SCHEDULE OF INVESTMENTS
Thornburg New York Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
LONG-TERM MUNICIPAL BONDS — 94.5% | |||
City of Long Beach (BAM) GO, Series B, 5.25% due 7/15/2042 | $ 500,000 | $ 538,017 | |
City of New York (City Budget Financial Management) GO, Series G, 5.00% due 8/1/2030 | 1,000,000 | 1,000,878 | |
City of New York GO, Series A, 5.00% due 8/1/2043 | 800,000 | 880,941 | |
City of Yonkers (AGM) GO, Series C, 5.00% due 3/15/2025 | 350,000 | 354,048 | |
Dutchess County Local Development Corp. (Tompkins Terrace Housing LP) (FNMA), 5.00% due 10/1/2040 | 500,000 | 543,533 | |
Guam Power Authority, Series A, 5.00% due 10/1/2042 | 250,000 | 260,433 | |
Guam Power Authority (Electric Power System), Series A, 5.00% due 10/1/2024 | 250,000 | 250,373 | |
Guam Waterworks Authority (Water & Wastewater System), 5.00% due 7/1/2026 | 510,000 | 523,193 | |
Hudson Yards Infrastructure Corp. (Hudson Yards Subway Station), Series A, 5.00% due 2/15/2035 | 1,000,000 | 1,040,581 | |
Long Island Power Authority (Electric System Capital Improvements) (AGC), Series C, 5.25% due 9/1/2029 | 645,000 | 697,578 | |
Metropolitan Transportation Authority, | |||
Series A-1, 5.00% due 11/15/2040 | 205,000 | 206,525 | |
Series D-1, 5.00% due 11/15/2031 | 1,000,000 | 1,016,913 | |
Monroe County (Monroe Community College Association, Inc.) (AGM) IDC, 5.00% due 1/15/2028 - 1/15/2029 | 550,000 | 550,372 | |
Nassau County Sewer & Storm Water Finance Authority (Sewerage & Storm Water Resource Facilities), Series A, 5.00% due 10/1/2028 - 10/1/2031 | 1,400,000 | 1,404,659 | |
New York City Housing Development Corp., Series G, 4.60% due 11/1/2043 | 250,000 | 252,496 | |
New York City Housing Development Corp. (CSA Preservation Partners LLC) (HUD), Series A, 4.45% due 8/1/2043 | 200,000 | 200,478 | |
New York City Housing Development Corp. (FHA), Series A-1, 4.55% due 11/1/2044 | 300,000 | 303,297 | |
New York City Housing Development Corp. (HUD) (Green Bond), Series B-1-A, 4.50% due 11/1/2044 | 100,000 | 100,117 | |
New York City Municipal Water Finance Authority (New York City Water & Sewer System), | |||
Series AA-2, 4.00% due 6/15/2042 | 350,000 | 349,713 | |
Series EE, 4.00% due 6/15/2042 | 250,000 | 249,772 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, | |||
Series A, 5.00% due 11/1/2036 | 1,000,000 | 1,105,079 | |
Series A1, 5.00% due 8/1/2038 | 1,000,000 | 1,060,155 | |
Series C, 5.00% due 11/1/2026 | 500,000 | 500,487 | |
New York State Dormitory Authority (AGM, State Aid Withholding), | |||
Series A, 5.00% due 10/1/2043 - 10/1/2044 | 600,000 | 654,190 | |
Series H, 5.00% due 10/1/2024 | 155,000 | 155,160 | |
New York State Dormitory Authority (Barnard College), | |||
Series A, | |||
4.00% due 7/1/2024 | 200,000 | 200,006 | |
5.00% due 7/1/2041 | 250,000 | 264,548 | |
New York State Dormitory Authority (Orange & Ulster Counties Board Coop Educational Services Sole Supervisory District), Series A, 4.25% due 8/15/2044 | 300,000 | 303,589 | |
New York State Dormitory Authority (School District Financing Program) (AGM, State Aid Withholding), Series A, 5.00% due 10/1/2028 | 200,000 | 200,613 | |
New York State Dormitory Authority (State Aid Withholding), Series A, 5.00% due 10/1/2032 - 10/1/2033 | 450,000 | 466,400 | |
New York State Dormitory Authority (State of New York Personal Income Tax Revenue), | |||
Series A, 4.00% due 3/15/2040 - 3/15/2042 | 750,000 | 764,728 | |
Series E, 4.00% due 3/15/2039 | 350,000 | 357,275 | |
New York State Dormitory Authority (State of New York Sales Tax Revenue), Series A-1, 4.00% due 3/15/2043 | 500,000 | 501,656 | |
New York State Energy Research & Development Authority (New York State Electric & Gas Corp.), Series C, 4.00% due 4/1/2034 | 550,000 | 552,537 | |
New York State Housing Finance Agency (HUD, SONYMA), Series C-1, 4.50% due 11/1/2043 | 250,000 | 252,439 | |
New York Transportation Development Corp. (JFK NTO LLC) AMT, 5.25% due 6/30/2044 | 250,000 | 264,582 | |
Oneida County Local Development Corp. (Utica College), 5.00% due 7/1/2024 | 290,000 | 290,010 | |
Port Authority of New York & New Jersey AMT, | |||
Series 186, 5.00% due 10/15/2037 | 500,000 | 500,717 | |
Series 238, 5.00% due 7/15/2040 | 400,000 | 437,082 | |
Sales Tax Asset Receivable Corp. (New York Local Government Assistance Corp.), Series A, 5.00% due 10/15/2029 - 10/15/2031 (pre-refunded 10/15/2024) | 1,250,000 | 1,256,160 | |
Tompkins County Development Corp. (Ithaca College), 5.00% due 7/1/2027 - 7/1/2034 | 610,000 | 624,664 | |
Triborough Bridge & Tunnel Authority, Series A, 5.00% due 11/15/2033 | 250,000 | 252,912 | |
Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series A, 5.00% due 11/15/2029 | 1,000,000 | 1,001,021 | |
Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series A, 5.00% due 9/1/2033 | 645,000 | 697,563 | |
Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2026 - 7/1/2034 | 780,000 | 789,574 | |
TOTAL LONG-TERM MUNICIPAL BONDS — 94.5% (Cost $23,957,051) | $24,177,064 | ||
SHORT-TERM MUNICIPAL BONDS — 4.3% | |||
a | New York City Municipal Water Finance Authority (New York City Water & Sewer System; SPA Barclays Bank plc), Series BB-4, 4.90% due 6/15/2050 (put 7/1/2024) | 1,100,000 | 1,100,000 |
TOTAL SHORT-TERM MUNICIPAL BONDS — 4.3% (Cost $1,100,000) | $1,100,000 | ||
Total Investments — 98.8% (Cost $25,057,051) | $25,277,064 |
SCHEDULE OF INVESTMENTS, Continued
Thornburg New York Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
ISSUER-DESCRIPTION | PRINCIPAL AMOUNT | VALUE | |
Other Assets Less Liabilities — 1.2% | 307,672 | ||
Net Assets — 100.0% | $25,584,736 |
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. |
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:
AGC | Insured by Assured Guaranty Corp. |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAM | Insured by Build America Mutual Insurance Co. |
FHA | Insured by Federal Housing Administration |
FNMA | Collateralized by Federal National Mortgage Association |
GO | General Obligation |
HUD | Insured by Housing and Urban Development |
IDC | Industrial Development Corp. |
SONYMA | State of New York Mortgage Agency |
SPA | Stand-by Purchase Agreement |
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg New York Intermediate Municipal Fund | June 30, 2024 (Unaudited) |
NOTE 1 – ORGANIZATION
Thornburg New York Intermediate Municipal 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 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.