Thornburg Ultra Short Income Fund
SYMBOL: TLDIX
Morningstar Rating • Info
Overall Morningstar Rating among 211 Ultrashort Bond funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 4 stars and 4 stars among 211, 183 and 111 funds, as of 31 Aug 2025.
As of 31 Aug 2025
Fund Assets
$270.7 M
As of 31 Jul 2025
NAV
$12.19
As of 11 Sep 2025
Change
$-0.01
As of 11 Sep 2025
YTD NAV Performance
3.44%
As of 11 Sep 2025
Asset Category:
Global Fixed Income
Fund Benchmark:
ICE BofA U.S. Treasury Bill Index
Portfolio Managers
Portfolio Manager and Managing Director
Head of Fixed Income and Managing Director
Overview
Performance
Performance
Returns
(As of 30 Jun 2025)2020
2021
2022
2023
2024
Total Return (%)
3.25
0.32
0.22
5.78
5.79
ICE BofA U.S. Treasury Bill Index (%)
0.74
0.05
1.34
5.09
5.30
Fund Fees
Fund Fees
(As of 1 Feb 2025)
Gross Expense Ratio (%)
0.54
Net Expense Ratio (%)
0.30
Hypothetical Growth of $10,000
Hypothetical Growth of $10,000
(As of 31 Aug 2025)
(Hypothetical Growth of $10,000 vs ICE BofA U.S. Treasury Bill Index)
Distributions
Distributions
(As of 29 Aug 2025)Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2014
31 Jan 2014
0.01294
0.01294
—
—
28 Feb 2014
28 Feb 2014
0.01465
0.01465
—
—
31 Mar 2014
31 Mar 2014
0.01357
0.01357
—
—
30 Apr 2014
30 Apr 2014
0.01233
0.01233
—
—
30 May 2014
31 May 2014
0.01129
0.01129
—
—
30 Jun 2014
30 Jun 2014
0.01756
0.01756
—
—
31 Jul 2014
31 Jul 2014
0.01066
0.01066
—
—
29 Aug 2014
31 Aug 2014
0.00892
0.00892
—
—
30 Sep 2014
30 Sep 2014
0.00943
0.00943
—
—
31 Oct 2014
31 Oct 2014
0.00960
0.00960
—
—
28 Nov 2014
30 Nov 2014
0.00974
0.00974
—
—
31 Dec 2014
31 Dec 2014
0.00909
0.00909
—
—
30 Jan 2015
31 Jan 2015
0.00895
0.00895
—
—
27 Feb 2015
28 Feb 2015
0.00955
0.00955
—
—
31 Mar 2015
31 Mar 2015
0.00903
0.00903
—
—
30 Apr 2015
30 Apr 2015
0.00861
0.00861
—
—
29 May 2015
31 May 2015
0.00856
0.00856
—
—
30 Jun 2015
30 Jun 2015
0.00864
0.00864
—
—
31 Jul 2015
31 Jul 2015
0.00844
0.00844
—
—
31 Aug 2015
31 Aug 2015
0.00899
0.00899
—
—
30 Sep 2015
30 Sep 2015
0.00914
0.00914
—
—
30 Oct 2015
31 Oct 2015
0.00809
0.00809
—
—
30 Nov 2015
30 Nov 2015
0.00947
0.00947
—
—
31 Dec 2015
31 Dec 2015
0.01263
0.01263
—
—
29 Jan 2016
31 Jan 2016
0.01099
0.01099
—
—
29 Feb 2016
29 Feb 2016
0.01027
0.01027
—
—
31 Mar 2016
31 Mar 2016
0.01232
0.01232
—
—
29 Apr 2016
30 Apr 2016
0.01260
0.01260
—
—
31 May 2016
31 May 2016
0.01390
0.01390
—
—
30 Jun 2016
30 Jun 2016
0.01426
0.01426
—
—
29 Jul 2016
31 Jul 2016
0.01359
0.01359
—
—
31 Aug 2016
31 Aug 2016
0.01356
0.01356
—
—
30 Sep 2016
30 Sep 2016
0.01033
0.01033
—
—
31 Oct 2016
31 Oct 2016
0.01287
0.01287
—
—
30 Nov 2016
30 Nov 2016
0.01434
0.01434
—
—
30 Dec 2016
31 Dec 2016
0.01399
0.01399
—
—
31 Jan 2017
31 Jan 2017
0.01280
0.01280
—
—
28 Feb 2017
28 Feb 2017
0.01442
0.01442
—
—
31 Mar 2017
31 Mar 2017
0.01749
0.01749
—
—
28 Apr 2017
30 Apr 2017
0.01698
0.01698
—
—
31 May 2017
31 May 2017
0.01494
0.01494
—
—
30 Jun 2017
30 Jun 2017
0.01728
0.01728
—
—
31 Jul 2017
31 Jul 2017
0.01664
0.01664
—
—
31 Aug 2017
31 Aug 2017
0.01705
0.01705
—
—
29 Sep 2017
30 Sep 2017
0.01842
0.01842
—
—
31 Oct 2017
31 Oct 2017
0.01801
0.01801
—
—
30 Nov 2017
30 Nov 2017
0.01957
0.01957
—
—
29 Dec 2017
31 Dec 2017
0.01720
0.01720
—
—
31 Jan 2018
31 Jan 2018
0.01792
0.01792
—
—
28 Feb 2018
28 Feb 2018
0.01738
0.01738
—
—
29 Mar 2018
31 Mar 2018
0.02151
0.02151
—
—
30 Apr 2018
30 Apr 2018
0.02253
0.02253
—
—
31 May 2018
31 May 2018
0.02156
0.02156
—
—
29 Jun 2018
30 Jun 2018
0.02311
0.02311
—
—
31 Jul 2018
31 Jul 2018
0.02356
0.02356
—
—
31 Aug 2018
31 Aug 2018
0.02294
0.02294
—
—
28 Sep 2018
30 Sep 2018
0.02147
0.02147
—
—
31 Oct 2018
31 Oct 2018
0.02307
0.02307
—
—
30 Nov 2018
30 Nov 2018
0.02547
0.02547
—
—
31 Dec 2018
31 Dec 2018
0.02637
0.02637
—
—
31 Jan 2019
31 Jan 2019
0.02500
0.02500
—
—
28 Feb 2019
28 Feb 2019
0.02449
0.02449
—
—
29 Mar 2019
31 Mar 2019
0.02631
0.02631
—
—
30 Apr 2019
30 Apr 2019
0.02584
0.02584
—
—
31 May 2019
31 May 2019
0.02859
0.02859
—
—
28 Jun 2019
30 Jun 2019
0.02699
0.02699
—
—
31 Jul 2019
31 Jul 2019
0.02664
0.02664
—
—
31 Aug 2019
31 Aug 2019
0.02618
0.02618
—
—
30 Sep 2019
30 Sep 2019
0.02560
0.02560
—
—
31 Oct 2019
31 Oct 2019
0.02488
0.02488
—
—
14 Nov 2019
14 Nov 2019
0.04067
—
0.03680
0.00387
30 Nov 2019
30 Nov 2019
0.02442
0.02442
—
—
31 Dec 2019
31 Dec 2019
0.02487
0.02487
—
—
31 Jan 2020
31 Jan 2020
0.02342
0.02342
—
—
29 Feb 2020
29 Feb 2020
0.02302
0.02302
—
—
31 Mar 2020
31 Mar 2020
0.02382
0.02382
—
—
30 Apr 2020
30 Apr 2020
0.02428
0.02428
—
—
31 May 2020
31 May 2020
0.02314
0.02314
—
—
30 Jun 2020
30 Jun 2020
0.01971
0.01971
—
—
31 Jul 2020
31 Jul 2020
0.01911
0.01911
—
—
31 Aug 2020
31 Aug 2020
0.01926
0.01926
—
—
30 Sep 2020
30 Sep 2020
0.01871
0.01871
—
—
30 Oct 2020
31 Oct 2020
0.01805
0.01805
—
—
19 Nov 2020
19 Nov 2020
0.03652
—
0.00477
0.03175
30 Nov 2020
30 Nov 2020
0.02123
0.02123
—
—
31 Dec 2020
31 Dec 2020
0.01971
0.01971
—
—
29 Jan 2021
31 Jan 2021
0.01777
0.01777
—
—
26 Feb 2021
28 Feb 2021
0.01619
0.01619
—
—
31 Mar 2021
31 Mar 2021
0.01588
0.01588
—
—
30 Apr 2021
30 Apr 2021
0.01996
0.01996
—
—
28 May 2021
31 May 2021
0.01572
0.01572
—
—
30 Jun 2021
30 Jun 2021
0.01525
0.01525
—
—
30 Jul 2021
31 Jul 2021
0.01542
0.01542
—
—
31 Aug 2021
31 Aug 2021
0.01459
0.01459
—
—
30 Sep 2021
30 Sep 2021
0.01581
0.01581
—
—
29 Oct 2021
31 Oct 2021
0.01400
0.01400
—
—
30 Nov 2021
30 Nov 2021
0.01441
0.01441
—
—
31 Dec 2021
31 Dec 2021
0.01469
0.01469
—
—
31 Jan 2022
31 Jan 2022
0.01407
0.01407
—
—
28 Feb 2022
28 Feb 2022
0.01362
0.01362
—
—
31 Mar 2022
31 Mar 2022
0.01388
0.01388
—
—
29 Apr 2022
30 Apr 2022
0.01655
0.01655
—
—
31 May 2022
31 May 2022
0.01657
0.01657
—
—
30 Jun 2022
30 Jun 2022
0.01970
0.01970
—
—
29 Jul 2022
31 Jul 2022
0.02236
0.02236
—
—
31 Aug 2022
31 Aug 2022
0.02614
0.02614
—
—
30 Sep 2022
30 Sep 2022
0.02885
0.02885
—
—
31 Oct 2022
31 Oct 2022
0.03358
0.03358
—
—
30 Nov 2022
30 Nov 2022
0.03770
0.03770
—
—
30 Dec 2022
31 Dec 2022
0.04151
0.04151
—
—
31 Jan 2023
31 Jan 2023
0.04287
0.04287
—
—
28 Feb 2023
28 Feb 2023
0.04346
0.04346
—
—
31 Mar 2023
31 Mar 2023
0.04724
0.04724
—
—
28 Apr 2023
30 Apr 2023
0.04801
0.04801
—
—
31 May 2023
31 May 2023
0.04982
0.04982
—
—
30 Jun 2023
30 Jun 2023
0.05017
0.05017
—
—
31 Jul 2023
31 Jul 2023
0.05092
0.05092
—
—
31 Aug 2023
31 Aug 2023
0.05296
0.05296
—
—
29 Sep 2023
30 Sep 2023
0.05261
0.05261
—
—
31 Oct 2023
31 Oct 2023
0.05360
0.05360
—
—
30 Nov 2023
30 Nov 2023
0.05037
0.05037
—
—
29 Dec 2023
31 Dec 2023
0.06259
0.06259
—
—
31 Jan 2024
31 Jan 2024
0.05519
0.05519
—
—
29 Feb 2024
29 Feb 2024
0.05445
0.05445
—
—
28 Mar 2024
31 Mar 2024
0.05555
0.05555
—
—
30 Apr 2024
30 Apr 2024
0.05746
0.05746
—
—
31 May 2024
31 May 2024
0.06602
0.06602
—
—
28 Jun 2024
30 Jun 2024
0.05833
0.05833
—
—
31 Jul 2024
31 Jul 2024
0.05998
0.05998
—
—
30 Aug 2024
31 Aug 2024
0.05995
0.05995
—
—
30 Sep 2024
30 Sep 2024
0.05897
0.05897
—
—
31 Oct 2024
31 Oct 2024
0.05408
0.05408
—
—
29 Nov 2024
30 Nov 2024
0.05372
0.05372
—
—
31 Dec 2024
31 Dec 2024
0.05490
0.05490
—
—
31 Jan 2025
31 Jan 2025
0.05389
0.05389
—
—
28 Feb 2025
28 Feb 2025
0.05036
0.05036
—
—
31 Mar 2025
31 Mar 2025
0.05231
0.05231
—
—
30 Apr 2025
30 Apr 2025
0.05075
0.05075
—
—
30 May 2025
31 May 2025
0.05100
0.05100
—
—
30 Jun 2025
30 Jun 2025
0.04921
0.04921
—
—
31 Jul 2025
31 Jul 2025
0.04837
0.04837
—
—
29 Aug 2025
31 Aug 2025
0.04953
0.04953
—
—
Fund Facts
Fund Facts
(As of 31 Jul 2025)Net Fund Assets
$270.7 M
Benchmark
ICE BofA U.S. Treasury Bill Index
Morningstar Category
Ultrashort Bond
Fund Symbol
TLDIX
Share Class
I
Share Class Inception Date
30 Dec 2013
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
4.21%
30-Day SEC Yield (Unsubsidized)
3.97%
Annualized Distribution Yield
4.78%
Characteristics
Characteristics
Portfolio
(As of 31 Jul 2025)Portfolio
Benchmark
Number of Holdings
286
—
Annual Portfolio Turnover
45%
—
Effective Duration
0.5 Yrs
0.3 Yrs
Portfolio
Benchmark
Average Effective Maturity
0.5 Yrs
0.3 Yrs
Weighted Average Coupon
4.0%
—
Yield to Worst
4.9%
4.2%
Risk & Return Profile
Risk & Return Profile
(As of 31 Jul 2025)3y
5y
10y
Beta
1.32
1.15
0.76
R-Squared (%)
65.40
77.22
10.44
Standard Deviation (%)
0.47
0.88
1.32
Sharpe Ratio
0.75
0.19
0.47
Information Ratio
1.76
0.67
0.51
Up Capture (%)
110.83
112.91
133.47
Portfolio
Portfolio
Top Holdings
(As of 31 Jul 2025)Name
Ticker/Symbol
Weight %
United States Treasury Bill
912797NA1
1.8
United States Treasury Bill
912797RJ8
1.8
United States Treasury Note/Bond
91282CMH1
1.1
United States Treasury Bill
912797QR1
1.1
RCKT Trust 2025-PL1
74939RAA9
1.0
AutoNation Finance Trust 2025-1
05330QAB8
1.0
Electricite de France S.A.
268317AS3
0.9
ACM Auto Trust 2023-2
00161AAB8
0.9
Gray Oak Pipeline, LLC
38937LAC5
0.9
SBNA Auto Receivables Trust 2025-SF1
78437XAB2
0.8
Exposure Breakdown
Exposure Breakdown
(As of 31 Jul 2025)Sector Allocation
Fund (%)
Corporate
37.6
Asset Backed Securities
35.0
Cash & Cash Equivalents
17.5
Treasury-Domestic
7.5
Collateralized Mortgage Obligation
2.1
Mortgage Passthrough
0.3
Commercial Mortgage Backed Security
0.1
Credit Quality
Fund (%)
U.S. Government
7.8
AAA
15.1
AA
9.7
A
14.1
BBB
30.0
Below Invest. Grade
3.3
Not Rated
2.4
Cash & Cash Equivalents
17.5
Maturity
Fund (%)
Year 1
66.9
Year 2
12.0
Year 3
1.3
Year 4
0.9
Year 5+
0.3
Cash
17.5
Portfolio Managers
Portfolio Managers

Lon Erickson, CFA
Portfolio Manager and Managing Director
Lon Erickson is a 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…
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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…
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