12/1/2041 (put 5/28/2027) | 1,500,000 | 1,509,333 |
| a | Harrisonburg Redevelopment & Housing Authority (John Early Seniors Housing LP) (FHA), 4.00% due 12/1/2027 (put 12/1/2025) | 910,000 | 914,717 |
| Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2025 - 1/1/2027 | 900,000 | 915,125 | |
| Washington — 0.9% | |||
| a | Washington State Housing Finance Commission (Ardea Twg LLLP), 5.00% due 12/1/2043 (put 2/1/2027) | 1,000,000 | 1,024,648 |
| Wisconsin — 5.5% | |||
| City of Watertown, 4.00% due 10/1/2025 | 1,000,000 | 1,002,583 | |
| Peshtigo School District, 4.75% due 3/1/2027 | 1,000,000 | 1,008,803 | |
| Public Finance Authority (National Senior Communities Obligated Group), 4.00% due 1/1/2025 | 605,000 | 604,479 | |
| Public Finance Authority (Renown Regional Medical Center), Series A, 5.00% due 6/1/2027 | 350,000 | 363,782 | |
| Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2025 - 10/1/2026 | 590,000 | 588,445 | |
| Racine USD, Series B, 4.125% due 4/1/2025 | 1,500,000 | 1,500,303 | |
| a | Wisconsin Housing & EDA Housing Revenue (HUD), Series E, 3.875% due 11/1/2054 (put 5/1/2027) | 1,000,000 | 1,000,870 |
| a | Wisconsin Housing (Flats at Bishops Woods LP) EDA, Series F, 5.00% due 12/1/2027 (put 12/1/2026) | 350,000 | 361,400 |
| Total Long-Term Municipal Bonds — 100.9% (Cost $118,040,992) | 118,092,788 | ||
| Short-Term Municipal Bonds — 0.4% | |||
| Texas — 0.4% | |||
| a | Port of Port Arthur Navigation District (Motiva Enterprises LLC), 5.00% due 4/1/2040 (put 7/1/2024) | 500,000 | 500,000 |
| Total Short-Term Municipal Bonds — 0.4% (Cost $500,000) | 500,000 | ||
| Total Investments — 101.3% (Cost $118,540,992) | $118,592,788 | ||
| Liabilities Net of Other Assets — (1.3)% | (1,571,416) | ||
| Net Assets — 100.0% | $117,021,372 |
| 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 $3,893,392, representing 3.33% of the Fund’s net assets. |
| c | When-issued security. |
SCHEDULE OF INVESTMENTS, Continued
| Thornburg Short Duration Municipal Fund | June 30, 2024 (Unaudited) |
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:
| AGM | Insured by Assured Guaranty Municipal Corp. |
| BAM | Insured by Build America Mutual Insurance Co. |
| DFA | Development Finance Authority/Agency |
| EDA | Economic Development Authority |
| EDFA | Economic Development Financing Authority |
| FHA | Insured by Federal Housing Administration |
| GNMA | Collateralized by Government National Mortgage Association |
| GO | General Obligation |
| GRT | Gross Receipts Tax |
| HDA | Housing Development Authority |
| HFA | Health Facilities Authority |
| HFFA | Health Facilities Financing Authority |
| HUD | Insured by Housing and Urban Development |
| IDA | Industrial Development Authority/Agency |
| IDB | Industrial Development Board |
| ISD | Independent School District |
| LOC | Letter of Credit |
| MUNIPSA | Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index |
| PSF-GTD | Guaranteed by Permanent School Fund |
| SOFR | Secured Overnight Financing Rate |
| SPA | Stand-by Purchase Agreement |
| USD | Unified School District |
NOTES TO SCHEDULE OF INVESTMENTS
| Thornburg Short Duration Municipal Fund | June 30, 2024 (Unaudited) |
NOTE 1 – ORGANIZATION
Thornburg Short Duration Municipal Fund (the “Fund”) is a 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 two classes of shares of beneficial interest: Class A and 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.