SCHEDULE OF INVESTMENTS
Thornburg Short Duration Municipal Fund June 30, 2025 (Unaudited)
  ISSUER-DESCRIPTION Shares/Principal
Amount 		VALUE
  Long-Term Municipal Bonds — 96.7%    
  Alabama — 4.7%    
a Chatom (PowerSouth Energy Cooperative; SPA National Rural Utilities Cooperative Finance) IDB, Series A, 3.80% due 8/1/2037 (put 8/1/2025) $1,500,000 $  1,500,228
  City of Mobile Alabama (Alabama Power Co.) IDB,    
a 3.375% due 6/1/2034 (put 6/26/2029) 1,000,000    1,004,813
a Series A, 3.30% due 7/15/2034 (put 3/12/2026) 1,000,000    1,001,060
a Series C, 3.78% due 6/1/2034 (put 6/16/2026) 1,115,000    1,119,094
a Lower Alabama Gas District (Guaranty: Goldman Sachs Group, Inc.), 4.00% due 12/1/2050 (put 12/1/2025)    825,000     826,197
  Arizona — 2.2%    
a Arizona (Banner Health Obligated Group) HFA, Series B, 2.17% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025)    155,000      154,809
a Arizona (Gunsmoke Ranch Apartments LP) IDA, 5.00% due 3/1/2058 (put 11/1/2026) 1,500,000    1,534,297
  Arizona HFA,    
  Series B,                      
a 2.17% (MUNIPSA + 0.25%) due 1/1/2046 (pre-refunded 11/4/2025)     35,000       34,698
a 2.17% (MUNIPSA + 0.25%) due 1/1/2046 (put 11/4/2026)    810,000     808,590
  California — 7.9%    
  California (PIH Health, Inc. Obligated Group) HFFA, Series A, 5.00% due 6/1/2027    365,000      378,314
a California Community Choice Financing Authority (Guaranty: Morgan Stanley Group) (Green Bond), Series A-1, 4.00% due 5/1/2053 (put 8/1/2028) 1,000,000    1,008,424
a California Municipal Finance Authority (Waste Management, Inc.; Guaranty: Waste Management Holdings) AMT, Series A, 4.25% due 12/1/2044 (put 12/1/2025) 2,000,000    2,000,143
a,b California Pollution Control Financing Authority (Republic Services, Inc.) AMT, 3.70% due 7/1/2043 (put 8/15/2025) 1,000,000      995,500
  City of Los Angeles Department of Airports (Green Bond) AMT, Series A, 5.00% due 5/15/2030 2,000,000    2,148,762
  City of Stockton Redevelopment Successor Agency (Redevelopment of Midtown, North & South Stockton & Waterfront Areas) (AG), Series A, 5.00% due 9/1/2027 1,000,000    1,023,573
  Indian Wells Redevelopment Successor Agency (NPFG), Series A, 5.00% due 9/1/2029    500,000      509,015
  Tulare Public Financing Authority (BAM), 5.00% due 4/1/2027 - 4/1/2028 1,055,000   1,069,701
  Colorado — 1.2%    
a Adams County Housing Authority (647 Oat LLLP), 4.50% due 5/1/2042 (put 5/1/2026) 1,000,000    1,003,782
  Denver Convention Center Hotel Authority, 5.00% due 12/1/2030    350,000     354,984
  Connecticut — 0.2%    
a Connecticut Housing Finance Authority (Green Bond), Series C-2, 4.40% due 5/15/2066 (put 11/15/2026)    250,000     250,237
  Florida — 5.3%    
a Broward County Housing Finance Authority (Pinnacle 441 Phase 2 LLC), 4.05% due 9/1/2056 (put 3/1/2026)    500,000      502,324
b Charlotte County (Town & Country Utilities Projects) IDA AMT, 5.00% due 10/1/2029    330,000      332,280
  City of Orlando (Senior Tourist Development) (AG), Series A, 5.00% due 11/1/2025 1,000,000    1,006,885
  City of Tampa (State of Florida Cigarette Tax Revenue), Series A, 5.00% due 9/1/2026    300,000      307,736
b City of Venice (Southwest Florida Retirement Center, Inc. Obligated Group), Series B-2, 4.50% due 1/1/2030    575,000      566,185
  County of Manatee (Public Utilities System Improvements), 5.00% due 10/1/2026    370,000      370,558
a Florida Housing Finance Corp. (GNMA), Series B, 3.35% due 10/1/2027 (put 10/1/2026) 1,000,000      999,652
a Miami-Dade County Housing Finance Authority (Fairfield Miami Gardens LP), Series B, 4.05% due 9/1/2026 (put 9/1/2025) 1,000,000    1,000,863
a Miami-Dade County Housing Finance Authority (St. Mary Towers Apartments LLLP) (HUD), 3.40% due 4/1/2041 (put 10/1/2026) 1,000,000     999,986
  Georgia — 3.0%    
a Bartow County Development Authority (Georgia Power Co.), 3.95% due 12/1/2032 (put 3/8/2028) 1,300,000    1,329,002
a Development Authority of Burke County (Georgia Power Co.), Series 1994, 3.80% due 10/1/2032 (put 5/21/2026) 1,000,000    1,005,607
a Development Authority of Burke County (Oglethorpe Power Corp.), Series A, 3.60% due 1/1/2040 (put 2/1/2030)    620,000      623,393
  Private Colleges & Universities Authority (Corp. of Mercer University), 5.00% due 10/1/2026    495,000     508,767
  Hawaii — 0.9%    
a City & County of Honolulu (Komohale Maunakea Venture LP) (HUD), 5.00% due 6/1/2027 (put 6/1/2026) 1,000,000   1,015,737
  Illinois — 7.0%    
  Chicago O’Hare International Airport AMT, Series E, 5.00% due 1/1/2027 1,380,000    1,411,614
  Chicago Park District GO, Series A, 5.00% due 1/1/2027    825,000      831,829
a City of Chicago (New City Redevelopment LP), 3.50% due 8/1/2027 (put 8/1/2026) 1,270,000    1,271,693
  City of Chicago (Water System), 5.00% due 11/1/2027    560,000      572,298
a City of Chicago Heights (Olympic Village LLC) (FHA, GNMA, HUD), 2.875% due 8/1/2027 (put 8/1/2025) 1,000,000      998,083
  City of Chicago Waterworks Revenue, 5.00% due 11/1/2029    385,000      393,166
  Greene Jersey & Macoupin Counties Community Unit School District No. 9 Southwest (BAM) GO, 5.00% due 12/1/2029    350,000      373,196
  Illinois Finance Authority (Ascension Health Credit Group), Series C, 5.00% due 2/15/2029    275,000      282,190
  Metropolitan Pier & Exposition Authority, Series A, 5.00% due 12/15/2028    440,000      458,044
  State of Illinois GO, Series B, 5.00% due 3/1/2027 - 9/1/2027 1,495,000   1,546,382
  Indiana — 4.9%    
a City of Rockport (Indiana Michigan Power Co.), Series A, 3.70% due 6/1/2047 (put 6/1/2029) 1,200,000   1,212,761
SCHEDULE OF INVESTMENTS, Continued
Thornburg Short Duration Municipal Fund June 30, 2025 (Unaudited)
  ISSUER-DESCRIPTION Shares/Principal
Amount 		VALUE
a Indiana Finance Authority (Republic Services, Inc.) AMT, Series A, 3.95% due 5/1/2028 (put 9/2/2025) $3,500,000 $  3,478,884
  Westfield-Washington Schools (State Intercept) GO, Series C, 6.00% due 7/15/2025 - 1/15/2026 1,010,000   1,016,057
  Iowa — 2.6%    
a PEFA, Inc. (Guaranty: Goldman Sachs Group, Inc.), 5.00% due 9/1/2049 (put 9/1/2026) 3,000,000   3,044,400
  Kentucky — 3.1%    
  County of Boone (Duke Energy Kentucky, Inc.), Series A, 3.70% due 8/1/2027 1,000,000      997,926
  Kentucky (Norton Healthcare Obligated Group) (NPFG) EDFA, Series B, Zero Coupon due 10/1/2025    125,000      124,034
a Kentucky Public Energy Authority (Guaranty: Morgan Stanley Finance), Series A, 5.25% due 6/1/2055 (put 12/1/2029) 2,300,000   2,429,016
  Louisiana — 2.1%    
  City of Shreveport (AG) GO, Series A, 5.00% due 3/1/2026    500,000      506,034
a Louisiana Offshore Terminal Authority (Loop LLC), Series A-R, 4.20% due 9/1/2033 (put 9/1/2028) 1,000,000    1,008,071
a State of Louisiana Gasoline & Fuels Tax Revenue, Series A, 3.573% (SOFR + 0.50%) due 5/1/2043 (put 5/1/2026)    965,000     963,978
  Massachusetts — 2.2%    
a,b Massachusetts (Mass General Brigham, Inc.) DFA, Series T-1, 2.52% (MUNIPSA + 0.60%) due 7/1/2049 (put 1/29/2026) 2,500,000   2,496,072
  Michigan — 0.5%    
a Michigan Strategic Fund (Consumers Energy Co.) AMT, 3.35% due 10/1/2049 (put 10/1/2027)    610,000     601,528
  Montana — 0.9%    
  City of Forsyth (NorthWestern Corp.), 3.875% due 7/1/2028 1,000,000   1,012,515
  Nebraska — 3.0%    
a Central Plains Energy Project (Guaranty: Goldman Sachs Group, Inc.), Series 1, 5.00% due 5/1/2053 (put 10/1/2029) 1,000,000    1,038,949
  Central Plains Energy Project (Guaranty: Royal Bank of Canada),    
a 4.00% due 12/1/2049 (put 8/1/2025) 1,000,000    1,000,212
a 5.00% due 8/1/2055 (put 8/1/2031)    920,000      973,236
  Gretna Public Schools GO, Series B, 5.00% due 12/15/2027    500,000     504,270
  Nevada — 1.3%    
a County of Clark (Nevada Power Co.), 3.75% due 1/1/2036 (put 3/31/2026) 1,000,000    1,002,092
  Reno-Tahoe Airport Authority AMT, Series A, 5.00% due 7/1/2029    500,000     526,362
  New Mexico — 1.3%    
a City of Farmington (Public Service Co. of New Mexico), Series B, 3.875% due 6/1/2040 (put 6/1/2029) 1,000,000    1,012,258
  New Mexico Hospital Equipment Loan Council (San Juan Regional Medical Center, Inc.), 5.00% due 6/1/2030    525,000     542,093
  New York — 2.0%    
a New York City Housing Development Corp. (FHA) (Green Bond), Series F-2A, 3.40% due 11/1/2062 (put 12/22/2026) 1,100,000    1,090,756
a New York State Housing Finance Agency (HUD, SONYMA) (Green Bond), Series A-2, 3.65% due 11/1/2062 (put 11/1/2028)    400,000      399,203
a Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue), Series B2, 5.00% due 5/15/2050 (put 5/15/2026)    500,000      508,215
  Westchester County Local Development Corp. (Miriam Osborn Memorial Home Association Obligated Group), 5.00% due 7/1/2027    270,000     275,374
  North Carolina — 2.3%    
a Cumberland County Industrial Facilities & Pollution Control Financing Authority (American Titanium Metal LLC) AMT, 3.75% due 12/1/2027 (put 11/1/2025) 2,000,000    1,998,456
  North Carolina Medical Care Commission (United Methodist Retirement Homes Inc Obligated Group),    
  Series 2024B-1, 4.25% due 10/1/2028    150,000      150,284
  Series 2024B-2, 3.75% due 10/1/2028    500,000     500,374
  Ohio — 1.6%    
  Akron, Bath & Copley Joint Township Hospital District (Summa Health System Obligated Group), 5.00% due 11/15/2027 - 11/15/2028    510,000      531,611
  Northeast Ohio Medical University (BAM), 5.00% due 12/1/2029    260,000      276,571
  Ohio Air Quality Development Authority (American Electric Power Co., Inc.) AMT, Series A, 3.75% due 1/1/2029 1,000,000     989,165
  Oklahoma — 2.7%    
  Canadian County Educational Facilities Authority (Mustang Public Schools Project) ISD, 5.00% due 9/1/2027 1,000,000    1,020,437
  Cushing Educational Facilities Authority (Payne County No. 67 Cushing) ISD, 5.00% due 9/1/2028    500,000      529,961
  Muskogee Industrial Trust (Muskogee County No. 20) ISD, 5.00% due 9/1/2027    475,000      489,873
  Oklahoma County Finance Authority (Oklahoma County ISD No. 41 Western Heights), 5.00% due 9/1/2030 1,000,000   1,044,841
  Pennsylvania — 4.9%    
  Allegheny County Hospital Development Authority (UPMC Obligated Group), Series A, 5.00% due 7/15/2025 1,500,000    1,500,954
a Montgomery County (Constellation Energy Generation LLC) IDA, Series A, 4.10% due 4/1/2053 (put 4/3/2028) 1,220,000    1,245,502
  Northeastern Pennsylvania Hospital & Education Authority (King’s College), 5.00% due 5/1/2026    485,000      489,192
  Pennsylvania (UPMC Obligated Group) EDFA, 5.00% due 3/15/2026    220,000      222,896
a Pennsylvania (Waste Management Obligated Group; Guaranty: Waste Management, Inc.) EDFA AMT, 4.25% due 7/1/2041 (put 7/1/2027)    740,000      749,260
a Pennsylvania (Waste Management, Inc.; Guaranty: Waste Management Holdings) EDFA AMT, Series A, 4.25% due 8/1/2038 (put 8/1/2025) 1,000,000    1,000,079
a Pennsylvania Housing Finance Agency (Cambridge Community Partners LP) (HUD), Series B, 5.00% due 11/1/2026 (put 11/1/2025)    500,000     502,780
  South Carolina — 0.9%    
a South Carolina Jobs-EDA (Guaranty: International Paper Co.) AMT, Series A, 4.00% due 4/1/2033 (put 4/1/2026) 1,000,000   1,001,882
  Tennessee — 5.5%    
SCHEDULE OF INVESTMENTS, Continued
Thornburg Short Duration Municipal Fund June 30, 2025 (Unaudited)
  ISSUER-DESCRIPTION Shares/Principal
Amount 		VALUE
  Johnson City Health & Educational Facilities Board (Ballad Health Obligated Group), Series A, 5.00% due 7/1/2025 $1,100,000 $  1,100,047
a Knox County Health Educational & Housing Facility Board (Gleason Partners LP) (HUD), 3.95% due 12/1/2027 (put 12/1/2025) 2,000,000    2,002,172
  Shelby County Health Educational & Housing Facility Board (Methodist Le Bonheur Healthcare) (AG), 5.00% due 6/1/2030 1,000,000    1,067,707
a Tennergy Corp. (Guaranty: Royal Bank of Canada), Series A, 5.00% due 10/1/2054 (put 12/1/2029) 2,040,000   2,144,673
  Texas — 15.3%    
a Boerne School District (PSF-GTD) ISD GO, 3.125% due 2/1/2053 (put 2/1/2027)    980,000      986,721
a Capital Area Housing Finance Corp. (LDG Redwood LP), 3.65% due 1/1/2041 (put 1/1/2026) 1,000,000    1,000,118
a Central Texas Turnpike System, Series B, 5.00% due 8/15/2042 (put 8/15/2030)    105,000      112,241
  City of Aubrey Jackson Ridge Public Improvement District (BAM), 5.00% due 9/1/2025    200,000      200,559
a City of Dallas Housing Finance Corp. (Ash Creek Housing LLC) (FHA), 5.00% due 7/1/2026 (put 12/1/2025)    500,000      503,538
  City of Georgetown Utility System Revenue (BAM), 5.00% due 8/15/2025 - 8/15/2026    920,000      931,119
a Dickinson (PSF-GTD) ISD GO, 3.50% due 8/1/2037 (put 8/1/2025) 1,000,000    1,000,431
a Fort Bend (PSF-GTD) ISD GO, Series B, 3.80% due 8/1/2055 (put 8/1/2028)    750,000      772,105
  Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center Central Heating & Cooling Services Corp.), 5.00% due 11/15/2029    325,000      337,594
  Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series A, 5.00% due 5/15/2027 2,000,000    2,065,508
  Hays Consolidated (PSF-GTD) ISD GO, 5.00% due 8/15/2027 (pre-refunded 8/15/2026)    385,000      394,986
a Houston Housing Finance Corp. (Cordova Apartments), 3.65% due 2/1/2048 (put 2/1/2028) 1,000,000    1,003,688
  Main Street Market Square Redevelopment Authority (Houston Reinvestment Zone No. 3) (BAM), 5.00% due 9/1/2030 1,000,000    1,001,896
a North East (PSF-GTD) ISD GO, 3.75% due 8/1/2049 (put 8/1/2027) 1,000,000    1,021,490
a Northside (PSF-GTD) ISD GO, Series B, 3.45% due 8/1/2054 (put 8/1/2027) 1,000,000    1,015,452
  Texas Municipal Gas Acquisition & Supply Corp. III (Guaranty: Macquarie Group Ltd.), 5.00% due 12/15/2025 - 12/15/2026 1,125,000    1,140,033
a Texas State Affordable Housing Corp. (AHFC-FC Norman Housing LP), 3.625% due 1/1/2045 (put 1/1/2027) 1,000,000    1,002,508
a Texas State Affordable Housing Corp. (Eden Court Senior Housing LP) (HUD), 5.00% due 4/1/2043 (put 4/1/2026) 1,000,000    1,002,796
a Travis County Housing Finance Corp. (Austin Gateway Apartments LP), 4.125% due 6/1/2045 (put 6/1/2027) 2,120,000   2,126,379
  Virginia — 2.6%    
a Halifax County (Virginia Electric & Power Co.) IDA, Series A, 3.80% due 12/1/2041 (put 5/28/2027) 1,610,000    1,632,733
a Harrisonburg Redevelopment & Housing Authority (John Early Seniors Housing LP) (FHA), 4.00% due 12/1/2027 (put 12/1/2025)    910,000      912,441
  Virginia Small Business Financing Authority (National Senior Campuses, Inc. Obligated Group), Series A, 5.00% due 1/1/2027    400,000     411,100
  Washington — 0.9%    
a Washington State Housing Finance Commission (Ardea Twg LLLP), 5.00% due 12/1/2043 (put 2/1/2027) 1,000,000   1,016,287
  Wisconsin — 3.7%    
  City of Watertown, 4.00% due 10/1/2025 1,000,000    1,000,196
  Peshtigo School District, 4.75% due 3/1/2027    975,000      975,985
  Public Finance Authority (Renown Regional Medical Center), Series A, 5.00% due 6/1/2027    350,000      361,252
  Public Finance Authority (United Methodist Retirement Homes, Inc. Obligated Group), Series A, 4.00% due 10/1/2025 - 10/1/2026    590,000      592,129
a Wisconsin Housing & EDA (Flats at Bishops Woods LP), Series F, 5.00% due 12/1/2027 (put 12/1/2026)    350,000      358,489
a Wisconsin Housing & EDA Housing Revenue (HUD), Series E, 3.875% due 11/1/2054 (put 5/1/2027) 1,000,000   1,001,855
  Total Long-Term Municipal Bonds — 96.7% (Cost $111,142,171)           111,638,333
  SHORT-TERM INVESTMENTS — 2.5%    
  Municipal Bonds — 2.5%    
  Mississippi — 2.5%    
a Mississippi Business Finance Corp. (Chevron USA, Inc.; Guaranty: Chevron Corp.), Series G, 3.90% due 11/1/2035 (put 7/1/2025) 2,800,000   2,800,000
  Total Municipal Bonds — 2.5% (Cost $2,800,000)             2,800,000
  Mutual Fund — 0.0%    
c State Street Institutional Treasury Money Market Fund, Premier Class, 4.20%    28,336      28,336
  Total Mutual Fund — 0.0% (Cost $28,336)                28,336
  Total Short-Term Investments — 2.5% (Cost $2,828,336)             2,828,336
  Total Investments — 99.2% (Cost $113,970,507)   $114,466,669
  Other Assets Less Liabilities — 0.8%   963,689
  Net Assets — 100.0%   $115,430,358
SCHEDULE OF INVESTMENTS, Continued
Thornburg Short Duration Municipal Fund June 30, 2025 (Unaudited)
Footnote Legend
a Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on June 30, 2025.
b Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of June 30, 2025, the aggregate value of these securities in the Fund’s portfolio was $4,390,037, representing 3.80% of the Fund’s net assets.
c Rate represents the money market fund annualized seven-day yield at June 30, 2025.
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
AG Insured by Assured Guaranty, Inc.
AMT Alternative Minimum Tax
BAM Insured by Build America Mutual Insurance Co.
DFA Development Finance Authority/Agency
EDA Economic Development Authority
EDFA Economic Development Financing Authority
FHA Insured by Federal Housing Administration
GNMA Collateralized by Government National Mortgage Association
GO General Obligation
HFA Health Facilities Authority
HFFA Health Facilities Financing Authority
HUD Insured by Housing and Urban Development
IDA Industrial Development Authority/Agency
IDB Industrial Development Board
ISD Independent School District
MUNIPSA Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index
NPFG Insured by National Public Finance Guarantee Corp.
PSF-GTD Guaranteed by Permanent School Fund
SOFR Secured Overnight Financing Rate
SONYMA State of New York Mortgage Agency
SPA Stand-by Purchase Agreement
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg Short Duration Municipal Fund June 30, 2025 (Unaudited)
NOTE 1 – ORGANIZATION
Thornburg Short Duration Municipal 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-six separate series of the Trust. Each series is considered to be a separate entity for financial reporting and tax purposes. The Fund currently offers two classes of shares of beneficial interest: Class A and Institutional Class (“Class I”).
NOTE 2 – SECURITY VALUATION
Valuation of the Fund’s portfolio investment securities is performed by Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Fund’s "valuation designee," as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the “Valuation Policy and Procedures”).
In its capacity as the Fund’s valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the “Committee”), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Fund investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Fund’s investments. The Committee provides reports on its activities to the Trustees’ Audit Committee, which is responsible for overseeing the Committee’s and the Advisor’s work in discharging the functions under the Valuation Policy and Procedures.
In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Fund would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Fund upon a sale of the investment, and the difference could be material to the Fund’s financial statements. The Committee’s calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.
Valuation of Securities: Debt obligations held by the Fund which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.
In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Fund, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Fund is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.