Thornburg Ultra Short Income Fund

SYMBOL: TLDIX

Morningstar Rating • Info

Overall Morningstar Rating among 204 Ultrashort Bond funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three- and five-year ratings: respectively, 3 stars and 5 stars among 204 and 183 funds, as of 31 Aug 2023.

As of 31 Aug 2023

Fund Assets

$264.2 M

As of 31 Aug 2023

NAV

$12.16

As of 29 Sep 2023

Change

$0.00

As of 29 Sep 2023

YTD NAV Performance

3.99%

As of 29 Sep 2023

Asset Category:

Global Fixed Income

Fund Benchmark:

ICE BofA US Treasury Bill

Portfolio Managers

Lon Erickson, CFA

Portfolio Manager and Managing Director

Jeff Klingelhofer, CFA

Co-Head of Investments and Managing Director

Christian Hoffmann, CFA

Portfolio Manager 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 Jun 2023)

YTD

Inception

Total Return (%)

2.59

3.96

1.39

2.29

1.81

ICE BofA US Treasury Bill (%)

2.28

3.60

1.24

1.57

1.05

Morningstar Category Avg. (%)

2.54

3.78

1.14

1.58

—

Morningstar Quartile

—

YTD

Inception

Total Return (%)

3.56

4.52

1.52

2.39

1.88

ICE BofA US Treasury Bill (%)

3.17

4.26

1.52

1.67

1.12

Morningstar Category Avg. (%)

3.13

4.07

1.24

1.64

—

Morningstar Quartile

—

YTD

Inception

Total Return (%)

2.59

3.96

4.24

11.99

18.58

ICE BofA US Treasury Bill (%)

2.28

3.60

3.78

8.08

10.38

YTD

Inception

Total Return (%)

3.56

4.52

4.64

12.53

19.69

ICE BofA US Treasury Bill (%)

3.17

4.26

4.64

8.64

11.33

2017

2018

2019

2020

2021

2022

Total Return (%)

1.39

1.70

3.86

3.25

0.32

0.22

ICE BofA US Treasury Bill (%)

0.81

1.88

2.35

0.74

0.05

1.34

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 231, 207 and 179 funds, respectively, as of 30 Jun 2023.

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

Fund Fees

(As of 1 Feb 2023)

Gross Expense Ratio (%)

0.60

Net Expense Ratio (%)

0.30

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,I Shares,ICE BofA US Treasury Bill
            2013-12-30,10000,10000
2013-12-31,10000,10000
2014-01-31,10051,10001
2014-02-28,10079,10001
2014-03-31,10074,10002
2014-04-30,10100,10003
2014-05-31,10118,10003
2014-06-30,10132,10003
2014-07-31,10133,10004
2014-08-31,10156,10005
2014-09-30,10148,10005
2014-10-31,10164,10005
2014-11-30,10180,10006
2014-12-31,10155,10006
2015-01-31,10195,10007
2015-02-28,10186,10008
2015-03-31,10210,10008
2015-04-30,10217,10009
2015-05-31,10224,10010
2015-06-30,10223,10011
2015-07-31,10222,10010
2015-08-31,10221,10011
2015-09-30,10229,10015
2015-10-31,10227,10013
2015-11-30,10227,10012
2015-12-31,10204,10014
2016-01-31,10246,10017
2016-02-29,10255,10020
2016-03-31,10306,10025
2016-04-30,10333,10028
2016-05-31,10337,10028
2016-06-30,10390,10035
2016-07-31,10393,10037
2016-08-31,10396,10039
2016-09-30,10413,10044
2016-10-31,10416,10046
2016-11-30,10386,10047
2016-12-31,10397,10051
2017-01-31,10417,10057
2017-02-28,10437,10061
2017-03-31,10452,10062
2017-04-30,10475,10069
2017-05-31,10496,10073
2017-06-30,10493,10081
2017-07-31,10516,10089
2017-08-31,10539,10100
2017-09-30,10537,10108
2017-10-31,10544,10116
2017-11-30,10535,10123
2017-12-31,10541,10133
2018-01-31,10540,10144
2018-02-28,10529,10153
2018-03-31,10547,10167
2018-04-30,10549,10181
2018-05-31,10585,10196
2018-06-30,10588,10213
2018-07-31,10600,10229
2018-08-31,10637,10248
2018-09-30,10638,10263
2018-10-31,10649,10282
2018-11-30,10663,10303
2018-12-31,10720,10323
2019-01-31,10768,10345
2019-02-28,10798,10364
2019-03-31,10865,10388
2019-04-30,10888,10408
2019-05-31,10957,10432
2019-06-30,10998,10457
2019-07-31,11013,10476
2019-08-31,11080,10498
2019-09-30,11085,10515
2019-10-31,11107,10537
2019-11-30,11121,10550
2019-12-31,11134,10566
2020-01-31,11191,10580
2020-02-29,11248,10600
2020-03-31,10963,10634
2020-04-30,11138,10635
2020-05-31,11286,10635
2020-06-30,11376,10636
2020-07-31,11411,10639
2020-08-31,11438,10639
2020-09-30,11455,10641
2020-10-31,11462,10642
2020-11-30,11478,10643
2020-12-31,11497,10644
2021-01-31,11504,10645
2021-02-28,11509,10646
2021-03-31,11506,10647
2021-04-30,11515,10647
2021-05-31,11520,10647
2021-06-30,11525,10647
2021-07-31,11530,10647
2021-08-31,11534,10648
2021-09-30,11539,10649
2021-10-31,11534,10648
2021-11-30,11538,10649
2021-12-31,11533,10649
2022-01-31,11528,10646
2022-02-28,11456,10647
2022-03-31,11423,10646
2022-04-30,11419,10648
2022-05-31,11416,10655
2022-06-30,11406,10654
2022-07-31,11427,10662
2022-08-31,11452,10679
2022-09-30,11451,10699
2022-10-31,11454,10715
2022-11-30,11500,10750
2022-12-31,11558,10792
2023-01-31,11627,10827
2023-02-28,11659,10862
2023-03-31,11714,10912
2023-04-30,11761,10949
2023-05-31,11809,10989
2023-06-30,11858,11038
2023-07-31,11917,11083
2023-08-31,11969,11133

Hypothetical Growth of $10,000

(As of 31 Aug 2023)

(Hypothetical Growth of $10,000 vs ICE BofA US Treasury Bill)

                        Categories,I Shares,ICE BofA US Treasury Bill
                        2022-08-31,10000,10000
2022-09-30,9999,10019
2022-10-31,10002,10034
2022-11-30,10041,10066
2022-12-31,10093,10106
2023-01-31,10153,10139
2023-02-28,10181,10172
2023-03-31,10229,10219
2023-04-30,10270,10253
2023-05-31,10312,10290
2023-06-30,10354,10336
2023-07-31,10406,10379
2023-08-31,10452,10426

                        Categories,I Shares,ICE BofA US Treasury Bill
                        2020-08-31,10000,10000
2020-09-30,10015,10001
2020-10-31,10021,10002
2020-11-30,10035,10003
2020-12-31,10051,10004
2021-01-31,10057,10005
2021-02-28,10062,10006
2021-03-31,10059,10007
2021-04-30,10067,10007
2021-05-31,10072,10008
2021-06-30,10076,10007
2021-07-31,10080,10008
2021-08-31,10084,10008
2021-09-30,10089,10009
2021-10-31,10084,10009
2021-11-30,10087,10009
2021-12-31,10083,10009
2022-01-31,10078,10007
2022-02-28,10016,10007
2022-03-31,9987,10007
2022-04-30,9984,10008
2022-05-31,9981,10014
2022-06-30,9973,10014
2022-07-31,9991,10021
2022-08-31,10012,10037
2022-09-30,10011,10056
2022-10-31,10014,10071
2022-11-30,10054,10104
2022-12-31,10105,10143
2023-01-31,10166,10176
2023-02-28,10194,10210
2023-03-31,10242,10257
2023-04-30,10282,10291
2023-05-31,10324,10328
2023-06-30,10367,10375
2023-07-31,10419,10417
2023-08-31,10464,10464

                        Categories,I Shares,ICE BofA US Treasury Bill
                        2018-08-31,10000,10000
2018-09-30,10001,10015
2018-10-31,10012,10033
2018-11-30,10024,10053
2018-12-31,10079,10073
2019-01-31,10124,10094
2019-02-28,10152,10113
2019-03-31,10215,10136
2019-04-30,10236,10156
2019-05-31,10301,10180
2019-06-30,10340,10204
2019-07-31,10354,10222
2019-08-31,10417,10244
2019-09-30,10422,10261
2019-10-31,10443,10282
2019-11-30,10455,10294
2019-12-31,10468,10310
2020-01-31,10521,10324
2020-02-29,10575,10343
2020-03-31,10307,10377
2020-04-30,10472,10377
2020-05-31,10610,10377
2020-06-30,10695,10378
2020-07-31,10728,10381
2020-08-31,10753,10382
2020-09-30,10769,10383
2020-10-31,10776,10384
2020-11-30,10792,10385
2020-12-31,10808,10386
2021-01-31,10815,10387
2021-02-28,10821,10388
2021-03-31,10817,10389
2021-04-30,10826,10389
2021-05-31,10831,10389
2021-06-30,10835,10389
2021-07-31,10840,10389
2021-08-31,10844,10390
2021-09-30,10849,10390
2021-10-31,10844,10390
2021-11-30,10848,10391
2021-12-31,10843,10391
2022-01-31,10838,10388
2022-02-28,10771,10389
2022-03-31,10739,10388
2022-04-30,10736,10390
2022-05-31,10733,10397
2022-06-30,10724,10396
2022-07-31,10744,10404
2022-08-31,10767,10420
2022-09-30,10766,10440
2022-10-31,10769,10456
2022-11-30,10811,10489
2022-12-31,10866,10530
2023-01-31,10932,10564
2023-02-28,10962,10599
2023-03-31,11013,10648
2023-04-30,11057,10684
2023-05-31,11102,10722
2023-06-30,11148,10770
2023-07-31,11204,10815
2023-08-31,11253,10864

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 ($)
            2014-01-31,0.01294
2014-02-28,0.01465
2014-03-31,0.01357
2014-04-30,0.01233
2014-05-31,0.01129
2014-06-30,0.01756
2014-07-31,0.01066
2014-08-31,0.00892
2014-09-30,0.00943
2014-10-31,0.00960
2014-11-30,0.00974
2014-12-31,0.00909
2015-01-31,0.00895
2015-02-28,0.00955
2015-03-31,0.00903
2015-04-30,0.00861
2015-05-31,0.00856
2015-06-30,0.00864
2015-07-31,0.00844
2015-08-31,0.00899
2015-09-30,0.00914
2015-10-31,0.00809
2015-11-30,0.00947
2015-12-31,0.01263
2016-01-31,0.01099
2016-02-29,0.01027
2016-03-31,0.01232
2016-04-30,0.01260
2016-05-31,0.01390
2016-06-30,0.01426
2016-07-31,0.01359
2016-08-31,0.01356
2016-09-30,0.01033
2016-10-31,0.01287
2016-11-30,0.01434
2016-12-31,0.01399
2017-01-31,0.01280
2017-02-28,0.01442
2017-03-31,0.01749
2017-04-30,0.01698
2017-05-31,0.01494
2017-06-30,0.01728
2017-07-31,0.01664
2017-08-31,0.01705
2017-09-30,0.01842
2017-10-31,0.01801
2017-11-30,0.01957
2017-12-31,0.01720
2018-01-31,0.01792
2018-02-28,0.01738
2018-03-31,0.02151
2018-04-30,0.02253
2018-05-31,0.02156
2018-06-30,0.02311
2018-07-31,0.02356
2018-08-31,0.02294
2018-09-30,0.02147
2018-10-31,0.02307
2018-11-30,0.02547
2018-12-31,0.02637
2019-01-31,0.02500
2019-02-28,0.02449
2019-03-31,0.02631
2019-04-30,0.02584
2019-05-31,0.02859
2019-06-30,0.02699
2019-07-31,0.02664
2019-08-31,0.02618
2019-09-30,0.02560
2019-10-31,0.02488
2019-11-30,0.06509
2019-12-31,0.02487
2020-01-31,0.02342
2020-02-29,0.02302
2020-03-31,0.02382
2020-04-30,0.02428
2020-05-31,0.02314
2020-06-30,0.01971
2020-07-31,0.01911
2020-08-31,0.01926
2020-09-30,0.01871
2020-10-31,0.01805
2020-11-30,0.05775
2020-12-31,0.01971
2021-01-31,0.01777
2021-02-28,0.01619
2021-03-31,0.01588
2021-04-30,0.01996
2021-05-31,0.01572
2021-06-30,0.01525
2021-07-31,0.01542
2021-08-31,0.01459
2021-09-30,0.01581
2021-10-31,0.01400
2021-11-30,0.01441
2021-12-31,0.01469
2022-01-31,0.01407
2022-02-28,0.01362
2022-03-31,0.01388
2022-04-30,0.01655
2022-05-31,0.01657
2022-06-30,0.01970
2022-07-31,0.02236
2022-08-31,0.02614
2022-09-30,0.02885
2022-10-31,0.03358
2022-11-30,0.03770
2022-12-31,0.04151
2023-01-31,0.04287
2023-02-28,0.04346
2023-03-31,0.04724
2023-04-30,0.04801
2023-05-31,0.04982
2023-06-30,0.05017
2023-07-31,0.05092
2023-08-31,0.05296

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            ,0.01294,0.01294,0,0
,0.01465,0.01465,0,0
,0.01357,0.01357,0,0
,0.01233,0.01233,0,0
,0.01129,0.01129,0,0
,0.01756,0.01756,0,0
,0.01066,0.01066,0,0
,0.00892,0.00892,0,0
,0.00943,0.00943,0,0
,0.00960,0.00960,0,0
,0.00974,0.00974,0,0
,0.00909,0.00909,0,0
,0.00895,0.00895,0,0
,0.00955,0.00955,0,0
,0.00903,0.00903,0,0
,0.00861,0.00861,0,0
,0.00856,0.00856,0,0
,0.00864,0.00864,0,0
,0.00844,0.00844,0,0
,0.00899,0.00899,0,0
,0.00914,0.00914,0,0
,0.00809,0.00809,0,0
,0.00947,0.00947,0,0
,0.01263,0.01263,0,0
,0.01099,0.01099,0,0
,0.01027,0.01027,0,0
,0.01232,0.01232,0,0
,0.01260,0.01260,0,0
,0.01390,0.01390,0,0
,0.01426,0.01426,0,0
,0.01359,0.01359,0,0
,0.01356,0.01356,0,0
,0.01033,0.01033,0,0
,0.01287,0.01287,0,0
,0.01434,0.01434,0,0
,0.01399,0.01399,0,0
,0.01280,0.01280,0,0
,0.01442,0.01442,0,0
,0.01749,0.01749,0,0
,0.01698,0.01698,0,0
,0.01494,0.01494,0,0
,0.01728,0.01728,0,0
,0.01664,0.01664,0,0
,0.01705,0.01705,0,0
,0.01842,0.01842,0,0
,0.01801,0.01801,0,0
,0.01957,0.01957,0,0
,0.01720,0.01720,0,0
,0.01792,0.01792,0,0
,0.01738,0.01738,0,0
,0.02151,0.02151,0,0
,0.02253,0.02253,0,0
,0.02156,0.02156,0,0
,0.02311,0.02311,0,0
,0.02356,0.02356,0,0
,0.02294,0.02294,0,0
,0.02147,0.02147,0,0
,0.02307,0.02307,0,0
,0.02547,0.02547,0,0
,0.02637,0.02637,0,0
,0.02500,0.02500,0,0
,0.02449,0.02449,0,0
,0.02631,0.02631,0,0
,0.02584,0.02584,0,0
,0.02859,0.02859,0,0
,0.02699,0.02699,0,0
,0.02664,0.02664,0,0
,0.02618,0.02618,0,0
,0.02560,0.02560,0,0
,0.02488,0.02488,0,0
,0.06509,0.02442,0.03680,0.00387
,0.02487,0.02487,0,0
,0.02342,0.02342,0,0
,0.02302,0.02302,0,0
,0.02382,0.02382,0,0
,0.02428,0.02428,0,0
,0.02314,0.02314,0,0
,0.01971,0.01971,0,0
,0.01911,0.01911,0,0
,0.01926,0.01926,0,0
,0.01871,0.01871,0,0
,0.01805,0.01805,0,0
,0.05775,0.02123,0.00477,0.03175
,0.01971,0.01971,0,0
,0.01777,0.01777,0,0
,0.01619,0.01619,0,0
,0.01588,0.01588,0,0
,0.01996,0.01996,0,0
,0.01572,0.01572,0,0
,0.01525,0.01525,0,0
,0.01542,0.01542,0,0
,0.01459,0.01459,0,0
,0.01581,0.01581,0,0
,0.01400,0.01400,0,0
,0.01441,0.01441,0,0
,0.01469,0.01469,0,0
,0.01407,0.01407,0,0
,0.01362,0.01362,0,0
,0.01388,0.01388,0,0
,0.01655,0.01655,0,0
,0.01657,0.01657,0,0
,0.01970,0.01970,0,0
,0.02236,0.02236,0,0
,0.02614,0.02614,0,0
,0.02885,0.02885,0,0
,0.03358,0.03358,0,0
,0.03770,0.03770,0,0
,0.04151,0.04151,0,0
,0.04287,0.04287,0,0
,0.04346,0.04346,0,0
,0.04724,0.04724,0,0
,0.04801,0.04801,0,0
,0.04982,0.04982,0,0
,0.05017,0.05017,0,0
,0.05092,0.05092,0,0
,0.05296,0.05296,0,0

Distributions

(As of 31 Aug 2023)

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Jan 2014

0.01294

—

28 Feb 2014

0.01465

—

31 Mar 2014

0.01357

—

30 Apr 2014

0.01233

—

30 May 2014

0.01129

—

30 Jun 2014

0.01756

—

31 Jul 2014

0.01066

—

29 Aug 2014

0.00892

—

30 Sep 2014

0.00943

—

31 Oct 2014

0.00960

—

28 Nov 2014

0.00974

—

31 Dec 2014

0.00909

—

30 Jan 2015

0.00895

—

27 Feb 2015

0.00955

—

31 Mar 2015

0.00903

—

30 Apr 2015

0.00861

—

29 May 2015

0.00856

—

30 Jun 2015

0.00864

—

31 Jul 2015

0.00844

—

31 Aug 2015

0.00899

—

30 Sep 2015

0.00914

—

30 Oct 2015

0.00809

—

30 Nov 2015

0.00947

—

31 Dec 2015

0.01263

—

29 Jan 2016

0.01099

—

29 Feb 2016

0.01027

—

31 Mar 2016

0.01232

—

29 Apr 2016

0.01260

—

31 May 2016

0.01390

—

30 Jun 2016

0.01426

—

29 Jul 2016

0.01359

—

31 Aug 2016

0.01356

—

30 Sep 2016

0.01033

—

31 Oct 2016

0.01287

—

30 Nov 2016

0.01434

—

30 Dec 2016

0.01399

—

31 Jan 2017

0.01280

—

28 Feb 2017

0.01442

—

31 Mar 2017

0.01749

—

28 Apr 2017

0.01698

—

31 May 2017

0.01494

—

30 Jun 2017

0.01728

—

31 Jul 2017

0.01664

—

31 Aug 2017

0.01705

—

29 Sep 2017

0.01842

—

31 Oct 2017

0.01801

—

30 Nov 2017

0.01957

—

29 Dec 2017

0.01720

—

31 Jan 2018

0.01792

—

28 Feb 2018

0.01738

—

29 Mar 2018

0.02151

—

30 Apr 2018

0.02253

—

31 May 2018

0.02156

—

29 Jun 2018

0.02311

—

31 Jul 2018

0.02356

—

31 Aug 2018

0.02294

—

28 Sep 2018

0.02147

—

31 Oct 2018

0.02307

—

30 Nov 2018

0.02547

—

31 Dec 2018

0.02637

—

31 Jan 2019

0.02500

—

28 Feb 2019

0.02449

—

29 Mar 2019

0.02631

—

30 Apr 2019

0.02584

—

31 May 2019

0.02859

—

28 Jun 2019

0.02699

—

31 Jul 2019

0.02664

—

31 Aug 2019

0.02618

—

30 Sep 2019

0.02560

—

31 Oct 2019

0.02488

—

30 Nov 2019

0.06509

0.02442

0.03680

0.00387

31 Dec 2019

0.02487

—

31 Jan 2020

0.02342

—

29 Feb 2020

0.02302

—

31 Mar 2020

0.02382

—

30 Apr 2020

0.02428

—

31 May 2020

0.02314

—

30 Jun 2020

0.01971

—

31 Jul 2020

0.01911

—

31 Aug 2020

0.01926

—

30 Sep 2020

0.01871

—

30 Oct 2020

0.01805

—

30 Nov 2020

0.05775

0.02123

0.00477

0.03175

31 Dec 2020

0.01971

—

29 Jan 2021

0.01777

—

26 Feb 2021

0.01619

—

31 Mar 2021

0.01588

—

30 Apr 2021

0.01996

—

28 May 2021

0.01572

—

30 Jun 2021

0.01525

—

30 Jul 2021

0.01542

—

31 Aug 2021

0.01459

—

30 Sep 2021

0.01581

—

29 Oct 2021

0.01400

—

30 Nov 2021

0.01441

—

31 Dec 2021

0.01469

—

31 Jan 2022

0.01407

—

28 Feb 2022

0.01362

—

31 Mar 2022

0.01388

—

29 Apr 2022

0.01655

—

31 May 2022

0.01657

—

30 Jun 2022

0.01970

—

29 Jul 2022

0.02236

—

31 Aug 2022

0.02614

—

30 Sep 2022

0.02885

—

31 Oct 2022

0.03358

—

30 Nov 2022

0.03770

—

30 Dec 2022

0.04151

—

31 Jan 2023

0.04287

—

28 Feb 2023

0.04346

—

31 Mar 2023

0.04724

—

28 Apr 2023

0.04801

—

31 May 2023

0.04982

—

30 Jun 2023

0.05017

—

31 Jul 2023

0.05092

—

31 Aug 2023

0.05296

—

Fund Facts

(As of 31 Aug 2023)

Net Fund Assets

$264.2 M

Benchmark

ICE BofA US Treasury Bill

Morningstar Category

Ultrashort Bond

Fund Symbol

TLDIX

Share Class

Share Class Inception Date

30 Dec 2013

Number of Holdings

314

Portfolio Turnover

39%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

4.92%

30-Day SEC Yield (Unsubsidized)

4.67%

Annualized Distribution Yield

5.05%

Characteristics

Portfolio

(As of 31 Aug 2023)

Portfolio

Benchmark

Effective Duration

0.5 Yrs

0.3 Yrs

Average Effective Maturity

0.6 Yrs

0.3 Yrs

Portfolio

Benchmark

Weighted Average Coupon

2.7%

—

Yield to Worst

6.0%

5.4%

Risk & Return Profile

(As of 30 Jun 2023)

Beta

1.11

0.26

R-Squared (%)

54.31

0.50

Standard Deviation (%)

0.80

1.69

Sharpe Ratio

0.08

0.43

Information Ratio

0.28

0.42

Up Capture (%)

122.70

150.95

Down Capture (%)

141.02

-117.54

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 31 Jul 2023)

Name

Ticker/Symbol

Sector

Weight %

United States Treasury Bill

—

Government

2.3

United States Treasury Note/Bond

912828V80

Government

1.3

United States Treasury Bill

—

Government

1.2

United States Treasury Note/Bond

—

Government

1.1

United States Treasury Note/Bond

91282CBA8

Government

1.1

United States Treasury Note/Bond

—

Government

1.1

United States Treasury Note/Bond

—

Government

1.1

7-Eleven, Inc.

817826AB6

Consumer, Cyclical

0.9

American Electric Power Co., Inc.

—

Utilities

0.9

Eversource Energy

—

Utilities

0.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Corporate

42.7

—

Asset Backed Securities

25.0

—

Cash & Cash Equivalents

16.6

—

Treasury-Domestic

14.0

100.0

Collateralized Mortgage Obligation

1.3

—

Commercial Mortgage Backed Security

0.4

—

Mortgage Passthrough

0.0

—

Municipals

0.0

—

Agency Debenture

0.0

—

Sector Allocation

Fund (%)

Corporate

42.7

Asset Backed Securities

25.0

Cash & Cash Equivalents

16.6

Treasury-Domestic

14.0

Collateralized Mortgage Obligation

1.3

Commercial Mortgage Backed Security

0.4

Mortgage Passthrough

0.0

Municipals

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

14.1

100.0

AAA

16.8

—

5.0

—

17.0

—

BBB

28.7

—

Below Invest. Grade

1.5

—

Not Rated

0.4

—

Cash & Cash Equivalents

16.6

—

Credit Quality

Fund (%)

U.S. Government

14.1

AAA

16.8

5.0

17.0

BBB

28.7

Below Invest. Grade

1.5

Not Rated

0.4

Cash & Cash Equivalents

16.6

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Year 1

63.5

100.0

Year 2

17.4

—

Year 3

2.1

—

Year 4

0.3

—

Year 5+

0.2

—

Cash

16.6

—

Maturity

Fund (%)

Year 1

63.5

Year 2

17.4

Year 3

2.1

Year 4

0.3

Year 5+

0.2

Cash

16.6

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 made portfolio manager in 2010. Lon earned a BA in business administration with a minor in economics from Illinois Wesleyan University and an MBA from the University of Chicago Booth School of Business. He is a CFA charterholder. Prior to joining Thornburg Investment Management,…

Learn More

Jeff Klingelhofer, CFA

Co-Head of Investments and Managing Director

Jeff Klingelhofer is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Jeff is also a portfolio manager on multiple strategies. He joined the firm in 2010, then was promoted to associate portfolio manager in 2012. In 2015, Jeff was made portfolio manager and managing director. Jeff earned a BA…

Learn More

Christian Hoffmann, CFA

Portfolio Manager and Managing Director

Christian Hoffmann is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income securities analyst and was promoted to associate portfolio manager in 2014, then portfolio manager in 2018. Christian graduated cum laude from New York University with a BA in economics. He is also a CFA charterholder. Prior to joining Thornburg, he served…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

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.

© 2023 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 Corporation.

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 Corporation (TSC) does not act as broker of record for investors.

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