33-14905
Filed with the Securities and Exchange Commission
March 28, 1996
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933 [ ]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 25 [x]
and
REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940 [ ]
Amendment No. 28 [x]
THORNBURG INVESTMENT TRUST (formerly "Thornburg Income Trust"
(Exact Name of Registrant as Specified in Charter)
119 East Marcy Street, Suite 202, Santa Fe, NM 87501
(Address of Principal Executive Office) (Zip Code)
Registrant's Telephone Number, including Area Code
(505) 984-0200
H. Garrett Thornburg, Jr.
119 East Marcy Street, Suite 202
Santa Fe, New Mexico 87501
(Name and Address of Agent for Service
It is proposed that this filing will become effective (check
appropriate box):
[x] Immediately upon filing pursuant to paragraph (b)
[ ] On (date) pursuant to paragraph (b)
[ ] 60 days after filing pursuant to Paragraph (a)
[ ] On (date) pursuant to paragraph (a)(1)
[ ] 75 days after filing pursuant to paragraph (a)(2)
[ ] On (date) pursuant to paragraph (a)(2) of Rule 485
The Registrant has registered an indefinite number or amount of
securities in accordance with Rule 24 under the Securities Act of
1933, and filed a Rule 24f-2 Notice for its most recent fiscal year
on November 29, 1995.
THORNBURG INVESTMENT TRUST
(i) Thornburg Limited Term U.S. Government Fund
(ii) Thornburg Intermediate Municipal Fund
(iii) Thornburg New Mexico Intermediate Municipal Fund
(iv) Thornburg Texas Intermediate Municipal Fund
(v) Thornburg Limited Term Income Fund
(vi) Thornburg Alabama Intermediate Municipal Fund
(vii) Thornburg Arizona Intermediate Municipal Fund
(viii) Thornburg Pennsylvania Intermediate Municipal Fund
(ix) Thornburg Florida Intermediate Municipal Fund
(x) Thornburg Tennessee Intermediate Municipal Fund
(xi) Thornburg Utah Intermediate Municipal Fund
(xii) Thornburg Value Fund
CONTENTS
Facing Sheet
Contents
Cross Reference Sheets (Thornburg Limited Term U.S. Government
Fund;
Thornburg Limited Term Income Fund)
Cross Reference Sheets (Thornburg Intermediate Municipal Fund;
Thornburg New Mexico Intermediate
Municipal Fund;
Thornburg Texas Intermediate Municipal
Fund;
Thornburg Alabama Intermediate Municipal
Fund;
Thornburg Arizona Intermediate Municipal
Fund
Thornburg Pennsylvania Intermediate
Municipal Fund;
Thornburg Florida Intermediate Municipal
Fund;
Thornburg Tennessee Intermediate
Municipal Fund;
Thornburg Utah Intermediate Municipal
Fund)
Cross Reference Sheets (Thornburg Value Fund)
Prospectus (Thornburg Limited Term U.S. Government
Fund;
Thornburg Limited Term Income Fund)
Prospectus (Thornburg Intermediate Municipal Fund;
Thornburg New Mexico Intermediate
Municipal Fund;
Thornburg Texas Intermediate Municipal
Fund;
Thornburg Alabama Intermediate Municipal
Fund;
Thornburg Arizona Intermediate Municipal
Fund
Thornburg Pennsylvania Intermediate
Municipal Fund;
Thornburg Florida Intermediate Municipal
Fund;
Thornburg Tennessee Intermediate
Municipal Fund;
Thornburg Utah Intermediate Municipal
Fund)
Prospectus (Thornburg Value Fund)
Statement of Additional (Thornburg Limited Term U.S. Government
Information Fund;
Thornburg Limited Term Income Fund)
Statement of Additional (Thornburg Intermediate Municipal Fund;
Information Thornburg New Mexico Intermediate
Municipal Fund;
Thornburg Texas Intermediate Municipal
Fund;
Thornburg Texas Intermediate Municipal
Fund;
Thornburg Alabama Intermediate Municipal
Fund;
Thornburg Arizona Intermediate Municipal
Fund
Thornburg Pennsylvania Intermediate
Municipal Fund;
Thornburg Florida Intermediate Municipal
Fund;
Thornburg Tennessee Intermediate
Municipal Fund;
Thornburg Utah Intermediate Municipal
Fund)
Statement of Additional (Thornburg Value Fund)
Information
Part C
Signature Page
Exhibits
THORNBURG INVESTMENT TRUST
CROSS REFERENCE SHEET
("Thornburg Limited Term Income Funds")
Thornburg Limited Term U.S. Government Fund
Thornburg Limited Term Income Fund
Form N-1A Item Number
Part A Prospectus Caption
1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cover Page
2 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . EXPENSE INFORMATION
2 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . THE FUNDS
3 . . . . . . . . . . . . . . . . . . . . . . . . . . . .FINANCIAL HIGHLIGHTS
4 (a)(i) . . . . . . . . . . . . . . . . . . . . . ORGANIZATION OF THE FUNDS
(a)(ii), (b) & (c). . . . . . . . . . . .INVESTMENT OBJECTIVES AND POLICIES
5 . . . . . . . . . . . . . . . . . . . . INFORMATION ABOUT THE FUNDS
(a) . . . . . . . . . . . . . . . . .Organization of the Funds; TMC and TSC
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TMC and TSC
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TMC and TSC
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TMC and TSC
Outside Cover
(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outside Cover
(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TMC and TSC
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
5 A . . . . . . . . . . . . . . . . MANAGEMENT DISCUSSION OF FUND PERFORMANCE
6 (a) . . . . . . . . . . . . . . . . . . . . . . . Organization of the Funds
Organization of the Funds
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(e) . . . . . . . . . . . . . . . . . . . . . Cover Page; INVESTOR SERVICES
(f) . . . . . . . . . . . . . . . . . . . SHAREHOLDER AND ACCOUNT POLICIES
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TAXES
(h) . . . . . . . . . . . . . . . . . . . YOUR ACCOUNT; Buying Fund Shares
7 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outside Cover
(b), (c), (d) . . . . . . . . . . . . . . YOUR ACCOUNT / Buying Fund Shares
(e) . . . . . . . . . . . . . SERVICE AND DISTRIBUTION PLANS; Service Plan
(f) . . . . . . . . . . . . . . . . . . . . SERVICE AND DISTRIBUTION PLANS
8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELLING FUND SHARES
(a), (b) . . . . . . . . . . . . . . . . . . . . . . . SELLING FUND SHARES
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . SELLING FUND SHARES
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . Transaction Details
9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
Part B Statement of Additional Information
10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cover Page
11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . TABLE OF CONTENTS
12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
13
(a) . . . . . . . . . . . . . . . . . . INVESTMENT OBJECTIVES AND POLICIES
(b) . . . . . . . . . . . . . . . . . . . . . . . . .INVESTMENT LIMITATIONS
(c) . . . . . . . . . . . . . . . . . . .INVESTMENT OBJECTIVES AND POLICIES
(d) . . . . . . . . . . . . . . . . . . .INVESTMENT OBJECTIVES AND POLICIES
14 (a), (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . .MANAGEMENT
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
16 (a), (b), (c). . . . . . . . . . . . . . . . . . . .INVESTMENT ADVISER AND
INVESTMENT ADVISORY AGREEMENT;
MANAGEMENT
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(f) . . . . . . . . . . . . . . . . . . . . . . . . INVESTMENT ADVISER AND
INVESTMENT ADVISORY AGREEMENT;
SERVICE AND DISTRIBUTION PLANS
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(h) . . . . . . . . . . . . . . . . . . . .Prospectus; INDEPENDENT AUDITORS
(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
17 . . . . . . . . . . . . . . . . . . . . . . . . . PORTFOLIO TRANSACTIONS
18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prospectus
19 . . . . . . . . . . . . . . . . . . . Prospectus; PURCHASE OF FUND SHARES
20 . . . . . . . . . . . . . . DISTRIBUTIONS, TAXES AND SHAREHOLDER ACCOUNTS
21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DISTRIBUTOR
22 . . . . . . . . . . . . . . . . . . . . DETERMINATION OF NET ASSET VALUE;
YIELD COMPUTATION
23 . . . . . . . . . . . . . . . . . . . . . . . . . . FINANCIAL STATEMENTS
THORNBURG INVESTMENT TRUST
CROSS REFERENCE SHEET
("Thornburg Intermediate Municipal Funds")
Thornburg Intermediate Municipal Fund
Thornburg New Mexico Intermediate Municipal Fund
Thornburg Texas Intermediate Municipal Fund
Thornburg Alabama Intermediate Municipal Fund
Thornburg Arizona Intermediate Municipal Fund
Thornburg Pennsylvania Intermediate Municipal Fund
Thornburg Florida Intermediate Municipal Fund
Thornburg Tennessee Intermediate Municipal Fund
Thornburg Utah Intermediate Municipal Fund
Form N-1A Item Number
Part A Prospectus Caption
1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cover Page
2 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . EXPENSE INFORMATION
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
3 . . . . . . . . . . . . . . . . . . . . . . . . . . . FINANCIAL HIGHLIGHTS
4 (a)(i). . . . . . . . . . . . . . . . . . .Special Considerations Affecting
Single-State Funds;
Organization of the Funds
Organization of the Funds
(a)(ii), (b) & (c). . . . . . . . . . . .INVESTMENT OBJECTIVES AND POLICIES
5 . . . . . . . . . . . . . . . . . . . . . . . . INFORMATION ABOUT THE FUNDS
(a) . . . . . . . . . . . . . . . . .Organization of the Funds; TMC and TSC
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TMC and TSC
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TMC and TSC
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TMC and TSC
Outside Cover
(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outside Cover
(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TMC and TSC
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
5 A . . . . . . . . . . . . . . . . MANAGEMENT DISCUSSION OF FUND PERFORMANCE
6 (a) . . . . . . . . . . . . . . . . . . . . . . . Organization of the Funds
Organization of the Funds
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(e) . . . . . . . . . . . . . . . . . . . . . Cover Page; INVESTOR SERVICES
(f) . . . . . . . . . . . . . . . . . . . SHAREHOLDER AND ACCOUNT POLICIES
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TAXES
(h) . . . . . . . . . . . . . . . . . . . YOUR ACCOUNT; Buying Fund Shares
7 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outside Cover
(b), (c), (d) . . . . . . . . . . . . . . YOUR ACCOUNT / Buying Fund Shares
(e) . . . . . . . . . . . . . SERVICE AND DISTRIBUTION PLANS; Service Plan
(f) . . . . . . . . . . . . . . . . . . . . SERVICE AND DISTRIBUTION PLANS
8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . SELLING FUND SHARES
(a), (b) . . . . . . . . . . . . . . . . . . . . . . . SELLING FUND SHARES
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . SELLING FUND SHARES
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . Transaction Details
9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
Part B Statement of Additional Information
10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cover Page
11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . TABLE OF CONTENTS
12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
13
(a) . . . . . . . . . . . . . . . . . . INVESTMENT OBJECTIVES AND POLICIES
(b) . . . . . . . . . . . . . . . . . . . . . . . . INVESTMENT LIMITATIONS
(c) . . . . . . . . . . . . . . . . . . INVESTMENT OBJECTIVES AND POLICIES
(d) . . . . . . . . . . . . . . . . . . INVESTMENT OBJECTIVES AND POLICIES
Investment Policies and Techniques
14 (a), (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . MANAGEMENT
(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
16 (a), (b), (c) INVESTMENT ADVISER AND
INVESTMENT ADVISORY AGREEMENT;
MANAGEMENT
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(f) . . . . . . . . . . . . . . . . . . . . . . . . .INVESTMENT ADVISER AND
INVESTMENT ADVISORY AGREEMENT
. . . . . . . . . . . . . . . . . . . . . . . .SERVICE AND DISTRIBUTION PLANS
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(h) . . . . . . . . . . . . . . . . . . . Prospectus; INDEPENDENT AUDITORS
(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
17. . . . . . . . . . . . . . . . . . . . . . . . . . PORTFOLIO TRANSACTIONS
18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prospectus
19 . . . . . . . . . . . . . . . . . . . Prospectus; PURCHASE OF FUND SHARES
20 . . . . . . . . . . . . . . DISTRIBUTIONS, TAXES AND SHAREHOLDER ACCOUNTS
21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DISTRIBUTOR
22 . . . . . . . . . . . . . . . . . . . . DETERMINATION OF NET ASSET VALUE;
YIELD COMPUTATION
23 . . . . . . . . . . . . . . . . . . . . . . . . Incorporated by reference
THORNBURG INVESTMENT TRUST
CROSS REFERENCE SHEET
Thornburg Value Fund
Form N-1A Item Number
Part A Prospectus Caption
1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cover Page
2 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KEY FACTS
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . KEY FACTS
3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
4 (a)(i). . . . . . . . . . . . . . . . . . . . . . . . . THE FUND IN DETAIL
Organization of the Fund
(ii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . KEY FACTS
The Fund at a Glance
INVESTMENT PRINCIPLES AND RISKS;
SECURITIES AND INVESTMENT PRACTICES;
FUNDAMENTAL INVESTMENT POLICIES AND RESTRICTIONS
(b). . . . . . . . . . . . . . . . . . . .INVESTMENT PRINCIPLES AND RISKS;
SECURITIES AND INVESTMENT PRACTICES
5 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . THE FUND IN DETAIL
Organization of the Fund
(b), (c). . . . . . . . . . . . . . . . . . . . . . . . .THE FUND IN DETAIL
TMC and TSC
Management Fee
5 A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
6 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . THE FUND IN DETAIL
Organization of the Fund
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(e) . . . . . . . . . . . . . . . . . . . . . . . . . . .THE FUND IN DETAIL
TMC and TSC
(f), (g). . . . . . . . . . . . . . . . . SHAREHOLDER AND ACCOUNT POLICIES
(h) . . . . . . . . . . . . . . . . . . . . . . . . . . BUYING FUND SHARES
7 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . .THE FUND IN DETAIL
TMC and TSC
(b), (c), (d) . . . . . . . . . . . . . . . . . . . . . BUYING FUND SHARES
(e), (f). . . . . . . . . . . . . . . . . . SERVICE AND DISTRIBUTION PLANS
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . .BUYING FUND SHARES
Class B Shares;
SELLING FUND SHARES
8 (a), (b), (c) . . . . . . . . . . . . . . . . . . . . . SELLING FUND SHARES
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . TRANSACTION DETAILS
9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
Part B Statement of Additional Information
10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cover Page
11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . TABLE OF CONTENTS
12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cover Page
13
(a) . . . . . . . . . . . . . . . . . . INVESTMENT POLICIES AND LIMITATIONS
(b) . . . . . . . . . . . . . . . . . . INVESTMENT POLICIES AND LIMITATIONS
(c) . . . . . . . . . . . . . . . . . . INVESTMENT POLICIES AND LIMITATIONS
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prospectus
14 (a), (b) . . . . . . . . . . . . . . . . . . . . . . TRUSTEES AND OFFICERS
(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
16 (a), (b), (c). . . . . . . . . . . . . . . . . . . INVESTMENT ADVISER AND
INVESTMENT ADVISORY AGREEMENT
(d) INVESTMENT ADVISER AND
INVESTMENT ADVISORY AGREEMENT
(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(f) . . . . . . . . . . . . . . . . . . . . . . . . INVESTMENT ADVISER AND
INVESTMENT ADVISORY AGREEMENT
SERVICE AND DISTRIBUTION PLANS
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
(h) . . . . . . . . . . . . . . . . . . . Prospectus; INDEPENDENT AUDITORS
(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . Not Applicable
17. . . . . . . . . . . . . . . . . . . . . . . . . . PORTFOLIO TRANSACTIONS
18 . . . . . . . . . . . . . . . . Prospectus; CONVERSION OF CLASS B SHARES
19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prospectus;
ADDITIONAL PURCHASE AND REDEMPTION INFORMATION
20 . . . . . . . . . . . . . . . . . . . . . . . . . DISTRIBUTIONS AND TAXES
21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DISTRIBUTOR
22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PERFORMANCE
23 . . . . . . . . . . . . . . . . . Filed Herewith as an Addition to
Statement of Additional Information
THORNBURG INVESTMENT TRUST
PART A to Registration Statement is incorporated by reference to
(1) Prospectus for Thornburg Limited Term U.S. Government Fund and
Thornburg Limited Term Income Fund, dated February 1, 1996, which
was filed with the Securities and Exchange Commission on
February 6, 1996 in accordance with Rule 497(c).
(2) Prospectus for Thornburg Intermediate Municipal Fund, Thornburg New
Mexico Intermediate Municipal Fund, and Thornburg Florida
Intermediate Municipal Fund, dated February 1, 1996, which was
filed with the Securities and Exchange Commission on February 6,
1996 in accordance with Rule 497(c).
(3) Prospectus for Thornburg Value Fund, dated October 23, 1995, which
was filed with the Securities and Exchange Commission on
October 27, 1995 in accordance with Rule 497(c).
PART B to Registration Statement is incorporated by reference to
(1) Statement of Additional Information for Thornburg Limited Term U.S.
Government Fund and Thornburg Limited Term Income Fund, dated
February 1, 1996, which was filed with the Securities and Exchange
Commission on February 6, 1996 in accordance with Rule 497(c).
(2) Statement of Additional Information for Thornburg Intermediate
Municipal Fund, Thornburg New Mexico Intermediate Municipal Fund,
and Thornburg Florida Intermediate Municipal Fund, dated
February 1, 1996, which was filed with the Securities and Exchange
Commission on February 6, 1996 in accordance with Rule 497(c).
(3) Statement of Additional Information for Thornburg Value Fund, dated
October 1, 1995, which was filed with the Securities and Exchange
Commission on October 2, 1995 in accordance with Rule 497(c).
Filed with this post-effective amendment no. 25, as an addition to the
Statement of Additional Information for Thornburg Value Fund, dated October
1, 1995, are the Thornburg Value Fund unaudited Statement of Assets and
Liabilities including Schedule of Investments as of January 31, 1996,
unaudited Statement of Operations for the Period from October 2, 1995 to
January 31, 1996, unaudited Statements of Changes in Net Assets for the
period from October 2, 1995 to January 31, 1996, Notes to Financial
Statements and Financial Highlights.
STATEMENT OF ASSETS AND LIABILITIES
- ----------------------------------------------------------------------------
Thornburg Value Fund
January 31, 1996
(unaudited)
ASSETS
Investments, at value (cost $9,431,164) $9,770,827
Receivable for fund shares sold 144,174
Dividend receivable 38,335
Prepaid expenses and other assets 54,812
----------
TOTAL ASSETS $10,008,148
===========
LIABILITIES
Payable for securities purchased 295,000
Accounts payable and accrued expenses 22,293
Accounts payable investment adviser (Note 3) 21,074
-------
TOTAL LIABILITIES 338,367
-------
NET ASSETS $9,669,781
==========
NET ASSETS CONSIST OF:
Undistributed net investment income $19,230
Net unrealized appreciation 339,663
Accumulated net realized loss (37,398)
Net capital paid in on shares of beneficial interest 9,348,286
---------
NET ASSET VALUE $9,669,781
==========
Class A Shares:
Net asset value and redemption price per share
($8,954,559 applicable to 734,660 shares of beneficial
interest outstanding - Note 4) $12.19
Maximum sales charge, 4.50% of offering
price (4.68% of net asset value per share) .57
Maximum Offering Price Per Share $12.76
======
Class C Shares:
Net asset value and offering price per share *
($715,222 applicable to 58,750 shares of beneficial
interest outstanding - Note 4) $12.17
======
* Redemption price per share is equal to net asset value less
any applicable contingent deferred sales charge.
See notes to financial statements.
STATEMENT OF OPERATIONS
- ----------------------------------------------------------------------------
Thornburg Value Fund
Period from October 2, 1995 (commencement of operations)
to January 31, 1996 (unaudited)
INVESTMENT INCOME
Dividend income $71,059
Interest income 12,847
-------
TOTAL INCOME $83,906
EXPENSES
Investment advisory fees (Note 3) 21,074
Distribution and service fees (Note 3)
Class A Shares 4,920
Class C Shares 1,394
Registration & filing fees 13,009
Custodian fees 11,380
Transfer agent fees 10,291
Professional fees 3,072
Other expenses 1,566
------
TOTAL EXPENSES $66,706
Less:
Investment advisory fees deferred by
investment adviser (Note 3) (21,074)
Expenses assumed by investment adviser (Note 3) (11,928)
--------
NET EXPENSES 33,704
======
NET INVESTMENT INCOME $50,202
=======
REALIZED AND UNREALIZED
GAIN ON INVESTMENTS - NOTE 5
Net realized loss on investments sold (37,398)
Increase in unrealized appreciation of investments 339,663
-------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS 302,265
-------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $352,467
========
See notes to financial statements.
STATEMENTS OF CHANGES IN NET ASSETS
- ----------------------------------------------------------------------------
Thornburg Value Fund
(unaudited)
Period from October 2, 1995 (a)
to January 31, 1996
-------------------------------
INCREASE (DECREASE) IN
NET ASSETS FROM:
OPERATIONS:
Net investment income $50,202
Net realized (loss) on investments sold (37,398)
Increase in unrealized
appreciation of investments 339,663
-------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 352,467
DIVIDENDS TO SHAREHOLDERS:
From net investment income
Class A Shares (28,925)
Class C Shares (2,047)
FUND SHARE TRANSACTIONS - (Note 4)
Class A Shares 8,659,839
Class C Shares 688,209
---------
NET INCREASE (DECREASE) IN NET ASSETS 9,669,543
NET ASSETS:
Beginning of period 238
----------
End of period $9,669,781
==========
See notes to financial statements.
(a) Commencement of operations.
NOTES TO FINANCIAL STATEMENTS
- ---------------------------------------------------------------------------
Thornburg Value Fund
Note 1 - ORGANIZATION
Thornburg Value Fund (the "Fund"), is a series of Thornburg Investment Trust.
The Trust was 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 Trust is currently issuing five series of shares of beneficial
interest in addition to those of the Fund: Thornburg New Mexico Intermediate
Municipal Fund, Thornburg Intermediate Municipal Fund, Thornburg Limited
Term U.S. Government Fund, Thornburg Limited Term Income Fund and Thornburg
Florida Intermediate Municipal Fund. Each series is considered to be a
separate entity for financial reporting and tax purposes.
The Fund offers two classes of shares of beneficial interest, Class A and
Class C shares. Each class of shares of a Fund represents an interest in the
same portfolio of investments of the Fund, 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 C shares are sold at net asset
value without a sales charge at the time of purchase, but are subject to a
contingent deferred sales charge upon redemption within one year, and bear
both a service fee and a distribution fee, and (iii) the respective classes
have different reinvestment privileges. Additionally, each Fund may allocate
among its classes certain expenses, to the extent allowable 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 distribution
fees and certain custody and transfer agent expenses.
Note 2 - SIGNIFICANT ACCOUNTING POLICIES
Significant accounting policies of the Fund are as follows:
VALUATION OF SECURITIES: In determining net asset value, investments are
stated at value based on latest sales prices reported on national securities
exchanges on the last business day of the period. Investments for which no
sale is reported are valued at the mean between bid and asked prices.
FEDERAL INCOME TAXES: It is the policy of the Fund to comply with the
provisions of the Internal Revenue Code applicable to "regulated investment
companies" and to distribute all of its taxable income to its shareholders.
Therefore, no provision for Federal income tax is required.
WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS: The Portfolio may engage in
when-issued or delayed delivery transactions. To the extent the Portfolio
engages in such transactions, it will do so for the purpose of acquiring
portfolio securities consistent with its investment objectives and not for
the purpose of investment leverage or to speculate on market changes. At the
time the Portfolio makes a commitment to purchase a security on a when-issued
basis, it will record the transaction and reflect the value in determining
its net asset value. When effecting such transactions, assets of the Fund of
an amount sufficient to make payment for the portfolio securities to be
purchased will be segregated on the Fund's records on the trade date.
DIVIDENDS: Dividends are paid quarterly and are reinvested in additional
shares of the Fund at net asset value per share at the close of business on
the dividend payment date, or at the shareholder's option, paid in cash. Net
realized capital gains, to the extent available, will be distributed
annually.
GENERAL: Securities transactions are accounted for on a trade date basis.
Interest income is accrued as earned and dividend income is recorded on the
ex-dividend date.
USE OF ESTIMATES: The preparation of financial statements in conformity with
generally accepted accounting principles 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 and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates.
Note 3 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to the investment advisory agreement, Thornburg Management Company,
Inc. (the "Adviser") provides investment management and advisory services for
which fees are computed at the rate of one percent per annum of the average
daily net assets of the Fund. The advisory agreement provides for a sliding
scale fee that declines from 1% to 8/10 of 1% when the Fund's average net
assets exceed $500 million. The investment advisory agreement provides that
if, with respect to any fiscal year of the Fund, its total operating expenses
(including investment advisory fees, but excluding interest, taxes, brokerage
commissions, and extraordinary expenses) exceed the most restrictive of the
expense limitations imposed by state securities commissions of the states in
which the Fund currently has registered its securities for sale, the
investment advisory fees for that fiscal year will be reduced or the Adviser
will assume certain Fund expenses by the amount of such excess. For the
period ended January 31, 1996, the Adviser voluntarily deferred a portion of
its advisory fee amounting to $21,074 and assumed certain operating expenses
amounting to $11,928.
The Fund has an underwriting agreement with Thornburg Securities Corporation
(the "Distributor"), which acts as the Distributor of Portfolio shares. For
the period ended January 31, 1996, the Distributor earned commissions
aggregating $9,821 from the sale of Class A shares, and collected no
contingent deferred sales charges from redemptions of Class C shares of the
Fund.
Pursuant to a Service Plan, under Rule 12b-1 of the Investment Company Act of
1940, the Fund may reimburse to the Adviser an amount of .25 of 1% per annum
of the Fund's average net assets for payments made by the Adviser to
securities dealers and other financial institutions to obtain various
shareholder related services. The Adviser may pay out of its own funds
additional expenses for distribution of the Fund's shares.
The Portfolio also has adopted a Distribution Plan pursuant to Rule 12b-1,
applicable to the Portfolio's Class C shares, under which the Portfolio can
compensate the Distributor for services in promoting the sale of Class C
shares of the Fund at an annual rate of up to .75% of the average daily net
assets attributable to Class C shares. Total fees incurred by each class of
shares of the Portfolio under their respective service and distribution plans
for the period ended January 31, 1996 are set forth in the statement of
operations.
Certain officers and directors of the Fund are also officers and/or directors
of the Adviser and the Distributor. The compensation of unaffiliated
directors of the Fund is borne by the Fund.
Note 4 - SHARES OF BENEFICIAL INTEREST:
At January 31, 1996, there were an unlimited number of shares of beneficial
interest stock authorized, and capital paid-in aggregated $9,348,286.
Transactions in shares of beneficial interest were as follows:
Period from October 2, 1995 (a)
to January 31, 1996
---------------------------
Class A Shares Shares Amount
- -------------- ------- ----------
Shares sold 736,605 $8,682,847
Shares issued to shareholders
in reinvestment of
distributions 2,388 28,254
Shares repurchased (4,333) (51,262)
-------- -----------
Net Increase 734,660 $8,659,839
======= ==========
Class C Shares
- --------------
Shares sold 58,607 $686,518
Shares issued to shareholders
in reinvestment of
distributions 143 1,691
Shares repurchased - -
------- --------
Net Increase 58,750 $688,209
======= ========
(a) Commencement of operations.
Note 5 - SECURITIES TRANSACTIONS
Purchases and proceeds from maturities or sales of investment securities of
the Portfolio, other than short-term securities, aggregated $9,882,195 and
$985,318, respectively. The cost of investments is the same for financial
reporting and Federal income tax purposes. At January 31, 1996, the
aggregate gross unrealized appreciation and depreciation, based on cost for
Federal income tax purposes, were $498,210 and $158,547, respectively.
Accumulated net realized losses from security transactions included in net
assets at January 31, 1996 aggregated $37,398.
For Federal income tax purposes, the Portfolio has realized capital loss
carryforwards of $37,398 for the period available to offset future realized
capital gains. To the extent that such carryforwards are used, no capital
gains distributions will be made. The carryforwards expire as follows:
September 30, 2004 -$37,398.
FINANCIAL HIGHLIGHTS
- ---------------------------------------------------------------------------
Thornburg Value Fund
Per share operating performance
(for a share outstanding
throughout the period)
Period from October 2, 1995*
to January 31, 1996
----------------------------
Class of Shares: A C
------- -------
Net asset value, beginning of period $11.94 $11.94
------ ------
Income from investment operations:
Net investment income .05 .04
Net realized and unrealized
gain on investments .25 .23
---- ----
Total from investment operations .30 .27
Less dividends from:
Net investment income (.05) (.04)
----- -----
Change in net asset value .25 .23
----- -----
Net asset value, end of period $12.19 $12.17
Total return (a) 2.50% 2.25%
Ratios/Supplemental Data
Ratios to average net assets:
Net investment income 3.99% (b) 3.87% (b)
Expenses, after expense reductions 1.55% (b) 2.30% (b)
Expenses, before expense reductions 2.44% (b) 1.57% (b)
Portfolio turnover rate 89.25% 89.25%
====== ======
Net assets
at end of period (000) $8,955 $715
(a) Sales loads are not reflected in computing total return, which is not
annualized for periods less than one year.
(b) Annualized.
* Commencement of operations.
SCHEDULE OF INVESTMENTS
- ---------------------------------------------------------------------------
Thornburg Value Fund
January 31, 1996 CUSIPS: Class A - 885-215-731, Class C - 885-215-715
NASDAQ Symbols: Class A - TVAFX
COMMON STOCKS (93.1%) (COST $8,831,187) SHARES VALUE
------ -----
AUTOS
- -----
Ford Motor Company 13,000 $385,125
Volvo AB - ADR 16,000 300,000
CAPITAL EQUIPMENT
- -----------------
Cummins Engine, Inc. 4,000 154,500
CHEMICALS
- ---------
Rhone-Poulenc ADR 15,000 360,000
DRUGS
- -----
Mylam Laboratories, Inc. 13,000 247,000
ENERGY
- ------
Atlantic Richfield Company 3,500 397,688
Gulf Canada Resources, Ltd. 60,000 258,750
FINANCIAL SERVICES
- ------------------
Charter Financial, Inc. 10,000 117,500
First Colorado Bancorp, Inc. 20,000 242,500
Glendale Federal Bank FSB 18,000 301,500
FOODS
- -----
Wrigley (JM) Jr. Company 6,000 357,000
INVESTMENT MANAGEMENT
- ---------------------
Eaton Vance Corporation 10,000 320,000
John Nuveen & Company - Class A 13,000 331,500
Oppenheimer Capital, Ltd. 15,000 423,750
INSURANCE
- ---------
Allstate Corporation 7,000 305,375
American National Insurance Corporation 2,000 138,000
PHOTOGRAPHY
- -----------
Eastman Kodak Company 5,000 366,875
REITS
- -----
Highwoods Properties 10,000 305,000
Resource Mortgage Capital 28,000 602,000
Security Capital Industrial Trust 12,000 214,500
Sun Communities. Inc. 10,000 275,000
RETAIL
- ------
Sears, Roebuck & Company 10,000 415,000
Wal-Mart Stores, Inc. 20,000 407,500
SERVICES
- --------
ADT Limited 25,000 362,500
Host Marriot Services Corporation 3,300 21,038
Host Marriot Corporation 16,500 189,750
STEELS
- ------
AK Steel Holding Corporation 3,000 104,250
TECHNOLOGY
- ----------
EMC Corporation 16,000 306,000
Industrial Business Machines, Inc. 3,000 326,250
Softkey International, Inc. 20,000 277,500
UTILITIES - ELECTRIC
- --------------------
Public Service Company of New Mexico 20,000 357,500
TOTAL COMMON STOCKS $9,170,851
----------
COMMERCIAL PAPER (6.1%) (COST $599,976) $599,976
AS FOLLOWS:
MERRILL LYNCH, 5.50% DUE 2/1/96 $449,989
MERRILL LYNCH, 5.57% DUE 2/2/96 $149,987
--------
TOTAL COMMERCIAL PAPER $599,976
TOTAL INVESTMENTS (100%) (COST $9,431,164) $9,770,827
==========
See notes to financial statements.
PART C
OTHER INFORMATION
Items 23 and 24. Financial Statements and Exhibits.
(a) Financial Statements
(i) Thornburg Limited Term U.S. Government Fund,
(ii) Thornburg Limited Term Income Fund,
(iii) Thornburg Intermediate Municipal Fund,
(iv) Thornburg New Mexico Intermediate Municipal Fund, and
(v) Thornburg Florida Intermediate Municipal Fund:
Reports of Independent Auditors dated October 27, 1995,
Statements of Assets and Liabilities including Schedules of
Investments as of September 30, 1995, Statements of Operations
for the year ended September 30, 1995, Statements of Changes
in Net Assets for the years ended September 30, 1994 and
September 30, 1995, Notes to Financial Statements, Financial
Highlights are incorporated by reference to Registrant's
Annual Reports to Shareholders in respect of Thornburg Limited
Term U.S. Government Fund, Thornburg Limited Term Income Fund,
Thornburg Intermediate Municipal Fund, Thornburg New Mexico
Intermediate Municipal Fund, and Thornburg Florida
Intermediate Municipal Fund, previously filed with the
Securities and Exchange Commission.
(vi) Thornburg Value Fund: Unaudited Statement of Assets and
Liabilities including Schedule of Investments as of January
31, 1996, unaudited Statement of Operations for the period
from October 2, 1995 to January 31, 1996, unaudited Statements
of Changes in Net Assets for the period from October 2, 1995
to January 31, 1996, Notes to Financial Statements and
Financial Highlights is filed as a part of Part B of this
Registration Statement.
(b) Exhibits
The following Exhibits are incorporated herein by reference to Registrant's
Registration Statement on Form N-1A as initially filed on June 12, 1987.
(1) Limited Term Trust, Agreement and Declaration of Trust,
dated June 3, 1987.
(2) By-Laws of Limited Term Trust, dated June 3, 1987.
(3) Not applicable.
(4) Not applicable.
(5) Form of Investment Advisory Agreement between
Registrant and Thornburg Management Company, Inc.
(6) (a) Form of Distribution Agreement between Registrant
and Thornburg Securities Corporation.
(b) Form of Agency Agreement.
(7) Not applicable.
(11) Not applicable.
(12) Not applicable.
(13) Form of Subscription to Shares by Thornburg Management
Company, Inc.
(15) Form of Plan and Agreement of Distribution Pursuant to
Rule 12b-1 between Registrant and Thornburg Management
Company, Inc.
The following exhibits are incorporated herein by reference to Registrant's
pre-effective amendment No. 1 to its Registration Statement on Form N-1A as
filed on October 28, 1987:
(1) Thornburg Income Trust - First Amendment and Supplement
to Agreement and Declaration of Trust, dated August 11,
1987.
(8) Form of Custodian Agreement between Registrant and
State Street Bank and Trust Company. This exhibit
supersedes the form of Custodian Agreement filed with
the Registrant's initial Registration Statement on Form
N-1A on June 12, 1987.
(9) Form of Transfer Agency Agreement between Registrant
and State Street Bank and Trust Company. This exhibit
supersedes the form of Transfer Agency Agreement filed
with the Registrant's initial Registration Statement on
Form N-1A on June 12, 1987.
The following exhibits are incorporated herein by reference to Registrant's
post-effective amendment No. 1 to its Registration Statement on Form N-1A as
filed on March 3, 1988:
(1) Thornburg Income Trust-Second Amendment and Supplement
to Agreement and Declaration of Trust, dated October
28, 1987.
The following exhibits are incorporated herein by reference to Registrant's
post-effective amendment No. 7 to its Registration Statement on Form N-1A as
filed on April 19, 1991:
(16) Powers of Attorney from Messrs. Bemis, Smith and
Thornburg.
The following exhibits are incorporated herein by reference to Registrant's
post-effective amendment No. 9 to its Registration Statement on Form N-1A as
filed on March 3, 1992:
(16) Power of Attorney from J. Burchenal Ault
The following exhibits are incorporated herein by reference to the
Registrant's post-effective amendment No. 10 to its Registration Statement on
Form N-1A as filed on July 23, 1992:
(5) Revised form of Investment Advisory Agreement between
Registrant and Thornburg Management Company, Inc.
(13) Form of Subscription to Shares
(15) Revised form of Plan and Agreement of Distribution
Pursuant to Rule 12b-1 between Registrant and Thornburg
Management Company, Inc.
The following exhibits are incorporated herein by reference to the
Registrant's post-effective amendment No. 13 to its Registration Statement on
Form N-1A as filed on December 3, 1993:
(1) Thornburg Income Trust -- Third, Fourth, Fifth, Sixth
and Seventh Amendments and Supplements to Agreement and
Declaration of Trust
The following exhibits are incorporated herein by reference to the
Registrant's post-effective amendment No. 14 to its Registration Statement on
Form N-1A as filed on May 13, 1994:
(18) Power of attorney (B. McMahon)
The following exhibits are incorporated herein by reference to the
Registrant's post-effective amendment no. 17 to its Registration Statement on
Form N-1A as filed on July 27, 1994:
(1) Thornburg Income Trust Amended and Restated Designation
of Series.
(15.2) Form of Plan and Agreement pursuant to Rule 12b-1
(Class B Distribution Plan)
(15.3) Form of Plan and Agreement pursuant to Rule 12b-1
(Class C Distribution Plan)
The following exhibits are incorporated herein by reference to the
Registrant's post-effective amendment no. 18 to its Registration Statement on
Form N-1a as filed on December 3, 1994:
(5) Amendments (5) to Investment Advisory Agreements
between Registrant and Thornburg Management Company,
Inc. in respect of Thornburg Limited Term U.S.
Government Fund, Thornburg Limited Term Income Fund,
Thornburg Intermediate Municipal Fund, Thornburg New
Mexico Intermediate Municipal Fund, and Thornburg
Florida Intermediate Municipal Fund.
(10) Consent of White, Koch, Kelly & McCarthy, P.A.
(11) Consent of independent auditors.
(15.2) Form of Plan and Agreement pursuant to Rule 12b-1
(Class B Service Plan)
(15.3) Form of Plan and Agreement pursuant to Rule 12b-1
(Class C Service Plan)
The following exhibits are incorporated by reference to the Registrant's
post-effective amendment no. 20 to its Registration Statement on Form N-1A as
filed on July 5, 1995:
(1.1) Thornburg Income Trust - Ninth Amendment and
Supplement to Agreement and Declaration of Trust
(1.2) Thornburg Income Trust - Tenth Amendment and
Supplement to Agreement and Declaration of Trust
(5) Investment Advisory Agreement - in respect of
Thornburg Value Fund
(14) Model IRA Plan (Thornburg Value Fund)
(15.1) Form of Plan and Agreement Pursuant to Rule 12b-1
(Service Plan - all classes) - Thornburg Value Fund
(15.2) Form of Plan and Agreement Pursuant to Rule 12b-1
(Class B Distribution Plan) - Thornburg Value Fund
(15.3) Form of Plan and Agreement Pursuant to Rule 12b-1
(Class C Distribution Plan) - Thornburg Value Fund
(19) Power of attorney from David A. Ater
The following exhibits are incorporated herein by reference to the
Registrant's post-effective amendment no. 21 to its Registration Statement on
Form N-1A as filed on September 1, 1995:
(11.1) Consent of counsel to be named in registration
statement
(11.2) Consent of independent auditors to be named in
registration statement
(16.1) Schedule of performance computations - Thornburg
Intermediate Municipal Fund
(16.2) Schedule of performance computations - Thornburg New
Mexico Intermediate Municipal Fund
(16.3) Schedule of performance computations - Thornburg
Florida Intermediate Municipal Fund
The following exhibit is incorporated by reference to the Registrant's post-
effective amendment no. 22 to its Registration Statement on Form N-1A as
filed on October 2, 1995:
(1) Thornburg Income Trust - Corrected Tenth Amendment
and Supplement to Agreement and Declaration of Trust
The following exhibits is incorporated by reference to the Registrant's post-
effective amendment no. 23 to its Registration Statement on Form N-1A as
filed on October 3, 1995:
(11.1) Consent of KPMG Peat Marwick LLP, to be named in
registration statement (re Thornburg Value Fund)
(11.2) Consent of counsel to be named in registration
statement (re Thornburg Value Fund)
(11.3) Consent of McGladrey & Pullen, LLP, independent
auditors, to be named in registration statement
(re Thornburg Value Fund)
(11.4) Schedule of Total Return Investment Performance -
Thornburg Management Company, Inc. Investment
Portfolio with the Report of KPMG Peat Marwick LLP
thereon
The following exhibits are incorporated by reference to the Registrant's
post-effective amendment no. 24 to its Registration Statement on Form N-1A as
filed on December 1, 1995:
(11.1) Consent of counsel to be named in registration
statement (re Thornburg Limited Term Income Funds
and Thornburg Intermediate Municipal Funds)
(11.2) Consent of McGladrey & Pullen, LLP, independent
auditors to be named in registration statement
(re Thornburg Limited Term Income Funds and
Thornburg Intermediate Municipal Funds)
(16) Schedules of performance computations (Thornburg
Limited Term U.S. Government Fund, Thornburg Limited
Term Income Fund, Thornburg Intermediate Municipal
Fund, Thornburg New Mexico Intermediate Municipal
Fund, and Thornburg Florida Intermediate Municipal
Fund)
(17) Financial Data Schedules (Thornburg Limited Term U.S.
Government Fund, Thornburg Limited Term Income Fund,
Thornburg Intermediate Municipal Fund, Thornburg New Mexico
Intermediate Municipal Fund and Thornburg Florida
Intermediate Municipal Fund)
The following exhibit is filed herewith:
(17) Financial Data Schedule (Thornburg Value Fund)
Item 25. Persons Controlled By or Under Common Control With Registrant.
Not applicable.
Item 26. Number of Record Holders of Securities (as of February 29,
1996).
Title of Series (active series only) No. of Holders
- ------------------------------------ --------------
Thornburg Limited Term U.S. Government Fund . . . . . . . . . . . . . . 4,306
Thornburg Intermediate Municipal Fund . . . . . . . . . . . . . . . . . 5,447
Thornburg New Mexico Intermediate Municipal Fund. . . . . . . . . . . . 2,742
Thornburg Florida Intermediate Municipal Fund . . . . . . . . . . . . . . 308
Thornburg Limited Term Income Fund. . . . . . . . . . . . . . . . . . . . 930
Thornburg Value Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . 290
Item 27. Indemnification.
(1) Please see Section 10.2 of the Agreement and Declaration of
Trust filed as Exhibit 1. Section 10.2 generally provides that each of the
Trust's officers and Trustees will be indemnified by the Trust against
liability and expenses in connection with his having been a Trustee or
officer unless it is determined that the individual is liable by reason of
willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of his office, or if the individual did not
act in good faith in the reasonable belief that the action was in the Trust's
best interest.
(2) Please see Section 7 of the Distribution Agreement filed as
Exhibit 6(a). Section 7 generally provides that the Trust will indemnify
TSC, its officers and directors, and its controlling persons against
liabilities and expenses incurred because of any alleged untrue statement of
material fact contained in the Registration Statement, Prospectus or annual
or interim reports to shareholders, or any alleged omission to state a
material fact required to be stated therein, or necessary to make the
statements therein, not misleading, except where (i) the untrue statement or
omission arises from information furnished by TSC, or (ii) to the extent the
prospective indemnitee is an officer, trustee or controlling person of the
Trust, the indemnification is against public policy as expressed in the 1933
Act, or (iii) the liability or expense arises from TSC's willful misfeasance,
bad faith, gross negligence, reckless performance of duties, or reckless
disregard of its obligations and duties under the Distribution Agreement.
Further, TSC agrees to indemnify the Trust, its officers and trustees, and
its controlling persons in certain circumstances.
(3) The directors and officers of TMC are insured, and it is intended
that the Trustees and officers of the Trust will become insured, under a
joint professional and directors and officers liability policy. The
described individuals are referred to as the "insureds." The policy covers
amounts which the insureds become legally obligated to pay by reason of the
act, error, omission, misstatement, misleading statement or neglect or breach
of duty in the performance of their duties as directors, trustees and
officers. In addition, the policy covers TMC, and is proposed to cover the
Registrant, to the extent that they have legally indemnified the insureds for
amounts incurred by the insureds as described in the preceding sentence. The
coverage excludes amounts that the insureds become obligated to pay by reason
of conduct which constitutes willful misfeasance, bad faith, gross negligence
or reckless disregard of the insured's duties. The application of the
foregoing provisions is limited by the following undertaking set forth in the
rules promulgated by the Securities and Exchange Commission:
Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to
Trustees, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or
otherwise, the Registrant has been advised that in the
opinion of the Securities and Exchange Commission such
indemnification is against public policies expressed
in such Act and that if a claim for indemnification
against such liabilities other than the payment by the
Registrant of expenses incurred or paid by a Trustee,
officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding)
is asserted by such Trustee, officer or controlling
person in connection with the securities being
registered, the Registrant will, unless in the pinion
of its counsel the matter has been settled by
controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as
expressed in such Act and will be governed by the
final adjudication of such issue.
Item 28. Business and Other Connections of the Investment Adviser. See
"MANAGEMENT" in the Statement of Additional Information.
Item 29. Principal Underwriters.
(a) The principal underwriter for the Registrant will be Thornburg
Securities Corporation ("TSC"). TSC is registered as a broker-dealer under
the Securities Exchange Act of 1934 and is a member of the National
Association of Securities Dealers, Inc. TSC was formed for the purpose of
distributing the shares of the Fund and other registered investment companies
sponsored by its affiliates, and does not currently engage in the general
securities business.
(b) The address of each of the directors and officers of TSC is 119
East Marcy Street, Suite 202, Santa Fe, New Mexico 87501.
Positions and Offices Positions and Offices
Name with TSC with Registrant
H. Garrett President and Director Trustee; President
Thornburg, Jr.
Dawn B. Shapland Secretary Secretary and
Assistant Treasurer
(c) Not applicable.
Item 30. Location of Accounts and Records.
All accounts, books and other documents required to be maintained by Section
31(a) of the Investment Company Act of 1940 and the rules thereunder are
maintained at the offices of State Street Bank and Trust Company, at 470
Atlantic Avenue, Fifth Floor, Boston, Massachusetts 02210.
Item 31. Management Services.
The registrant and Thornburg Management Company, Inc. ("TMC") have agreed
that TMC will perform for the Registrant certain telephone answering services
previously performed by the Registrant's transfer agent, National Financial
Data Services, Inc. ("NFDS"). These telephone services include answering
telephone calls placed to the Registrant or its transfer agent by
shareholders, securities dealers and others through the Registrant's toll
free number, and responding to those telephone calls by answering questions,
effecting certain shareholder transactions described in the Registrant's
current prospectuses, and performing such other, similar functions as the
Registrant may reasonably prescribe from time to time. The Registrant will
pay one dollar for each telephone call, which was the charge previously
imposed by the Registrant's transfer agent for this service. The
Registrant's transfer agent will no longer charge for this service. The
Registrant understands that (i) the telephone answering service provided by
TMC will be superior to that previously provided by the transfer agent
because TMC will devote greater attention to training the telephone
personnel, and those personnel will have immediate access to the Registrant's
and TMC's management, (ii) the per-call charge imposed upon the Registrant
for this service will be no greater than that charged by the Registrant's
transfer agent, and (iii) TMC will not receive any profit from providing this
service. It is not believed that this arrangement constitutes a management-
related services agreement.
Item 32. Undertakings. Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940 the Registrant has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereto
duly authorized, in the City of Santa Fe, and State of New Mexico on the 28th
day of March, 1996.
The Registrant hereby represents that this post-effective amendment
no. 25 is filed solely for the purpose specified in Rule 485(b)(1)(iv) and
that no material event requiring disclosure in the prospectus has occurred
since the latest of the three dates specified in Rule 485(b)(2), and that
this post-effective amendment no. 25 otherwise meets all the requirements for
effectiveness under Rule 485(b).
THORNBURG INVESTMENT TRUST
Registrant
By *
------------------------------------
H. Garrett Thornburg, Jr., President
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the date indicated.
*
- ------------------------------------------
H. Garrett Thornburg, Jr., Trustee,
President and principal executive officer
*
- ------------------------------------------
J. Burchenal Ault, Trustee
*
- ------------------------------------------
David A. Ater, Trustee
*
- ------------------------------------------
Forrest S. Smith, Trustee
*
- ------------------------------------------
Brian J. McMahon, Vice President
and principal accounting and
financial officer
* By: /s/ Charles W. N. Thompson, Jr.
- ------------------------------------------
Charles W.N. Thompson, Jr.
Attorney-In-Fact
INDEX TO EXHIBITS
Exhibit
Number Exhibit
- ------ -----------------------------------------------------------------
(17) Financial Data Statement (Thornburg Value Fund)
EXHIBIT 17
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
UNAUDITED FINANCIAL STATEMENTS OF THORNBURG VALUE FUND FOR THE PERIOD OCTOBER
2, 1995 TO JANUARY 31, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
[ARTICLE] 6
[CIK] 0000816153
[NAME] THORNBURG INVESTMENT TRUST
[SERIES]
[NUMBER] 6
[NAME] THORNBURG VALUE FUND - CLASS A
[MULTIPLIER] 1
<TABLE>
<S> <C>
[PERIOD-TYPE] 4-MOS
[FISCAL-YEAR-END] SEP-30-1996
[PERIOD-END] JAN-31-1996
[INVESTMENTS-AT-COST] 9,431,164
[INVESTMENTS-AT-VALUE] 9,770,827
[RECEIVABLES] 182,509
[ASSETS-OTHER] 54,812
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 10,008,148
[PAYABLE-FOR-SECURITIES] 295,000
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 43,367
[TOTAL-LIABILITIES] 338,367
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 9,348,286
[SHARES-COMMON-STOCK] 734,660
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (37,398)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 339,663
[NET-ASSETS] 9,669,781
[DIVIDEND-INCOME] 71,059
[INTEREST-INCOME] 12,847
[OTHER-INCOME] 0
[EXPENSES-NET] 33,704
[NET-INVESTMENT-INCOME] 50,202
[REALIZED-GAINS-CURRENT] (37,398)
[APPREC-INCREASE-CURRENT] 339,663
[NET-CHANGE-FROM-OPS] 352,467
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (28,925)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 736,605
[NUMBER-OF-SHARES-REDEEMED] (4,333)
[SHARES-REINVESTED] 2,388
[NET-CHANGE-IN-ASSETS] 8,954,559
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 21,074
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 66,706
[AVERAGE-NET-ASSETS] 6,231,244
[PER-SHARE-NAV-BEGIN] 11.94
[PER-SHARE-NII] .05
[PER-SHARE-GAIN-APPREC] .25
[PER-SHARE-DIVIDEND] (.05)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.19
[EXPENSE-RATIO] 1.55
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000816153
[NAME] THORNBURG INVESTMENT TRUST
[SERIES]
[NUMBER] 6
[NAME] THORNBURG VALUE FUND - CLASS C
[MULTIPLIER] 1
<TABLE>
<S> <C>
[PERIOD-TYPE] 4-MOS
[FISCAL-YEAR-END] SEP-30-1996
[PERIOD-END] JAN-31-1996
[INVESTMENTS-AT-COST] 9,431,164
[INVESTMENTS-AT-VALUE] 9,770,827
[RECEIVABLES] 182,509
[ASSETS-OTHER] 54,812
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 10,008,148
[PAYABLE-FOR-SECURITIES] 295,000
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 43,367
[TOTAL-LIABILITIES] 338,367
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 9,348,286
[SHARES-COMMON-STOCK] 58,750
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (37,398)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 339,663
[NET-ASSETS] 9,669,781
[DIVIDEND-INCOME] 71,059
[INTEREST-INCOME] 12,847
[OTHER-INCOME] 0
[EXPENSES-NET] 33,704
[NET-INVESTMENT-INCOME] 50,202
[REALIZED-GAINS-CURRENT] (37,398)
[APPREC-INCREASE-CURRENT] 339,663
[NET-CHANGE-FROM-OPS] 352,467
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (2,047)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 58,607
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 143
[NET-CHANGE-IN-ASSETS] 715,222
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 21,074
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 66,706
[AVERAGE-NET-ASSETS] 6,231,244
[PER-SHARE-NAV-BEGIN] 11.94
[PER-SHARE-NII] .04
[PER-SHARE-GAIN-APPREC] .23
[PER-SHARE-DIVIDEND] (.04)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.17
[EXPENSE-RATIO] 2.30
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
