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Welcome to Thornburg

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The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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Disclaimers

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Thornburg Limited Term Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 534 Short-Term Bond funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 3 stars and 3 stars among 534, 494 and 359 funds, as of 31 Mar 2024.

As of 31 Mar 2024
Fund Assets
$6.5 B
As of 31 Mar 2024
NAV
$12.63
As of 18 Apr 2024
Change
$-0.02
As of 18 Apr 2024
YTD NAV Performance
-0.37%
As of 18 Apr 2024
Asset Category:
Global Fixed Income
Fund Benchmark:
BBG Int US Govt/Credit TR Value

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

Consistent Outperformance vs. Peers

The fund has navigated interest rate cycles and market volatility while delivering income and consistent total return over time versus peers. THIIX also has a history of providing:

  • Core Bond Like Returns with Less Volatility
  • Superior Risk-Adjust Returns
  • Consistent Outperformance versus Peers

To learn more, download our client-approved brochure or continue to explore the rest of the page.

Download Now

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. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330. 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.

LTI Batting Average-1Q24
OverviewPerformanceFund FactsCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

 

Why Invest in This Fund?

 

  • Flexible, active high-quality portfolio that consists primarily of U.S short- and intermediate-term investment grade bonds.
  • Proven bottom-up fundamental approach that seeks to identify attractive fixed income opportunities on a relative value basis.
  • Highly active strategy that seeks to deliver total return through income and preserve capital with moderate interest rate exposure.

Investment Objective

The fund’s goal is to provide investors as high a level of current income as is consistent with safety of capital. The fund also seeks to reduce changes in its share price compared to longer term portfolios.

Investment Approach

The fund employs a flexible and highly active approach to construct a portfolio of U.S. dollar–denominated short/intermediate investment grade bonds. It is designed for stability, capital preservation and moderate interest rate exposure. The fund seeks to drive returns through income and superior relative value issue selection in a dynamically changing fixed income environment.

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Performance

Performance

Returns

(As of 31 Mar 2024)
Average Annual Return
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.20
3.71
-0.34
1.48
1.70
3.98
Total Return without Sales Charge (%)
0.70
4.21
-0.34
1.48
1.70
3.98
BBG Int US Govt/Credit TR Value (%)
-0.15
2.69
-1.06
1.09
1.61
4.19
Morningstar Category Avg. (%)
0.88
4.9
0.48
1.68
1.6
—
Morningstar Quartile
—
3
4
3
2
—
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.20
3.71
-0.34
1.48
1.70
3.98
Total Return without Sales Charge (%)
0.70
4.21
-0.34
1.48
1.70
3.98
BBG Int US Govt/Credit TR Value (%)
-0.15
2.69
-1.06
1.09
1.61
4.19
Morningstar Category Avg. (%)
0.88
4.9
0.48
1.68
1.6
—
Morningstar Quartile
—
3
4
3
2
—
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.20
3.71
-1.01
7.64
18.32
216.82
Total Return without Sales Charge (%)
0.70
4.21
-1.01
7.64
18.32
216.82
BBG Int US Govt/Credit TR Value (%)
-0.15
2.69
-3.16
5.59
17.26
264.09
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.20
3.71
-1.01
7.64
18.32
216.82
Total Return without Sales Charge (%)
0.70
4.21
-1.01
7.64
18.32
216.82
BBG Int US Govt/Credit TR Value (%)
-0.15
2.69
-3.16
5.59
17.26
264.09
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
0.28
4.64
6.64
-1.78
-8.00
5.53
BBG Int US Govt/Credit TR Value (%)
0.88
6.80
6.43
-1.44
-8.23
5.24

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%. C shares include a 0.50% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for Short-Term Bond category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 574, 535, 495 and 357 funds, respectively, as of 31 Dec 2023, and 569, 536, 495 and 358 funds, respectively, as of 29 Feb 2024.

Prior to inception of I and R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A shares, 1 Oct 1992; C shares, 1 Sep 1994; I shares, 5 Jul 1996; R3 shares, 1 Jul 2003; R4 shares, 1 Feb 2014; R5 shares, 1 May 2012; R6 shares, 10 Apr 2017.

Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.01
Net Expense Ratio (%)
1.01

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.

Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Mar 2024)
(Hypothetical Growth of $10,000 vs BBG Int US Govt/Credit TR Value)

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

Distributions

(As of 28 Mar 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 1994
31 Jan 1994
0
—
—
—
28 Feb 1994
28 Feb 1994
0
—
—
—
31 Mar 1994
31 Mar 1994
0
—
—
—
30 Apr 1994
30 Apr 1994
0
—
—
—
31 May 1994
31 May 1994
0
—
—
—
30 Jun 1994
30 Jun 1994
0
—
—
—
31 Jul 1994
31 Jul 1994
0
—
—
—
31 Aug 1994
31 Aug 1994
0
—
—
—
30 Sep 1994
30 Sep 1994
0.05407
0.05407
—
—
31 Oct 1994
31 Oct 1994
0.04846
0.04846
—
—
30 Nov 1994
30 Nov 1994
0.05805
0.05805
—
—
30 Dec 1994
31 Dec 1994
0.05975
0.05975
—
—
31 Jan 1995
31 Jan 1995
0.05904
0.05904
—
—
28 Feb 1995
28 Feb 1995
0.05927
0.05927
—
—
31 Mar 1995
31 Mar 1995
0.06039
0.06039
—
—
28 Apr 1995
30 Apr 1995
0.06003
0.06003
—
—
31 May 1995
31 May 1995
0.05951
0.05951
—
—
30 Jun 1995
30 Jun 1995
0.05859
0.05859
—
—
31 Jul 1995
31 Jul 1995
0.05979
0.05979
—
—
31 Aug 1995
31 Aug 1995
0.06003
0.06003
—
—
29 Sep 1995
30 Sep 1995
0.05948
0.05948
—
—
31 Oct 1995
31 Oct 1995
0.06045
0.06045
—
—
30 Nov 1995
30 Nov 1995
0.05991
0.05991
—
—
29 Dec 1995
31 Dec 1995
0.05941
0.05941
—
—
31 Jan 1996
31 Jan 1996
0.05944
0.05944
—
—
29 Feb 1996
29 Feb 1996
0.05856
0.05856
—
—
29 Mar 1996
31 Mar 1996
0.05973
0.05973
—
—
30 Apr 1996
30 Apr 1996
0.05927
0.05927
—
—
31 May 1996
31 May 1996
0.05926
0.05926
—
—
28 Jun 1996
30 Jun 1996
0.05903
0.05903
—
—
31 Jul 1996
31 Jul 1996
0.05970
0.05970
—
—
30 Aug 1996
31 Aug 1996
0.05947
0.05947
—
—
30 Sep 1996
30 Sep 1996
0.06029
0.06029
—
—
31 Oct 1996
31 Oct 1996
0.05988
0.05988
—
—
29 Nov 1996
30 Nov 1996
0.05927
0.05927
—
—
31 Dec 1996
31 Dec 1996
0.06046
0.06046
—
—
31 Jan 1997
31 Jan 1997
0.06051
0.06051
—
—
28 Feb 1997
28 Feb 1997
0.05859
0.05859
—
—
31 Mar 1997
31 Mar 1997
0.05960
0.05960
—
—
30 Apr 1997
30 Apr 1997
0.05911
0.05911
—
—
30 May 1997
31 May 1997
0.05896
0.05896
—
—
30 Jun 1997
30 Jun 1997
0.05858
0.05858
—
—
31 Jul 1997
31 Jul 1997
0.05889
0.05889
—
—
29 Aug 1997
31 Aug 1997
0.05820
0.05820
—
—
30 Sep 1997
30 Sep 1997
0.05661
0.05661
—
—
31 Oct 1997
31 Oct 1997
0.05772
0.05772
—
—
28 Nov 1997
30 Nov 1997
0.05693
0.05693
—
—
31 Dec 1997
31 Dec 1997
0.05529
0.05529
—
—
30 Jan 1998
31 Jan 1998
0.05602
0.05602
—
—
27 Feb 1998
28 Feb 1998
0.05625
0.05625
—
—
31 Mar 1998
31 Mar 1998
0.05518
0.05518
—
—
30 Apr 1998
30 Apr 1998
0.05442
0.05442
—
—
29 May 1998
31 May 1998
0.05464
0.05464
—
—
30 Jun 1998
30 Jun 1998
0.05470
0.05470
—
—
31 Jul 1998
31 Jul 1998
0.05444
0.05444
—
—
31 Aug 1998
31 Aug 1998
0.05515
0.05515
—
—
30 Sep 1998
30 Sep 1998
0.05421
0.05421
—
—
30 Oct 1998
31 Oct 1998
0.05352
0.05352
—
—
30 Nov 1998
30 Nov 1998
0.05341
0.05341
—
—
31 Dec 1998
31 Dec 1998
0.05365
0.05365
—
—
29 Jan 1999
31 Jan 1999
0.05351
0.05351
—
—
26 Feb 1999
28 Feb 1999
0.05477
0.05477
—
—
31 Mar 1999
31 Mar 1999
0.05370
0.05370
—
—
30 Apr 1999
30 Apr 1999
0.05322
0.05322
—
—
28 May 1999
31 May 1999
0.05348
0.05348
—
—
30 Jun 1999
30 Jun 1999
0.05382
0.05382
—
—
30 Jul 1999
31 Jul 1999
0.05302
0.05302
—
—
31 Aug 1999
31 Aug 1999
0.05338
0.05338
—
—
30 Sep 1999
30 Sep 1999
0.05289
0.05289
—
—
29 Oct 1999
31 Oct 1999
0.05371
0.05371
—
—
30 Nov 1999
30 Nov 1999
0.05452
0.05452
—
—
31 Dec 1999
31 Dec 1999
0.05559
0.05559
—
—
31 Jan 2000
31 Jan 2000
0.05493
0.05493
—
—
29 Feb 2000
29 Feb 2000
0.05617
0.05617
—
—
31 Mar 2000
31 Mar 2000
0.05651
0.05651
—
—
28 Apr 2000
30 Apr 2000
0.05847
0.05847
—
—
31 May 2000
31 May 2000
0.05849
0.05849
—
—
30 Jun 2000
30 Jun 2000
0.05885
0.05885
—
—
31 Jul 2000
31 Jul 2000
0.05864
0.05864
—
—
31 Aug 2000
31 Aug 2000
0.05860
0.05860
—
—
29 Sep 2000
30 Sep 2000
0.05886
0.05886
—
—
31 Oct 2000
31 Oct 2000
0.05851
0.05851
—
—
30 Nov 2000
30 Nov 2000
0.05857
0.05857
—
—
29 Dec 2000
31 Dec 2000
0.05805
0.05805
—
—
31 Jan 2001
31 Jan 2001
0.05810
0.05810
—
—
28 Feb 2001
28 Feb 2001
0.05807
0.05807
—
—
30 Mar 2001
31 Mar 2001
0.05780
0.05780
—
—
30 Apr 2001
30 Apr 2001
0.05716
0.05716
—
—
31 May 2001
31 May 2001
0.05664
0.05664
—
—
29 Jun 2001
30 Jun 2001
0.05743
0.05743
—
—
31 Jul 2001
31 Jul 2001
0.05513
0.05513
—
—
31 Aug 2001
31 Aug 2001
0.05345
0.05345
—
—
28 Sep 2001
30 Sep 2001
0.05170
0.05170
—
—
31 Oct 2001
31 Oct 2001
0.05121
0.05121
—
—
30 Nov 2001
30 Nov 2001
0.05065
0.05065
—
—
31 Dec 2001
31 Dec 2001
0.04822
0.04822
—
—
31 Jan 2002
31 Jan 2002
0.04803
0.04803
—
—
28 Feb 2002
28 Feb 2002
0.04622
0.04622
—
—
28 Mar 2002
31 Mar 2002
0.04731
0.04731
—
—
30 Apr 2002
30 Apr 2002
0.04736
0.04736
—
—
31 May 2002
31 May 2002
0.04722
0.04722
—
—
28 Jun 2002
30 Jun 2002
0.04657
0.04657
—
—
31 Jul 2002
31 Jul 2002
0.04339
0.04339
—
—
30 Aug 2002
31 Aug 2002
0.04200
0.04200
—
—
30 Sep 2002
30 Sep 2002
0.04312
0.04312
—
—
31 Oct 2002
31 Oct 2002
0.04321
0.04321
—
—
29 Nov 2002
30 Nov 2002
0.04227
0.04227
—
—
31 Dec 2002
31 Dec 2002
0.03976
0.03976
—
—
31 Jan 2003
31 Jan 2003
0.03710
0.03710
—
—
28 Feb 2003
28 Feb 2003
0.03478
0.03478
—
—
31 Mar 2003
31 Mar 2003
0.03790
0.03790
—
—
30 Apr 2003
30 Apr 2003
0.04134
0.04134
—
—
30 May 2003
31 May 2003
0.03996
0.03996
—
—
30 Jun 2003
30 Jun 2003
0.03497
0.03497
—
—
31 Jul 2003
31 Jul 2003
0.03537
0.03537
—
—
29 Aug 2003
31 Aug 2003
0.03718
0.03718
—
—
30 Sep 2003
30 Sep 2003
0.03774
0.03774
—
—
31 Oct 2003
31 Oct 2003
0.03499
0.03499
—
—
28 Nov 2003
30 Nov 2003
0.03435
0.03435
—
—
31 Dec 2003
31 Dec 2003
0.03274
0.03274
—
—
30 Jan 2004
31 Jan 2004
0.03220
0.03220
—
—
27 Feb 2004
29 Feb 2004
0.03303
0.03303
—
—
31 Mar 2004
31 Mar 2004
0.03130
0.03130
—
—
30 Apr 2004
30 Apr 2004
0.03206
0.03206
—
—
28 May 2004
31 May 2004
0.03153
0.03153
—
—
30 Jun 2004
30 Jun 2004
0.03201
0.03201
—
—
30 Jul 2004
31 Jul 2004
0.03230
0.03230
—
—
31 Aug 2004
31 Aug 2004
0.03353
0.03353
—
—
30 Sep 2004
30 Sep 2004
0.03522
0.03522
—
—
29 Oct 2004
31 Oct 2004
0.03415
0.03415
—
—
30 Nov 2004
30 Nov 2004
0.03378
0.03378
—
—
31 Dec 2004
31 Dec 2004
0.03638
0.03638
—
—
31 Jan 2005
31 Jan 2005
0.03396
0.03396
—
—
28 Feb 2005
28 Feb 2005
0.03527
0.03527
—
—
31 Mar 2005
31 Mar 2005
0.03435
0.03435
—
—
29 Apr 2005
30 Apr 2005
0.03521
0.03521
—
—
31 May 2005
31 May 2005
0.03436
0.03436
—
—
30 Jun 2005
30 Jun 2005
0.03512
0.03512
—
—
29 Jul 2005
31 Jul 2005
0.03559
0.03559
—
—
31 Aug 2005
31 Aug 2005
0.05328
0.05328
—
—
30 Sep 2005
30 Sep 2005
0.03810
0.03810
—
—
31 Oct 2005
31 Oct 2005
0.03591
0.03591
—
—
30 Nov 2005
30 Nov 2005
0.03806
0.03806
—
—
30 Dec 2005
31 Dec 2005
0.03889
0.03889
—
—
31 Jan 2006
31 Jan 2006
0.04020
0.04020
—
—
28 Feb 2006
28 Feb 2006
0.03953
0.03953
—
—
31 Mar 2006
31 Mar 2006
0.03815
0.03815
—
—
28 Apr 2006
30 Apr 2006
0.03915
0.03915
—
—
31 May 2006
31 May 2006
0.03957
0.03957
—
—
30 Jun 2006
30 Jun 2006
0.03979
0.03979
—
—
31 Jul 2006
31 Jul 2006
0.03994
0.03994
—
—
31 Aug 2006
31 Aug 2006
0.04075
0.04075
—
—
29 Sep 2006
30 Sep 2006
0.04180
0.04180
—
—
31 Oct 2006
31 Oct 2006
0.04142
0.04142
—
—
30 Nov 2006
30 Nov 2006
0.04032
0.04032
—
—
29 Dec 2006
31 Dec 2006
0.04160
0.04160
—
—
31 Jan 2007
31 Jan 2007
0.03676
0.03676
—
—
28 Feb 2007
28 Feb 2007
0.03744
0.03744
—
—
30 Mar 2007
31 Mar 2007
0.03738
0.03738
—
—
30 Apr 2007
30 Apr 2007
0.03937
0.03937
—
—
31 May 2007
31 May 2007
0.03866
0.03866
—
—
29 Jun 2007
30 Jun 2007
0.04027
0.04027
—
—
31 Jul 2007
31 Jul 2007
0.04088
0.04088
—
—
31 Aug 2007
31 Aug 2007
0.04027
0.04027
—
—
28 Sep 2007
30 Sep 2007
0.04004
0.04004
—
—
31 Oct 2007
31 Oct 2007
0.04048
0.04048
—
—
30 Nov 2007
30 Nov 2007
0.04080
0.04080
—
—
31 Dec 2007
31 Dec 2007
0.04179
0.04179
—
—
31 Jan 2008
31 Jan 2008
0.04151
0.04151
—
—
29 Feb 2008
29 Feb 2008
0.04211
0.04211
—
—
31 Mar 2008
31 Mar 2008
0.04337
0.04337
—
—
30 Apr 2008
30 Apr 2008
0.04308
0.04308
—
—
30 May 2008
31 May 2008
0.04244
0.04244
—
—
30 Jun 2008
30 Jun 2008
0.04313
0.04313
—
—
31 Jul 2008
31 Jul 2008
0.04333
0.04333
—
—
29 Aug 2008
31 Aug 2008
0.04862
0.04862
—
—
30 Sep 2008
30 Sep 2008
0.04407
0.04407
—
—
31 Oct 2008
31 Oct 2008
0.04806
0.04806
—
—
28 Nov 2008
30 Nov 2008
0.04960
0.04960
—
—
31 Dec 2008
31 Dec 2008
0.04824
0.04824
—
—
30 Jan 2009
31 Jan 2009
0.04703
0.04703
—
—
27 Feb 2009
28 Feb 2009
0.04759
0.04759
—
—
31 Mar 2009
31 Mar 2009
0.04734
0.04734
—
—
30 Apr 2009
30 Apr 2009
0.04855
0.04855
—
—
29 May 2009
31 May 2009
0.04887
0.04887
—
—
30 Jun 2009
30 Jun 2009
0.04815
0.04815
—
—
31 Jul 2009
31 Jul 2009
0.04722
0.04722
—
—
31 Aug 2009
31 Aug 2009
0.04681
0.04681
—
—
30 Sep 2009
30 Sep 2009
0.04764
0.04764
—
—
30 Oct 2009
31 Oct 2009
0.04600
0.04600
—
—
30 Nov 2009
30 Nov 2009
0.04440
0.04440
—
—
31 Dec 2009
31 Dec 2009
0.04337
0.04337
—
—
29 Jan 2010
31 Jan 2010
0.04236
0.04236
—
—
26 Feb 2010
28 Feb 2010
0.04231
0.04231
—
—
31 Mar 2010
31 Mar 2010
0.03923
0.03923
—
—
30 Apr 2010
30 Apr 2010
0.03894
0.03894
—
—
28 May 2010
31 May 2010
0.03729
0.03729
—
—
30 Jun 2010
30 Jun 2010
0.03737
0.03737
—
—
30 Jul 2010
31 Jul 2010
0.03713
0.03713
—
—
31 Aug 2010
31 Aug 2010
0.03813
0.03813
—
—
30 Sep 2010
30 Sep 2010
0.03839
0.03839
—
—
29 Oct 2010
31 Oct 2010
0.03769
0.03769
—
—
30 Nov 2010
30 Nov 2010
0.07866
0.03799
0.00000
0.04067
31 Dec 2010
31 Dec 2010
0.03705
0.03705
—
—
31 Jan 2011
31 Jan 2011
0.03752
0.03752
—
—
28 Feb 2011
28 Feb 2011
0.03854
0.03854
—
—
31 Mar 2011
31 Mar 2011
0.03635
0.03635
—
—
29 Apr 2011
30 Apr 2011
0.03586
0.03586
—
—
31 May 2011
31 May 2011
0.03428
0.03428
—
—
30 Jun 2011
30 Jun 2011
0.03492
0.03492
—
—
29 Jul 2011
31 Jul 2011
0.03403
0.03403
—
—
31 Aug 2011
31 Aug 2011
0.03420
0.03420
—
—
30 Sep 2011
30 Sep 2011
0.03478
0.03478
—
—
31 Oct 2011
31 Oct 2011
0.03504
0.03504
—
—
30 Nov 2011
30 Nov 2011
0.13053
0.03799
0.01648
0.07606
30 Dec 2011
31 Dec 2011
0.03800
0.03800
—
—
31 Jan 2012
31 Jan 2012
0.03261
0.03261
—
—
29 Feb 2012
29 Feb 2012
0.03335
0.03335
—
—
30 Mar 2012
31 Mar 2012
0.03168
0.03168
—
—
30 Apr 2012
30 Apr 2012
0.03116
0.03116
—
—
31 May 2012
31 May 2012
0.03086
0.03086
—
—
29 Jun 2012
30 Jun 2012
0.03017
0.03017
—
—
31 Jul 2012
31 Jul 2012
0.02915
0.02915
—
—
31 Aug 2012
31 Aug 2012
0.03003
0.03003
—
—
28 Sep 2012
30 Sep 2012
0.02953
0.02953
—
—
31 Oct 2012
31 Oct 2012
0.02965
0.02965
—
—
30 Nov 2012
30 Nov 2012
0.08902
0.02923
0.03515
0.02464
31 Dec 2012
31 Dec 2012
0.02756
0.02756
—
—
31 Jan 2013
31 Jan 2013
0.02739
0.02739
—
—
28 Feb 2013
28 Feb 2013
0.02583
0.02583
—
—
28 Mar 2013
31 Mar 2013
0.02392
0.02392
—
—
30 Apr 2013
30 Apr 2013
0.02377
0.02377
—
—
31 May 2013
31 May 2013
0.02371
0.02371
—
—
28 Jun 2013
30 Jun 2013
0.02258
0.02258
—
—
31 Jul 2013
31 Jul 2013
0.02296
0.02296
—
—
30 Aug 2013
31 Aug 2013
0.02295
0.02295
—
—
30 Sep 2013
30 Sep 2013
0.02411
0.02411
—
—
31 Oct 2013
31 Oct 2013
0.02144
0.02144
—
—
29 Nov 2013
30 Nov 2013
0.13225
0.02229
0.03557
0.07439
31 Dec 2013
31 Dec 2013
0.02413
0.02413
—
—
31 Jan 2014
31 Jan 2014
0.02282
0.02282
—
—
28 Feb 2014
28 Feb 2014
0.02419
0.02419
—
—
31 Mar 2014
31 Mar 2014
0.02372
0.02372
—
—
30 Apr 2014
30 Apr 2014
0.02415
0.02415
—
—
30 May 2014
31 May 2014
0.02373
0.02373
—
—
30 Jun 2014
30 Jun 2014
0.02135
0.02135
—
—
31 Jul 2014
31 Jul 2014
0.01994
0.01994
—
—
29 Aug 2014
31 Aug 2014
0.01981
0.01981
—
—
30 Sep 2014
30 Sep 2014
0.01960
0.01960
—
—
31 Oct 2014
31 Oct 2014
0.01911
0.01911
—
—
28 Nov 2014
30 Nov 2014
0.09059
0.01962
0.01311
0.05786
31 Dec 2014
31 Dec 2014
0.02001
0.02001
—
—
30 Jan 2015
31 Jan 2015
0.02067
0.02067
—
—
27 Feb 2015
28 Feb 2015
0.02141
0.02141
—
—
31 Mar 2015
31 Mar 2015
0.02083
0.02083
—
—
30 Apr 2015
30 Apr 2015
0.01975
0.01975
—
—
29 May 2015
31 May 2015
0.01920
0.01920
—
—
30 Jun 2015
30 Jun 2015
0.02004
0.02004
—
—
31 Jul 2015
31 Jul 2015
0.01867
0.01867
—
—
31 Aug 2015
31 Aug 2015
0.01952
0.01952
—
—
30 Sep 2015
30 Sep 2015
0.02016
0.02016
—
—
30 Oct 2015
31 Oct 2015
0.01777
0.01777
—
—
30 Nov 2015
30 Nov 2015
0.01759
0.01759
—
—
31 Dec 2015
31 Dec 2015
0.01789
0.01789
—
—
29 Jan 2016
31 Jan 2016
0.01725
0.01725
—
—
29 Feb 2016
29 Feb 2016
0.01892
0.01892
—
—
31 Mar 2016
31 Mar 2016
0.02040
0.02040
—
—
29 Apr 2016
30 Apr 2016
0.02056
0.02056
—
—
31 May 2016
31 May 2016
0.02032
0.02032
—
—
30 Jun 2016
30 Jun 2016
0.01967
0.01967
—
—
29 Jul 2016
31 Jul 2016
0.01862
0.01862
—
—
31 Aug 2016
31 Aug 2016
0.01780
0.01780
—
—
30 Sep 2016
30 Sep 2016
0.01591
0.01591
—
—
31 Oct 2016
31 Oct 2016
0.01631
0.01631
—
—
30 Nov 2016
30 Nov 2016
0.01758
0.01758
—
—
30 Dec 2016
31 Dec 2016
0.01783
0.01783
—
—
31 Jan 2017
31 Jan 2017
0.01714
0.01714
—
—
28 Feb 2017
28 Feb 2017
0.01787
0.01787
—
—
31 Mar 2017
31 Mar 2017
0.01816
0.01816
—
—
28 Apr 2017
30 Apr 2017
0.01874
0.01874
—
—
31 May 2017
31 May 2017
0.01775
0.01775
—
—
30 Jun 2017
30 Jun 2017
0.01850
0.01850
—
—
31 Jul 2017
31 Jul 2017
0.01831
0.01831
—
—
31 Aug 2017
31 Aug 2017
0.01889
0.01889
—
—
29 Sep 2017
30 Sep 2017
0.01923
0.01923
—
—
31 Oct 2017
31 Oct 2017
0.01911
0.01911
—
—
30 Nov 2017
30 Nov 2017
0.02024
0.02024
—
—
29 Dec 2017
31 Dec 2017
0.01906
0.01906
—
—
31 Jan 2018
31 Jan 2018
0.01967
0.01967
—
—
28 Feb 2018
28 Feb 2018
0.02086
0.02086
—
—
29 Mar 2018
31 Mar 2018
0.02212
0.02212
—
—
30 Apr 2018
30 Apr 2018
0.02273
0.02273
—
—
31 May 2018
31 May 2018
0.02313
0.02313
—
—
29 Jun 2018
30 Jun 2018
0.02451
0.02451
—
—
31 Jul 2018
31 Jul 2018
0.02404
0.02404
—
—
31 Aug 2018
31 Aug 2018
0.02364
0.02364
—
—
28 Sep 2018
30 Sep 2018
0.02342
0.02342
—
—
31 Oct 2018
31 Oct 2018
0.02455
0.02455
—
—
30 Nov 2018
30 Nov 2018
0.02540
0.02540
—
—
31 Dec 2018
31 Dec 2018
0.02594
0.02594
—
—
31 Jan 2019
31 Jan 2019
0.02537
0.02537
—
—
28 Feb 2019
28 Feb 2019
0.02549
0.02549
—
—
29 Mar 2019
31 Mar 2019
0.02621
0.02621
—
—
30 Apr 2019
30 Apr 2019
0.02633
0.02633
—
—
31 May 2019
31 May 2019
0.02598
0.02598
—
—
28 Jun 2019
30 Jun 2019
0.02630
0.02630
—
—
31 Jul 2019
31 Jul 2019
0.02539
0.02539
—
—
31 Aug 2019
31 Aug 2019
0.02415
0.02415
—
—
30 Sep 2019
30 Sep 2019
0.02459
0.02459
—
—
31 Oct 2019
31 Oct 2019
0.02250
0.02250
—
—
30 Nov 2019
30 Nov 2019
0.11747
0.02231
0.06730
0.02786
31 Dec 2019
31 Dec 2019
0.02252
0.02252
—
—
31 Jan 2020
31 Jan 2020
0.02070
0.02070
—
—
29 Feb 2020
29 Feb 2020
0.01969
0.01969
—
—
31 Mar 2020
31 Mar 2020
0.02208
0.02208
—
—
30 Apr 2020
30 Apr 2020
0.02329
0.02329
—
—
31 May 2020
31 May 2020
0.02064
0.02064
—
—
30 Jun 2020
30 Jun 2020
0.01873
0.01873
—
—
31 Jul 2020
31 Jul 2020
0.01902
0.01902
—
—
31 Aug 2020
31 Aug 2020
0.01886
0.01886
—
—
30 Sep 2020
30 Sep 2020
0.01849
0.01849
—
—
30 Oct 2020
31 Oct 2020
0.01595
0.01595
—
—
30 Nov 2020
30 Nov 2020
0.18255
0.01429
0.15003
0.01823
31 Dec 2020
31 Dec 2020
0.01323
0.01323
—
—
29 Jan 2021
31 Jan 2021
0.01226
0.01226
—
—
26 Feb 2021
28 Feb 2021
0.01352
0.01352
—
—
31 Mar 2021
31 Mar 2021
0.01269
0.01269
—
—
30 Apr 2021
30 Apr 2021
0.01323
0.01323
—
—
28 May 2021
31 May 2021
0.01300
0.01300
—
—
30 Jun 2021
30 Jun 2021
0.01284
0.01284
—
—
30 Jul 2021
31 Jul 2021
0.01207
0.01207
—
—
31 Aug 2021
31 Aug 2021
0.01237
0.01237
—
—
30 Sep 2021
30 Sep 2021
0.01173
0.01173
—
—
29 Oct 2021
31 Oct 2021
0.01080
0.01080
—
—
30 Nov 2021
30 Nov 2021
0.01161
0.01161
—
—
31 Dec 2021
31 Dec 2021
0.01284
0.01284
—
—
31 Jan 2022
31 Jan 2022
0.01192
0.01192
—
—
28 Feb 2022
28 Feb 2022
0.01259
0.01259
—
—
31 Mar 2022
31 Mar 2022
0.01487
0.01487
—
—
29 Apr 2022
30 Apr 2022
0.01680
0.01680
—
—
31 May 2022
31 May 2022
0.01943
0.01943
—
—
30 Jun 2022
30 Jun 2022
0.01915
0.01915
—
—
29 Jul 2022
31 Jul 2022
0.02313
0.02313
—
—
31 Aug 2022
31 Aug 2022
0.02798
0.02798
—
—
30 Sep 2022
30 Sep 2022
0.01992
0.01992
—
—
31 Oct 2022
31 Oct 2022
0.02109
0.02109
—
—
30 Nov 2022
30 Nov 2022
0.02452
0.02452
—
—
30 Dec 2022
31 Dec 2022
0.02798
0.02798
—
—
31 Jan 2023
31 Jan 2023
0.02157
0.02157
—
—
28 Feb 2023
28 Feb 2023
0.02058
0.02058
—
—
31 Mar 2023
31 Mar 2023
0.03278
0.03278
—
—
28 Apr 2023
30 Apr 2023
0.03258
0.03258
—
—
31 May 2023
31 May 2023
0.03176
0.03176
—
—
30 Jun 2023
30 Jun 2023
0.03239
0.03239
—
—
31 Jul 2023
31 Jul 2023
0.03075
0.03075
—
—
31 Aug 2023
31 Aug 2023
0.03221
0.03221
—
—
29 Sep 2023
30 Sep 2023
0.03143
0.03143
—
—
31 Oct 2023
31 Oct 2023
0.03547
0.03547
—
—
30 Nov 2023
30 Nov 2023
0.03377
0.03377
—
—
29 Dec 2023
31 Dec 2023
0.03170
0.03170
—
—
31 Jan 2024
31 Jan 2024
0.02941
0.02941
—
—
29 Feb 2024
29 Feb 2024
0.03182
0.03182
—
—
28 Mar 2024
31 Mar 2024
0.03762
0.03762
—
—
Fund Facts

Fund Facts

(As of 31 Mar 2024)
Net Fund Assets
$6.5 B
Benchmark
BBG Int US Govt/Credit TR Value
Morningstar Category
Short-Term Bond
Fund Symbol
THICX
Share Class
C
Share Class Inception Date
1 Sep 1994
Number of Holdings
664
Portfolio Turnover
38%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.77%
30-Day SEC Yield (Unsubsidized)
3.77%
Annualized Distribution Yield
3.42%
Characteristics

Characteristics

Portfolio

(As of 31 Mar 2024)
Portfolio
Benchmark
Effective Duration
3.5 Yrs
3.7 Yrs
Average Effective Maturity
4.5 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.1%
3.1%
Yield to Worst
5.4%
4.7%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Beta
0.84
0.86
0.81
R-Squared (%)
93.00
81.48
80.98
Standard Deviation (%)
3.97
3.80
2.85
Sharpe Ratio
-0.72
0.01
0.29
Information Ratio
0.94
0.48
0.48
Up Capture (%)
91.82
99.06
92.70
Down Capture (%)
76.25
81.44
69.71

Past performance does not guarantee future results.

Portfolio

Portfolio

Top Holdings

(As of 29 Feb 2024)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
91282CHT1
Government
4.0
United States Treasury Note/Bond
91282CFF3
Government
2.6
United States Treasury Inflation Indexed Bonds
91282CEJ6
Government
1.9
Freddie Mac Pool
3132E0T85
Mortgage Securities
1.7
United States Treasury Note/Bond
91282CGM7
Government
1.7
Fannie Mae Pool
3140XMZX7
Mortgage Securities
1.7
United States Treasury Inflation Indexed Bonds
912810PV4
Government
1.6
United States Treasury Inflation Indexed Bonds
91282CBF7
Government
1.6
United States Treasury Inflation Indexed Bonds
91282CDX6
Government
1.2
Rate Mortgage Trust 2022-J1
75410RAJ5
Mortgage Securities
0.6
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Mar 2024)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
35.1
31.0
Collateralized Mortgage Obligation
17.2
—
Treasury-Domestic
16.0
62.0
Asset Backed Securities
13.7
0.0
Cash & Cash Equivalents
8.0
—
Mortgage Passthrough
6.6
—
Commercial Mortgage Backed Security
2.3
—
Preferred Stock
0.4
—
Agency Debenture
0.3
2.9
Municipals
0.3
0.6
Treasury-Foreign
0.1
3.5
Sector Allocation
Fund (%)
Corporate
35.1
Collateralized Mortgage Obligation
17.2
Treasury-Domestic
16.0
Asset Backed Securities
13.7
Cash & Cash Equivalents
8.0
Mortgage Passthrough
6.6
Commercial Mortgage Backed Security
2.3
Preferred Stock
0.4
Agency Debenture
0.3
Municipals
0.3
Treasury-Foreign
0.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
27.8
64.7
AAA
18.3
2.6
AA
4.3
3.0
A
19.2
15.0
BBB
21.7
14.6
Below Invest. Grade
0.3
—
Not Rated
0.4
—
Cash & Cash Equivalents
8.0
—
Credit Quality
Fund (%)
U.S. Government
27.8
AAA
18.3
AA
4.3
A
19.2
BBB
21.7
Below Invest. Grade
0.3
Not Rated
0.4
Cash & Cash Equivalents
8.0
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
14.0
1.9
Year 2
8.2
21.7
Year 3
10.8
16.7
Year 4
9.8
13.5
Year 5
8.9
14.8
Year 6
6.7
7.3
Year 7
6.4
8.9
Year 8
4.5
5.0
Year 9
5.9
5.3
Year 10+
16.9
4.9
Cash
8.0
—
Maturity
Fund (%)
Year 1
14.0
Year 2
8.2
Year 3
10.8
Year 4
9.8
Year 5
8.9
Year 6
6.7
Year 7
6.4
Year 8
4.5
Year 9
5.9
Year 10+
16.9
Cash
8.0

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.

Percentages may not add up to 100 due to rounding.

Portfolio Managers

Portfolio Managers

Lon Erickson, CFA

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

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…
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Christian Hoffmann, CFA

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…
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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 R shares are limited to retirement platforms only.

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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