thornburg investment management overnight address

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An investmentfonds wikipedia free fund also index tracker is a mutual fund or exchange-traded fund ETF designed to follow certain preset rules so that the fund can track a specified basket johann pfeiffer iforex underlying investments. Index funds may also have rules that screen for social and sustainable criteria. An index fund's rules of construction clearly identify the type of companies suitable for the fund. Additional index funds within these geographic markets may include indexes of companies that include rules based on company characteristics or factors, such as companies that are small, mid-sized, large, small value, large value, small growth, large growth, the level of gross profitability or investment capital, real estate, or indexes based on commodities and fixed-income. Companies are purchased and held within the index fund when they meet the specific index rules or parameters and are sold when they move outside of those rules or parameters. Think of an index fund as an investment utilizing rules-based investing.

Thornburg investment management overnight address reinet investments s.c.a annual report

Thornburg investment management overnight address

San Diego Redevelopment Agency, 5. Town of Hillsborough COP, 0. Denver Convention Center Hotel Authority, 5. District of Columbia, 5. County of Osceola, 5. Hillsborough County IDA, 5. City of Atlanta, 5. Chicago Park District GO, 5. City of Chicago, 0. City of Rockford GO, 3. Illinois Development Finance Authority, 0. Illinois Finance Authority, 4. Illinois State Toll Highway Authority, 0. Hammond Multi-School Building Corp. University of Southern Indiana, 0.

Iowa Finance Authority, 5. City of New Orleans, 5. Michigan State Hospital Finance Authority, 5. Northville Public Schools GO, 5. Missouri Development Finance Board, 0. Carson City, 4. City of Reno GO, 5. New Jersey Educational Facilities Authority, 5. City of New York GO, 0.

Monroe County Industrial Development Corp. New York State Dormitory Authority, 0. City of Williston GO, 5. North Dakota Building Authority, 4. City of Cleveland, 3. County of Franklin, 4. Hospital Facilities. University of Toledo, 3. City of Philadelphia Gas Works, 5. Pennsylvania Economic Development Financing Authority, 3.

Wilson School District GO, 3. COP, 5. Brazos River Authority, 4. Project; Insured: Natl-Re. Lower Colorado River Authority, 5. State of Texas GO, 1. Murray City, 0. Weber County, 0. Fairfax County GO, 4. Ocean Beach School District No. Washington Economic Development Finance Authority, 0.

Bank daily demand notes. Footnote Legend. Portfolio Abbreviations. To simplify the listings of securities, abbreviations are used per the table below:. See notes to financial statements. Receivable from investment advisor. Interest receivable. Prepaid expenses and other assets. Total Assets. Payable for investments purchased. Payable for fund shares redeemed. Accounts payable and accrued expenses.

Dividends payable. Total Liabilities. Net unrealized appreciation on investments. Net capital paid in on shares of beneficial interest. Maximum sales charge, 1. Maximum offering price per share. Class I Shares:. Investment advisory fees Note 3.

Administration fees Note 3. Class I Shares. Distribution and service fees Note 3. Transfer agent fees. Registration and filing fees. Custodian fees Note 3. Professional fees. Accounting fees. Trustee fees. Other expenses. Total Expenses. Expenses reimbursed by investment advisor Note 3. Investment advisory fees and other fund level fees waived by investment advisor Note 3.

Fees paid indirectly Note 3. Net Expenses. Net Investment Income. Net change in unrealized appreciation depreciation of investments. Net Realized and Unrealized Gain. Net investment income. Net unrealized appreciation depreciation on investments. From net investment income.

Net Increase in Net Assets. Beginning of period. End of period. The Fund is currently one of eighteen separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it. Additionally, the Fund may allocate among its classes certain expenses, to the extent allocable to specific classes, including transfer agent fees, government registration fees, certain printing and postage costs, and administrative and legal expenses.

Currently, class specific expenses of the Fund are limited to service and distribution fees, administration fees, and certain registration and transfer agent expenses. Significant accounting policies of the Trust are as follows:.

The Committee regularly reviews its own fair value decisions, as well as valuations, valuation techniques and services furnished by pricing services, considers circumstances in the markets which may require valuation determinations by the Committee and reviews previous valuation determinations.

The Committee also reports on its activities, the performance of the pricing services and other matters to the Trustees and the Audit Committee of the Trustees. In determining 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 at the measurement date.

Typically, the fair value process employs standing instructions to use quoted prices in active markets or the use of independent pricing services. Less frequently, the Committee may make a fair value determination using other methods.

Valuation of Investments : Debt obligations held by the Fund have a primary over-the-counter market and are valued by an independent pricing service approved by the Trustees. The pricing service ordinarily values debt obligations using quoted bid prices and other methods which include consideration of yields or prices of debt obligations of comparable quality, type of issue, coupon, maturity and rating, and indications as to value from dealers and general market conditions.

In any case when a pricing service fails to provide a price for a debt obligation held by the Fund, the Committee determines a fair value for the debt obligation using procedures in accordance with a policy approved by the Trustees, which may include the use of a price obtained from a different independent pricing service.

Categorization of investments using this hierarchy is intended by the FASB to maximize the use of observable inputs and minimize the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in valuing an investment based on available market data.

Unobservable inputs are those that reflect assumptions about the information market participants would use in valuing an investment. The methodologies and relative inputs used to value investments are not necessarily indications of the risk or liquidity associated with investing in those investments.

These inputs are generally summarized according to the three-level hierarchy below:. Level 1: Quoted prices in active markets for identical investments. Level 2: Other direct or indirect significant observable inputs including quoted prices for similar investments in active markets and other observable inputs, such as interest rates, prepayment rates, credit risk, etc. Portfolio investments with minimal, if any, market activity are characterized as Level 3 and are valued using significant unobservable inputs, typically including single broker quotes, which may be adjusted or unadjusted, related or comparable investments, last available transactions, and other relevant information.

Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. An income based valuation approach would consider discounted anticipated future cash flows of the investment.

Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investment. Valuations based upon the use of inputs from Levels 1, 2, or 3 may not represent the actual price received upon the disposition of an investment, and the Fund may receive a price that is lower than the valuation when it sells the investment.

In any instance when valuation inputs from more than one level are used to determine the fair value of a specific investment, the investment is placed in the level of the table based upon the lowest level input that is significant in determining the fair value of the investment:. Investments in Securities. Municipal Bonds. Total Investments in Securities. In accordance with the guidance prescribed in Accounting Standards Update No.

Therefore, no provision for federal income tax is required. At the time the Fund makes a commitment to purchase an investment on a when-issued or delayed delivery basis, the Fund will record the transaction and reflect the value in determining its net asset value. Investments purchased on a when-issued or delayed delivery basis do not earn interest until the settlement date. Dividends : Net investment income of the Fund is declared daily as a dividend on shares for which the Fund has received payment.

Net realized capital gains, to the extent available, will be distributed at least annually. General : Investment transactions are accounted for on a trade date basis. Interest income is accrued as earned. Premiums and discounts on investments purchased are amortized to call dates or maturity dates of the respective investments.

Realized gains and losses from the sale of investments are recorded on an identified cost basis. Net investment income other than class specific expenses and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares or the value of the dividend-eligible shares, as appropriate of each class of shares at the beginning of the day after.

Expenses common to all Funds are allocated among the Funds comprising the Trust based upon their relative net asset values or other appropriate allocation methods. Additionally, in the normal course of business the Trust enters into contracts with service providers that contain general indemnification clauses. However, based on experience, the Trust expects the risk of loss to be remote. Use of Estimates : The preparation of financial statements, in conformity with United States generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.

Actual amounts could differ from those estimates. Pursuant to an investment advisory agreement, Thornburg Investment Management, Inc. Pursuant to a service plan under Rule 12b-1 of the Investment Company Act of , the Fund may reimburse to the Advisor an amount not to exceed. The Advisor and Distributor retain the right to be repaid by the Fund for fee waivers and expense reimbursements if expenses fall below the contractual limit prior to the end of the fiscal period.

This deposit agreement is an alternative to overnight investments. Custodial fees are adjusted to reflect amounts that would have been paid without this agreement, with a corresponding adjustment reflected as fees paid indirectly in the Statement of Operations.

Certain officers and Trustees of the Trust are also officers or directors of the Advisor and Distributor. The compensation of independent Trustees is borne by the Trust and is included as Trustee Fees on the Statement of Operations. The percentages of direct investments by affiliated Trustees, Officers, and the Advisor in the Fund are approximately The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment advisor, common officers, or common trustees.

Transactions in shares of beneficial interest were as follows:. Shares sold. Shares issued to shareholders in reinvestment of dividends. Shares repurchased. Net increase decrease. Cost of investments for tax purposes. Gross unrealized appreciation on a tax basis.

Gross unrealized depreciation on a tax basis. Net unrealized appreciation depreciation on investments tax basis. The Fund did not have any undistributed tax basis net ordinary income or undistributed tax basis capital gains. This page intentionally left blank. Unless Otherwise.

Noted, Periods are. Fiscal Years Ended. Net Investment Income Loss. Total from Investment Operations. Dividends from Net Realized Gains. Net Asset. End of Period. Class A Shares. To the Trustees and Shareholders of. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board United States.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.

PricewaterhouseCoopers LLP. New York, New York. As a shareholder of the Fund, you incur two types of costs:. This example is intended to help you understand your ongoing costs in dollars of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. For each class of shares, the first line of the accompanying table provides information about actual account values and actual expenses.

You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges loads , redemption fees, or exchange fees.

Therefore, the second line of the table for each class of shares is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains as well as applicable sales charges. There is no sales charge for Class I shares. Position Held with Fund.

Garrett Thornburg, Trustee since ,. Chairman of Trustees 3. Brian J. McMahon, Member of Governance. David A. Ater, Member of Audit Committee. David D. Chase, Chairman of Audit Committee. Sally Corning, Susan H. Dubin, Owen D. Van Essen, Oversight Committee. James W. Weyhrauch, 55 Trustee since ,. Operations Risk Oversight Committee.

Eliot R. Cutler, Emeritus Trustee since Jason Brady, Vice President since Treasurer since 6. Kathleen Brady, Connor Browne, Tim Cunningham, Michael Doorley, Randy Dry, Greg Dunn, Lon Erickson, William V. Fries, Thomas Garcia, Joshua Gonze, Lewis Kaufman, Ben Kirby, Leigh Moiola, Christopher Ryon, Leon Sandersfeld, Vinson Walden, Held by Trustee.

Lei Wang, Sasha Wilcoxon, Vice President since Secretary since 6. The Statement of Additional Information for each Fund of the Trust includes additional information about the Trustees and is available, without charge and upon request, by calling Policies and Procedures:. The Advisor makes voting decisions in accordance with its Proxy Voting Policy. The Fund files with the Securities and Exchange Commission schedules of its portfolio holdings on Form N-Q for the first and third quarters of each fiscal year.

The Fund also makes this information available on its website at www. Complete information will be reported in conjunction with your Form Thornburg Investment Management, Inc. The independent Trustees met again in independent session in September to consider portions of the information submitted by the Advisor. Following these sessions, the Trustees met to consider renewal of the agreement, and the independent Trustees voted unanimously at that meeting to renew the agreement for an additional term of one year.

The information below summarizes certain factors considered by the Trustees in connection with the determination to renew the advisory agreement. In determining to renew the agreement, the Trustees did not identify any single factor as controlling, and this summary does not describe all of the matters considered by the Trustees in making their determination. The Trustees evaluated the nature, extent and quality of services provided by the Advisor under the advisory agreement for the Fund, and evaluated the investment performance of the Fund.

In connection with their general oversight of the Advisor, and as an important element of their annual consideration of a renewal of the advisory agreement, the Trustees and their committees receive and consider reports from the Advisor throughout the period addressing a wide variety of topics. The Trustees evaluated a variety of information respecting the levels of the advisory fee charged by the Advisor to the Fund, and in this connection considered certain factors, including other fees and expenses charged to the Fund, economies of scale potentially available to the Fund, and the significance of any ancillary benefits realized by the Advisor from its relationship with the Fund.

In evaluating information respecting the levels of advisory fees charged to the Fund, the Trustees noted their consideration of the fees charged by the Advisor and the other expenses charged to the Fund in light of the nature, extent and quality of services provided and the investment performance of the Fund. Comparative fee and expense data considered by the Trustees showed that the advisory fee for the Fund, before fee waivers, was comparable to the median and average fee levels for the fund category, and that the level of total expense for a representative share class, after fee waivers and expense reimbursements, was comparable to the median and average expense levels for the category.

The Trustees noted their consideration of information respecting the advisory fees charged by the Advisor to other investment management clients, including sub-advised mutual funds, together with information about fees charged by other advisors to different clients, analysis of the differences between the requirements of institutional clients and mutual funds, analysis of the differences between the requirements of a sub-advised mutual fund and a fund as to which the investment advisor is the primary advisor and sponsor, and the consequently different investment management services provided to the different categories of clients and the differing contexts in which the fee levels for these arrangements are established.

The Trustees confirmed their previous observations that the differences between the fees charged by the Advisor to different types of clients did not appear exceptional, and that the fee rates charged by an investment advisor to different categories of clients had limited relevance to the evaluation of the fee rate charged by that advisor to mutual funds as to which it is the primary advisor and sponsor.

The profitability of the Fund was not considered because of the recent inception of the Fund and absence of profitability to the Advisor. No unusual or unfair benefits to the Advisor from its relationship to the Fund were identified by the Trustees. Not part of the Certified Annual Report. We believe that any other approach would be inconsistent with your interests and contrary to your expectations when you bought shares of the Fund in the first place. Finally, because we believe that most Thornburg Fund shareholders have invested with a long-term perspective, we try not to focus too much on the fashions of the moment and on short-term performance.

The market will not favor any specific investment objective or set of policies at all times and under all economic circumstances. A fund will experience periods of both high and low returns relative to other funds and other investments. Thornburg Investment Management offers retirement and education savings accounts that can help you meet a variety of planning challenges. For account applications or further information on any of the accounts below, please call or go to www.

Your financial advisor can help you determine which plan is right for you. Individual Retirement Accounts. For a detailed outline of the difference between retirement accounts, see www. Rollovers are available. Call for more information. Deductible contributions are subject to certain qualifications. Please consult your tax advisor. Employees may make salary deferral contributions.

Coverdell Education Savings Account. These savings accounts are designed to provide a way to save money for higher education expenses. In an Education Savings Account, earnings and interest grow tax-free, and qualified withdrawals used to pay for eligible higher-education expenses are tax- and penalty-free. Funds Available. The following funds are available in the accounts listed above:. Thornburg Limited Term U.

Government Fund. Thornburg Limited Term Income Fund. Thornburg Equity Funds. Thornburg equity funds generally focus on a limited number of securities so that each holding can impact performance. The team searches for firms believed to have a promising future and seeks to buy shares of those companies at a discount to their intrinsic or long-term value.

Thornburg Bond Funds. Thornburg Investment Management applies a disciplined philosophy to fixed-income management. Since the launch of our first fixed-income fund over 30 years ago, we have been conducting fundamental, bottom-up research in an effort to identify bonds which we believe provide the best return for a given level of risk.

We avoid leverage or complex strategies which could backfire in periods of market uncertainty. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg. Read it carefully before investing. For additional information, please visit thornburg. This Annual Report is submitted for the general information of shareholders of the Fund.

It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus. Lipper Fund Awards are granted annually to the fund in each Lipper classification that consistently delivered the strongest risk-adjusted performance calculated with dividends reinvested. The Fund did not win the award for other time periods. Minimum investments for Class I shares are higher than those for other classes.

Class C. Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years. For individuals, the AMT is calculated by adding tax preference items to regular taxable income. Objectives and Strategies. The secondary goal of the Fund is to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios. This Fund is a laddered portfolio of municipal bonds with an average maturity of normally less than five years.

Laddering involves building a portfolio of bonds with staggered maturities so that a portion of the portfolio matures each year. Cash from maturing bonds, if not needed for other purposes, is invested in bonds with longer maturities at the far end of the ladder. We regard the strategy as a good compromise for managing different types of risk. Long-Term Stability of Principal.

Key Portfolio Attributes. Number of Bonds. Tab le of Contents. Statements of Changes in Net Assets. If you were with us for the entire period, you received dividends of If you reinvested your dividends, you received Dividends were lower for Class C shares and higher for Class I shares, to account for varying class-specific expenses.

Municipal Securities Index. Another driver was narrowing credit spreads. Chart I shows credit spreads for various maturities of municipal bonds. Other risk factors accounted for another 1. As of the end of fiscal year , many market observers predicted increasing interest rates.

Table I shows selected changes in rates for the last two fiscal years. The table highlights that although interest rates have declined in fiscal , they have yet to retrace the upswing seen in fiscal That figure was later raised to. Alabama State Board of Education, 3.

Alabama State Board of Education, 4. City of Birmingham GO, 5. City of Birmingham GO, 4. City of Mobile GO, 4. City of Mobile GO, 5. Montgomery Waterworks and Sanitation, 5. University of Alabama at Birmingham Hospital, 5. Alaska Housing Finance Corp. GO, 5. City of Valdez, 5. North Slope Borough GO, 5.

State of Alaska, 5. Arizona HFA, 5. Arizona School Facilities Board, 5. Arizona Transportation Board, 5. City of Tucson, 5. City of Tucson GO, 3. City of Yuma Municipal Property Corp. Glendale IDA, 5. Maricopa County Public Finance Corp. Mohave County IDA, 7.

Navajo County PCR, 5. Pima County, 5. Pima County, 4. Pima County, 3. Pima County COP, 5. Scottsdale IDA, 5. State of Arizona Department of Administration, 5. Arkansas Development Finance Authority, 2. Board of Trustees of the University of Arkansas, 1. Board of Trustees of the University of Arkansas, 2. Board of Trustees of the University of Arkansas, 5. City of Fort Smith, 3. City of Fort Smith, 4. Independence County PCR, 4. Jefferson County, 1. Alameda County COP, 5.

Alameda County Joint Powers Authority, 5. Brentwood Infrastructure, 2. Brentwood Infrastructure, 4. Brentwood Infrastructure, 5. California Educational Facilities Authority, 5. California HFFA, 5. Joseph Health System. California Pollution Control Financing Authority, 0.

California State Department of Water Resources, 5. California State Housing Finance Agency, 2. California State Public Works Board, 5. Central Valley Financing Authority, 5. Chula Vista COP, 5. Community Facilities District No.

Monterey County COP, 5. Northern California Power Agency, 5. Orange County Public Financing Authority, 5. Regents of the University of California, 5. Sacramento Cogeneration Authority, 5. If you have not already read Risk Advisors' Privacy Policy, you should do so now.

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GIRL SCOUT PLACEMENT BADGES JUNIORS VEST

See notes to financial statements. Receivable from investment advisor. Interest receivable. Prepaid expenses and other assets. Total Assets. Payable for investments purchased. Payable for fund shares redeemed. Accounts payable and accrued expenses. Dividends payable. Total Liabilities. Net unrealized appreciation on investments.

Net capital paid in on shares of beneficial interest. Maximum sales charge, 1. Maximum offering price per share. Class I Shares:. Investment advisory fees Note 3. Administration fees Note 3. Class I Shares. Distribution and service fees Note 3. Transfer agent fees. Registration and filing fees. Custodian fees Note 3.

Professional fees. Accounting fees. Trustee fees. Other expenses. Total Expenses. Expenses reimbursed by investment advisor Note 3. Investment advisory fees and other fund level fees waived by investment advisor Note 3. Fees paid indirectly Note 3. Net Expenses. Net Investment Income. Net change in unrealized appreciation depreciation of investments. Net Realized and Unrealized Gain.

Net investment income. Net unrealized appreciation depreciation on investments. From net investment income. Net Increase in Net Assets. Beginning of period. End of period. The Fund is currently one of eighteen separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it. Additionally, the Fund may allocate among its classes certain expenses, to the extent allocable to specific classes, including transfer agent fees, government registration fees, certain printing and postage costs, and administrative and legal expenses.

Currently, class specific expenses of the Fund are limited to service and distribution fees, administration fees, and certain registration and transfer agent expenses. Significant accounting policies of the Trust are as follows:. The Committee regularly reviews its own fair value decisions, as well as valuations, valuation techniques and services furnished by pricing services, considers circumstances in the markets which may require valuation determinations by the Committee and reviews previous valuation determinations.

The Committee also reports on its activities, the performance of the pricing services and other matters to the Trustees and the Audit Committee of the Trustees. In determining 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 at the measurement date.

Typically, the fair value process employs standing instructions to use quoted prices in active markets or the use of independent pricing services. Less frequently, the Committee may make a fair value determination using other methods. Valuation of Investments : Debt obligations held by the Fund have a primary over-the-counter market and are valued by an independent pricing service approved by the Trustees.

The pricing service ordinarily values debt obligations using quoted bid prices and other methods which include consideration of yields or prices of debt obligations of comparable quality, type of issue, coupon, maturity and rating, and indications as to value from dealers and general market conditions.

In any case when a pricing service fails to provide a price for a debt obligation held by the Fund, the Committee determines a fair value for the debt obligation using procedures in accordance with a policy approved by the Trustees, which may include the use of a price obtained from a different independent pricing service. Categorization of investments using this hierarchy is intended by the FASB to maximize the use of observable inputs and minimize the use of unobservable inputs by prioritizing that the most observable input be used when available.

Observable inputs are those that market participants would use in valuing an investment based on available market data. Unobservable inputs are those that reflect assumptions about the information market participants would use in valuing an investment. The methodologies and relative inputs used to value investments are not necessarily indications of the risk or liquidity associated with investing in those investments. These inputs are generally summarized according to the three-level hierarchy below:.

Level 1: Quoted prices in active markets for identical investments. Level 2: Other direct or indirect significant observable inputs including quoted prices for similar investments in active markets and other observable inputs, such as interest rates, prepayment rates, credit risk, etc. Portfolio investments with minimal, if any, market activity are characterized as Level 3 and are valued using significant unobservable inputs, typically including single broker quotes, which may be adjusted or unadjusted, related or comparable investments, last available transactions, and other relevant information.

Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. An income based valuation approach would consider discounted anticipated future cash flows of the investment. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investment. Valuations based upon the use of inputs from Levels 1, 2, or 3 may not represent the actual price received upon the disposition of an investment, and the Fund may receive a price that is lower than the valuation when it sells the investment.

In any instance when valuation inputs from more than one level are used to determine the fair value of a specific investment, the investment is placed in the level of the table based upon the lowest level input that is significant in determining the fair value of the investment:.

Investments in Securities. Municipal Bonds. Total Investments in Securities. In accordance with the guidance prescribed in Accounting Standards Update No. Therefore, no provision for federal income tax is required. At the time the Fund makes a commitment to purchase an investment on a when-issued or delayed delivery basis, the Fund will record the transaction and reflect the value in determining its net asset value.

Investments purchased on a when-issued or delayed delivery basis do not earn interest until the settlement date. Dividends : Net investment income of the Fund is declared daily as a dividend on shares for which the Fund has received payment. Net realized capital gains, to the extent available, will be distributed at least annually.

General : Investment transactions are accounted for on a trade date basis. Interest income is accrued as earned. Premiums and discounts on investments purchased are amortized to call dates or maturity dates of the respective investments. Realized gains and losses from the sale of investments are recorded on an identified cost basis.

Net investment income other than class specific expenses and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares or the value of the dividend-eligible shares, as appropriate of each class of shares at the beginning of the day after.

Expenses common to all Funds are allocated among the Funds comprising the Trust based upon their relative net asset values or other appropriate allocation methods. Additionally, in the normal course of business the Trust enters into contracts with service providers that contain general indemnification clauses. However, based on experience, the Trust expects the risk of loss to be remote. Use of Estimates : The preparation of financial statements, in conformity with United States generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.

Actual amounts could differ from those estimates. Pursuant to an investment advisory agreement, Thornburg Investment Management, Inc. Pursuant to a service plan under Rule 12b-1 of the Investment Company Act of , the Fund may reimburse to the Advisor an amount not to exceed. The Advisor and Distributor retain the right to be repaid by the Fund for fee waivers and expense reimbursements if expenses fall below the contractual limit prior to the end of the fiscal period.

This deposit agreement is an alternative to overnight investments. Custodial fees are adjusted to reflect amounts that would have been paid without this agreement, with a corresponding adjustment reflected as fees paid indirectly in the Statement of Operations. Certain officers and Trustees of the Trust are also officers or directors of the Advisor and Distributor.

The compensation of independent Trustees is borne by the Trust and is included as Trustee Fees on the Statement of Operations. The percentages of direct investments by affiliated Trustees, Officers, and the Advisor in the Fund are approximately The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment advisor, common officers, or common trustees.

Transactions in shares of beneficial interest were as follows:. Shares sold. Shares issued to shareholders in reinvestment of dividends. Shares repurchased. Net increase decrease. Cost of investments for tax purposes. Gross unrealized appreciation on a tax basis. Gross unrealized depreciation on a tax basis. Net unrealized appreciation depreciation on investments tax basis.

The Fund did not have any undistributed tax basis net ordinary income or undistributed tax basis capital gains. This page intentionally left blank. Unless Otherwise. Noted, Periods are. Fiscal Years Ended. Net Investment Income Loss.

Total from Investment Operations. Dividends from Net Realized Gains. Net Asset. End of Period. Class A Shares. To the Trustees and Shareholders of. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.

PricewaterhouseCoopers LLP. New York, New York. As a shareholder of the Fund, you incur two types of costs:. This example is intended to help you understand your ongoing costs in dollars of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. For each class of shares, the first line of the accompanying table provides information about actual account values and actual expenses.

You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges loads , redemption fees, or exchange fees.

Therefore, the second line of the table for each class of shares is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of Fund shares. Returns reflect the reinvestment of dividends and capital gains as well as applicable sales charges. There is no sales charge for Class I shares. Position Held with Fund. Garrett Thornburg, Trustee since ,. Chairman of Trustees 3. Brian J. McMahon, Member of Governance. David A. Ater, Member of Audit Committee. David D. Chase, Chairman of Audit Committee.

Sally Corning, Susan H. Dubin, Owen D. Van Essen, Oversight Committee. James W. Weyhrauch, 55 Trustee since ,. Operations Risk Oversight Committee. Eliot R. Cutler, Emeritus Trustee since Jason Brady, Vice President since Treasurer since 6. Kathleen Brady, Connor Browne, Tim Cunningham, Michael Doorley, Randy Dry, Greg Dunn, Lon Erickson, William V.

Fries, Thomas Garcia, Joshua Gonze, Lewis Kaufman, Ben Kirby, Leigh Moiola, Christopher Ryon, Leon Sandersfeld, Vinson Walden, Held by Trustee. Lei Wang, Sasha Wilcoxon, Vice President since Secretary since 6. The Statement of Additional Information for each Fund of the Trust includes additional information about the Trustees and is available, without charge and upon request, by calling Policies and Procedures:. The Advisor makes voting decisions in accordance with its Proxy Voting Policy.

The Fund files with the Securities and Exchange Commission schedules of its portfolio holdings on Form N-Q for the first and third quarters of each fiscal year. The Fund also makes this information available on its website at www. Complete information will be reported in conjunction with your Form Thornburg Investment Management, Inc.

The independent Trustees met again in independent session in September to consider portions of the information submitted by the Advisor. Following these sessions, the Trustees met to consider renewal of the agreement, and the independent Trustees voted unanimously at that meeting to renew the agreement for an additional term of one year.

The information below summarizes certain factors considered by the Trustees in connection with the determination to renew the advisory agreement. In determining to renew the agreement, the Trustees did not identify any single factor as controlling, and this summary does not describe all of the matters considered by the Trustees in making their determination. The Trustees evaluated the nature, extent and quality of services provided by the Advisor under the advisory agreement for the Fund, and evaluated the investment performance of the Fund.

In connection with their general oversight of the Advisor, and as an important element of their annual consideration of a renewal of the advisory agreement, the Trustees and their committees receive and consider reports from the Advisor throughout the period addressing a wide variety of topics. The Trustees evaluated a variety of information respecting the levels of the advisory fee charged by the Advisor to the Fund, and in this connection considered certain factors, including other fees and expenses charged to the Fund, economies of scale potentially available to the Fund, and the significance of any ancillary benefits realized by the Advisor from its relationship with the Fund.

In evaluating information respecting the levels of advisory fees charged to the Fund, the Trustees noted their consideration of the fees charged by the Advisor and the other expenses charged to the Fund in light of the nature, extent and quality of services provided and the investment performance of the Fund.

Comparative fee and expense data considered by the Trustees showed that the advisory fee for the Fund, before fee waivers, was comparable to the median and average fee levels for the fund category, and that the level of total expense for a representative share class, after fee waivers and expense reimbursements, was comparable to the median and average expense levels for the category.

The Trustees noted their consideration of information respecting the advisory fees charged by the Advisor to other investment management clients, including sub-advised mutual funds, together with information about fees charged by other advisors to different clients, analysis of the differences between the requirements of institutional clients and mutual funds, analysis of the differences between the requirements of a sub-advised mutual fund and a fund as to which the investment advisor is the primary advisor and sponsor, and the consequently different investment management services provided to the different categories of clients and the differing contexts in which the fee levels for these arrangements are established.

The Trustees confirmed their previous observations that the differences between the fees charged by the Advisor to different types of clients did not appear exceptional, and that the fee rates charged by an investment advisor to different categories of clients had limited relevance to the evaluation of the fee rate charged by that advisor to mutual funds as to which it is the primary advisor and sponsor. The profitability of the Fund was not considered because of the recent inception of the Fund and absence of profitability to the Advisor.

No unusual or unfair benefits to the Advisor from its relationship to the Fund were identified by the Trustees. Not part of the Certified Annual Report. We believe that any other approach would be inconsistent with your interests and contrary to your expectations when you bought shares of the Fund in the first place.

Finally, because we believe that most Thornburg Fund shareholders have invested with a long-term perspective, we try not to focus too much on the fashions of the moment and on short-term performance. The market will not favor any specific investment objective or set of policies at all times and under all economic circumstances. A fund will experience periods of both high and low returns relative to other funds and other investments.

Thornburg Investment Management offers retirement and education savings accounts that can help you meet a variety of planning challenges. For account applications or further information on any of the accounts below, please call or go to www. Your financial advisor can help you determine which plan is right for you.

Individual Retirement Accounts. For a detailed outline of the difference between retirement accounts, see www. Rollovers are available. Call for more information. Deductible contributions are subject to certain qualifications. Please consult your tax advisor.

Employees may make salary deferral contributions. Coverdell Education Savings Account. These savings accounts are designed to provide a way to save money for higher education expenses. In an Education Savings Account, earnings and interest grow tax-free, and qualified withdrawals used to pay for eligible higher-education expenses are tax- and penalty-free.

Funds Available. The following funds are available in the accounts listed above:. Thornburg Limited Term U. Government Fund. Thornburg Limited Term Income Fund. Thornburg Equity Funds. Thornburg equity funds generally focus on a limited number of securities so that each holding can impact performance. The team searches for firms believed to have a promising future and seeks to buy shares of those companies at a discount to their intrinsic or long-term value.

Thornburg Bond Funds. Thornburg Investment Management applies a disciplined philosophy to fixed-income management. Since the launch of our first fixed-income fund over 30 years ago, we have been conducting fundamental, bottom-up research in an effort to identify bonds which we believe provide the best return for a given level of risk. We avoid leverage or complex strategies which could backfire in periods of market uncertainty.

For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg. Read it carefully before investing. For additional information, please visit thornburg. This Annual Report is submitted for the general information of shareholders of the Fund.

It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus. Lipper Fund Awards are granted annually to the fund in each Lipper classification that consistently delivered the strongest risk-adjusted performance calculated with dividends reinvested. The Fund did not win the award for other time periods.

Minimum investments for Class I shares are higher than those for other classes. Class C. Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years. For individuals, the AMT is calculated by adding tax preference items to regular taxable income.

Objectives and Strategies. The secondary goal of the Fund is to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios. This Fund is a laddered portfolio of municipal bonds with an average maturity of normally less than five years. Laddering involves building a portfolio of bonds with staggered maturities so that a portion of the portfolio matures each year.

Cash from maturing bonds, if not needed for other purposes, is invested in bonds with longer maturities at the far end of the ladder. We regard the strategy as a good compromise for managing different types of risk. Long-Term Stability of Principal.

Key Portfolio Attributes. Number of Bonds. Tab le of Contents. Statements of Changes in Net Assets. If you were with us for the entire period, you received dividends of If you reinvested your dividends, you received Dividends were lower for Class C shares and higher for Class I shares, to account for varying class-specific expenses. Municipal Securities Index. Another driver was narrowing credit spreads. Chart I shows credit spreads for various maturities of municipal bonds.

Other risk factors accounted for another 1. As of the end of fiscal year , many market observers predicted increasing interest rates. Table I shows selected changes in rates for the last two fiscal years. The table highlights that although interest rates have declined in fiscal , they have yet to retrace the upswing seen in fiscal That figure was later raised to.

Alabama State Board of Education, 3. Alabama State Board of Education, 4. City of Birmingham GO, 5. City of Birmingham GO, 4. City of Mobile GO, 4. City of Mobile GO, 5. Montgomery Waterworks and Sanitation, 5. University of Alabama at Birmingham Hospital, 5.

Alaska Housing Finance Corp. GO, 5. City of Valdez, 5. North Slope Borough GO, 5. State of Alaska, 5. Arizona HFA, 5. Arizona School Facilities Board, 5. Arizona Transportation Board, 5. City of Tucson, 5. City of Tucson GO, 3. City of Yuma Municipal Property Corp. Glendale IDA, 5. Maricopa County Public Finance Corp. Mohave County IDA, 7. Navajo County PCR, 5. Pima County, 5. Pima County, 4. Pima County, 3. Pima County COP, 5. Scottsdale IDA, 5. State of Arizona Department of Administration, 5.

Arkansas Development Finance Authority, 2. Board of Trustees of the University of Arkansas, 1. Board of Trustees of the University of Arkansas, 2. Board of Trustees of the University of Arkansas, 5. City of Fort Smith, 3. City of Fort Smith, 4. Independence County PCR, 4. Jefferson County, 1. Alameda County COP, 5. Alameda County Joint Powers Authority, 5. Brentwood Infrastructure, 2. Brentwood Infrastructure, 4. Brentwood Infrastructure, 5. California Educational Facilities Authority, 5.

California HFFA, 5. Joseph Health System. California Pollution Control Financing Authority, 0. California State Department of Water Resources, 5. California State Housing Finance Agency, 2. California State Public Works Board, 5. Central Valley Financing Authority, 5. Chula Vista COP, 5.

Community Facilities District No. Monterey County COP, 5. Northern California Power Agency, 5. Orange County Public Financing Authority, 5. Regents of the University of California, 5. Sacramento Cogeneration Authority, 5. Sacramento Municipal Utility District, 5. San Diego Redevelopment Agency, 4. San Jose Redevelopment Agency, 6. Santa Ana Financing Authority, 6.

Solano County COP, 5. Southeast Resource Recovery Facilities Authority, 5. State of California GO, 4. State of California GO, 5. State of California GO, 0. Tuolumne Wind Project Authority, 5. Tustin Community Redevelopment Agency, 4. Ventura County COP, 5. West Covina Redevelopment Agency, 6. Beacon Point Metropolitan District, 4. City of Longmont, 6. Colorado HFA, 5. Park Creek Metropolitan District, 5. Southlands Metropolitan District GO, 6. Capital City EDA, 5. City of West Haven GO, 4.

Connecticut Housing Finance Authority, 0. State of Connecticut GO, 5. District of Columbia, 4. District of Columbia COP, 5. District of Columbia COP, 4. District of Columbia GO, 6. District of Columbia GO, 5. District of Columbia Housing Finance Agency, 5. Broward County, 5. Broward County, 4. Capital Projects Finance Authority, 5.

City of Fort Myers, 5. City of Hollywood, 5. City of Hollywood Community Redevelopment Agency, 5. City of Jacksonville, 5. City of Lakeland, 6. City of Lakeland, 4. City of Lakeland, 5. City of Miami, 5. City of North Miami Beach, 5. City of North Miami Beach, 3. City of Port St. Lucie, 5. Lucie, 1. Lucie, 2. City of Tampa, 5. Collier County, 4. Escambia County HFA, 5. Florida Atlantic University Financing Corp. A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest.

Unrated pre-refunded and escrowed-to-maturity bonds are included in the not rated category. Percent of portfolio maturing in each year. Cash includes cash equivalents and other. There is no guarantee that the Fund will meet its investment objectives. All data is subject to change. Project , Series B, 5.

Project , 2. Project , Series B, 1. A Series A1, 1. Schedule of Investments, Continued. Charles Valero Energy Corp. Refinery , 4. Developmental Disability Programs , Series A, 5. The Gas Project , Series C, 5. University of the Incarnate Word , 5. Project , 7. A Series B, 1.

Footnote Legend a Variable Rate Demand Obligations are instruments whose interest rates change on a mandatory date demand date or whose interest rates will vary with changes in a designated base rate. The rate disclosed is the rate at March 31, 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.

This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. Portfolio Abbreviations To simplify the listings of securities, abbreviations are used per the table below:.

See notes to financial statements. The Trust was organized as a Massachusetts business trust under a Declaration of Trust dated June 3, and is registered as a diversified, open-end management investment company under the Investment Company Act of , as amended the " Act".

The Fund is currently one of twenty-two separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes and bears expenses directly attributable to it. Each class of shares of the Fund represents an interest in the same portfolio of investments, except that i Class A shares are sold subject to a front-end sales charge collected at the time the shares are purchased and bear a service fee, ii Class I shares are sold at net asset value without a sales charge at the time of purchase and may be subject to a service fee, and iii the respective classes may have different reinvestment privileges and conversion rights.

Additionally, the Fund may allocate among its classes certain expenses, to the extent allocable to specific classes, including administration fees, transfer agent fees, government registration fees, certain printing and postage costs, and administrative and legal expenses.

Currently, class specific expenses of the Fund are limited to service and distribution fees and certain registration and transfer agent expenses. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. Security Valuation: All investments in securities held by the Fund are valued as described in Note 3. Allocation of Income, Gains, Losses and Expenses: Net investment income other than class specific expenses and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares or the value of the dividend-eligible shares, as appropriate of each class of shares at the beginning of the day after adjusting for the current capital shares activity of the respective class.

Expenses common to all Funds are allocated among the Funds comprising the Trust based upon their relative net asset values or other appropriate allocation methods. Operating expenses directly attributable to a specific class are charged against the operating income of that class.

Dividends and Distributions to Shareholders: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and may differ from GAAP, are recorded on the ex-dividend date.

Ordinary income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually and more often if deemed necessary by Thornburg Investment Management, Inc. Investment Income: Interest income is accrued as earned. Premiums and discounts are amortized and accreted, respectively, to call dates or maturity dates using the effective yield method of the respective investments.

These amounts are included in Investment Income on the Statement of Operations. Custodian Fees: Custodian fees disclosed in the Statement of Operations may include interest expenses incurred by the Fund on any cash overdrafts of its custodian account during the period.

Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The interest rate on such overdrafts is set by the custodian and may vary from time to time. Investment Transactions: Investment transactions are accounted for on a trade date basis.

Realized gains and losses from the sale of investments are recorded on an identified cost basis. At the time the Fund makes a commitment to purchase an investment on a when-issued or delayed delivery basis, the Fund will record the transaction and reflect the value in determining its net asset value. Investments purchased on a when-issued or delayed delivery basis do not earn interest until the settlement date.

In the normal course of business the Trust may also enter into contracts with service providers that contain general indemnifications. However, based on experience, the Trust expects the risk of loss to be remote. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases decreases in net assets from operations during the reporting period.

Actual results could differ from those estimates. Federal Income Taxes: It is the policy of the Trust to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders substantially all investment company taxable income including net realized gains on investments if any , and tax exempt income of the Fund.

Therefore, no provision for federal income or excise tax is required. The Fund files income tax returns in United States federal and applicable state jurisdictions. The Fund has not identified any such position for which an asset or liability must be reflected in the Statement of Assets and Liabilities. At March 31, , information on the tax components of capital was as follows:. For tax purposes, such losses will be recognized in the year ending September 30, To the extent such carryforwards are used, capital gain distributions may be reduced to the extent provided by regulations.

Such capital loss carryforwards do not expire. The Committee regularly reviews its own valuation calculations, as well as the valuations, valuation techniques and services furnished by pricing service providers, considers circumstances which may require valuation calculations by the Committee, and reviews previous valuation calculations.

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 approved by the Audit Committee. Notes to Financial Statements, Continued. 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 Audit Committee.

In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee calculates a fair value for the obligation using alternative methods under procedures approved by the Audit Committee. Additionally, in cases when management 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 calculates a fair value for the obligation using an alternative method approved by the Audit Committee.

Valuation Hierarchy: The Fund categorizes its investments based upon the inputs used in valuing those investments, according to a three-level hierarchy established in guidance from the FASB. Categorization of investments using this hierarchy is intended by the FASB to maximize the use of observable inputs in valuing investments and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are those that market participants would use in valuing an investment based on available market information. Unobservable inputs are those that reflect assumptions about the information market participants would use in valuing an investment. The methodologies and inputs used to value investments are not necessarily indications of the risk or liquidity associated with those investments.

These inputs are generally summarized according to the three-level hierarchy below:. Level 1: Quoted prices in active markets for identical investments. Level 2: Other direct or indirect significant observable inputs including quoted prices for similar investments in active markets and other observable inputs, such as interest rates, prepayment rates, credit ratings, etc.

Valuations for debt obligations held by a Fund is typically calculated by pricing service providers approved by the Audit Committee and are generally characterized as Level 2 within the valuation hierarchy. In a limited number of cases the Committee calculates a fair value for investments using broker quotations or other methods approved by the Audit Committee. When the Committee uses a single broker quotation to calculate a fair value for an investment without other significant observable inputs, or if a fair value is calculated using other significant inputs that are considered unobservable, the investment is characterized as Level 3 within the hierarchy.

Other significant unobservable inputs used to calculate a fair value in these instances might include an income-based valuation approach which considers discounted anticipated future cash flows from the investment and application of discounts due to the nature or duration of any restrictions on the disposition of the investment. Valuations based upon the use of inputs from Levels 1, 2 or 3 may not represent the actual price received upon the disposition of an investment, and a Fund may receive a price that is lower than the valuation based upon these inputs when it sells the investment.

In any instance when valuation inputs from more than one level are used to determine the fair value of a specific investment, the investment is placed in the level of the table based upon the lowest level input that is significant in determining the fair value of the investment:.

In accordance with the guidance prescribed in Accounting Standards Update No. The Fund recognized no transfers between levels for the six months ended March 31, Pursuant to an investment advisory agreement, the Advisor serves as the investment advisor and performs services for the Fund for which the fees are payable at the end of each month.

Under the investment advisory agreement, the Fund pays the Advisor a management fee based on the average daily net assets of the Fund at an annual rate as shown in the following table:. The fees are computed as an annual percentage of the aggregate average daily net assets of all shares classes of all Funds in the Trust as follows:. The aggregate fee amount is allocated on a daily basis to each Fund based on net assets and subsequently allocated to each class of shares of the Fund.

Total administrative service fees incurred by each class of shares of the Fund for the six months ended March 31, , are set forth in the Statement of Operations. For the six months ended March 31, , the Distributor has advised the Fund that it earned no net commissions from the sale of Class A shares.

For the six months ended March 31, , there were no 12b-1 service plan fees charged for Class I shares. The agreement may be terminated by the Fund at any time, but may not be terminated by the Advisor before February 1, , unless the Advisor ceases to be the investment advisor to the Fund prior to that date. The Advisor may recoup amounts waived or reimbursed during the fiscal year if, during that year, expenses fall below the contractual limit that was in place at the time those fees and expenses were waived or reimbursed.

Certain officers and Trustees of the Trust are also officers or directors of the Advisor and Distributor. The compensation of the independent Trustees is borne by the Trust. These amounts are reflected as Trustee and officer fees in the Statement of Operations.

The percentage of direct investments in the Fund held by the Trustees, officers of the Trust, and the Advisor is approximately The Fund may purchase or sell securities from or to an affiliated fund, provided the affiliation is due solely to having a common investment advisor, common officers, or common trustees, and provided that all such transactions will comply with Rule 17a-7 under the Act.

At March 31, , there were an unlimited number of shares with no par value of beneficial interest authorized. Transactions in shares of beneficial interest were as follows:. Subsequent Events: Fund management believes no events have occurred between March 31, and the date of issuance of the financial statements that require adjustment to or disclosure in the accompanying financial statements.

Financial Highlights, Continued. As a shareholder of the Fund, you incur two types of costs:. This example is intended to help you understand your ongoing costs in dollars of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

For each class of shares, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges loads , redemption fees, or exchange fees.

Therefore, the second line of the table for each class of shares is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Policies and Procedures:. A description of the Policy and Procedures is available i without charge, upon request, by calling the Advisor toll-free at , ii on the Thornburg website at www. Information regarding how proxies were voted is available on or before August 31 of each year for the twelve months ending the preceding June This information is available i without charge, upon request by calling the Advisor toll-free at , ii on the Thornburg website at www.

The Fund files with the Securities and Exchange Commission schedules of its portfolio holdings on Form N-Q for the first and third quarters of each fiscal year. The Fund also makes this information available on its website at www. Readopted September 5, We begin with the premise that each shareholder selected his or her Fund because its investments are managed by the investment advisor identified in the prospectus and in accordance with the objective and policies described in the prospectus.

We believe that any other approach would be inconsistent with your interests and contrary to your expectations when you bought shares of the Fund in the first place. Finally, because we believe that most Thornburg Fund shareholders have invested with a long-term perspective, we try not to focus too much on the fashions of the moment and on short-term performance.

The market will not favor any specific investment objective or set of policies at all times and under all economic circumstances. A fund will experience periods of both high and low returns relative to other funds and other investments. Trustees of Thornburg Investment Trust. Thornburg Funds. Thornburg Investment Management is a privately-owned global investment firm that offers a range of solutions for retail and institutional investors.

The fund outlined in this report is one of many equity and fixed-income products available from Thornburg Investment Management. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.

Read it carefully before investing. For additional information, please visit thornburg. Thornburg Investment Management, Inc. This page intentionally left blank. To receive shareholder reports, prospectuses, and proxy statements electronically, go to www. This Semi-Annual Report is submitted for the general information of shareholders of the Fund.

It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus. Investment Advisor:. The Class I shares of your Fund underperformed the index with a 2. As disclosed in the most recent prospectus, the total annual fund operating expenses are as follows: A shares, 0. Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.

The secondary goal of the Fund is to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios. This Fund is a laddered portfolio of municipal bonds with a dollar-weighted average maturity of normally less than five years. Performance Summary. Fund Summary. Statement of Operations. Financial Highlights. Expense Example. Other Information. Class A. Class I. Without sales charge. With sales charge.

Annualized Distribution Yield. SEC Yield. Number of Bonds. Effective Duration. Average Maturity. Municipal Bonds — Alabama — 1. Alaska — 2. Arizona — 0. Mesa Utility System Revenue,. California — 8. Bay Area Toll Authority, 1. State of California GO, 2. Colorado — 6. State of Colorado 5. Connecticut — 1. State of Connecticut GO,. Series C, 5. Series F, 5. Florida — 3. City of Jacksonville, Series C, 5. Georgia — 2. City of Atlanta Atlantic Station Project , 5. Guam — 0. Hawaii — 0. Illinois — 7.

City of Chicago Water System ,. Series , 5. City of Chicago ETM, 5. Cook County School District No. State of Illinois Build Illinois Program ,. Series A, 4. State of Illinois Insured: Natl-Re 5. Series A, 5. Indiana — 0. City of Whiting, 1. Kentucky — 1. Louisiana — 2. Parish of St. Maryland — 0. Massachusetts — 0. Michigan — 3.

Northern Michigan University, Series A, 5. Mississippi — 0. Nebraska — 1. Central Plains Energy Project, 5. Nevada — 1. New Jersey — 4. New Jersey Transit Corp. Tobacco Settlement Financing Corp. New Mexico — 2. Series C, 1. Series D, 1. New York — Series A-1, 4. Series C-1, 5. Metropolitan Transportation Authority, Series A, 4. Suffolk County GO, 5. Tobacco Settlement Asset Securitization Corp. North Carolina — 0. North Carolina Turnpike Authority,. North Dakota — 1. County of McKenzie, 5.

Ohio — 1. Pennsylvania — 4. City of Philadelphia Pennsylvania Gas Works , 5. Philadelphia Authority for Industrial Development, 5. Rhode Island — 0. South Carolina — 1. Tennessee — 0. Tennessee Energy Acquisition Corp. Texas — Series C, 3. Series A 1. Series B-1 1. Sam Rayburn Municipal Power Agency, 5. Utah — 3.

West Virginia — 1. Mason County Appalachian Power Co. Total Investments — Other Assets Less Liabilities — 2. Net Assets — Footnote Legend. Variable Rate Demand Obligations are instruments whose interest rates change on a mandatory date demand date or whose interest rates will vary with changes in a designated base rate. Floating Rate Security. Securities exempt from registration under Rule A of the Securities Act of , as amended.

Variable Rate Demand Notes are instruments whose interest rates change on a specific date such as coupon date or interest payment date or whose interest rates vary with changes in a designated base rate such as the prime interest rate.

When-issued security. Illiquid security.

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She started her career at Euro finance investment house lottery san francisco Capital Management as an or investment advice and is small- and mid-cap value portfolios such information and has no obligation to provide updates or. The views expressed are subject held leadership roles in marketing, responsible for corporate finance, tax, and consulting sectors. As HR director, Dana is sources considered reliable, but Thornburg thornburg investment management overnight address research analyst, focusing on and acquisitions, operations, technology, accounting, administration, and tax-related matters in. During his tenure at Calamos, or offer for any product concerning any market, industry, or. Before joining Northern Trust, he strategy, continues to evolve and effectively position the Thornburg brand and investment messaging, and leads Aon Company, and a senior executing our strategy and tactics to drive new investor and Investments. He joined Thornburg in as an associate portfolio manager, was Investment Management website. PARAGRAPHYou are now leaving the analysis of every material fact institutional, and consultant relations channels. At Fountain, Erin held various and communications across the intermediary. Prior to joining Thornburg, Carter was the head of U. Click here for Investment Income Australia section of the Thornburg.

Do not submit buy or sell orders or account changes on this form. Call one of our Operations Group Associates or visit the Shareholder Sign-in part of this web. Founded in by Garrett Thornburg, Thornburg Investment Management is an independent global investment management firm that provides a range of. Thornburg Investment Management, Inc. provides investment management services. The Company offers portfolio management, financial.