Thornburg Ultra Short Income Fund

SYMBOL: TLDAX

Morningstar Rating • Info

Overall Morningstar Rating among 200 Ultrashort Bond funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 4 stars and 3 stars among 200, 182 and 111 funds, as of 30 Nov 2024.

As of 30 Nov 2024

Fund Assets

$247.4 M

As of 30 Nov 2024

NAV

$12.21

As of 20 Dec 2024

Change

$0.00

As of 20 Dec 2024

YTD NAV Performance

5.40%

As of 20 Dec 2024

Asset Category:

Global Fixed Income

Fund Benchmark:

ICE BofA U.S. Treasury Bill Index

Portfolio Managers

Lon Erickson, CFA

Portfolio Manager and Managing Director

Christian Hoffmann, CFA

Head of Fixed Income and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Actively managed short-term portfolio of high-quality taxable bonds with low interest-rate exposure.
Proven bottom-up fundamental approach that invests in a broad range of investment grade ultra-short fixed income and money market securities with a target duration of half a year (0.5).
Short-term strategy that seeks to provide income low interest-rate exposure with high-quality fixed income while minimizing volatility.

Investment Objective

The fund’s goal is to provide investors current income, consistent with preservation of capital.

Investment Approach

Designed to provide a solution to investors who may have a limited time horizon, the fund is an actively managed short-term portfolio of high-quality taxable bonds with low interest-rate exposure. The fund seeks to reduce changes in its share value compared to longer duration fixed income portfolios by maintaining a portfolio of investments with a duration of normally no more than one half (0.5) of a year.

Returns

(As of 30 Sep 2024)

YTD

10y

Inception

Total Return with Sales Charge (%)

2.05

3.74

2.47

2.38

1.99

1.97

Total Return without Sales Charge (%)

4.39

6.12

3.26

2.69

2.14

2.12

ICE BofA U.S. Treasury Bill Index (%)

4.08

5.54

3.49

2.34

1.67

1.55

Morningstar Category Avg. (%)

4.59

6.51

3.37

2.48

1.95

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return with Sales Charge (%)

2.84

3.52

2.78

2.47

2.04

2.01

Total Return without Sales Charge (%)

5.20

5.89

3.57

2.78

2.19

2.16

ICE BofA U.S. Treasury Bill Index (%)

4.87

5.38

3.75

2.43

1.74

1.60

Morningstar Category Avg. (%)

5.37

6.1

3.68

2.54

2.02

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return with Sales Charge (%)

2.05

3.74

7.61

12.46

21.76

23.36

Total Return without Sales Charge (%)

4.39

6.12

10.12

14.17

23.63

25.27

ICE BofA U.S. Treasury Bill Index (%)

4.08

5.54

10.85

12.25

17.98

18.04

YTD

10y

Inception

Total Return with Sales Charge (%)

2.84

3.52

8.56

12.99

22.35

24.31

Total Return without Sales Charge (%)

5.20

5.89

11.10

14.72

24.22

26.23

ICE BofA U.S. Treasury Bill Index (%)

4.87

5.38

11.69

12.74

18.87

18.94

2018

2019

2020

2021

2022

2023

Total Return with Sales Charge (%)

-0.12

2.16

1.50

-2.14

-2.27

3.19

ICE BofA U.S. Treasury Bill Index (%)

1.88

2.35

0.74

0.05

1.34

5.09

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the fund’s A shares is 2.25%. There is no up-front sales charge for the I shares.

Morningstar quartile ranking for Ultrashort Bond category is based on total returns before sales charges for 1, 3 and 5 years, among 252, 204 and 185 funds, respectively, as of 30 Sep 2024.

Share class inception dates: A and I shares, 30 Dec 2013.

Fund Fees

(As of 1 Feb 2024)

Gross Expense Ratio (%)

0.86

Net Expense Ratio (%)

0.50

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2025, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

For more detailed information on fund expenses, please see the fund's prospectus.

Hypothetical Growth of $10,000

            Categories,A Shares,ICE BofA U.S. Treasury Bill Index
            2013-12-30,9848,10000
2013-12-31,9848,10000
2014-01-31,9889,10001
2014-02-28,9915,10001
2014-03-31,9916,10002
2014-04-30,9940,10003
2014-05-31,9956,10003
2014-06-30,9968,10003
2014-07-31,9967,10004
2014-08-31,9989,10005
2014-09-30,9979,10005
2014-10-31,9993,10005
2014-11-30,10007,10006
2014-12-31,9980,10006
2015-01-31,10018,10007
2015-02-28,10008,10008
2015-03-31,10030,10008
2015-04-30,10035,10009
2015-05-31,10040,10010
2015-06-30,10038,10011
2015-07-31,10035,10010
2015-08-31,10032,10011
2015-09-30,10046,10015
2015-10-31,10043,10013
2015-11-30,10033,10012
2015-12-31,10009,10014
2016-01-31,10057,10017
2016-02-29,10055,10020
2016-03-31,10104,10025
2016-04-30,10129,10028
2016-05-31,10139,10028
2016-06-30,10181,10035
2016-07-31,10191,10037
2016-08-31,10184,10039
2016-09-30,10207,10044
2016-10-31,10199,10046
2016-11-30,10168,10047
2016-12-31,10178,10051
2017-01-31,10199,10057
2017-02-28,10226,10061
2017-03-31,10239,10062
2017-04-30,10251,10069
2017-05-31,10270,10073
2017-06-30,10274,10081
2017-07-31,10294,10089
2017-08-31,10307,10100
2017-09-30,10312,10108
2017-10-31,10317,10116
2017-11-30,10307,10123
2017-12-31,10311,10133
2018-01-31,10299,10144
2018-02-28,10295,10153
2018-03-31,10303,10167
2018-04-30,10312,10181
2018-05-31,10337,10196
2018-06-30,10346,10213
2018-07-31,10356,10229
2018-08-31,10390,10248
2018-09-30,10390,10263
2018-10-31,10391,10282
2018-11-30,10402,10303
2018-12-31,10457,10323
2019-01-31,10510,10345
2019-02-28,10538,10364
2019-03-31,10601,10388
2019-04-30,10622,10408
2019-05-31,10687,10432
2019-06-30,10726,10457
2019-07-31,10730,10476
2019-08-31,10802,10498
2019-09-30,10805,10515
2019-10-31,10825,10537
2019-11-30,10836,10550
2019-12-31,10847,10566
2020-01-31,10901,10580
2020-02-29,10945,10600
2020-03-31,10667,10634
2020-04-30,10835,10635
2020-05-31,10977,10635
2020-06-30,11072,10636
2020-07-31,11104,10639
2020-08-31,11128,10639
2020-09-30,11143,10641
2020-10-31,11148,10642
2020-11-30,11162,10643
2020-12-31,11178,10644
2021-01-31,11183,10645
2021-02-28,11187,10646
2021-03-31,11181,10647
2021-04-30,11188,10647
2021-05-31,11192,10647
2021-06-30,11194,10647
2021-07-31,11197,10647
2021-08-31,11200,10648
2021-09-30,11203,10649
2021-10-31,11196,10648
2021-11-30,11189,10649
2021-12-31,11191,10649
2022-01-31,11184,10646
2022-02-28,11104,10647
2022-03-31,11079,10646
2022-04-30,11065,10648
2022-05-31,11069,10655
2022-06-30,11058,10654
2022-07-31,11067,10662
2022-08-31,11098,10679
2022-09-30,11095,10699
2022-10-31,11097,10715
2022-11-30,11139,10750
2022-12-31,11193,10792
2023-01-31,11259,10827
2023-02-28,11288,10862
2023-03-31,11339,10912
2023-04-30,11382,10949
2023-05-31,11427,10989
2023-06-30,11472,11038
2023-07-31,11528,11083
2023-08-31,11576,11133
2023-09-30,11624,11184
2023-10-31,11674,11234
2023-11-30,11739,11287
2023-12-31,11817,11341
2024-01-31,11878,11389
2024-02-29,11920,11434
2024-03-31,11972,11486
2024-04-30,12016,11534
2024-05-31,12079,11590
2024-06-30,12135,11638
2024-07-31,12203,11692
2024-08-31,12270,11751
2024-09-30,12336,11804
2024-10-31,12379,11848
2024-11-30,12431,11894

Hypothetical Growth of $10,000

(As of 30 Nov 2024)

(Hypothetical Growth of $10,000 vs ICE BofA U.S. Treasury Bill Index)

                        Categories,A Shares,ICE BofA U.S. Treasury Bill Index
                        2023-11-30,9775,10000
2023-12-31,9840,10048
2024-01-31,9891,10091
2024-02-29,9926,10131
2024-03-31,9969,10177
2024-04-30,10006,10219
2024-05-31,10059,10268
2024-06-30,10105,10311
2024-07-31,10162,10359
2024-08-31,10218,10411
2024-09-30,10273,10458
2024-10-31,10308,10497
2024-11-30,10352,10538

                        Categories,A Shares,ICE BofA U.S. Treasury Bill Index
                        2021-11-30,9771,10000
2021-12-31,9774,10000
2022-01-31,9767,9998
2022-02-28,9698,9998
2022-03-31,9675,9998
2022-04-30,9663,9999
2022-05-31,9667,10006
2022-06-30,9657,10005
2022-07-31,9665,10012
2022-08-31,9692,10028
2022-09-30,9690,10047
2022-10-31,9691,10062
2022-11-30,9728,10095
2022-12-31,9775,10134
2023-01-31,9833,10167
2023-02-28,9858,10200
2023-03-31,9903,10247
2023-04-30,9940,10282
2023-05-31,9980,10319
2023-06-30,10019,10365
2023-07-31,10068,10408
2023-08-31,10110,10455
2023-09-30,10152,10503
2023-10-31,10195,10550
2023-11-30,10252,10599
2023-12-31,10320,10650
2024-01-31,10373,10695
2024-02-29,10410,10737
2024-03-31,10455,10786
2024-04-30,10494,10831
2024-05-31,10549,10883
2024-06-30,10598,10928
2024-07-31,10657,10980
2024-08-31,10716,11035
2024-09-30,10774,11085
2024-10-31,10810,11126
2024-11-30,10856,11169

                        Categories,A Shares,ICE BofA U.S. Treasury Bill Index
                        2019-11-30,9850,10000
2019-12-31,9860,10015
2020-01-31,9908,10029
2020-02-29,9949,10047
2020-03-31,9696,10080
2020-04-30,9849,10080
2020-05-31,9978,10080
2020-06-30,10064,10082
2020-07-31,10093,10084
2020-08-31,10115,10085
2020-09-30,10129,10086
2020-10-31,10133,10087
2020-11-30,10146,10088
2020-12-31,10160,10089
2021-01-31,10165,10090
2021-02-28,10168,10091
2021-03-31,10163,10092
2021-04-30,10170,10092
2021-05-31,10173,10092
2021-06-30,10175,10092
2021-07-31,10178,10092
2021-08-31,10180,10093
2021-09-30,10183,10093
2021-10-31,10176,10093
2021-11-30,10170,10094
2021-12-31,10172,10094
2022-01-31,10166,10091
2022-02-28,10093,10091
2022-03-31,10070,10091
2022-04-30,10057,10093
2022-05-31,10061,10099
2022-06-30,10051,10099
2022-07-31,10059,10106
2022-08-31,10088,10122
2022-09-30,10085,10141
2022-10-31,10086,10157
2022-11-30,10124,10189
2022-12-31,10174,10229
2023-01-31,10234,10262
2023-02-28,10260,10296
2023-03-31,10307,10343
2023-04-30,10346,10378
2023-05-31,10387,10416
2023-06-30,10428,10462
2023-07-31,10478,10505
2023-08-31,10522,10553
2023-09-30,10566,10601
2023-10-31,10611,10648
2023-11-30,10670,10698
2023-12-31,10741,10750
2024-01-31,10797,10796
2024-02-29,10834,10838
2024-03-31,10882,10887
2024-04-30,10922,10932
2024-05-31,10980,10985
2024-06-30,11030,11031
2024-07-31,11092,11083
2024-08-31,11153,11138
2024-09-30,11213,11189
2024-10-31,11252,11230
2024-11-30,11299,11274

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2014-01-31,0.01084
2014-02-28,0.01275
2014-03-31,0.01147
2014-04-30,0.01029
2014-05-31,0.00918
2014-06-30,0.01551
2014-07-31,0.00867
2014-08-31,0.00681
2014-09-30,0.00739
2014-10-31,0.00749
2014-11-30,0.00770
2014-12-31,0.00699
2015-01-31,0.00685
2015-02-28,0.00766
2015-03-31,0.00692
2015-04-30,0.00657
2015-05-31,0.00645
2015-06-30,0.00660
2015-07-31,0.00634
2015-08-31,0.00688
2015-09-30,0.00711
2015-10-31,0.00600
2015-11-30,0.00745
2015-12-31,0.01055
2016-01-31,0.00891
2016-02-29,0.00832
2016-03-31,0.01019
2016-04-30,0.01057
2016-05-31,0.01180
2016-06-30,0.01222
2016-07-31,0.01148
2016-08-31,0.01145
2016-09-30,0.00792
2016-10-31,0.01076
2016-11-30,0.01230
2016-12-31,0.01189
2017-01-31,0.01586
2017-02-28,0.01252
2017-03-31,0.01539
2017-04-30,0.01495
2017-05-31,0.01283
2017-06-30,0.01522
2017-07-31,0.01454
2017-08-31,0.01495
2017-09-30,0.01641
2017-10-31,0.01591
2017-11-30,0.01743
2017-12-31,0.01509
2018-01-31,0.01584
2018-02-28,0.01525
2018-03-31,0.02012
2018-04-30,0.02019
2018-05-31,0.01950
2018-06-30,0.02110
2018-07-31,0.02146
2018-08-31,0.02092
2018-09-30,0.01946
2018-10-31,0.02105
2018-11-30,0.02348
2018-12-31,0.02427
2019-01-31,0.02293
2019-02-28,0.02263
2019-03-31,0.02433
2019-04-30,0.02389
2019-05-31,0.02642
2019-06-30,0.02496
2019-07-31,0.02454
2019-08-31,0.02403
2019-09-30,0.02357
2019-10-31,0.02278
2019-11-14,0.04067
2019-11-30,0.02240
2019-12-31,0.02276
2020-01-31,0.02132
2020-02-29,0.02106
2020-03-31,0.02177
2020-04-30,0.02227
2020-05-31,0.02106
2020-06-30,0.01769
2020-07-31,0.01699
2020-08-31,0.01716
2020-09-30,0.01666
2020-10-31,0.01593
2020-11-19,0.03652
2020-11-30,0.01914
2020-12-31,0.01762
2021-01-31,0.01564
2021-02-28,0.01427
2021-03-31,0.01381
2021-04-30,0.01792
2021-05-31,0.01360
2021-06-30,0.01320
2021-07-31,0.01332
2021-08-31,0.01250
2021-09-30,0.01378
2021-10-31,0.01192
2021-11-30,0.01229
2021-12-31,0.01258
2022-01-31,0.01200
2022-02-28,0.01184
2022-03-31,0.01179
2022-04-30,0.01455
2022-05-31,0.01452
2022-06-30,0.01773
2022-07-31,0.02032
2022-08-31,0.02410
2022-09-30,0.02689
2022-10-31,0.03154
2022-11-30,0.03575
2022-12-31,0.03949
2023-01-31,0.04096
2023-02-28,0.04159
2023-03-31,0.04521
2023-04-30,0.04606
2023-05-31,0.04779
2023-06-30,0.04821
2023-07-31,0.04890
2023-08-31,0.05092
2023-09-30,0.05065
2023-10-31,0.05158
2023-11-30,0.04842
2023-12-31,0.06077
2024-01-31,0.05317
2024-02-29,0.05255
2024-03-31,0.05352
2024-04-30,0.05552
2024-05-31,0.06402
2024-06-30,0.05640
2024-07-31,0.05795
2024-08-31,0.05728
2024-09-30,0.05585
2024-10-31,0.05197
2024-11-30,0.05174

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2014-01-31,1391126400,0.01084,0.01084,0,0
2014-02-28,1393545600,0.01275,0.01275,0,0
2014-03-31,1396224000,0.01147,0.01147,0,0
2014-04-30,1398816000,0.01029,0.01029,0,0
2014-05-30,1401494400,0.00918,0.00918,0,0
2014-06-30,1404086400,0.01551,0.01551,0,0
2014-07-31,1406764800,0.00867,0.00867,0,0
2014-08-29,1409443200,0.00681,0.00681,0,0
2014-09-30,1412035200,0.00739,0.00739,0,0
2014-10-31,1414713600,0.00749,0.00749,0,0
2014-11-28,1417305600,0.00770,0.00770,0,0
2014-12-31,1419984000,0.00699,0.00699,0,0
2015-01-30,1422662400,0.00685,0.00685,0,0
2015-02-27,1425081600,0.00766,0.00766,0,0
2015-03-31,1427760000,0.00692,0.00692,0,0
2015-04-30,1430352000,0.00657,0.00657,0,0
2015-05-29,1433030400,0.00645,0.00645,0,0
2015-06-30,1435622400,0.00660,0.00660,0,0
2015-07-31,1438300800,0.00634,0.00634,0,0
2015-08-31,1440979200,0.00688,0.00688,0,0
2015-09-30,1443571200,0.00711,0.00711,0,0
2015-10-30,1446249600,0.00600,0.00600,0,0
2015-11-30,1448841600,0.00745,0.00745,0,0
2015-12-31,1451520000,0.01055,0.01055,0,0
2016-01-29,1454198400,0.00891,0.00891,0,0
2016-02-29,1456704000,0.00832,0.00832,0,0
2016-03-31,1459382400,0.01019,0.01019,0,0
2016-04-29,1461974400,0.01057,0.01057,0,0
2016-05-31,1464652800,0.01180,0.01180,0,0
2016-06-30,1467244800,0.01222,0.01222,0,0
2016-07-29,1469923200,0.01148,0.01148,0,0
2016-08-31,1472601600,0.01145,0.01145,0,0
2016-09-30,1475193600,0.00792,0.00792,0,0
2016-10-31,1477872000,0.01076,0.01076,0,0
2016-11-30,1480464000,0.01230,0.01230,0,0
2016-12-30,1483142400,0.01189,0.01189,0,0
2017-01-31,1485820800,0.01586,0.01586,0,0
2017-02-28,1488240000,0.01252,0.01252,0,0
2017-03-31,1490918400,0.01539,0.01539,0,0
2017-04-28,1493510400,0.01495,0.01495,0,0
2017-05-31,1496188800,0.01283,0.01283,0,0
2017-06-30,1498780800,0.01522,0.01522,0,0
2017-07-31,1501459200,0.01454,0.01454,0,0
2017-08-31,1504137600,0.01495,0.01495,0,0
2017-09-29,1506729600,0.01641,0.01641,0,0
2017-10-31,1509408000,0.01591,0.01591,0,0
2017-11-30,1512000000,0.01743,0.01743,0,0
2017-12-29,1514678400,0.01509,0.01509,0,0
2018-01-31,1517356800,0.01584,0.01584,0,0
2018-02-28,1519776000,0.01525,0.01525,0,0
2018-03-29,1522454400,0.02012,0.02012,0,0
2018-04-30,1525046400,0.02019,0.02019,0,0
2018-05-31,1527724800,0.01950,0.01950,0,0
2018-06-29,1530316800,0.02110,0.02110,0,0
2018-07-31,1532995200,0.02146,0.02146,0,0
2018-08-31,1535673600,0.02092,0.02092,0,0
2018-09-28,1538265600,0.01946,0.01946,0,0
2018-10-31,1540944000,0.02105,0.02105,0,0
2018-11-30,1543536000,0.02348,0.02348,0,0
2018-12-31,1546214400,0.02427,0.02427,0,0
2019-01-31,1548892800,0.02293,0.02293,0,0
2019-02-28,1551312000,0.02263,0.02263,0,0
2019-03-29,1553990400,0.02433,0.02433,0,0
2019-04-30,1556582400,0.02389,0.02389,0,0
2019-05-31,1559260800,0.02642,0.02642,0,0
2019-06-28,1561852800,0.02496,0.02496,0,0
2019-07-31,1564531200,0.02454,0.02454,0,0
2019-08-31,1567209600,0.02403,0.02403,0,0
2019-09-30,1569801600,0.02357,0.02357,0,0
2019-10-31,1572480000,0.02278,0.02278,0,0
2019-11-14,1573689600,0.04067,0,0.03680,0.00387
2019-11-30,1575072000,0.02240,0.02240,0,0
2019-12-31,1577750400,0.02276,0.02276,0,0
2020-01-31,1580428800,0.02132,0.02132,0,0
2020-02-29,1582934400,0.02106,0.02106,0,0
2020-03-31,1585612800,0.02177,0.02177,0,0
2020-04-30,1588204800,0.02227,0.02227,0,0
2020-05-31,1590883200,0.02106,0.02106,0,0
2020-06-30,1593475200,0.01769,0.01769,0,0
2020-07-31,1596153600,0.01699,0.01699,0,0
2020-08-31,1598832000,0.01716,0.01716,0,0
2020-09-30,1601424000,0.01666,0.01666,0,0
2020-10-30,1604102400,0.01593,0.01593,0,0
2020-11-19,1605744000,0.03652,0,0.00477,0.03175
2020-11-30,1606694400,0.01914,0.01914,0,0
2020-12-31,1609372800,0.01762,0.01762,0,0
2021-01-29,1612051200,0.01564,0.01564,0,0
2021-02-26,1614470400,0.01427,0.01427,0,0
2021-03-31,1617148800,0.01381,0.01381,0,0
2021-04-30,1619740800,0.01792,0.01792,0,0
2021-05-28,1622419200,0.01360,0.01360,0,0
2021-06-30,1625011200,0.01320,0.01320,0,0
2021-07-30,1627689600,0.01332,0.01332,0,0
2021-08-31,1630368000,0.01250,0.01250,0,0
2021-09-30,1632960000,0.01378,0.01378,0,0
2021-10-29,1635638400,0.01192,0.01192,0,0
2021-11-30,1638230400,0.01229,0.01229,0,0
2021-12-31,1640908800,0.01258,0.01258,0,0
2022-01-31,1643587200,0.01200,0.01200,0,0
2022-02-28,1646006400,0.01184,0.01184,0,0
2022-03-31,1648684800,0.01179,0.01179,0,0
2022-04-29,1651276800,0.01455,0.01455,0,0
2022-05-31,1653955200,0.01452,0.01452,0,0
2022-06-30,1656547200,0.01773,0.01773,0,0
2022-07-29,1659225600,0.02032,0.02032,0,0
2022-08-31,1661904000,0.02410,0.02410,0,0
2022-09-30,1664496000,0.02689,0.02689,0,0
2022-10-31,1667174400,0.03154,0.03154,0,0
2022-11-30,1669766400,0.03575,0.03575,0,0
2022-12-30,1672444800,0.03949,0.03949,0,0
2023-01-31,1675123200,0.04096,0.04096,0,0
2023-02-28,1677542400,0.04159,0.04159,0,0
2023-03-31,1680220800,0.04521,0.04521,0,0
2023-04-28,1682812800,0.04606,0.04606,0,0
2023-05-31,1685491200,0.04779,0.04779,0,0
2023-06-30,1688083200,0.04821,0.04821,0,0
2023-07-31,1690761600,0.04890,0.04890,0,0
2023-08-31,1693440000,0.05092,0.05092,0,0
2023-09-29,1696032000,0.05065,0.05065,0,0
2023-10-31,1698710400,0.05158,0.05158,0,0
2023-11-30,1701302400,0.04842,0.04842,0,0
2023-12-29,1703980800,0.06077,0.06077,0,0
2024-01-31,1706659200,0.05317,0.05317,0,0
2024-02-29,1709164800,0.05255,0.05255,0,0
2024-03-28,1711843200,0.05352,0.05352,0,0
2024-04-30,1714435200,0.05552,0.05552,0,0
2024-05-31,1717113600,0.06402,0.06402,0,0
2024-06-28,1719705600,0.05640,0.05640,0,0
2024-07-31,1722384000,0.05795,0.05795,0,0
2024-08-30,1725062400,0.05728,0.05728,0,0
2024-09-30,1727654400,0.05585,0.05585,0,0
2024-10-31,1730332800,0.05197,0.05197,0,0
2024-11-29,1732924800,0.05174,0.05174,0,0

Distributions

(As of 29 Nov 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Jan 2014

0.01084

—

28 Feb 2014

0.01275

—

31 Mar 2014

0.01147

—

30 Apr 2014

0.01029

—

30 May 2014

31 May 2014

0.00918

—

30 Jun 2014

0.01551

—

31 Jul 2014

0.00867

—

29 Aug 2014

31 Aug 2014

0.00681

—

30 Sep 2014

0.00739

—

31 Oct 2014

0.00749

—

28 Nov 2014

30 Nov 2014

0.00770

—

31 Dec 2014

0.00699

—

30 Jan 2015

31 Jan 2015

0.00685

—

27 Feb 2015

28 Feb 2015

0.00766

—

31 Mar 2015

0.00692

—

30 Apr 2015

0.00657

—

29 May 2015

31 May 2015

0.00645

—

30 Jun 2015

0.00660

—

31 Jul 2015

0.00634

—

31 Aug 2015

0.00688

—

30 Sep 2015

0.00711

—

30 Oct 2015

31 Oct 2015

0.00600

—

30 Nov 2015

0.00745

—

31 Dec 2015

0.01055

—

29 Jan 2016

31 Jan 2016

0.00891

—

29 Feb 2016

0.00832

—

31 Mar 2016

0.01019

—

29 Apr 2016

30 Apr 2016

0.01057

—

31 May 2016

0.01180

—

30 Jun 2016

0.01222

—

29 Jul 2016

31 Jul 2016

0.01148

—

31 Aug 2016

0.01145

—

30 Sep 2016

0.00792

—

31 Oct 2016

0.01076

—

30 Nov 2016

0.01230

—

30 Dec 2016

31 Dec 2016

0.01189

—

31 Jan 2017

0.01586

—

28 Feb 2017

0.01252

—

31 Mar 2017

0.01539

—

28 Apr 2017

30 Apr 2017

0.01495

—

31 May 2017

0.01283

—

30 Jun 2017

0.01522

—

31 Jul 2017

0.01454

—

31 Aug 2017

0.01495

—

29 Sep 2017

30 Sep 2017

0.01641

—

31 Oct 2017

0.01591

—

30 Nov 2017

0.01743

—

29 Dec 2017

31 Dec 2017

0.01509

—

31 Jan 2018

0.01584

—

28 Feb 2018

0.01525

—

29 Mar 2018

31 Mar 2018

0.02012

—

30 Apr 2018

0.02019

—

31 May 2018

0.01950

—

29 Jun 2018

30 Jun 2018

0.02110

—

31 Jul 2018

0.02146

—

31 Aug 2018

0.02092

—

28 Sep 2018

30 Sep 2018

0.01946

—

31 Oct 2018

0.02105

—

30 Nov 2018

0.02348

—

31 Dec 2018

0.02427

—

31 Jan 2019

0.02293

—

28 Feb 2019

0.02263

—

29 Mar 2019

31 Mar 2019

0.02433

—

30 Apr 2019

0.02389

—

31 May 2019

0.02642

—

28 Jun 2019

30 Jun 2019

0.02496

—

31 Jul 2019

0.02454

—

31 Aug 2019

0.02403

—

30 Sep 2019

0.02357

—

31 Oct 2019

0.02278

—

14 Nov 2019

0.04067

—

0.03680

0.00387

30 Nov 2019

0.02240

—

31 Dec 2019

0.02276

—

31 Jan 2020

0.02132

—

29 Feb 2020

0.02106

—

31 Mar 2020

0.02177

—

30 Apr 2020

0.02227

—

31 May 2020

0.02106

—

30 Jun 2020

0.01769

—

31 Jul 2020

0.01699

—

31 Aug 2020

0.01716

—

30 Sep 2020

0.01666

—

30 Oct 2020

31 Oct 2020

0.01593

—

19 Nov 2020

0.03652

—

0.00477

0.03175

30 Nov 2020

0.01914

—

31 Dec 2020

0.01762

—

29 Jan 2021

31 Jan 2021

0.01564

—

26 Feb 2021

28 Feb 2021

0.01427

—

31 Mar 2021

0.01381

—

30 Apr 2021

0.01792

—

28 May 2021

31 May 2021

0.01360

—

30 Jun 2021

0.01320

—

30 Jul 2021

31 Jul 2021

0.01332

—

31 Aug 2021

0.01250

—

30 Sep 2021

0.01378

—

29 Oct 2021

31 Oct 2021

0.01192

—

30 Nov 2021

0.01229

—

31 Dec 2021

0.01258

—

31 Jan 2022

0.01200

—

28 Feb 2022

0.01184

—

31 Mar 2022

0.01179

—

29 Apr 2022

30 Apr 2022

0.01455

—

31 May 2022

0.01452

—

30 Jun 2022

0.01773

—

29 Jul 2022

31 Jul 2022

0.02032

—

31 Aug 2022

0.02410

—

30 Sep 2022

0.02689

—

31 Oct 2022

0.03154

—

30 Nov 2022

0.03575

—

30 Dec 2022

31 Dec 2022

0.03949

—

31 Jan 2023

0.04096

—

28 Feb 2023

0.04159

—

31 Mar 2023

0.04521

—

28 Apr 2023

30 Apr 2023

0.04606

—

31 May 2023

0.04779

—

30 Jun 2023

0.04821

—

31 Jul 2023

0.04890

—

31 Aug 2023

0.05092

—

29 Sep 2023

30 Sep 2023

0.05065

—

31 Oct 2023

0.05158

—

30 Nov 2023

0.04842

—

29 Dec 2023

31 Dec 2023

0.06077

—

31 Jan 2024

0.05317

—

29 Feb 2024

0.05255

—

28 Mar 2024

31 Mar 2024

0.05352

—

30 Apr 2024

0.05552

—

31 May 2024

0.06402

—

28 Jun 2024

30 Jun 2024

0.05640

—

31 Jul 2024

0.05795

—

30 Aug 2024

31 Aug 2024

0.05728

—

30 Sep 2024

0.05585

—

31 Oct 2024

0.05197

—

29 Nov 2024

30 Nov 2024

0.05174

—

Fund Facts

(As of 30 Nov 2024)

Net Fund Assets

$247.4 M

Benchmark

ICE BofA U.S. Treasury Bill Index

Morningstar Category

Ultrashort Bond

Fund Symbol

TLDAX

Share Class

Share Class Inception Date

30 Dec 2013

Number of Holdings

268

Portfolio Turnover

45%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

4.07%

30-Day SEC Yield (Unsubsidized)

3.70%

Annualized Distribution Yield

4.97%

Characteristics

Portfolio

(As of 30 Nov 2024)

Portfolio

Benchmark

Effective Duration

0.5 Yrs

0.3 Yrs

Average Effective Maturity

0.5 Yrs

0.3 Yrs

Portfolio

Benchmark

Weighted Average Coupon

3.6%

—

Yield to Worst

5.2%

4.4%

Risk & Return Profile

(As of 30 Nov 2024)

10y

Beta

1.46

0.64

0.76

R-Squared (%)

81.46

6.31

9.87

Standard Deviation (%)

0.99

1.72

1.33

Sharpe Ratio

-0.17

0.29

0.48

Information Ratio

0.02

0.34

0.51

Up Capture (%)

103.85

126.52

138.87

Down Capture (%)

356.35

-81.20

-915.03

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Oct 2024)

Name

Ticker/Symbol

Weight %

United States Treasury Note/Bond

91282CHD6

1.2

United States Treasury Bill

912797KA4

1.2

Mercury Financial Credit Card Master Trust

58940BAR7

1.1

OneMain Financial Issuance Trust 2018-2

68269CAC0

1.1

United States Treasury Note/Bond

912828Y79

1.0

Equifax Inc

294429AQ8

1.0

WRKCo Inc

96145DAF2

1.0

American Credit Acceptance Receivables Trust 2022-1

02530WAG9

0.9

Qorvo Inc

74739DAB0

0.9

ACC Auto Trust 2022-A

00085YAB9

0.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Nov 2024)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Corporate

42.8

—

Asset Backed Securities

37.7

—

Cash & Cash Equivalents

12.9

—

Treasury-Domestic

5.2

100.0

Collateralized Mortgage Obligation

1.0

—

Commercial Mortgage Backed Security

0.4

—

Mortgage Passthrough

0.0

—

Agency Debenture

0.0

—

Sector Allocation

Fund (%)

Corporate

42.8

Asset Backed Securities

37.7

Cash & Cash Equivalents

12.9

Treasury-Domestic

5.2

Collateralized Mortgage Obligation

1.0

Commercial Mortgage Backed Security

0.4

Mortgage Passthrough

0.0

Agency Debenture

0.0

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

U.S. Government

5.5

100.0

AAA

15.2

—

9.8

—

16.4

—

BBB

38.0

—

Below Invest. Grade

0.9

—

Not Rated

1.4

—

Cash & Cash Equivalents

12.9

—

Credit Quality

Fund (%)

U.S. Government

5.5

AAA

15.2

9.8

16.4

BBB

38.0

Below Invest. Grade

0.9

Not Rated

1.4

Cash & Cash Equivalents

12.9

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Year 1

72.5

100.0

Year 2

13.1

—

Year 3

1.1

—

Year 4

0.2

—

Year 5+

0.2

—

Cash

12.9

—

Maturity

Fund (%)

Year 1

72.5

Year 2

13.1

Year 3

1.1

Year 4

0.2

Year 5+

0.2

Cash

12.9

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

The percentages may not add up to 100 due to rounding.

Portfolio Managers

Lon Erickson, CFA

Portfolio Manager and Managing Director

Lon Erickson is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was named a managing director and was promoted to portfolio manager in 2010. Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments. Lon earned a bachelor’s degree in business…

Learn More

Christian Hoffmann, CFA

Head of Fixed Income and Managing Director

Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Important Information

This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

Investments carry risks, including possible loss of principal. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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Fund Facts

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Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lon Erickson, CFA

Christian Hoffmann, CFA

Literature

Important Information

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Thornburg Ultra Short Income Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lon Erickson, CFA

Christian Hoffmann, CFA

Literature

Important Information

More Insights

State of Mass Public Transit: Moving Forward or Spinning Its Wheels?

The Decline of US Treasuries? What Treasury Auctions Reveal

Restructuring and Refinancing Opportunities in Commercial Real Estate

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