Close

Form NPORT-P THORNBURG INVESTMENT For: Jun 30

August 17, 2022 4:22 PM EDT

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

  
    NPORT-P
    false
    
      
      
        
          0000816153
          XXXXXXXX
        
      
      
      
      
        S000015648
        C000042663
        C000058465
        C000058466
        C000123223
        C000042665
        C000042664
        C000058467
      
      
      
    
  
  
    
      THORNBURG INVESTMENT TRUST
      811-05201
      0000816153
      5493001XM52H8S4WYY82
      2300 NORTH RIDGETOP ROAD
      SANTA FE
      
      87506-8361
      505-984-0200
      Thornburg International Growth Fund
      S000015648
      5493001STPJ13DESVZ34
      2022-09-30
      2022-06-30
      N
    
    
      1094733723.97
      2344465.34
      1092389258.63
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      1135.71000000
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        LVMH Moet Hennessy Louis Vuitton SE
        IOG4E947OATN0KJYSD45
        LVMH Moet Hennessy Louis Vuitton SE
        000000000
        
          
        
        55816.00000000
        NS
        
        34025015.82000000
        3.114733649310
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        L'Oreal SA
        529900JI1GG6F7RKVI53
        L'Oreal SA
        000000000
        
          
        
        45000.00000000
        NS
        
        15529047.08000000
        1.421567170980
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        Kweichow Moutai Co Ltd
        N/A
        Kweichow Moutai Co Ltd
        000000000
        
          
        
        57967.00000000
        NS
        
        17707977.68000000
        1.621031838248
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        ASML Holding NV
        000000000
        
          
        
        83216.00000000
        NS
        
        39752949.56000000
        3.639082794521
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Deutsche Boerse AG
        529900G3SW56SHYNPR95
        Deutsche Boerse AG
        000000000
        
          
        
        168704.00000000
        NS
        
        28216219.75000000
        2.582982167490
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Reliance Industries Ltd
        5493003UOETFYRONLG31
        Reliance Industries Ltd
        000000000
        
          
        
        336000.00000000
        NS
        
        11015277.47000000
        1.008365597059
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Globant SA
        2221008DCMSPYS42DS88
        Globant SA
        000000000
        
          
        
        72364.00000000
        NS
        USD
        12591336.00000000
        1.152641871981
        Long
        EC
        CORP
        LU
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        Visa Inc
        92826C839
        
          
        
        144794.00000000
        NS
        USD
        28508490.66000000
        2.609737365575
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TotalEnergies SE
        529900S21EQ1BO4ESM68
        TotalEnergies SE
        000000000
        
          
        
        503270.00000000
        NS
        
        26565228.50000000
        2.431846367046
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        Adyen NV
        724500973ODKK3IFQ447
        Adyen NV
        000000000
        
          
        
        8705.00000000
        NS
        
        12661897.80000000
        1.159101272734
        Long
        EC
        CORP
        NL
        Y
        
        1
        
          N
          N
          N
        
      
      
        Thornburg Capital Management Fund
        549300GLR0WG6ALV5277
        Thornburg Capital Management Fund
        885216739
        
          
        
        3678715.28900000
        NS
        USD
        36787152.89000000
        3.367586471523
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JSR Corp
        353800TL8FC0AWR22506
        JSR Corp
        000000000
        
          
        
        405200.00000000
        NS
        
        10512264.15000000
        0.962318520339
        Long
        EC
        CORP
        JP
        N
        
        1
        
          N
          N
          N
        
      
      
        adidas AG
        549300JSX0Z4CW0V5023
        adidas AG
        000000000
        
          
        
        100485.00000000
        NS
        
        17770977.44000000
        1.626798991257
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Cellnex Telecom SA
        5493008T4YG3AQUI7P67
        Cellnex Telecom SA
        000000000
        
          
        
        521385.00000000
        NS
        
        20232651.76000000
        1.852146714200
        Long
        EC
        CORP
        ES
        Y
        
        1
        
          N
          N
          N
        
      
      
        Air Liquide SA
        969500MMPQVHK671GT54
        Air Liquide SA
        000000000
        
          
        
        220919.00000000
        NS
        
        29661325.91000000
        2.715270740321
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        Nestle SA
        KY37LUS27QQX7BB93L28
        Nestle SA
        000000000
        
          
        
        637911.00000000
        NS
        
        74465827.10000000
        6.816784997812
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Wolters Kluwer NV
        724500TEM53I0U077B74
        Wolters Kluwer NV
        000000000
        
          
        
        227411.00000000
        NS
        
        22058469.49000000
        2.019286560695
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        BE Semiconductor Industries NV
        7245007A1YFLI2GNYX06
        BE Semiconductor Industries NV
        000000000
        
          
        
        88349.00000000
        NS
        
        4246889.30000000
        0.388770693820
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Activision Blizzard Inc
        549300TPQQDBP9GNOF40
        Activision Blizzard Inc
        00507V109
        
          
        
        424879.00000000
        NS
        USD
        33081078.94000000
        3.028323345241
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nomura Research Institute Ltd
        5299005F1HCVF4M4QN79
        Nomura Research Institute Ltd
        000000000
        
          
        
        682800.00000000
        NS
        
        18167069.58000000
        1.663058240135
        Long
        EC
        CORP
        JP
        N
        
        1
        
          N
          N
          N
        
      
      
        DSV A/S
        529900X41C0BSLK67H70
        DSV A/S
        000000000
        
          
        
        75881.00000000
        NS
        
        10597071.83000000
        0.970082023992
        Long
        EC
        CORP
        DK
        N
        
        1
        
          N
          N
          N
        
      
      
        AstraZeneca PLC
        PY6ZZQWO2IZFZC3IOL08
        AstraZeneca PLC
        000000000
        
          
        
        475701.00000000
        NS
        
        62539663.29000000
        5.725034624418
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Sika AG
        549300R3N69ECGYPU434
        Sika AG
        000000000
        
          
        
        40217.00000000
        NS
        
        9268045.88000000
        0.848419719141
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        CARSALES.COM LIMITED
        5299009TFWZGH2AN7D11
        CARSALES.COM LIMITED
        000000000
        
          
        
        259474.03800000
        NS
        
        114625.28000000
        0.010493080108
        N/A
        DE
        
        AU
        N
        
        3
        
          
            
              N/A
              N/A
            
            
              
                carsales.com Ltd
                carsales.com Ltd
                
                  
                
              
            
            2022-07-13
            
              
            
            XXXX
            114625.28000000
          
        
        
          N
          N
          N
        
      
      
        Mastercard Inc
        AR5L2ODV9HN37376R084
        Mastercard Inc
        57636Q104
        
          
        
        88918.00000000
        NS
        USD
        28051850.64000000
        2.567935414815
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        carsales.com Ltd
        5299009TFWZGH2AN7D11
        carsales.com Ltd
        000000000
        
          
        
        1079412.00000000
        NS
        
        13701733.69000000
        1.254290408089
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        Japan Exchange Group Inc
        353800578ADEGIJTVW07
        Japan Exchange Group Inc
        000000000
        
          
        
        965000.00000000
        NS
        
        13925928.66000000
        1.274813767160
        Long
        EC
        CORP
        JP
        N
        
        1
        
          N
          N
          N
        
      
      
        JD.com Inc
        549300HVTWB0GJZ16V92
        JD.com Inc
        000000000
        
          
        
        495016.00000000
        NS
        
        15947908.04000000
        1.459910733651
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares Core MSCI Total International Stock ETF
        5493000KJHTQW5I5L936
        iShares Core MSCI Total International Stock ETF
        46432F834
        
          
        
        432300.00000000
        NS
        USD
        24654069.00000000
        2.256894124986
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lonza Group AG
        549300EFW4H2TCZ71055
        Lonza Group AG
        000000000
        
          
        
        45918.00000000
        NS
        
        24482545.44000000
        2.241192436357
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Ferrari NV
        549300RIVY5EX8RCON76
        Ferrari NV
        000000000
        
          
        
        110772.00000000
        NS
        USD
        20324446.56000000
        1.860549836007
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CSL Ltd
        529900ECSECK5ZDQTE14
        CSL Ltd
        000000000
        
          
        
        143852.00000000
        NS
        
        26716009.75000000
        2.445649253591
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        BAWAG Group AG
        529900S9YO2JHTIIDG38
        BAWAG Group AG
        000000000
        
          
        
        140005.00000000
        NS
        
        5892204.51000000
        0.539386895600
        Long
        EC
        CORP
        AT
        Y
        
        1
        
          N
          N
          N
        
      
      
        Ashtead Group PLC
        2138007UTBN8X9K1A235
        Ashtead Group PLC
        000000000
        
          
        
        331014.00000000
        NS
        
        13857224.63000000
        1.268524431243
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Nihon M&A Center Holdings Inc
        N/A
        Nihon M&A Center Holdings Inc
        000000000
        
          
        
        696400.00000000
        NS
        
        7406435.73000000
        0.678003346470
        Long
        EC
        CORP
        JP
        N
        
        1
        
          N
          N
          N
        
      
      
        Aon PLC
        635400FALWQYX5E6QC64
        Aon PLC
        000000000
        
          
        
        54972.00000000
        NS
        USD
        14824848.96000000
        1.357103142756
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Elastic NV
        2549003I48WHHH937I59
        Elastic NV
        000000000
        
          
        
        121055.00000000
        NS
        USD
        8191791.85000000
        0.749896777662
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Hemnet Group AB
        5493008VIU67J3HUAR07
        Hemnet Group AB
        000000000
        
          
        
        915742.00000000
        NS
        
        11252354.10000000
        1.030068174975
        Long
        EC
        CORP
        SE
        N
        
        1
        
          N
          N
          N
        
      
      
        B&M European Value Retail SA
        213800UK7ZRLY2K1X530
        B&M European Value Retail SA
        000000000
        
          
        
        2476858.00000000
        NS
        
        11056298.06000000
        1.012120722778
        Long
        EC
        CORP
        LU
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Diageo PLC
        213800ZVIELEA55JMJ32
        Diageo PLC
        000000000
        
          
        
        391263.00000000
        NS
        
        16815226.26000000
        1.539307177103
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares MSCI ACWI ex US ETF
        5493000IN0VJK5DV3698
        iShares MSCI ACWI ex US ETF
        464288240
        
          
        
        548000.00000000
        NS
        USD
        24660000.00000000
        2.257437063316
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Otis Worldwide Corp
        549300ZLBKR8VSU25153
        Otis Worldwide Corp
        68902V107
        
          
        
        391028.00000000
        NS
        USD
        27633948.76000000
        2.529679648686
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SIG Group AG
        5493004Z6P7TSVB1L042
        SIG Group AG
        000000000
        
          
        
        447566.00000000
        NS
        
        9854750.24000000
        0.902128079541
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co Ltd
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co Ltd
        000000000
        
          
        
        4507000.00000000
        NS
        
        72152017.09000000
        6.604973137550
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        MercadoLibre Inc
        549300DKPDN9M5S8GB14
        MercadoLibre Inc
        58733R102
        
          
        
        8727.00000000
        NS
        USD
        5557964.49000000
        0.508789741943
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Tencent Holdings Ltd
        254900N4SLUMW4XUYY11
        Tencent Holdings Ltd
        000000000
        
          
        
        1128700.00000000
        NS
        
        50977631.65000000
        4.666617805628
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Booking Holdings Inc
        FXM8FAOHMYDIPD38UZ17
        Booking Holdings Inc
        09857L108
        
          
        
        16531.00000000
        NS
        USD
        28912553.69000000
        2.646726289332
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HDFC Bank Ltd
        335800ZQ6I4E2JXENC50
        HDFC Bank Ltd
        40415F101
        
          
        
        428658.00000000
        NS
        USD
        23559043.68000000
        2.156652813443
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Schneider Electric SE
        969500A1YF1XUYYXS284
        Schneider Electric SE
        000000000
        
          
        
        125002.00000000
        NS
        
        14789431.01000000
        1.353860896485
        Long
        EC
        CORP
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-07-18
      THORNBURG INVESTMENT TRUST
      Christopher Luckham
      Christopher Luckham
      Manager - Fund Admin
    
  
  XXXX



SCHEDULE OF INVESTMENTS
Thornburg International Growth Fund June 30, 2022 (Unaudited)

  Issuer-Description SHARES VALUE
  Common Stock — 92.1%    
  Automobiles & Components — 1.9%    
  Automobiles — 1.9%    
  Ferrari NV   110,772 $   20,324,447
                 20,324,447
  Banks — 2.7%    
  Banks — 2.7%    
a BAWAG Group AG   140,005      5,892,204
  HDFC Bank Ltd. ADR   428,658    23,559,044
                 29,451,248
  Capital Goods — 5.2%    
  Electrical Equipment — 1.4%    
  Schneider Electric SE   125,002    14,789,431
  Machinery — 2.5%    
  Otis Worldwide Corp.   391,028    27,633,949
  Trading Companies & Distributors — 1.3%    
  Ashtead Group plc   331,014    13,857,224
                 56,280,604
  Commercial & Professional Services — 2.7%    
  Professional Services — 2.7%    
  Nihon M&A Center Holdings, Inc.   696,400      7,406,436
  Wolters Kluwer NV   227,411    22,058,469
                 29,464,905
  Consumer Durables & Apparel — 4.7%    
  Textiles, Apparel & Luxury Goods — 4.7%    
  adidas AG   100,485     17,770,977
  LVMH Moet Hennessy Louis Vuitton SE    55,816    34,025,016
                 51,795,993
  Consumer Services — 2.6%    
  Hotels, Restaurants & Leisure — 2.6%    
b Booking Holdings, Inc.    16,531    28,912,554
                 28,912,554
  Diversified Financials — 3.9%    
  Capital Markets — 3.9%    
  Deutsche Boerse AG   168,704     28,216,220
  Japan Exchange Group, Inc.   965,000    13,925,928
                 42,142,148
  Energy — 3.4%    
  Oil, Gas & Consumable Fuels — 3.4%    
  Reliance Industries Ltd.   336,000     11,015,277
  TotalEnergies SE   503,270    26,565,229
                 37,580,506
  Food, Beverage & Tobacco — 10.0%    
  Beverages — 3.2%    
  Diageo plc   391,263     16,815,226
  Kweichow Moutai Co. Ltd. Class A    57,967    17,707,978
  Food Products — 6.8%    
  Nestle SA   637,911    74,465,827
                108,989,031
  Household & Personal Products — 1.4%    
  Personal Products — 1.4%    
  L’Oreal SA    45,000    15,529,047
                 15,529,047
  Insurance — 1.4%    
  Insurance — 1.4%    

SCHEDULE OF INVESTMENTS, Continued
Thornburg International Growth Fund June 30, 2022 (Unaudited)

  Issuer-Description SHARES VALUE
  Aon plc Class A    54,972 $   14,824,849
                 14,824,849
  Materials — 5.4%    
  Chemicals — 4.5%    
  Air Liquide SA   220,919     29,661,326
  JSR Corp.   405,200     10,512,264
  Sika AG    40,217     9,268,046
  Containers & Packaging — 0.9%    
  SIG Combibloc Group AG   447,566     9,854,750
                 59,296,386
  Media & Entertainment — 10.0%    
  Entertainment — 3.0%    
  Activision Blizzard, Inc.   424,879    33,081,079
  Interactive Media & Services — 7.0%    
  carsales.com Ltd. 1,079,412     13,701,734
b Hemnet Group AB   915,742     11,252,354
  Tencent Holdings Ltd. 1,128,700    50,977,631
                109,012,798
  Pharmaceuticals, Biotechnology & Life Sciences — 10.4%    
  Biotechnology — 2.5%    
  CSL Ltd.   143,852    26,716,010
  Life Sciences Tools & Services — 2.2%    
  Lonza Group AG    45,918    24,482,546
  Pharmaceuticals — 5.7%    
  AstraZeneca plc   475,701    62,539,663
                113,738,219
  Retailing — 3.0%    
  Internet & Direct Marketing Retail — 2.0%    
b JD.com, Inc. Class A   495,016     15,947,908
b MercadoLibre, Inc.     8,727     5,557,965
  Multiline Retail — 1.0%    
  B&M European Value Retail SA 2,476,858    11,056,298
                 32,562,171
  Semiconductors & Semiconductor Equipment — 10.6%    
  Semiconductors & Semiconductor Equipment — 10.6%    
  ASML Holding NV    83,216     39,752,950
  BE Semiconductor Industries NV    88,349      4,246,889
  Taiwan Semiconductor Manufacturing Co. Ltd. 4,507,000    72,152,017
                116,151,856
  Software & Services — 9.9%    
  Information Technology Services — 9.2%    
a,b Adyen NV     8,705     12,661,898
b Globant SA    72,364     12,591,336
  Mastercard, Inc. Class A    88,918     28,051,851
  Nomura Research Institute Ltd.   682,800     18,167,069
  Visa, Inc. Class A   144,794    28,508,491
  Software — 0.7%    
b Elastic NV   121,055     8,191,792
                108,172,437
  Telecommunication Services — 1.9%    
  Diversified Telecommunication Services — 1.9%    
a Cellnex Telecom SA   521,385    20,232,652
                 20,232,652
  Transportation — 1.0%    
  Air Freight & Logistics — 1.0%    
  DSV AS    75,881    10,597,072
                 10,597,072

SCHEDULE OF INVESTMENTS, Continued
Thornburg International Growth Fund June 30, 2022 (Unaudited)

  Issuer-Description SHARES VALUE
  Total Common Stock (Cost $912,610,428)           1,005,058,923
  Exchange-Traded Funds — 4.5%    
  iShares MSCI ACWI ex U.S. ETF   548,000    24,660,000
  iShares Core MSCI Total International Stock ETF   432,300    24,654,069
  Total Exchange-Traded Funds (Cost $49,499,796)              49,314,069
  Rights — 0.0%    
  Media & Entertainment — 0.0%    
  Interactive Media & Services — 0.0%    
b,c carsales.com Ltd., 7/13/2022   259,474 $      114,625
                    114,625
  Total Rights (Cost $0)                 114,625
  Short-Term Investments — 3.4%    
d Thornburg Capital Management Fund 3,684,749    36,847,489
  Total Short-Term Investments (Cost $36,847,489)              36,847,489
  Total Investments — 100.0% (Cost $998,957,713)   $1,091,335,106
  Liabilities Net of Other Assets — (0.0)%   (255,854)
  Net Assets — 100.0%   $1,091,079,252
    
Footnote Legend
a 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, 2022, the aggregate value of these securities in the Fund’s portfolio was $38,786,754, representing 3.55% of the Fund’s net assets.
b Non-income producing.
c Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’ Audit Committee.
d Investment in Affiliates.
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
ADR American Depositary Receipt

NOTES TO SCHEDULE OF INVESTMENTS
Thornburg International Growth Fund June 30, 2022 (Unaudited)

NOTE 1 – ORGANIZATION
Thornburg International Growth 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-one separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers seven classes of shares of beneficial interest: Class A, Class C, Institutional Class (“Class I”), and Retirement Classes (“Class R3”, “Class R4”, “Class R5”, and “Class R6”).
NOTE 2 – SECURITY VALUATION
Valuation of the Fund’s portfolio investment securities is performed in accordance with policies and procedures adopted by and under the oversight of the Trustees.
The Trustees of the Trust have appointed Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), to assist the Trustees with obtaining fair market values for portfolio investments, evaluating and monitoring professional pricing service providers appointed by the Trustees’ Audit Committee (the "Audit Committee") to assist in determining fair values for portfolio investments, assisting in calculating fair values for portfolio investments in certain circumstances, and performing other functions in connection with the valuation of investments. The Advisor acts through its Valuation and Pricing Committee (the “Committee”) and other employees of the Advisor. The Committee regularly reviews its own valuation calculations, reviews 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. The Committee reports to the Audit Committee on the Committee’s activities, the performance of pricing service providers, and other matters relating to valuation of portfolio investments.
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. Because fair values calculated by the Committee are estimates, the calculation of a 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 valued at the last reported sale price on the valuation date. Investments listed or traded on an exchange for which there has been no sale that day are valued at the mean between the last reported bid and asked prices on that valuation 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. Securities and other portfolio investments which are listed or traded on exchanges outside the United States are valued at the last price or the closing price of the investment on the exchange that is normally the primary market for the investment, as of the close of the exchange preceding the Fund’s valuation date. Foreign investments listed or traded on an exchange for which there has been no sale that day are valued at the mean between the last reported bid and asked prices on that valuation date.
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 alternative methods approved by the Audit Committee. A market quotation is not readily available when the primary market or exchange for the investment is not open for the entire scheduled day of trading. Market quotations for an investment also may not be readily available if developments after the most recent close of the investment’s primary exchange or market, but prior to the close of business on any Fund business day, or an unusual event or significant period of time occurring since the availability of a market quotation, create a serious question concerning the reliability of the most recent market quotation available for the investment. In particular, on days when market volatility thresholds established by the Audit Committee are exceeded, foreign equity investments held by the Fund may be valued using alternative methods. The Committee customarily obtains valuations in these instances from pricing service providers approved by the Audit Committee. 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.
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.
Investments in open-end U.S. mutual funds are valued at net asset value ("NAV") each business day.
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

NOTES TO SCHEDULE OF INVESTMENTS, Continued
Thornburg International Growth Fund June 30, 2022 (Unaudited)

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 approved by the Audit Committee.
Quotations for foreign investments expressed in foreign currency amounts are converted to U.S. dollar equivalents using a foreign exchange quotation from a third party service provider 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 investments may be significantly affected on days when shareholders cannot purchase or sell Fund 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
9/30/21
Purchases
at Cost
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appr./(Depr.)
Market Value
6/30/22
Dividend
Income
Thornburg Capital Management Fund $64,240,267 $576,224,784 $(603,617,562) $- $- $36,847,489 $213,443


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings