Investment Manager
Thornburg Investment Management, Inc.
119 East Marcy Street
Santa Fe, New Mexico 87501
800.847.0200
Principal Underwriter
Thornburg Securities Corporation
119 East Marcy Street
Santa Fe, New Mexico 87501
800.847.0200
This report is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to prospective
investors in the Fund unless preceded or accompanied by an effective prospectus,
which includes information regarding the Fund's objectives and policies,
experience of its management, marketability of shares, and other information.
Performance data quoted represent past performance and do not guarantee future
results.
Thornburg Global Value Fund
Letter to shareholders
Dear Fellow Shareholder:
I am pleased to present Thornburg Global Value Fund's semiannual report for the
six month period ended March 31, 2000. Shown in the table below are total
returns for the most recent quarter, six months, and latest 12 months as well as
since inception in May of 1998. Total returns for both Class A and Class C
shares reflect results for investors who held shares for the entire periods
shown, with dividends reinvested in additional shares.
Until late March, equity markets around the world have been in a recovery mode,
extending gains that commenced in the fall of 1998. As in the U. S., technology
has been the leadership sector. Your portfolio investments in Softbank and Sony
in Japan, Samsung Electronics in Korea and telecommunication equipment companies
Nokia and Ericsson have been standouts. We have recently taken profits in Sony
and Softbank. European industrial cyclical holdings have been disappointing,
despite an improving economic environment. The weak Euro has improved the
competitive position of these global businesses, while valuations of these
stocks remain undemanding. Financial service companies such as Julius Baer and
ING Group have performed well recently on the strength of good operating
results, which we expect to continue.
We have added to existing positions in both cyclical stocks and financials
during the most recent quarter. New holdings include ASM Pacific
(Semiconductors-Hong Kong), Banco Popolare (Spain), Bankinter (Spain), Dresdner
Bank (Germany), Fast Retailing (Japanese apparel), India Fund, Nomura Securities
(Japanese Broker) and Phillips Electronics (Netherlands). To learn more about
these stocks and the other investments in your portfolio, please visit our
internet website at www.thornburg.com, and look at the Global Value Fund
holdings commentary under "Funds."
The nearby table shows holdings by country. You will note broad diversification.
The percentage of value represented by holdings in less developed countries has
increased to approximately 15%. Risks are higher in these countries. We have
therefore focused on premiere companies such as Samsung, ASM Pacific, and Taiwan
Semiconductor, to help mitigate the risk. In the Far East our holdings are world
class technology companies that are well integrated with the world economy. The
portfolio's 5 largest industry exposures are summarized below:
Investment Management and Brokerage 14.3%
Banks 10.6%
Telecommunications Services 9.0%
Technology-Semiconductors and Equipment 9.0%
Telecommunications Equipment 8.3%
The growth over the past two years in the international economy is most
encouraging. This growth has led to good performance by leading companies,
worldwide. We believe that "we've only just begun" to see good performance in
many equity markets outside the U.S. The prosperity from a creative and
de-regulated business environment in the U.S. has not gone unnoticed by the rest
of the world. Privatized government enterprises, restructured private companies
with a sharp focus, and managing to increase shareholder value all improve
prospects for investors.
On March 31, 2000 an income distribution of $0.071 on Class A shares and $0.052
on Class C shares was made to shareholders of record as of March 31, 2000.
Thank you for investing with us.
Respectfully,
William V. Fries, CFA
Portfolio Manager
<TABLE>
<CAPTION>
Total return performance as of 3/31/2000
A Shares C Shares
3 Months 6 Months One Year Since Incept. 3 Months 6 Months One Year Since Incept.
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value ... 4.34% 40.58% 63.55% 26.66%* 4.21% 39.88% 61.94% 25.43%*
Max. Offering Price (0.33)% 34.25% 56.17% 23.55%* 3.21% 38.88% 61.94% 25.43%*
</TABLE>
3.31 12.31
2000 1999
Holdings by Country*
Japan 11.2% 13.7%
Germany 11.0% 8.5%
United States 10.0% 15.5%
Netherlands 8.4% 12.0%
Switzerland 7.3% 4.0%
UK 7.0% 9.0%
Korea 6.6% 3.5%
Finland 3.62% 3.0%
Sweden 3.2% 1.0%
Spain 3.1% 3.3%
Canada 2.8% 4.0%
Hong Kong 2.7% 0.0%
Bermuda 2.5% 1.5%
Brazil 2.2% 2.5%
Taiwan 1.8% 2.4%
India 1.8% 0.0%
Austria 1.6% 3.6%
Hungary 1.5% 0.0%
Poland 1.2% 1.1%
Australia 0.8% 1.3%
Ireland 0.0% 1.1%
Other 11.2% 9.3%
Statement of assets and liabilities
ASSETS
Investments, at value (cost $61,898,855) ........................$ 69,458,120
Cash ............................................................ 17,334
Receivable for securities sold .................................. 2,664,406
Receivable for fund shares sold ................................. 1,179,699
Unrealized gain on forward exchange contracts (Note 6) .......... 681,104
Dividends receivable ............................................ 154,726
Prepaid expenses and other assets ............................... 25,501
Total Assets ........................................... 74,180,890
LIABILITIES
Payable for fund shares redeemed ................................ 120
Payable to investment advisor ................................... 62,623
Accounts payable and accrued expenses ........................... 78,073
Total Liabilities ...................................... 140,816
NET ASSETS ......................................................$ 74,040,074
NET ASSETS CONSIST OF:
Distributions in excess of net investment income ........ $ (707,970)
Net unrealized appreciation (depreciation) on investments 8,240,513
Accumulated net realized gain ........................... 7,165,257
Net capital paid in on shares of beneficial interest .... 59,342,274
$ 74,040,074
NET ASSET VALUE:
Class A Shares:
Net asset value and redemption price per share
($58,050,689 applicable to 3,231,746 shares of beneficial
interest outstanding - Note 4) ..................................$ 17.96
Maximum sales charge, 4.50% of offering
price (4.70% of net asset value per share) ...................... 0.85
Maximum Offering Price Per Share .......................$ 18.81
Class C Shares:
Net asset value and offering price per share*
($15,989,385 applicable to 897,722 shares of beneficial
interest outstanding - Note 4) ..................................$ 17.81
See notes to financial statements
*Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
Statement of operations
INVESTMENT INCOME
Dividend income (net of foreign taxes withheld of $25,204) .. $ 216,753
Interest income ............................................. 95,656
Total Income .............................. 312,409
EXPENSES
Investment advisory fees (Note 3) ........................... 200,452
Administration fees (Note 3)
Class A Shares ..................................... 23,935
Class C Shares ..................................... 4,701
Distribution and service fees (Note 3)
Class A Shares ..................................... 47,870
Class C Shares ..................................... 38,091
Transfer agent fees ......................................... 21,473
Registration & filing fees .................................. 12,172
Custodian fees .............................................. 36,650
Professional fees ........................................... 4,911
Accounting fees ............................................. 2,321
Trustee fees ................................................ 275
Other expenses .............................................. 4,083
Total Expenses ............................ 396,934
Less:
Expenses reimbursed by investment advisor (Note 3) (8,091)
Distribution and service fees waived (Note 3) ..... (483)
Net Expenses ...................................... 388,360
Net Investment Income ............................. (75,951)
REALIZED AND UNREALIZED GAIN (LOSS)- NOTE 5 Net realized gain (loss) on:
Investments ...................................... 6,315,769
Foreign currency transactions .................... 732,783
7,048,552
Net unrealized appreciation (depreciation)
Investments ...................................... 5,598,462
Foreign currency translation ..................... 990,092
6,588,554
Net Realized and Unrealized
Gain (Loss) on Investments ................. 13,637,106
Net Increase (Decrease) in Net Assets Resulting
From Operations ......................... $ 13,561,155
See notes to financial statements
StatementS of changes in net assets Six Months Ended Year Ended March 31, 2000
September 30, 1999
INCREASE (DECREASE) IN
NET ASSETS FROM:
<TABLE>
<CAPTION>
OPERATIONS:
<S> <C> <C>
Net investment income ................................. $ (75,951) $ 138,170
Net realized gain (loss) on investments
and foreign currency transactions ..................... 7,048,552 526,485
Increase in unrealized appreciation (depreciation)
on investments and foreign currency translations ...... 6,588,554 3,017,586
Net Increase (Decrease) in Net Assets
Resulting from Operations ........... 13,561,155 3,682,241
DIVIDENDS TO SHAREHOLDERS:
From net investment income
Class A Shares ............................... (580,738) (160,511)
Class C Shares ............................... (99,562) (11,023)
FUND SHARE TRANSACTIONS - (Note 4)
Class A Shares ............................... 23,838,054 12,617,589
Class C Shares ............................... 10,884,138 2,291,828
Net Increase in Net Assets .......... 47,603,047 18,420,124
NET ASSETS:
Beginning of period .......................... 26,437,027 8,016,903
End of period ................................ $ 74,040,074 $ 26,437,027
<FN>
See notes to financial statements.
</FN>
</TABLE>
Notes to financial statements
Note 1 - Organization
Thornburg Global Value Fund, hereinafter referred to as the "Fund," is a
diversified series of Thornburg Investment Trust (the "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 seven series of shares of beneficial interest in addition to
those of the Fund: Thornburg Limited Term U.S. Government Fund, Thornburg New
Mexico Intermediate Municipal Fund, Thornburg Intermediate Municipal Fund,
Thornburg Limited Term Income Fund, Thornburg Florida Intermediate Municipal
Fund, Thornburg Value Fund and Thornburg New York Intermediate Municipal Fund.
Each series is considered to be a separate entity for financial reporting and
tax purposes. The Fund seeks long-term capital appreciation by investing in both
foreign and domestic equity securities selected on a value basis.
The Fund currently 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, the 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, administration fees and certain
transfer agent expenses.
Note 2 - Significant Accounting Policies Significant accounting policies of the
Funds are as follows:
Valuation of Securities: In determining net asset value, investments are stated
at value based on latest sales at 4:00 pm est 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.
Securities for which market quotations are not readily available are valued at
fair value as determined by management and approved in good faith by the Board
of Trustees. Short term obligations having remaining maturities of 60 days or
less are valued at amortized cost which approximates market value.
Foreign Currency Translation: Portfolio securities and other assets and
liabilities denominated in foreign currencies are translated into U.S. dollars
based on the exchange rate of such currencies against the U.S. dollar on the
date of valuation. Purchases and sales of securities and income items
denominated in foreign currencies are translated into U.S. dollars at the
exchange rate in effect on the translation date. When the Fund purchases or
sells foreign securities it will customarily enter into a foreign exchange
contract to minimize foreign exchange risk from the trade date to the settlement
date of such transactions.
The Fund does not separately report the effect of changes in foreign exchange
rates from changes in market prices on securities held. Such changes are
included in net realized and unrealized gain or loss from investments. 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. Net realized capital losses are
carried forward to offset realized capital gains in future years. To the extent
such carryforwards are used, no capital distributions will be made.
When-Issued and Delayed Delivery Transactions: The Fund may engage in
when-issued or delayed delivery transactions. To the extent the Fund 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 Fund
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 to the shareholders 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. Distributions to shareholders are based on income tax regulations and
therefore, their characteristics may differ for financial statement and tax
purposes.
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 the disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of increases and decreases
in net assets from operations during the reporting period. Actual results could
differ from those estimates.
Note 3 - Investment Advisory Fee And Other Transactions With Affiliates
Pursuant to an investment advisory agreement, Thornburg Investment Management,
Inc. (the "Adviser") serves as the investment adviser and performs services to
the Fund for which the fees are payable at the end of each month. For the six
months ended March 31, 2000, these fees were payable at annual rates ranging
from 7/8 of 1% to 27/40 of 1% of the average daily net assets of the Fund
depending on the Fund's asset size. The Fund also has an Administrative Services
Agreement with the Adviser, whereby the Adviser will perform certain
administrative services for the shareholders of each class of the Fund's shares,
and for which fees will be payable at an annual rate of up to 1/8 of 1% of the
average daily net assets attributable to each class of shares. For the six
months ended March 31, 2000, the Adviser voluntarily reimbursed certain
operating expenses amounting to $8,091 for the Fund. The Fund has an
underwriting agreement with Thornburg Securities Corporation (the
"Distributor"), which acts as the Distributor of the Fund's shares. For the six
months ended March 31, 2000, the Distributor earned commissions aggregating
$43,290 from the sale of Class A shares of the Fund, and collected contingent
deferred sales charges aggregating $915 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 not to exceed 1/4 of 1%
per annum of its average net assets attributable to each class of shares of the
Fund 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 Fund has also adopted Distribution Plans pursuant to Rule 12b-1, applicable
only to the Fund's Class C shares under which the Fund compensates the
Distributor for services in promoting the sale of Class C shares of the Fund at
an annual rate of up to 1% of the average daily net assets attributable to Class
C shares. Total fees incurred by each class of shares of the Fund under their
respective Service and Distribution Plans for the six months ended March 31,
2000 are set forth in the statement of operations.
Certain officers and trustees of the Trust are also officers and/or directors of
the Adviser and Distributor. The compensation of unaffiliated trustees is borne
by the Trust.
Note 4 - Shares of Beneficial Interest
At March 31, 2000 there were an unlimited number of shares of beneficial
interest authorized. Sales of Class A and C Shares of the Global Value Fund
commenced May 28, 1998. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
March 31, 2000 September 30, 1999
Share Amount Share Amount
Class A Shares
<S> <C> <C> <C> <C>
Shares sold ............................. 1,699,681 $ 28,378,839 1,086,840 $ 13,241,784
Shares issued to shareholders in
reinvestment of dividends ...... 31,670 555,769 12,858 157,619
Shares repurchased ...................... (291,523) (5,096,554) (67,404) (781,814)
Net Increase ............................ 1,439,828 $ 23,838,054 1,032,294 $ 12,617,589
Class C Shares
Shares sold ............................. 654,770 $ 10,999,364 216,126 $ 2,574,981
Shares issued to shareholders
in reinvestment of distributions 4,508 78,764 644 7,870
Shares repurchased ...................... (12,768) (193,990) (24,628) (291,023)
Net Increase ............................ 646,510 $ 10,884,138 192,142 $ 2,291,828
</TABLE>
Note 5 - Securities Transactions
For the six months ended March 31, 2000 the Fund had purchase and sale
transactions of investment securities of $47,248,796 and $18,468,695,
respectively. The cost of investments for Federal income tax purpose is
$61,898,85 for the Fund. At March 31, 2000, net unrealized depreciation of
investments was $7,559,264 resulting from $10,715,967 gross unrealized
appreciation and $3,156,703 gross unrealized depreciation.
Note 6 - Financial Investments With Off-Balance Sheet Risk
During the six months ended March 31, 2000, the Fund was a party to financial
instruments with off-balance sheet risks, primarily currency forward exchange
contracts. A forward exchange contract is an agreement between two parties to
exchange different currencies at a specified rate at an agreed upon future date.
These contracts are purchased in order to minimize the risk to the Fund with
respect to it's foreign stock holdings from adverse changes in the relationship
between the U.S. dollar and foreign currencies. In each case these contracts
have been initiated in conjunction with foreign stock holdings. These
instruments may involve market risks in excess of the amount recognized on the
Statement of Assets and Liabilities. Such risks would arise from the possible
inability of counterparties to meet the terms of their contracts, future
movement in currency value and interest rates and contract positions that are
not exact offsets. The contract amounts indicate the extent of the Fund's
involvement in such contracts.
At March 31, 2000, the Fund had outstanding forward exchange contracts for the
sale of currencies as set out below. These contracts are reported in the
financial statements at the Fund's net equity, as measured by the difference
between the forward exchange rates at the reporting date and the forward
exchange rates at the dates of entry into the contract.
<TABLE>
<CAPTION>
Contracts to sell:
<S> <C> <C>
921,600 Australian Dollars for 587,446 U.S. Dollars, June 21, 2000 $ 27,983
1,202,250 Brazilian Real for 604,146 U.S. Dollars, June 23, 2000 (71,933)
1,672,150 Brazilian Real for 777,829 U.S. Dollars, December 10, 1999 (71,941)
5,370,500 Swiss Francs for 3,393,931 U.S. Dollars, June 21, 2000 137,912
1,213,000 Swiss Francs for 754,072 U.S. Dollars, September 20, 2000 12,475
14,138,115 Euros for 14,344,100 U.S. Dollars, June 21, 2000 729,927
8,151,887 Euros for 7,980,245 U.S. Dollars, September 20, 2000 80,846
2,458,877 British Pound Sterling for 3,965,267 U.S. Dollars, June 21, 2000 49,110
425,000 British Pound Sterling for 671,436 U.S. Dollars, September 20, 2000 (5,841)
11,925,000 Hong Kong Dollars for 1,531,490 U.S. Dollars, September 18, 2000 (442)
284,505,562 Hungarian Forint for 1,058,989 U.S. Dollars, November 2, 2000 25,296
777,698,659 Japanese Yen for 7,515,862 U.S. Dollars, June 21, 2000 (166,390)
2,653,799,613 South Korean Won for 2,344,654 U.S. Dollars, June 21, 2000 (55,599)
652,321,687 South Korean Won for 571,711 U.S. Dollars, June 23, 2000 (18,281)
2,115,000 Polish Krona for 476,351 U.S. Dollars, June 19, 2000 (23,009)
1,119,000 Polish Krona for 264,102 U.S. Dollars, June 21, 2000 57
30,487,631 Swedish Krona for 3,601,784 U.S. Dollars, June 21, 2000 50,161
39,996,000 New Taiwan Dollars for 1,282,923 U.S. Dollars, June 30, 2000 (34,888)
Unrealized gain from forward exchange contracts 665,443
Unrealized gain on offsetting contracts 15,661
Net unrealized gain from forward contracts $681,104
</TABLE>
<TABLE>
<CAPTION>
Financial highlights
Six Months Ended Year Ended Period Ended
March 31, September 30, September 30,
2000 1999 1998(a)
Class A Shares:
<S> <C> <C> <C>
Net asset value, beginning of period $ 12.95 $ 9.79 $ 11.94
Income from investment operations:
Net investment income (0.02) 0.12 0.03
Net realized and unrealized
gain (loss) on investments 5.26 3.18 (2.15)
Total from investment operations 5.24 3.30 (2.12)
Less dividends from:
Net investment income (0.23) (0.14) (0.03)
Change in net asset value 5.01 3.16 (2.15)
Net asset value, end of period $ 17.96 $ 12.95 $ 9.79
Total Return (b) 40.58% 33.79% (17.80)%
Ratios/Supplemental Data Ratios to average net assets:
Net investment income (0.22)%(c) 1.07% 1.04%(c)
Expenses, after expense reductions 1.56%(c) 1.63% 1.63%(c)
Expenses, before expense reductions 1.56%(c) 1.93% 2.88%(c)
Portfolio turnover rate 43.75% 58.09% 44.66%
Net assets at end of period (000) $ 58,051 $ 23,202 $ 7,440
<FN>
(a) Fund commenced operations on May 28, 1998.
(b) Sales loads are not reflected in computing total return.
(c) Annualized
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class C Shares:
<S> <C> <C> <C>
Net asset value, beginning of period $ 12.88 $ 9.77 $ 11.94
Income from investment operations:
Net investment income (0.07) 0.04 0.01
Net realized and unrealized
gain (loss) on investments 5.19 3.14 (2.17)
Total from investment operations 5.12 3.18 (2.16)
Less dividends from:
Net investment income (0.19) (0.07) (0.01)
Change in net asset value 4.93 3.11 (2.17)
Net asset value, end of period $17.81 $ 12.88 $ 9.77
Total Return (b) 39.88% 32.59% (18.12)%
Ratios/Supplemental Data Ratios to average net assets:
Net investment income (0.88)%(c) 0.11% (0.02)%(c)
Expenses, after expense reductions 2.37%(c) 2.38% 2.38%(c)
Expenses, before expense reductions 2.59%(c) 3.63% 11.91%(c)
Portfolio turnover rate 43.75% 58.09% 44.66%
Net assets at end of period (000) $ 15,989 $ 3,235 $ 577
<FN>
(a) Fund commenced operations on May 28, 1998.
(b) Sales loads are not reflected in computing total return.
(c) Annualized
</FN>
</TABLE>
Schedule of investments
CUSIPS: Class A - 885-215-657, Class C - 885-215-640
NASDAQ Symbols: Class A - TGVAX, Class C -THGCX*
*The proposed Class C symbol (TGVCX) has been changed to THGCX.
Shares Value
COMMON STOCKS 93.80%
AIRPORTS (1.60%)
Flughafen Wien AG ..................... 30,000 $ 1,114,588
BANKS (10.60%)
Australia and New Zealand Bank ....... 80,000 504,650
Bank Rozwoju Eksportu S.A ............. 22,000 793,801
Bankgesellschaft Berlin AG ............ 100,000 1,637,410
Bankinter Sa .......................... 20,000 1,262,051
Dresdner Bank .................................. 50,000 2,058,253
OTP Bank GDR ......................... 20,000 1,075,000
CONSUMER ELECTRONICS (3.00%)
Sony Corp ............................. 4,800 680,271
Sony Corp. - ADR ...................... 5,000 1,400,625
BUILDING MATERIALS (1.60%)
Dyckerhoff AG Preferred ............... 45,000 1,120,333
CAPITAL EQUIPMENT (5.50%)
Embraer + ............................. 340,000 1,571,634
Rolls Royce Plc ....................... 700,000 2,273,520
CHEMICALS (3.20%)
DSM NV ................................ 62,000 2,242,333
PHARMACEUTICALS (5.20%)
Merck KGaA ............................ 60,200 1,925,327
Pharmacia & Upjohn Inc. ............... 28,000 1,659,000
ENTERTAINMENT (1.40%)
Sogecable, S.A. + ..................... 22,000 1,000,850
FOREST PRODUCTS (1.60%)
UPM Kymmene OYJ ....................... 40,000 1,129,909
INSURANCE (2.60%)
Annuity And Life Re Holdings .......... 70,000 1,820,000
INVESTMENT MANAGEMENT & BROKERAGE (14.30%)
Edinburgh Fund Managers Group .................. 72,000 750,835
Goldman Sachs Group Inc. .............. 15,000 1,576,875
Ing Groep N.V ......................... 45,000 2,438,879
Julius Baer Holding AG ................ 800 3,012,603
Nomura Securities ..................... 35,000 1,142,064
OM Gruppen ............................ 25,000 1,043,115
OFFICE FURNISHINGS & SUPPLIES (1.80%)
Ahrend NV ............................. 100,000 1,273,541
RETAIL (6.20%)
Fast Retailing ........................ 5,000 2,198,899
Tesco Plc ...................................... 625,000 2,089,632
SERVICES (1.90%)
Apcoa Parking AG ...................... 18,000 1,311,652
TECHNOLOGY - SEMI CONDUCTORS & EQUIPMENT (9.00%)
ASM Pacific ........................... 542,000 1,837,631
Samsung Electronic .................... 6,000 1,818,593
Samsung Electronics - GDR ............. 7,000 1,246,000
Taiwan Semiconductor + ................ 198,000 1,333,881
TECHNOLOGY - INTERNET SERVICES (3.10%)
Disterfora + .......................... 2,500 1,263,272
RSA Security Inc. + ................... 17,000 880,812
TELECOMMUNICATION SERVICES (9.10%)
BCE Inc. ....................................... 16,500 2,069,719
Dobson Communications Corp. + ......... 40,000 920,000
Nippon Telegraph and Telephone ........ 90 1,428,919
NTT DoCoMo ............................ 17 697,122
SK Telecom Ltd ........................ 30,000 1,170,000
TELECOMMUNICATION EQUIPMENT (8.30%)
Crown Castle International Corp. ...... 60,000 2,272,500
Ericsson L M Tel Co ................... 21,000 1,970,063
Nokia Corp. ........................... 7,000 1,520,750
TOBACCO (0.60%)
Swedish Match AB ............................... 130,000 400,788
CLOSED END FUNDS (1.80%)
India Fund Inc. ................................ 75,000 1,275,000
WORLD EQUITY BENCHMARK SHARES (0.90%)
World Equity Benchmark Shares - Japan .......... 37,600 618,050
MISCELLANEOUS (0.50%)
Miscellaneous .................................. 505,600 315,282
TOTAL COMMON STOCKS (Cost $57,586,766) ......... 65,146,031
COMMERCIAL PAPER 6.20%
Ford Motor Company, 6.05% due 4/4/2000 ......... 2,000,000 1,998,992
Ford Motor Company, 6.08% due 4/6/2000 ......... 2,000,000 1,998,311
Merrill Lynch, 6.10% due 4/5/2000 .............. 315,000 314,786
TOTAL COMMERCIAL PAPER (Cost $4,312,089) ....... 4,312,089
TOTAL INVESTMENTS (Cost $61,898,855) ........... $69,458,120
+Non-income producing.
See notes to financial statements.
Index Comparison
Thornburg Global Value Fund
Index Comparison
Compares performance of Thornburg Global Value Fund and Morgan Stanley Capital
International Europe, Australia and Far East Index for the period May 28, 1998
to March 31, 2000. Past performance of the Index and the Fund may not be
indicative of future performance.
Class A Shares
Average Annual Total Returns (at max. offering price) (periods ending 3/31/00)
Since inception (5/28/98) 26.66%
One year 63.55%
Class C Shares
Average Annual Total Returns (periods ending 3/31/00)
Since inception (5/28/98) 25.43%
One year 61.94%
