TLDAX

Thornburg Ultra Short Income Fund

Morningstar Rating • Info

Overall Morningstar Rating among 225 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, 2 stars and 3 stars among 225, 184 and 117 funds, as of 31 Aug 2026.

As of 31 Aug 2026

Fund Assets

$248.0 M

As of 31 Aug 2026

NAV

$12.13

As of 29 Sep 2026

Change

$0.00

As of 29 Sep 2026

YTD NAV Performance

2.04%

As of 29 Sep 2026

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, 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 2026)

YTD

10y

Inception

Total Return with Sales Charge (%)

-0.74

1.44

4.16

2.97

2.52

2.28

Total Return without Sales Charge (%)

1.54

3.77

4.95

3.45

2.68

2.41

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

1.77

3.96

4.72

3.55

2.36

1.92

Morningstar Category Avg. (%)

1.78

4.22

5.22

3.62

2.7

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

247

225

183

116

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-0.25

1.17

4.02

3.06

2.57

2.29

Total Return without Sales Charge (%)

2.04

3.49

4.81

3.54

2.73

2.42

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

2.42

3.83

4.64

3.68

2.43

1.94

Morningstar Category Avg. (%)

2.42

3.97

5.08

3.74

2.74

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

246

225

184

117

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-0.74

1.44

12.99

15.77

28.30

32.61

Total Return without Sales Charge (%)

1.54

3.77

15.59

18.46

30.25

34.66

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

1.77

3.96

14.84

19.06

26.32

26.76

YTD

10y

Inception

Total Return with Sales Charge (%)

-0.25

1.17

12.54

16.29

28.90

33.27

Total Return without Sales Charge (%)

2.04

3.49

15.13

19.00

30.87

35.33

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

2.42

3.83

14.59

19.81

27.08

27.58

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total Return with Sales Charge (%)

0.15

-0.23

-0.12

2.16

1.50

-2.14

-2.27

3.19

3.28

2.27

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

—

0.74

0.05

1.34

5.09

5.30

4.30

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.

Morningstar quartile ranking for Ultrashort Bond category is based on total returns before sales charges.

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

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

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

0.86

Net Expense Ratio (%)

0.60

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, 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

(As of 31 Aug 2026)

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

Categories,A Shares,ICE BofA U.S. Treasury Bill Index                        
2025-08-31,9776,10000
2025-09-30,9806,10035
2025-10-31,9836,10071
2025-11-30,9871,10101
2025-12-31,9914,10138
2026-01-31,9941,10168
2026-02-28,9966,10196
2026-03-31,9978,10225
2026-04-30,10005,10256
2026-05-31,10039,10287
2026-06-30,10067,10317
2026-07-31,10085,10353
2026-08-31,10117,10383

Categories,A Shares,ICE BofA U.S. Treasury Bill Index                        
2023-08-31,9775,10000
2023-09-30,9816,10045
2023-10-31,9857,10090
2023-11-30,9913,10138
2023-12-31,9978,10187
2024-01-31,10030,10230
2024-02-29,10065,10270
2024-03-31,10109,10317
2024-04-30,10147,10359
2024-05-31,10200,10410
2024-06-30,10247,10453
2024-07-31,10304,10502
2024-08-31,10361,10555
2024-09-30,10417,10602
2024-10-31,10453,10642
2024-11-30,10497,10683
2024-12-31,10542,10727
2025-01-31,10587,10766
2025-02-28,10621,10801
2025-03-31,10664,10838
2025-04-30,10698,10876
2025-05-31,10741,10915
2025-06-30,10791,10952
2025-07-31,10824,10990
2025-08-31,10875,11036
2025-09-30,10908,11074
2025-10-31,10942,11114
2025-11-30,10981,11148
2025-12-31,11029,11188
2026-01-31,11059,11221
2026-02-28,11087,11252
2026-03-31,11099,11284
2026-04-30,11130,11318
2026-05-31,11168,11353
2026-06-30,11198,11386
2026-07-31,11219,11425
2026-08-31,11254,11459

Categories,A Shares,ICE BofA U.S. Treasury Bill Index                        
2021-08-31,9772,10000
2021-09-30,9775,10000
2021-10-31,9769,10000
2021-11-30,9763,10001
2021-12-31,9765,10001
2022-01-31,9759,9998
2022-02-28,9689,9999
2022-03-31,9667,9998
2022-04-30,9655,10000
2022-05-31,9658,10006
2022-06-30,9648,10006
2022-07-31,9657,10013
2022-08-31,9684,10029
2022-09-30,9681,10048
2022-10-31,9682,10063
2022-11-30,9719,10096
2022-12-31,9767,10135
2023-01-31,9824,10168
2023-02-28,9849,10201
2023-03-31,9894,10248
2023-04-30,9932,10283
2023-05-31,9971,10320
2023-06-30,10010,10366
2023-07-31,10059,10409
2023-08-31,10101,10456
2023-09-30,10143,10503
2023-10-31,10186,10550
2023-11-30,10243,10600
2023-12-31,10311,10651
2024-01-31,10364,10696
2024-02-29,10400,10738
2024-03-31,10446,10787
2024-04-30,10485,10832
2024-05-31,10540,10884
2024-06-30,10589,10929
2024-07-31,10648,10981
2024-08-31,10706,11036
2024-09-30,10764,11086
2024-10-31,10801,11127
2024-11-30,10847,11170
2024-12-31,10894,11216
2025-01-31,10940,11257
2025-02-28,10974,11294
2025-03-31,11020,11332
2025-04-30,11055,11372
2025-05-31,11099,11412
2025-06-30,11151,11452
2025-07-31,11184,11492
2025-08-31,11237,11539
2025-09-30,11271,11579
2025-10-31,11306,11621
2025-11-30,11347,11656
2025-12-31,11396,11698
2026-01-31,11427,11732
2026-02-28,11456,11765
2026-03-31,11469,11799
2026-04-30,11501,11834
2026-05-31,11540,11871
2026-06-30,11571,11905
2026-07-31,11593,11946
2026-08-31,11629,11981

Categories,A Shares,ICE BofA U.S. Treasury Bill Index                        
2016-08-31,9850,10000
2016-09-30,9872,10005
2016-10-31,9864,10007
2016-11-30,9834,10008
2016-12-31,9844,10012
2017-01-31,9864,10018
2017-02-28,9890,10022
2017-03-31,9903,10023
2017-04-30,9914,10029
2017-05-31,9933,10034
2017-06-30,9937,10042
2017-07-31,9957,10050
2017-08-31,9968,10060
2017-09-30,9974,10068
2017-10-31,9978,10077
2017-11-30,9968,10084
2017-12-31,9972,10093
2018-01-31,9961,10105
2018-02-28,9957,10113
2018-03-31,9965,10127
2018-04-30,9974,10141
2018-05-31,9997,10157
2018-06-30,10006,10173
2018-07-31,10016,10190
2018-08-31,10049,10208
2018-09-30,10049,10223
2018-10-31,10050,10242
2018-11-30,10061,10262
2018-12-31,10113,10283
2019-01-31,10165,10305
2019-02-28,10192,10324
2019-03-31,10253,10347
2019-04-30,10273,10367
2019-05-31,10336,10392
2019-06-30,10374,10416
2019-07-31,10377,10435
2019-08-31,10448,10457
2019-09-30,10450,10474
2019-10-31,10470,10496
2019-11-30,10481,10509
2019-12-31,10491,10524
2020-01-31,10543,10539
2020-02-29,10586,10558
2020-03-31,10317,10593
2020-04-30,10480,10593
2020-05-31,10617,10593
2020-06-30,10708,10595
2020-07-31,10740,10597
2020-08-31,10763,10598
2020-09-30,10777,10599
2020-10-31,10782,10600
2020-11-30,10796,10601
2020-12-31,10811,10602
2021-01-31,10816,10603
2021-02-28,10820,10604
2021-03-31,10814,10605
2021-04-30,10821,10606
2021-05-31,10824,10606
2021-06-30,10827,10605
2021-07-31,10830,10606
2021-08-31,10832,10607
2021-09-30,10835,10607
2021-10-31,10828,10607
2021-11-30,10822,10607
2021-12-31,10824,10608
2022-01-31,10817,10605
2022-02-28,10740,10605
2022-03-31,10715,10605
2022-04-30,10702,10607
2022-05-31,10706,10613
2022-06-30,10695,10613
2022-07-31,10704,10620
2022-08-31,10734,10637
2022-09-30,10731,10657
2022-10-31,10733,10674
2022-11-30,10773,10708
2022-12-31,10826,10750
2023-01-31,10889,10785
2023-02-28,10918,10820
2023-03-31,10967,10870
2023-04-30,11009,10906
2023-05-31,11052,10946
2023-06-30,11096,10995
2023-07-31,11150,11040
2023-08-31,11196,11090
2023-09-30,11243,11140
2023-10-31,11291,11190
2023-11-30,11354,11243
2023-12-31,11429,11297
2024-01-31,11488,11345
2024-02-29,11528,11390
2024-03-31,11579,11441
2024-04-30,11622,11489
2024-05-31,11683,11544
2024-06-30,11737,11592
2024-07-31,11802,11647
2024-08-31,11867,11705
2024-09-30,11931,11758
2024-10-31,11972,11802
2024-11-30,12023,11847
2024-12-31,12075,11896
2025-01-31,12126,11940
2025-02-28,12165,11979
2025-03-31,12215,12020
2025-04-30,12254,12062
2025-05-31,12303,12104
2025-06-30,12360,12146
2025-07-31,12397,12189
2025-08-31,12456,12239
2025-09-30,12494,12282
2025-10-31,12532,12326
2025-11-30,12578,12363
2025-12-31,12632,12407
2026-01-31,12666,12444
2026-02-28,12698,12478
2026-03-31,12713,12514
2026-04-30,12748,12552
2026-05-31,12791,12590
2026-06-30,12826,12627
2026-07-31,12850,12670
2026-08-31,12890,12708

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
2018-03-31,10304,10167
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
2020-04-30,10836,10635
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
2024-12-31,12485,11942
2025-01-31,12538,11986
2025-02-28,12577,12026
2025-03-31,12629,12067
2025-04-30,12669,12109
2025-05-31,12720,12152
2025-06-30,12780,12194
2025-07-31,12818,12236
2025-08-31,12878,12287
2025-09-30,12918,12330
2025-10-31,12958,12374
2025-11-30,13004,12411
2025-12-31,13061,12456
2026-01-31,13096,12493
2026-02-28,13129,12527
2026-03-31,13145,12563
2026-04-30,13181,12601
2026-05-31,13225,12640
2026-06-30,13261,12676
2026-07-31,13286,12720
2026-08-31,13327,12758

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
2024-12-31,0.05289
2025-01-31,0.05189
2025-02-28,0.04854
2025-03-31,0.05029
2025-04-30,0.04880
2025-05-31,0.04899
2025-06-30,0.04724
2025-07-31,0.04634
2025-08-31,0.04750
2025-09-30,0.04721
2025-10-31,0.04795
2025-11-30,0.04380
2025-12-31,0.04296
2026-01-31,0.04296
2026-02-28,0.03092
2026-03-31,0.03419
2026-04-30,0.04347
2026-05-31,0.04115
2026-06-30,0.04320
2026-07-31,0.04259
2026-08-31,0.03757

            Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2014-01-31,0.01084,0.01084,0,0
2014-02-28,0.01275,0.01275,0,0
2014-03-31,0.01147,0.01147,0,0
2014-04-30,0.01029,0.01029,0,0
2014-05-30,0.00918,0.00918,0,0
2014-06-30,0.01551,0.01551,0,0
2014-07-31,0.00867,0.00867,0,0
2014-08-29,0.00681,0.00681,0,0
2014-09-30,0.00739,0.00739,0,0
2014-10-31,0.00749,0.00749,0,0
2014-11-28,0.00770,0.00770,0,0
2014-12-31,0.00699,0.00699,0,0
2015-01-30,0.00685,0.00685,0,0
2015-02-27,0.00766,0.00766,0,0
2015-03-31,0.00692,0.00692,0,0
2015-04-30,0.00657,0.00657,0,0
2015-05-29,0.00645,0.00645,0,0
2015-06-30,0.00660,0.00660,0,0
2015-07-31,0.00634,0.00634,0,0
2015-08-31,0.00688,0.00688,0,0
2015-09-30,0.00711,0.00711,0,0
2015-10-30,0.00600,0.00600,0,0
2015-11-30,0.00745,0.00745,0,0
2015-12-31,0.01055,0.01055,0,0
2016-01-29,0.00891,0.00891,0,0
2016-02-29,0.00832,0.00832,0,0
2016-03-31,0.01019,0.01019,0,0
2016-04-29,0.01057,0.01057,0,0
2016-05-31,0.01180,0.01180,0,0
2016-06-30,0.01222,0.01222,0,0
2016-07-29,0.01148,0.01148,0,0
2016-08-31,0.01145,0.01145,0,0
2016-09-30,0.00792,0.00792,0,0
2016-10-31,0.01076,0.01076,0,0
2016-11-30,0.01230,0.01230,0,0
2016-12-30,0.01189,0.01189,0,0
2017-01-31,0.01586,0.01586,0,0
2017-02-28,0.01252,0.01252,0,0
2017-03-31,0.01539,0.01539,0,0
2017-04-28,0.01495,0.01495,0,0
2017-05-31,0.01283,0.01283,0,0
2017-06-30,0.01522,0.01522,0,0
2017-07-31,0.01454,0.01454,0,0
2017-08-31,0.01495,0.01495,0,0
2017-09-29,0.01641,0.01641,0,0
2017-10-31,0.01591,0.01591,0,0
2017-11-30,0.01743,0.01743,0,0
2017-12-29,0.01509,0.01509,0,0
2018-01-31,0.01584,0.01584,0,0
2018-02-28,0.01525,0.01525,0,0
2018-03-29,0.02012,0.02012,0,0
2018-04-30,0.02019,0.02019,0,0
2018-05-31,0.01950,0.01950,0,0
2018-06-29,0.02110,0.02110,0,0
2018-07-31,0.02146,0.02146,0,0
2018-08-31,0.02092,0.02092,0,0
2018-09-28,0.01946,0.01946,0,0
2018-10-31,0.02105,0.02105,0,0
2018-11-30,0.02348,0.02348,0,0
2018-12-31,0.02427,0.02427,0,0
2019-01-31,0.02293,0.02293,0,0
2019-02-28,0.02263,0.02263,0,0
2019-03-29,0.02433,0.02433,0,0
2019-04-30,0.02389,0.02389,0,0
2019-05-31,0.02642,0.02642,0,0
2019-06-28,0.02496,0.02496,0,0
2019-07-31,0.02454,0.02454,0,0
2019-08-31,0.02403,0.02403,0,0
2019-09-30,0.02357,0.02357,0,0
2019-10-31,0.02278,0.02278,0,0
2019-11-14,0.04067,0,0.03680,0.00387
2019-11-30,0.02240,0.02240,0,0
2019-12-31,0.02276,0.02276,0,0
2020-01-31,0.02132,0.02132,0,0
2020-02-29,0.02106,0.02106,0,0
2020-03-31,0.02177,0.02177,0,0
2020-04-30,0.02227,0.02227,0,0
2020-05-31,0.02106,0.02106,0,0
2020-06-30,0.01769,0.01769,0,0
2020-07-31,0.01699,0.01699,0,0
2020-08-31,0.01716,0.01716,0,0
2020-09-30,0.01666,0.01666,0,0
2020-10-30,0.01593,0.01593,0,0
2020-11-19,0.03652,0,0.00477,0.03175
2020-11-30,0.01914,0.01914,0,0
2020-12-31,0.01762,0.01762,0,0
2021-01-29,0.01564,0.01564,0,0
2021-02-26,0.01427,0.01427,0,0
2021-03-31,0.01381,0.01381,0,0
2021-04-30,0.01792,0.01792,0,0
2021-05-28,0.01360,0.01360,0,0
2021-06-30,0.01320,0.01320,0,0
2021-07-30,0.01332,0.01332,0,0
2021-08-31,0.01250,0.01250,0,0
2021-09-30,0.01378,0.01378,0,0
2021-10-29,0.01192,0.01192,0,0
2021-11-30,0.01229,0.01229,0,0
2021-12-31,0.01258,0.01258,0,0
2022-01-31,0.01200,0.01200,0,0
2022-02-28,0.01184,0.01184,0,0
2022-03-31,0.01179,0.01179,0,0
2022-04-29,0.01455,0.01455,0,0
2022-05-31,0.01452,0.01452,0,0
2022-06-30,0.01773,0.01773,0,0
2022-07-29,0.02032,0.02032,0,0
2022-08-31,0.02410,0.02410,0,0
2022-09-30,0.02689,0.02689,0,0
2022-10-31,0.03154,0.03154,0,0
2022-11-30,0.03575,0.03575,0,0
2022-12-30,0.03949,0.03949,0,0
2023-01-31,0.04096,0.04096,0,0
2023-02-28,0.04159,0.04159,0,0
2023-03-31,0.04521,0.04521,0,0
2023-04-28,0.04606,0.04606,0,0
2023-05-31,0.04779,0.04779,0,0
2023-06-30,0.04821,0.04821,0,0
2023-07-31,0.04890,0.04890,0,0
2023-08-31,0.05092,0.05092,0,0
2023-09-29,0.05065,0.05065,0,0
2023-10-31,0.05158,0.05158,0,0
2023-11-30,0.04842,0.04842,0,0
2023-12-29,0.06077,0.06077,0,0
2024-01-31,0.05317,0.05317,0,0
2024-02-29,0.05255,0.05255,0,0
2024-03-28,0.05352,0.05352,0,0
2024-04-30,0.05552,0.05552,0,0
2024-05-31,0.06402,0.06402,0,0
2024-06-28,0.05640,0.05640,0,0
2024-07-31,0.05795,0.05795,0,0
2024-08-30,0.05728,0.05728,0,0
2024-09-30,0.05585,0.05585,0,0
2024-10-31,0.05197,0.05197,0,0
2024-11-29,0.05174,0.05174,0,0
2024-12-31,0.05289,0.05289,0,0
2025-01-31,0.05189,0.05189,0,0
2025-02-28,0.04854,0.04854,0,0
2025-03-31,0.05029,0.05029,0,0
2025-04-30,0.04880,0.04880,0,0
2025-05-30,0.04899,0.04899,0,0
2025-06-30,0.04724,0.04724,0,0
2025-07-31,0.04634,0.04634,0,0
2025-08-29,0.04750,0.04750,0,0
2025-09-30,0.04721,0.04721,0,0
2025-10-31,0.04795,0.04795,0,0
2025-11-28,0.04380,0.04380,0,0
2025-12-31,0.04296,0.04296,0,0
2026-01-30,0.04296,0.04296,0,0
2026-02-27,0.03092,0.03092,0,0
2026-03-31,0.03419,0.03419,0,0
2026-04-30,0.04347,0.04347,0,0
2026-05-29,0.04115,0.04115,0,0
2026-06-30,0.04320,0.04320,0,0
2026-07-31,0.04259,0.04259,0,0
2026-08-31,0.03757,0.03757,0,0

Distributions

(As of 31 Aug 2026)

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

$0.00918

—

30 Jun 2014

$0.01551

—

31 Jul 2014

$0.00867

—

29 Aug 2014

$0.00681

—

30 Sep 2014

$0.00739

—

31 Oct 2014

$0.00749

—

28 Nov 2014

$0.00770

—

31 Dec 2014

$0.00699

—

30 Jan 2015

$0.00685

—

27 Feb 2015

$0.00766

—

31 Mar 2015

$0.00692

—

30 Apr 2015

$0.00657

—

29 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

$0.00600

—

30 Nov 2015

$0.00745

—

31 Dec 2015

$0.01055

—

29 Jan 2016

$0.00891

—

29 Feb 2016

$0.00832

—

31 Mar 2016

$0.01019

—

29 Apr 2016

$0.01057

—

31 May 2016

$0.01180

—

30 Jun 2016

$0.01222

—

29 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

$0.01189

—

31 Jan 2017

$0.01586

—

28 Feb 2017

$0.01252

—

31 Mar 2017

$0.01539

—

28 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

$0.01641

—

31 Oct 2017

$0.01591

—

30 Nov 2017

$0.01743

—

29 Dec 2017

$0.01509

—

31 Jan 2018

$0.01584

—

28 Feb 2018

$0.01525

—

29 Mar 2018

$0.02012

—

30 Apr 2018

$0.02019

—

31 May 2018

$0.01950

—

29 Jun 2018

$0.02110

—

31 Jul 2018

$0.02146

—

31 Aug 2018

$0.02092

—

28 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

$0.02433

—

30 Apr 2019

$0.02389

—

31 May 2019

$0.02642

—

28 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

$0.01593

—

19 Nov 2020

$0.03652

—

$0.00477

$0.03175

30 Nov 2020

$0.01914

—

31 Dec 2020

$0.01762

—

29 Jan 2021

$0.01564

—

26 Feb 2021

$0.01427

—

31 Mar 2021

$0.01381

—

30 Apr 2021

$0.01792

—

28 May 2021

$0.01360

—

30 Jun 2021

$0.01320

—

30 Jul 2021

$0.01332

—

31 Aug 2021

$0.01250

—

30 Sep 2021

$0.01378

—

29 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

$0.01455

—

31 May 2022

$0.01452

—

30 Jun 2022

$0.01773

—

29 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

$0.03949

—

31 Jan 2023

$0.04096

—

28 Feb 2023

$0.04159

—

31 Mar 2023

$0.04521

—

28 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

$0.05065

—

31 Oct 2023

$0.05158

—

30 Nov 2023

$0.04842

—

29 Dec 2023

$0.06077

—

31 Jan 2024

$0.05317

—

29 Feb 2024

$0.05255

—

28 Mar 2024

$0.05352

—

30 Apr 2024

$0.05552

—

31 May 2024

$0.06402

—

28 Jun 2024

$0.05640

—

31 Jul 2024

$0.05795

—

30 Aug 2024

$0.05728

—

30 Sep 2024

$0.05585

—

31 Oct 2024

$0.05197

—

29 Nov 2024

$0.05174

—

31 Dec 2024

$0.05289

—

31 Jan 2025

$0.05189

—

28 Feb 2025

$0.04854

—

31 Mar 2025

$0.05029

—

30 Apr 2025

$0.04880

—

30 May 2025

$0.04899

—

30 Jun 2025

$0.04724

—

31 Jul 2025

$0.04634

—

29 Aug 2025

$0.04750

—

30 Sep 2025

$0.04721

—

31 Oct 2025

$0.04795

—

28 Nov 2025

$0.04380

—

31 Dec 2025

$0.04296

—

30 Jan 2026

$0.04296

—

27 Feb 2026

$0.03092

—

31 Mar 2026

$0.03419

—

30 Apr 2026

$0.04347

—

29 May 2026

$0.04115

—

30 Jun 2026

$0.04320

—

31 Jul 2026

$0.04259

—

31 Aug 2026

$0.03757

—

Fund Facts

(As of 31 Aug 2026)

Net Fund Assets

$248.0 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

Distribution Frequency

Monthly

Annualized Distribution Yield

3.63%

Characteristics

Portfolio

(As of 31 Aug 2026)

Portfolio

Benchmark

Number of Holdings

304

—

Annual Portfolio Turnover

58%

—

Effective Duration

0.6 Yrs

0.3 Yrs

Average Effective Maturity

0.6 Yrs

0.3 Yrs

Portfolio

Benchmark

Weighted Average Coupon

4.5%

—

Yield to Worst

4.6%

3.8%

30-Day SEC Yield (Subsidized)

3.92%

—

30-Day SEC Yield (Unsubsidized)

3.51%

—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

(As of 31 Aug 2026)

10y

Annualized Alpha (%)

-1.41

-1.25

1.09

Beta

1.37

1.34

0.73

R-Squared (%)

67.21

79.50

9.73

Standard Deviation (%)

0.37

0.81

1.29

Sharpe Ratio

0.30

-0.23

0.29

Information Ratio

1.07

-0.10

0.35

Tracking Error (%)

0.23

0.41

1.24

Up Capture (%)

105.16

101.42

119.12

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Aug 2026)

Name

Ticker/Symbol

Weight %

United States Treasury Note/Bond

91282CCE9

3.4

AmeriCredit Automobile Receivables Trust 2023-2

03065UAE9

1.1

OneMain Direct Auto Receivables Trust 2023-1

682685AA0

1.0

CDW, LLC/ CDW Finance Corp.

12513GBG3

1.0

United States Treasury Note/Bond

91282CMF5

1.0

Alcon Finance Corp.

01400EAA1

1.0

SFS Auto Receivables Securitization Trust 2023-1

78398AAF0

0.9

OCCU Auto Receivables Trust 2022-1

67115YAD8

0.8

GLS Auto Select Receivables Trust 2023-2

36269EAD1

0.8

Capital One Prime Auto Receivables Trust 2023-1

14043KAK1

0.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Asset Backed Securities

46.1

—

Corporate Bond

29.8

—

Short-Term Investments, Other Assets & Liabilities

10.9

—

Collateralized Mortgage Obligation

7.7

—

Treasury Domestic

5.1

100.0

Commercial Mortgage Backed Security

0.5

—

Mortgage Passthrough

0.0

—

Sector Allocation

Fund (%)

Asset Backed Securities

46.1

Corporate Bond

29.8

Short-Term Investments, Other Assets & Liabilities

10.9

Collateralized Mortgage Obligation

7.7

Treasury Domestic

5.1

Commercial Mortgage Backed Security

0.5

Mortgage Passthrough

0.0

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

U.S. Government

5.4

100.0

AAA

35.3

—

8.9

—

11.3

—

BBB

21.3

—

Below Invest. Grade

4.4

—

Not Rated

2.5

—

Short-Term Investments, Other Assets & Liabilities

10.9

—

Credit Quality

Fund (%)

U.S. Government

5.4

AAA

35.3

8.9

11.3

BBB

21.3

Below Invest. Grade

4.4

Not Rated

2.5

Short-Term Investments, Other Assets & Liabilities

10.9

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Year 1

70.6

100.0

Year 2

15.2

—

Year 3

1.8

—

Year 4

1.2

—

Year 5+

0.4

—

Short-Term Investments, Other Assets & Liabilities

10.9

—

Maturity

Fund (%)

Year 1

70.6

Year 2

15.2

Year 3

1.8

Year 4

1.2

Year 5+

0.4

Short-Term Investments, Other Assets & Liabilities

10.9

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.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Short-Term Investments, Other Assets & Liabilities includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

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, Portfolio Manager 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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Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-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.

© 2026 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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TLDAX

Thornburg Ultra Short Income Fund

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Hypothetical Growth of $10,000

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Exposure Breakdown

Portfolio Managers

Lon Erickson, CFA

Christian Hoffmann, CFA

Literature

Important Information

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TLDAX

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

What Tight Credit Spreads Mean for Investors

Don’t Wait for the All Clear

Navigating Tight Credit Spreads With a Defensive Income Mindset