SCHEDULE OF INVESTMENTS
Thornburg Summit Fund | June 30, 2024 (Unaudited) |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Common Stock — 50.6% | |||
Automobiles & Components — 0.5% | |||
Automobile Components — 0.5% | |||
a | Mobileye Global, Inc. Class A | 17,553 | $ 492,976 |
492,976 | |||
Banks — 2.1% | |||
Banks — 2.1% | |||
BNP Paribas SA | 9,575 | 610,442 | |
Citigroup, Inc. | 12,653 | 802,959 | |
JPMorgan Chase & Co. | 3,976 | 804,186 | |
2,217,587 | |||
Capital Goods — 1.9% | |||
Aerospace & Defense — 0.6% | |||
L3Harris Technologies, Inc. | 2,560 | 574,925 | |
Electrical Equipment — 0.4% | |||
Vertiv Holdings Co. Class A | 5,349 | 463,063 | |
Machinery — 0.3% | |||
FANUC Corp. | 12,200 | 334,327 | |
Trading Companies & Distributors — 0.6% | |||
ITOCHU Corp. | 13,500 | 659,015 | |
2,031,330 | |||
Commercial & Professional Services — 0.8% | |||
Professional Services — 0.8% | |||
Jacobs Solutions, Inc. | 6,196 | 865,643 | |
865,643 | |||
Consumer Discretionary Distribution & Retail — 4.3% | |||
Broadline Retail — 3.8% | |||
a | Amazon.com, Inc. | 10,462 | 2,021,782 |
a | MercadoLibre, Inc. | 638 | 1,048,489 |
a | PDD Holdings, Inc. ADR | 7,103 | 944,344 |
Specialty Retail — 0.5% | |||
Home Depot, Inc. | 1,713 | 589,683 | |
4,604,298 | |||
Consumer Durables & Apparel — 1.4% | |||
Textiles, Apparel & Luxury Goods — 1.4% | |||
Kalyan Jewellers India Ltd. | 102,899 | 620,572 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,131 | 864,344 | |
1,484,916 | |||
Consumer Services — 2.8% | |||
Hotels, Restaurants & Leisure — 2.8% | |||
a | Airbnb, Inc. Class A | 8,717 | 1,321,759 |
Galaxy Entertainment Group Ltd. | 205,000 | 955,558 | |
Wyndham Hotels & Resorts, Inc. | 9,043 | 669,182 | |
2,946,499 | |||
Energy — 1.3% | |||
Energy Equipment & Services — 0.4% | |||
Liberty Energy, Inc. Class A | 20,838 | 435,306 | |
Oil, Gas & Consumable Fuels — 0.9% | |||
Enbridge, Inc. | 4,868 | 173,185 | |
TotalEnergies SE | 12,107 | 808,170 | |
1,416,661 | |||
Financial Services — 4.2% | |||
Capital Markets — 1.8% | |||
Charles Schwab Corp. | 17,608 | 1,297,533 | |
CME Group, Inc. | 2,781 | 546,745 |
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund | June 30, 2024 (Unaudited) |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Financial Services — 2.4% | |||
b | Home First Finance Co. India Ltd. | 24,326 | $ 299,920 |
Mastercard, Inc. Class A | 2,211 | 975,404 | |
Visa, Inc. Class A | 4,906 | 1,287,678 | |
4,407,280 | |||
Food, Beverage & Tobacco — 0.8% | |||
Beverages — 0.8% | |||
Varun Beverages Ltd. | 43,839 | 855,357 | |
855,357 | |||
Health Care Equipment & Services — 0.6% | |||
Health Care Equipment & Supplies — 0.6% | |||
Medtronic plc | 8,377 | 659,354 | |
659,354 | |||
Insurance — 1.7% | |||
Insurance — 1.7% | |||
NN Group NV | 20,324 | 945,732 | |
a | PB Fintech Ltd. | 49,562 | 829,129 |
1,774,861 | |||
Materials — 1.3% | |||
Chemicals — 0.9% | |||
Linde plc | 2,195 | 963,188 | |
Metals & Mining — 0.4% | |||
Glencore plc | 76,743 | 437,616 | |
1,400,804 | |||
Media & Entertainment — 3.7% | |||
Interactive Media & Services — 3.7% | |||
Alphabet, Inc. Class A | 10,328 | 1,881,245 | |
Meta Platforms, Inc. Class A | 4,029 | 2,031,502 | |
3,912,747 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 5.4% | |||
Biotechnology — 1.5% | |||
a | BioMarin Pharmaceutical, Inc. | 5,428 | 446,887 |
a | Sarepta Therapeutics, Inc. | 7,273 | 1,149,134 |
Life Sciences Tools & Services — 0.3% | |||
a | Repligen Corp. | 2,541 | 320,319 |
Pharmaceuticals — 3.6% | |||
AstraZeneca plc | 5,396 | 842,813 | |
Merck & Co., Inc. | 5,273 | 652,797 | |
Novo Nordisk AS Class B | 5,098 | 736,161 | |
Pfizer, Inc. | 29,742 | 832,181 | |
Roche Holding AG | 2,647 | 735,073 | |
5,715,365 | |||
Semiconductors & Semiconductor Equipment — 7.1% | |||
Semiconductors & Semiconductor Equipment — 7.1% | |||
a | Advanced Micro Devices, Inc. | 5,073 | 822,891 |
ASML Holding NV | 862 | 890,110 | |
Broadcom, Inc. | 996 | 1,599,108 | |
NVIDIA Corp. | 16,936 | 2,092,274 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 73,000 | 2,173,697 | |
7,578,080 | |||
Software & Services — 4.0% | |||
Information Technology Services — 1.0% | |||
Nomura Research Institute Ltd. | 17,300 | 486,129 | |
a | Shopify, Inc. Class A | 8,828 | 583,090 |
Software — 3.0% | |||
Microsoft Corp. | 3,316 | 1,482,086 |
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund | June 30, 2024 (Unaudited) |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
SAP SE | 2,927 | $ 594,083 | |
a | ServiceNow, Inc. | 1,451 | 1,141,458 |
4,286,846 | |||
Technology Hardware & Equipment — 2.7% | |||
Electronic Equipment, Instruments & Components — 0.7% | |||
Keyence Corp. | 1,719 | 753,778 | |
Technology Hardware, Storage & Peripherals — 2.0% | |||
Apple, Inc. | 4,895 | 1,030,985 | |
Samsung Electronics Co. Ltd. | 18,041 | 1,068,174 | |
2,852,937 | |||
Telecommunication Services — 3.0% | |||
Diversified Telecommunication Services — 3.0% | |||
AT&T, Inc. | 67,625 | 1,292,314 | |
Orange SA | 95,296 | 954,644 | |
a | Zegona Communications plc | 265,022 | 884,437 |
3,131,395 | |||
Transportation — 1.0% | |||
Ground Transportation — 1.0% | |||
Canadian Pacific Kansas City Ltd. | 14,043 | 1,105,605 | |
1,105,605 | |||
Total Common Stock (Cost $40,700,597) | 53,740,541 | ||
Asset Backed Securities — 3.7% | |||
Auto Receivables — 1.3% | |||
b | ACC Auto Trust, Series 2022-A Class A, 4.58% due 7/15/2026 | $ 24,468 | 24,441 |
b | Ally Auto Receivables Trust Series 2023-1 Class CERT, due 4/15/2034 | 1,000 | 336,623 |
CarMax Auto Owner Trust, Series 2021-1 Class A3, 0.34% due 12/15/2025 | 48,593 | 48,308 | |
b | Carvana Auto Receivables Trust, Series 2023-N4 Class A, 6.42% due 1/10/2028 | 103,436 | 103,842 |
Exeter Automobile Receivables Trust, Series 2021-3A Class C, 0.96% due 10/15/2026 | 134,605 | 133,294 | |
Flagship Credit Auto Trust, | |||
b | Series 2019-4 Class R, due 3/15/2027 | 5,000 | 246,754 |
b | Series 2022-1 Class A, 1.79% due 10/15/2026 | 88,528 | 87,734 |
Harley-Davidson Motorcycle Trust, Series 2021-B Class A3, 0.56% due 11/16/2026 | 109,459 | 108,074 | |
b | Tricolor Auto Securitization Trust, Series 2024-2A Class A, 6.36% due 12/15/2027 | 287,615 | 287,742 |
1,376,812 | |||
Other Asset Backed — 1.8% | |||
b | Amur Equipment Finance Receivables IX LLC, Series 2021-1A Class F, 6.09% due 2/20/2029 | 600,000 | 588,138 |
b | Aqua Finance Trust, Series 2019-A Class B, 3.47% due 7/16/2040 | 131,319 | 122,739 |
b,c | ECAF I Ltd., Series 2015-1A Class A2, 4.947% due 6/15/2040 | 135,033 | 89,122 |
b | Foundation Finance Trust, Series 2019-1A Class A, 3.86% due 11/15/2034 | 262 | 261 |
b,d | Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | 2,000 | 109,864 |
b | LendingPoint Pass-Through Trust, Series 2022-ST1 Class A, 2.50% due 3/15/2028 | 53,686 | 52,438 |
Marlette Funding Trust, | |||
b | Series 2019-4A Class C, 3.76% due 12/17/2029 | 2,887 | 2,887 |
b | Series 2021-1A Class R, due 6/16/2031 | 1,200 | 19,889 |
b | Series 2021-2A Class R, due 9/15/2031 | 1,150 | 22,393 |
b | Series 2021-3A Class R, due 12/15/2031 | 1,200 | 35,277 |
b | Momnt Technologies Trust, Series 2023-1A Class A, 6.92% due 3/20/2045 | 134,059 | 135,134 |
b | Mosaic Solar Loan Trust Series 2021-2A Class R, due 4/22/2047 | 1,150,000 | 93,351 |
Pagaya AI Debt Trust, | |||
b | Series 2022-1 Class A, 2.03% due 10/15/2029 | 35,952 | 35,764 |
b,e | Series 2023-5 Class AB, 7.351% due 4/15/2031 | 102,637 | 102,998 |
b | Republic Finance Issuance Trust, Series 2021-A Class A, 2.30% due 12/22/2031 | 100,000 | 96,379 |
b,e | SBA Tower Trust, Series 2014-2A Class C, 3.869% due 10/15/2049 | 30,000 | 29,806 |
b | SPS Servicer Advance Receivables Trust, Series 2020-T2 Class A, 1.83% due 11/15/2055 | 300,000 | 283,351 |
b | Upstart Pass-Through Trust Series 2021-ST4 Class CERT, due 7/20/2027 | 500,000 | 58,293 |
b | Upstart Securitization Trust, Series 2020-1 Class C, 4.899% due 4/22/2030 | 6,201 | 6,191 |
1,884,275 |
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund | June 30, 2024 (Unaudited) |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Student Loan — 0.6% | |||
b | EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A Class A, 1.80% due 11/25/2045 | $ 306,692 | $ 273,756 |
b | SMB Private Education Loan Trust, Series 2020-B Class A1A, 1.29% due 7/15/2053 | 101,265 | 92,411 |
b | SoFi Professional Loan Program LLC, Series 2021-B Class AFX, 1.14% due 2/15/2047 | 308,710 | 263,239 |
629,406 | |||
Total Asset Backed Securities (Cost $4,393,296) | 3,890,493 | ||
Corporate Bonds — 6.6% | |||
Banks — 0.1% | |||
Banks — 0.1% | |||
e,f | Bank of New York Mellon Corp., Series F, 4.625% (TSFR3M + 3.39%) due 9/20/2026 | 100,000 | 96,294 |
96,294 | |||
Capital Goods — 0.2% | |||
Machinery — 0.2% | |||
Regal Rexnord Corp., 6.05% due 2/15/2026 | 250,000 | 251,100 | |
251,100 | |||
Energy — 1.0% | |||
Energy Equipment & Services — 0.3% | |||
b,c | Empresa Generadora de Electricidad Haina SA, 5.625% due 11/8/2028 | 350,000 | 321,216 |
Oil, Gas & Consumable Fuels — 0.7% | |||
Ecopetrol SA, | |||
c | 6.875% due 4/29/2030 | 125,000 | 120,185 |
c | 8.875% due 1/13/2033 | 117,000 | 120,955 |
Petroleos Mexicanos, | |||
c | 5.95% due 1/28/2031 | 120,000 | 96,643 |
c | 7.69% due 1/23/2050 | 315,000 | 226,746 |
b,c | Raizen Fuels Finance SA, 6.45% due 3/5/2034 | 200,000 | 203,028 |
1,088,773 | |||
Equity Real Estate Investment Trusts (REITs) — 0.6% | |||
Diversified REITs — 0.3% | |||
b | American Tower Trust #1, 3.652% due 3/15/2048 | 300,000 | 281,951 |
Retail REITs — 0.3% | |||
Brixmor Operating Partnership LP, 3.85% due 2/1/2025 | 300,000 | 296,682 | |
578,633 | |||
Financial Services — 1.7% | |||
Capital Markets — 1.0% | |||
b | Blue Owl Technology Finance Corp., 4.75% due 12/15/2025 | 179,000 | 173,217 |
b | Burford Capital Global Finance LLC, 9.25% due 7/1/2031 | 250,000 | 263,167 |
b | GTCR W Dutch Finance Sub BV (GBP), 8.50% due 1/15/2031 | 250,000 | 338,693 |
Hercules Capital, Inc., 2.625% due 9/16/2026 | 250,000 | 229,015 | |
Financial Services — 0.7% | |||
b | Antares Holdings LP, 6.50% due 2/8/2029 | 250,000 | 246,200 |
c,e | HSBC Holdings plc, 3.973% (TSFR3M + 1.87%) due 5/22/2030 | 350,000 | 326,925 |
e | Truist Financial Corp., 7.161% (SOFR + 2.45%) due 10/30/2029 | 200,000 | 212,358 |
1,789,575 | |||
Food, Beverage & Tobacco — 0.2% | |||
Food Products — 0.2% | |||
b | Darling Global Finance BV (EUR), 3.625% due 5/15/2026 | 200,000 | 211,828 |
211,828 | |||
Insurance — 0.2% | |||
Insurance — 0.2% | |||
b | Principal Life Global Funding II, 5.50% due 6/28/2028 | 250,000 | 250,435 |
250,435 | |||
Materials — 0.4% |
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund | June 30, 2024 (Unaudited) |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Metals & Mining — 0.4% | |||
b,c | POSCO, 5.625% due 1/17/2026 | $ 200,000 | $ 200,296 |
b,c | WE Soda Investments Holding plc, 9.375% due 2/14/2031 | 200,000 | 203,996 |
404,292 | |||
Media & Entertainment — 0.6% | |||
Media — 0.6% | |||
b | CCO Holdings LLC/CCO Holdings Capital Corp.,4.25% due 2/1/2031 - 1/15/2034 | 750,000 | 597,748 |
597,748 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 0.1% | |||
Life Sciences Tools & Services — 0.1% | |||
b | Avantor Funding, Inc. (EUR), 2.625% due 11/1/2025 | 100,000 | 104,685 |
104,685 | |||
Software & Services — 0.3% | |||
Internet Software & Services — 0.2% | |||
b | Prosus NV (EUR), 1.288% due 7/13/2029 | 285,000 | 261,708 |
Software — 0.1% | |||
b | GoTo Group, Inc.,5.50% due 5/1/2028 | 184,029 | 104,418 |
366,126 | |||
Technology Hardware & Equipment — 0.2% | |||
Electronic Equipment, Instruments & Components — 0.2% | |||
CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029 | 250,000 | 225,578 | |
225,578 | |||
Telecommunication Services — 0.2% | |||
Diversified Telecommunication Services — 0.2% | |||
AT&T, Inc., 5.539% due 2/20/2026 | 250,000 | 250,020 | |
250,020 | |||
Utilities — 0.8% | |||
Electric Utilities — 0.5% | |||
AEP Texas, Inc., 5.40% due 6/1/2033 | 300,000 | 291,945 | |
Black Hills Corp., 6.15% due 5/15/2034 | 250,000 | 254,942 | |
Multi-Utilities — 0.3% | |||
b,c | Aegea Finance SARL, 9.00% due 1/20/2031 | 250,000 | 259,195 |
806,082 | |||
Total Corporate Bonds (Cost $7,004,056) | 7,021,169 | ||
Other Government — 2.0% | |||
Australia Government Bonds (AUD), Series 166, 3.00% due 11/21/2033 | 1,000,000 | 597,435 | |
Brazil Notas do Tesouro Nacional (BRL), Series F, 10.00% due 1/1/2029 | 1,000,000 | 166,163 | |
b,g | Dominican Republic International Bonds (DOP), 10.75% due 6/1/2036 | 13,000,000 | 222,661 |
Egypt Government Bonds (EGP), Series 3Y, 23.865% due 6/4/2027 | 7,075,000 | 143,278 | |
Egypt Treasury Bills (EGP), Series 364D, due 3/11/2025 | 12,650,000 | 222,972 | |
c | Panama Bonos del Tesoro, Series DOM, 6.375% due 7/25/2033 | 100,000 | 93,977 |
b | Republic of Uzbekistan International Bonds (UZS), 16.625% due 5/29/2027 | 4,500,000,000 | 358,347 |
U.K. Gilts (GBP), 1.625% due 10/22/2028 | 275,000 | 315,416 | |
Total Other Government (Cost $2,121,805) | 2,120,249 | ||
U.S. Treasury Securities — 9.3% | |||
U.S. Treasury Inflation-Indexed Bonds, 0.125%, 2/15/2052 | 563,105 | 319,606 | |
U.S. Treasury Inflation-Indexed Notes, | |||
0.125%, 7/15/2024 - 1/15/2031 | 3,154,458 | 2,814,688 | |
1.125%, 1/15/2033 | 231,546 | 214,234 | |
1.25%, 4/15/2028 | 209,040 | 201,985 | |
U.S. Treasury Notes, | |||
0.875%, 9/30/2026 | 400,000 | 368,156 | |
1.125%, 2/15/2031 | 1,200,000 | 981,187 | |
3.50%, 2/15/2039 | 400,000 | 359,688 | |
3.875%, 8/15/2033 | 250,000 | 240,547 | |
4.00%, 2/15/2034 | 1,800,000 | 1,747,687 |
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund | June 30, 2024 (Unaudited) |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
4.125%, 11/15/2032 | $ 550,000 | $ 540,805 | |
4.50%, 11/15/2033 | 2,050,000 | 2,069,219 | |
Total U.S. Treasury Securities (Cost $10,080,614) | 9,857,802 | ||
Mortgage Backed — 10.8% | |||
b,e | Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-1 Class A1, 3.805% due 1/25/2049 | 28,767 | 27,356 |
b | BXP Trust, CMBS, Series 2021-601L Class A, 2.618% due 1/15/2044 | 325,000 | 255,424 |
b | Century Plaza Towers, CMBS, Series 2019-CPT Class A, 2.865% due 11/13/2039 | 245,000 | 209,576 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
b,e | Series 2021-J1 Class B4, 2.611% due 4/25/2051 | 100,000 | 42,687 |
b,e | Series 2021-J1 Class B5, 2.611% due 4/25/2051 | 100,000 | 35,841 |
b,e | Series 2021-J1 Class B6, 2.611% due 4/25/2051 | 99,907 | 30,332 |
COMM Mortgage Trust, CMBS, Series 2015-LC23 Class ASB, 3.598% due 10/10/2048 | 157,441 | 155,145 | |
b,e | CSMC Trust, CMBS, Series 2020-522F Class A, 9.182% (TSFR1M + 3.85%) due 9/16/2025 | 100,000 | 58,589 |
b | DataBank Issuer LLC, CMBS, Series 2024-1A Class A2, 5.30% due 1/26/2054 | 200,000 | 192,219 |
b | DC Office Trust, CMBS, Series 2019-MTC Class A, 2.965% due 9/15/2045 | 250,000 | 213,252 |
b,e | Ellington Financial Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class A1, 2.206% due 1/25/2067 | 236,938 | 202,794 |
Federal Home Loan Mtg Corp., Pool SE9046, 3.00% due 12/1/2051 | 247,860 | 211,089 | |
Federal Home Loan Mtg Corp., Seasoned Credit Risk Transfer, Whole Loan Securities Trust CMO, Series 2019-1 Class MA, 3.50% due 7/25/2058 | 40,944 | 38,249 | |
Federal Home Loan Mtg Corp., UMBS Collateral, | |||
Pool SD1669, 2.50% due 1/1/2052 | 275,032 | 224,521 | |
Pool SD4175, 2.50% due 6/1/2052 | 1,084,971 | 887,453 | |
Pool SD8242, 3.00% due 9/1/2052 | 595,130 | 506,168 | |
Federal Home Loan Mtg Corp., Whole Loan Securities Trust CMO, Series 2017-SC02 Class 1A, 3.00% due 5/25/2047 | 64,340 | 55,025 | |
Federal National Mtg Assoc., UMBS Collateral, | |||
Pool BV4119, 2.50% due 3/1/2052 | 625,033 | 511,246 | |
Pool CB1388, 2.50% due 8/1/2051 | 541,765 | 445,367 | |
Pool CB2301, 3.00% due 12/1/2051 | 473,550 | 402,861 | |
Pool FM8658, 2.50% due 9/1/2051 | 927,414 | 758,081 | |
Pool FM8761, 2.50% due 9/1/2051 | 378,245 | 308,939 | |
Pool FS5447, 2.50% due 9/1/2052 | 355,154 | 291,378 | |
Pool FS6130, 2.50% due 7/1/2052 | 540,969 | 442,486 | |
Pool FS6157, 3.00% due 9/1/2052 | 1,014,548 | 864,461 | |
Pool MA4512, 2.50% due 1/1/2052 | 747,381 | 611,783 | |
Pool MA4548, 2.50% due 2/1/2052 | 537,976 | 440,204 | |
Pool MA4653, 3.00% due 7/1/2052 | 524,155 | 446,005 | |
b,e | Flagstar Mortgage Trust, Whole Loan Securities Trust CMO, Series 2019-2 Class B3, 3.998% due 12/25/2049 | 112,561 | 97,171 |
GCAT Trust, Whole Loan Securities Trust CMO, | |||
b,e | Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 190,637 | 173,118 |
b,e | Series 2023-NQM4 Class A1, 4.25% due 5/25/2067 | 236,961 | 218,580 |
b | Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037 | 215,000 | 209,460 |
b,e | Hudson Yards Mortgage Trust, CMBS, Series 2019-55HY Class A, 3.041% due 12/10/2041 | 245,000 | 212,559 |
Imperial Fund Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,e | Series 2021-NQM2 Class A1, 1.073% due 9/25/2056 | 194,477 | 158,297 |
b,e | Series 2021-NQM3 Class A1, 1.595% due 11/25/2056 | 303,246 | 254,967 |
b,e | Metlife Securitization Trust, Whole Loan Securities Trust CMO, Series 2019-1A Class A1A, 3.75% due 4/25/2058 | 34,827 | 33,739 |
b,e | MFRA Trust, Whole Loan Securities Trust CMO, Series 2022-CHM1 Class A1, 3.875% due 9/25/2056 | 258,455 | 246,671 |
b,e | New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-NQM3 Class A1, 3.90% due 4/25/2062 | 341,838 | 308,912 |
b | One Bryant Park Trust, CMBS, Series 2019-OBP Class A, 2.516% due 9/15/2054 | 250,000 | 212,213 |
b | SLG Office Trust, CMBS, Series 2021-OVA Class A, 2.585% due 7/15/2041 | 250,000 | 204,580 |
b,e | TIAA Bank Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2018-2 Class B3, 3.66% due 7/25/2048 | 152,375 | 134,573 |
b,e | WB Commercial Mortgage Trust, CMBS, Series 2024-HQ Class A, 6.134% due 3/15/2040 | 205,000 | 204,463 |
Total Mortgage Backed (Cost $11,721,349) | 11,537,834 | ||
Loan Participations — 0.2% | |||
Commercial & Professional Services — 0.2% | |||
Commercial Services & Supplies — 0.2% | |||
h | Imagefirst Holdings LLC, 9.566% (SOFR + 4.75%) due 4/27/2028 | 197,978 | 197,483 |
197,483 | |||
Total Loan Participations (Cost $195,505) | 197,483 |
SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund | June 30, 2024 (Unaudited) |
Issuer-Description | SHARES/ PRINCIPAL AMOUNT | VALUE | |
Exchange-Traded Funds — 3.1% | |||
a | Invesco DB Base Metals Fund | 34,412 | $ 693,058 |
a | SPDR Gold Shares Fund | 5,318 | 1,143,423 |
a | U.S. Oil Fund LP | 18,036 | 1,435,485 |
Total Exchange-Traded Funds (Cost $2,548,886) | 3,271,966 | ||
Short-Term Investments — 13.7% | |||
i | Thornburg Capital Management Fund | 1,457,799 | 14,577,993 |
Total Short-Term Investments (Cost $14,577,993) | 14,577,993 | ||
Total Investments — 100.0% (Cost $93,344,101) | $106,215,530 | ||
Other Assets Less Liabilities — 0.0% | 18,077 | ||
Net Assets — 100.0% | $106,233,607 |
Outstanding Forward Currency Contracts To Buy Or Sell At June 30, 2024 | |||||||
Contract Description | Contract Party* | Buy/Sell | Contract Amount | Contract Value Date | Value USD | Unrealized Appreciation | Unrealized Depreciation |
Euro | SSB | Buy | 4,025,000 | 7/31/2024 | 4,316,457 | $ — | $ (2,332) |
Japanese Yen | MSC | Buy | 614,060,000 | 7/31/2024 | 3,833,503 | — | (167,209) |
Total | — | $(169,541) | |||||
Net unrealized appreciation (depreciation) | $(169,541) |
* | Counterparties include State Street Bank and Trust Company (“SSB”) and Morgan Stanely & Co. Inc. ("MSC"). |
Footnote Legend | |
a | Non-income producing. |
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 $12,440,899, representing 11.71% of the Fund’s net assets. |
c | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
d | Security currently fair valued by Thornburg Investment Management, Inc.’s Valuation and Pricing Committee. |
e | 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. |
f | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
g | When-issued security. |
h | The stated coupon rate represents the greater of the SOFR or the SOFR floor rate plus a spread at June 30, 2024. |
i | Investment in Affiliates. |
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:
ABS | Asset Backed Securities |
ADR | American Depositary Receipt |
AUD | Denominated in Australian Dollar |
BRL | Denominated in Brazilian Real |
CMBS | Commercial Mortgage-Backed Securities |
CMO | Collateralized Mortgage Obligation |
DOP | Denominated in Dominican Peso |
EGP | Denominated in Egyptian Pound |
EUR | Denominated in Euro |
GBP | Denominated in Pound Sterling |
Mtg | Mortgage |
SOFR | Secured Overnight Financing Rate |
TSFR1M | Term SOFR 1 Month |
TSFR3M | Term SOFR 3 Month |
UMBS | Uniform Mortgage Backed Securities |
UZS | Denominated in Uzbekistani Som |
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg Summit Fund | June 30, 2024 (Unaudited) |
NOTE 1 – ORGANIZATION
Thornburg Summit 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: Securities and other portfolio investments which are listed or traded on a United States securities exchange are generally valued at the last reported sale price on the valuation date or, if there has been no sale of the investment on that date, at the mean between the last reported bid and asked prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment’s value in accordance with the first sentence of this paragraph will be the close of that investment’s primary exchange preceding the Fund’s valuation time.
In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment’s primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.
Investments in U.S. mutual funds are valued at net asset value ("NAV") each business day.
NOTES TO SCHEDULE OF INVESTMENTS, Continued
Thornburg Summit Fund | June 30, 2024 (Unaudited) |
Forward currency contracts are valued by a third-party pricing service provider.
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.
If the market quotation for an investment is expressed in a foreign currency, that market quotation will be converted to U.S. dollars using a foreign exchange quotation from a third-party service at the time of valuation. Foreign investments held by the Fund may be traded on days and at times when the Fund is not open for business. Consequently, the value of Fund’s investments may be significantly affected on days when shareholders cannot purchase or sell Fund’s shares.
NOTE 3 – Investments with Affiliates
Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Fund under the 1940 Act, including companies for which the Fund’s holding represented 5% or more of the company’s voting securities, and a series of the Thornburg Investment Trust in which the Fund invested for cash management purposes during the period:
Market Value 9/30/23 | Purchases at Cost | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appr./(Depr.) | Market Value 6/30/24 | Dividend Income | |
Thornburg Capital Mgmt. Fund | $4,641,593 | $39,451,036 | $(29,514,636) | $- | $- | $14,577,993 | $195,914 |