Thornburg Limited Term Income Fund

SYMBOL: THRLX

Morningstar Rating • Info

Overall Morningstar Rating among 532 Short-Term Bond funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 5 stars and 5 stars among 532, 476 and 352 funds, as of 30 Apr 2023.

As of 30 Apr 2023

Fund Assets

$7.3 B

As of 30 Apr 2023

NAV

$12.62

As of 8 Jun 2023

Change

$0.03

As of 8 Jun 2023

YTD NAV Performance

2.58%

As of 8 Jun 2023

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

Jason Brady, CFA

President and CEO

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.

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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.

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

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.

Returns

(As of 31 Mar 2023)

YTD

10y

Inception

Total Return (%)

2.60

-0.79

0.91

1.90

2.00

4.75

BBG Int US Govt/Credit TR Value (%)

2.33

-1.66

-1.28

1.40

1.32

4.24

Morningstar Category Avg. (%)

1.73

-0.67

0.91

1.32

1.18

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

2.73

0.65

-0.42

1.87

2.03

4.73

BBG Int US Govt/Credit TR Value (%)

2.19

-0.53

-2.03

1.36

4.21

Morningstar Category Avg. (%)

1.73

-0.67

0.91

1.32

1.18

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

2.60

-0.79

2.75

9.89

21.87

312.08

BBG Int US Govt/Credit TR Value (%)

2.33

-1.66

-3.80

7.18

14.05

254.55

YTD

10y

Inception

Total Return (%)

2.73

0.65

-1.24

9.71

22.27

312.63

BBG Int US Govt/Credit TR Value (%)

2.19

-0.53

-5.98

6.96

14.48

254.07

2017

2018

2019

2020

2021

2022

Total Return (%)

3.16

1.37

5.75

7.73

-0.73

-6.98

BBG Int US Govt/Credit TR Value (%)

2.14

0.88

6.80

6.43

-1.44

-8.23

Source: Confluence

Periods less than one year are not annualized.

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 USD Aggressive Allocation category is based on total returns before sales charges for 1-, 3-, 5-, and 10-years, among 494, 356, 263 and 121 funds, respectively, as of 31 Mar 2023, and 575, 532, 476 and 352 funds, respectively, as of 30 Apr 2023.

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

(As of 1 Feb 2023)

Gross Expense Ratio (%)

0.45

Net Expense Ratio (%)

0.42

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2024, 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

            Categories,R6 Shares,BBG Int US Govt/Credit TR Value
            1992-10-01,10000,10000
1992-10-31,9903,9870
1992-11-30,9922,9833
1992-12-31,10040,9964
1993-01-31,10233,10158
1993-02-28,10381,10318
1993-03-31,10450,10359
1993-04-30,10525,10443
1993-05-31,10522,10420
1993-06-30,10673,10583
1993-07-31,10737,10609
1993-08-31,10906,10777
1993-09-30,10980,10822
1993-10-31,11006,10851
1993-11-30,10996,10791
1993-12-31,11047,10840
1994-01-31,11143,10960
1994-02-28,11052,10798
1994-03-31,10888,10620
1994-04-30,10839,10548
1994-05-31,10834,10555
1994-06-30,10854,10556
1994-07-31,10977,10708
1994-08-31,11039,10742
1994-09-30,11011,10643
1994-10-31,10935,10641
1994-11-30,10829,10593
1994-12-31,10752,10631
1995-01-31,10864,10810
1995-02-28,11129,11034
1995-03-31,11195,11097
1995-04-30,11377,11234
1995-05-31,11677,11574
1995-06-30,11753,11651
1995-07-31,11762,11653
1995-08-31,11968,11759
1995-09-30,12076,11844
1995-10-31,12234,11976
1995-11-30,12363,12134
1995-12-31,12462,12261
1996-01-31,12561,12367
1996-02-29,12446,12221
1996-03-31,12424,12158
1996-04-30,12462,12115
1996-05-31,12491,12106
1996-06-30,12613,12235
1996-07-31,12695,12271
1996-08-31,12830,12281
1996-09-30,13041,12452
1996-10-31,13327,12672
1996-11-30,13550,12839
1996-12-31,13463,12757
1997-01-31,13451,12807
1997-02-28,13480,12831
1997-03-31,13390,12742
1997-04-30,13476,12892
1997-05-31,13628,12999
1997-06-30,13770,13118
1997-07-31,13958,13385
1997-08-31,13909,13317
1997-09-30,14085,13472
1997-10-31,14206,13622
1997-11-30,14223,13652
1997-12-31,14274,13761
1998-01-31,14361,13941
1998-02-28,14389,13930
1998-03-31,14499,13975
1998-04-30,14549,14045
1998-05-31,14636,14148
1998-06-30,14675,14239
1998-07-31,14691,14289
1998-08-31,14767,14513
1998-09-30,15144,14878
1998-10-31,15111,14863
1998-11-30,15125,14862
1998-12-31,15251,14922
1999-01-31,15352,15004
1999-02-28,15145,14783
1999-03-31,15272,14894
1999-04-30,15374,14939
1999-05-31,15277,14824
1999-06-30,15254,14835
1999-07-31,15256,14822
1999-08-31,15233,14833
1999-09-30,15362,14971
1999-10-31,15378,15010
1999-11-30,15408,15028
1999-12-31,15374,14979
2000-01-31,15339,14925
2000-02-29,15489,15048
2000-03-31,15680,15205
2000-04-30,15609,15170
2000-05-31,15631,15194
2000-06-30,15910,15462
2000-07-31,16027,15579
2000-08-31,16214,15763
2000-09-30,16360,15907
2000-10-31,16384,15979
2000-11-30,16628,16196
2000-12-31,16902,16495
2001-01-31,17191,16766
2001-02-28,17368,16924
2001-03-31,17505,17054
2001-04-30,17442,17009
2001-05-31,17535,17104
2001-06-30,17615,17168
2001-07-31,17997,17525
2001-08-31,18160,17700
2001-09-30,18408,17958
2001-10-31,18658,18256
2001-11-30,18450,18073
2001-12-31,18357,17973
2002-01-31,18367,18067
2002-02-28,18538,18210
2002-03-31,18247,17933
2002-04-30,18572,18230
2002-05-31,18748,18412
2002-06-30,18953,18571
2002-07-31,19186,18791
2002-08-31,19402,19071
2002-09-30,19789,19412
2002-10-31,19637,19336
2002-11-30,19575,19319
2002-12-31,20039,19741
2003-01-31,20080,19740
2003-02-28,20367,20018
2003-03-31,20409,20039
2003-04-30,20520,20192
2003-05-31,20947,20597
2003-06-30,20954,20584
2003-07-31,20398,20024
2003-08-31,20438,20072
2003-09-30,20977,20580
2003-10-31,20787,20386
2003-11-30,20838,20414
2003-12-31,21002,20592
2004-01-31,21148,20727
2004-02-29,21328,20939
2004-03-31,21474,21102
2004-04-30,20978,20601
2004-05-31,20910,20508
2004-06-30,20958,20569
2004-07-31,21124,20743
2004-08-31,21442,21089
2004-09-30,21479,21126
2004-10-31,21632,21268
2004-11-30,21466,21074
2004-12-31,21607,21218
2005-01-31,21626,21259
2005-02-28,21578,21143
2005-03-31,21530,21033
2005-04-30,21739,21274
2005-05-31,21827,21465
2005-06-30,21883,21555
2005-07-31,21749,21376
2005-08-31,21993,21626
2005-09-30,21880,21443
2005-10-31,21798,21326
2005-11-30,21859,21418
2005-12-31,21975,21553
2006-01-31,22024,21550
2006-02-28,22065,21566
2006-03-31,22003,21470
2006-04-30,22049,21482
2006-05-31,22061,21483
2006-06-30,22091,21516
2006-07-31,22284,21757
2006-08-31,22480,22030
2006-09-30,22623,22204
2006-10-31,22712,22321
2006-11-30,22890,22524
2006-12-31,22851,22433
2007-01-31,22895,22441
2007-02-28,23125,22751
2007-03-31,23152,22789
2007-04-30,23257,22899
2007-05-31,23118,22752
2007-06-30,23150,22756
2007-07-31,23354,22972
2007-08-31,23539,23249
2007-09-30,23724,23410
2007-10-31,23872,23580
2007-11-30,24271,24028
2007-12-31,24327,24090
2008-01-31,24673,24603
2008-02-29,24729,24816
2008-03-31,24672,24812
2008-04-30,24613,24629
2008-05-31,24514,24431
2008-06-30,24553,24434
2008-07-31,24535,24480
2008-08-31,24645,24656
2008-09-30,23928,24143
2008-10-31,22894,23812
2008-11-30,23148,24591
2008-12-31,23563,25312
2009-01-31,23958,25213
2009-02-28,23883,25062
2009-03-31,24035,25300
2009-04-30,24521,25414
2009-05-31,25114,25602
2009-06-30,25687,25722
2009-07-31,26324,26075
2009-08-31,26837,26334
2009-09-30,27163,26559
2009-10-31,27425,26676
2009-11-30,27833,27034
2009-12-31,27578,26640
2010-01-31,28028,27011
2010-02-28,28177,27128
2010-03-31,28192,27051
2010-04-30,28487,27286
2010-05-31,28585,27480
2010-06-30,28879,27854
2010-07-31,29196,28158
2010-08-31,29517,28488
2010-09-30,29706,28622
2010-10-31,29873,28759
2010-11-30,29753,28566
2010-12-31,29428,28209
2011-01-31,29597,28318
2011-02-28,29721,28311
2011-03-31,29843,28304
2011-04-30,30213,28625
2011-05-31,30558,28953
2011-06-30,30495,28905
2011-07-31,30865,29318
2011-08-31,30914,29631
2011-09-30,30782,29597
2011-10-31,30996,29686
2011-11-30,30875,29614
2011-12-31,31053,29846
2012-01-31,31477,30151
2012-02-29,31690,30136
2012-03-31,31807,30028
2012-04-30,32064,30304
2012-05-31,32156,30449
2012-06-30,32246,30472
2012-07-31,32597,30767
2012-08-31,32807,30827
2012-09-30,33088,30900
2012-10-31,33298,30944
2012-11-30,33459,31038
2012-12-31,33522,31007
2013-01-31,33534,30895
2013-02-28,33713,31044
2013-03-31,33815,31087
2013-04-30,34014,31282
2013-05-31,33747,30928
2013-06-30,33153,30558
2013-07-31,33228,30652
2013-08-31,33105,30500
2013-09-30,33457,30747
2013-10-31,33704,30936
2013-11-30,33754,30935
2013-12-31,33606,30740
2014-01-31,33986,31023
2014-02-28,34190,31141
2014-03-31,34193,31048
2014-04-30,34400,31207
2014-05-31,34709,31454
2014-06-30,34757,31432
2014-07-31,34699,31363
2014-08-31,34922,31582
2014-09-30,34810,31422
2014-10-31,34982,31643
2014-11-30,35080,31802
2014-12-31,34917,31701
2015-01-31,35251,32228
2015-02-28,35194,32004
2015-03-31,35373,32160
2015-04-30,35417,32149
2015-05-31,35488,32152
2015-06-30,35322,31960
2015-07-31,35418,32074
2015-08-31,35330,32047
2015-09-30,35402,32263
2015-10-31,35442,32230
2015-11-30,35375,32148
2015-12-31,35229,32040
2016-01-31,35454,32432
2016-02-29,35577,32590
2016-03-31,35893,32824
2016-04-30,36075,32911
2016-05-31,36150,32873
2016-06-30,36519,33344
2016-07-31,36643,33439
2016-08-31,36684,33353
2016-09-30,36745,33398
2016-10-31,36754,33260
2016-11-30,36412,32684
2016-12-31,36481,32707
2017-01-31,36602,32796
2017-02-28,36751,32948
2017-03-31,36793,32963
2017-04-30,37006,33168
2017-05-31,37217,33333
2017-06-30,37258,33273
2017-07-31,37457,33427
2017-08-31,37642,33625
2017-09-30,37548,33474
2017-10-31,37622,33471
2017-11-30,37586,33368
2017-12-31,37660,33406
2018-01-31,37511,33112
2018-02-28,37418,32960
2018-03-31,37499,33079
2018-04-30,37412,32906
2018-05-31,37610,33102
2018-06-30,37584,33081
2018-07-31,37643,33089
2018-08-31,37814,33285
2018-09-30,37758,33151
2018-10-31,37704,33106
2018-11-30,37824,33255
2018-12-31,38177,33700
2019-01-31,38442,33992
2019-02-28,38563,34021
2019-03-31,38979,34482
2019-04-30,39105,34548
2019-05-31,39435,34999
2019-06-30,39707,35374
2019-07-31,39771,35362
2019-08-31,40212,35989
2019-09-30,40185,35858
2019-10-31,40301,36000
2019-11-30,40313,35947
2019-12-31,40371,35992
2020-01-31,40840,36503
2020-02-29,41217,37018
2020-03-31,40104,36856
2020-04-30,41157,37375
2020-05-31,41782,37659
2020-06-30,42464,37891
2020-07-31,42964,38174
2020-08-31,43011,38129
2020-09-30,43056,38124
2020-10-31,43035,38040
2020-11-30,43308,38229
2020-12-31,43493,38308
2021-01-31,43460,38201
2021-02-28,43211,37889
2021-03-31,42870,37595
2021-04-30,43117,37781
2021-05-31,43240,37933
2021-06-30,43269,37964
2021-07-31,43514,38254
2021-08-31,43480,38192
2021-09-30,43350,37973
2021-10-31,43216,37761
2021-11-30,43178,37804
2021-12-31,43177,37756
2022-01-31,42732,37202
2022-02-28,42255,36958
2022-03-31,41536,36053
2022-04-30,40852,35333
2022-05-31,40998,35596
2022-06-30,40447,35200
2022-07-31,40983,35775
2022-08-31,40583,35059
2022-09-30,39613,34122
2022-10-31,39349,33972
2022-11-30,40119,34709
2022-12-31,40165,34647
2023-01-31,41124,35293
2023-02-28,40629,34659
2023-03-31,41208,35455
2023-04-30,41464,35671
2023-05-31,41263,35407

Hypothetical Growth of $10,000

(As of 31 May 2023)

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

                        Categories,R6 Shares,BBG Int US Govt/Credit TR Value
                        2022-05-31,10000,10000
2022-06-30,9865,9889
2022-07-31,9996,10050
2022-08-31,9899,9849
2022-09-30,9662,9586
2022-10-31,9598,9544
2022-11-30,9786,9751
2022-12-31,9797,9733
2023-01-31,10031,9915
2023-02-28,9910,9737
2023-03-31,10051,9960
2023-04-30,10114,10021
2023-05-31,10065,9947

                        Categories,R6 Shares,BBG Int US Govt/Credit TR Value
                        2020-05-31,10000,10000
2020-06-30,10163,10062
2020-07-31,10283,10137
2020-08-31,10294,10125
2020-09-30,10305,10124
2020-10-31,10300,10101
2020-11-30,10365,10151
2020-12-31,10409,10172
2021-01-31,10401,10144
2021-02-28,10342,10061
2021-03-31,10260,9983
2021-04-30,10319,10033
2021-05-31,10349,10073
2021-06-30,10356,10081
2021-07-31,10414,10158
2021-08-31,10406,10142
2021-09-30,10375,10083
2021-10-31,10343,10027
2021-11-30,10334,10039
2021-12-31,10334,10026
2022-01-31,10227,9879
2022-02-28,10113,9814
2022-03-31,9941,9574
2022-04-30,9777,9382
2022-05-31,9812,9452
2022-06-30,9680,9347
2022-07-31,9809,9500
2022-08-31,9713,9310
2022-09-30,9481,9061
2022-10-31,9418,9021
2022-11-30,9602,9217
2022-12-31,9613,9200
2023-01-31,9842,9372
2023-02-28,9724,9204
2023-03-31,9863,9415
2023-04-30,9924,9472
2023-05-31,9876,9402

                        Categories,R6 Shares,BBG Int US Govt/Credit TR Value
                        2018-05-31,10000,10000
2018-06-30,9993,9993
2018-07-31,10009,9996
2018-08-31,10054,10055
2018-09-30,10039,10015
2018-10-31,10025,10001
2018-11-30,10057,10046
2018-12-31,10151,10180
2019-01-31,10221,10269
2019-02-28,10254,10278
2019-03-31,10364,10417
2019-04-30,10398,10437
2019-05-31,10485,10573
2019-06-30,10558,10686
2019-07-31,10575,10683
2019-08-31,10692,10872
2019-09-30,10685,10833
2019-10-31,10716,10875
2019-11-30,10719,10859
2019-12-31,10734,10873
2020-01-31,10859,11027
2020-02-29,10959,11183
2020-03-31,10663,11134
2020-04-30,10943,11291
2020-05-31,11110,11376
2020-06-30,11291,11447
2020-07-31,11424,11532
2020-08-31,11436,11518
2020-09-30,11448,11517
2020-10-31,11443,11492
2020-11-30,11515,11549
2020-12-31,11564,11572
2021-01-31,11555,11540
2021-02-28,11489,11446
2021-03-31,11399,11357
2021-04-30,11464,11413
2021-05-31,11497,11459
2021-06-30,11505,11469
2021-07-31,11570,11556
2021-08-31,11561,11538
2021-09-30,11526,11471
2021-10-31,11491,11407
2021-11-30,11481,11420
2021-12-31,11480,11406
2022-01-31,11362,11238
2022-02-28,11235,11165
2022-03-31,11044,10891
2022-04-30,10862,10674
2022-05-31,10901,10753
2022-06-30,10754,10634
2022-07-31,10897,10807
2022-08-31,10791,10591
2022-09-30,10533,10308
2022-10-31,10462,10263
2022-11-30,10667,10485
2022-12-31,10679,10467
2023-01-31,10934,10662
2023-02-28,10803,10470
2023-03-31,10957,10711
2023-04-30,11025,10776
2023-05-31,10971,10696

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 ($)
            2017-01-31,0
2017-02-28,0
2017-03-31,0
2017-04-30,0.03055
2017-05-31,0.03690
2017-06-30,0.03467
2017-07-31,0.04203
2017-08-31,0.02623
2017-09-30,0.02640
2017-10-31,0.02642
2017-11-30,0.02738
2017-12-31,0.02625
2018-01-31,0.02688
2018-02-28,0.02689
2018-03-31,0.02882
2018-04-30,0.02926
2018-05-31,0.02978
2018-06-30,0.03085
2018-07-31,0.03074
2018-08-31,0.03028
2018-09-30,0.03022
2018-10-31,0.03123
2018-11-30,0.03185
2018-12-31,0.03265
2019-01-31,0.03199
2019-02-28,0.03187
2019-03-31,0.03336
2019-04-30,0.03340
2019-05-31,0.03330
2019-06-30,0.03344
2019-07-31,0.03174
2019-08-31,0.03051
2019-09-30,0.03073
2019-10-31,0.02930
2019-11-30,0.12402
2019-12-31,0.02928
2020-01-31,0.02730
2020-02-29,0.02588
2020-03-31,0.02873
2020-04-30,0.03040
2020-05-31,0.02789
2020-06-30,0.02586
2020-07-31,0.02564
2020-08-31,0.02545
2020-09-30,0.02490
2020-10-31,0.02289
2020-11-30,0.18925
2020-12-31,0.02008
2021-01-31,0.01923
2021-02-28,0.01977
2021-03-31,0.01967
2021-04-30,0.01967
2021-05-31,0.01966
2021-06-30,0.01937
2021-07-31,0.01868
2021-08-31,0.01901
2021-09-30,0.01828
2021-10-31,0.01732
2021-11-30,0.01792
2021-12-31,0.01944
2022-01-31,0.01841
2022-02-28,0.01843
2022-03-31,0.02141
2022-04-30,0.02333
2022-05-31,0.02622
2022-06-30,0.02572
2022-07-31,0.02921
2022-08-31,0.03413
2022-09-30,0.02584
2022-10-31,0.02717
2022-11-30,0.03051
2022-12-31,0.03425
2023-01-31,0.02803
2023-02-28,0.02646
2023-03-31,0.03943
2023-04-30,0.03881
2023-05-31,0.03820

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            ,0,0,0,0
,0,0,0,0
,0,0,0,0
2017-04-28,0.03055,0.03055,0,0
2017-05-31,0.03690,0.03690,0,0
2017-06-30,0.03467,0.03467,0,0
2017-07-31,0.04203,0.04203,0,0
2017-08-31,0.02623,0.02623,0,0
2017-09-29,0.02640,0.02640,0,0
2017-10-31,0.02642,0.02642,0,0
2017-11-30,0.02738,0.02738,0,0
2017-12-29,0.02625,0.02625,0,0
2018-01-31,0.02688,0.02688,0,0
2018-02-28,0.02689,0.02689,0,0
2018-03-29,0.02882,0.02882,0,0
2018-04-30,0.02926,0.02926,0,0
2018-05-31,0.02978,0.02978,0,0
2018-06-29,0.03085,0.03085,0,0
2018-07-31,0.03074,0.03074,0,0
2018-08-31,0.03028,0.03028,0,0
2018-09-28,0.03022,0.03022,0,0
2018-10-31,0.03123,0.03123,0,0
2018-11-30,0.03185,0.03185,0,0
2018-12-31,0.03265,0.03265,0,0
2019-01-31,0.03199,0.03199,0,0
2019-02-28,0.03187,0.03187,0,0
2019-03-29,0.03336,0.03336,0,0
2019-04-30,0.03340,0.03340,0,0
2019-05-31,0.03330,0.03330,0,0
2019-06-28,0.03344,0.03344,0,0
2019-07-31,0.03174,0.03174,0,0
2019-08-31,0.03051,0.03051,0,0
2019-09-30,0.03073,0.03073,0,0
2019-10-31,0.02930,0.02930,0,0
2019-11-30,0.12402,0.02886,0.06730,0.02786
2019-12-31,0.02928,0.02928,0,0
2020-01-31,0.02730,0.02730,0,0
2020-02-29,0.02588,0.02588,0,0
2020-03-31,0.02873,0.02873,0,0
2020-04-30,0.03040,0.03040,0,0
2020-05-31,0.02789,0.02789,0,0
2020-06-30,0.02586,0.02586,0,0
2020-07-31,0.02564,0.02564,0,0
2020-08-31,0.02545,0.02545,0,0
2020-09-30,0.02490,0.02490,0,0
2020-10-30,0.02289,0.02289,0,0
2020-11-30,0.18925,0.02099,0.15003,0.01823
2020-12-31,0.02008,0.02008,0,0
2021-01-29,0.01923,0.01923,0,0
2021-02-26,0.01977,0.01977,0,0
2021-03-31,0.01967,0.01967,0,0
2021-04-30,0.01967,0.01967,0,0
2021-05-28,0.01966,0.01966,0,0
2021-06-30,0.01937,0.01937,0,0
2021-07-30,0.01868,0.01868,0,0
2021-08-31,0.01901,0.01901,0,0
2021-09-30,0.01828,0.01828,0,0
2021-10-29,0.01732,0.01732,0,0
2021-11-30,0.01792,0.01792,0,0
2021-12-31,0.01944,0.01944,0,0
2022-01-31,0.01841,0.01841,0,0
2022-02-28,0.01843,0.01843,0,0
2022-03-31,0.02141,0.02141,0,0
2022-04-29,0.02333,0.02333,0,0
2022-05-31,0.02622,0.02622,0,0
2022-06-30,0.02572,0.02572,0,0
2022-07-29,0.02921,0.02921,0,0
2022-08-31,0.03413,0.03413,0,0
2022-09-30,0.02584,0.02584,0,0
2022-10-31,0.02717,0.02717,0,0
2022-11-30,0.03051,0.03051,0,0
2022-12-30,0.03425,0.03425,0,0
2023-01-31,0.02803,0.02803,0,0
2023-02-28,0.02646,0.02646,0,0
2023-03-31,0.03943,0.03943,0,0
2023-04-28,0.03881,0.03881,0,0
2023-05-31,0.03820,0.03820,0,0

Distributions

(As of 31 May 2023)

Ex-Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

—

28 Apr 2017

0.03055

—

31 May 2017

0.03690

—

30 Jun 2017

0.03467

—

31 Jul 2017

0.04203

—

31 Aug 2017

0.02623

—

29 Sep 2017

0.02640

—

31 Oct 2017

0.02642

—

30 Nov 2017

0.02738

—

29 Dec 2017

0.02625

—

31 Jan 2018

0.02688

—

28 Feb 2018

0.02689

—

29 Mar 2018

0.02882

—

30 Apr 2018

0.02926

—

31 May 2018

0.02978

—

29 Jun 2018

0.03085

—

31 Jul 2018

0.03074

—

31 Aug 2018

0.03028

—

28 Sep 2018

0.03022

—

31 Oct 2018

0.03123

—

30 Nov 2018

0.03185

—

31 Dec 2018

0.03265

—

31 Jan 2019

0.03199

—

28 Feb 2019

0.03187

—

29 Mar 2019

0.03336

—

30 Apr 2019

0.03340

—

31 May 2019

0.03330

—

28 Jun 2019

0.03344

—

31 Jul 2019

0.03174

—

31 Aug 2019

0.03051

—

30 Sep 2019

0.03073

—

31 Oct 2019

0.02930

—

30 Nov 2019

0.12402

0.02886

0.06730

0.02786

31 Dec 2019

0.02928

—

31 Jan 2020

0.02730

—

29 Feb 2020

0.02588

—

31 Mar 2020

0.02873

—

30 Apr 2020

0.03040

—

31 May 2020

0.02789

—

30 Jun 2020

0.02586

—

31 Jul 2020

0.02564

—

31 Aug 2020

0.02545

—

30 Sep 2020

0.02490

—

30 Oct 2020

0.02289

—

30 Nov 2020

0.18925

0.02099

0.15003

0.01823

31 Dec 2020

0.02008

—

29 Jan 2021

0.01923

—

26 Feb 2021

0.01977

—

31 Mar 2021

0.01967

—

30 Apr 2021

0.01967

—

28 May 2021

0.01966

—

30 Jun 2021

0.01937

—

30 Jul 2021

0.01868

—

31 Aug 2021

0.01901

—

30 Sep 2021

0.01828

—

29 Oct 2021

0.01732

—

30 Nov 2021

0.01792

—

31 Dec 2021

0.01944

—

31 Jan 2022

0.01841

—

28 Feb 2022

0.01843

—

31 Mar 2022

0.02141

—

29 Apr 2022

0.02333

—

31 May 2022

0.02622

—

30 Jun 2022

0.02572

—

29 Jul 2022

0.02921

—

31 Aug 2022

0.03413

—

30 Sep 2022

0.02584

—

31 Oct 2022

0.02717

—

30 Nov 2022

0.03051

—

30 Dec 2022

0.03425

—

31 Jan 2023

0.02803

—

28 Feb 2023

0.02646

—

31 Mar 2023

0.03943

—

28 Apr 2023

0.03881

—

31 May 2023

0.03820

—

Fund Facts

(As of 30 Apr 2023)

Net Fund Assets

$7.3 B

Benchmark

BBG Int US Govt/Credit TR Value

Morningstar Category

Short-Term Bond

Fund Symbol

THRLX

Share Class

Share Class Inception Date

10 Apr 2017

Number of Holdings

767

Portfolio Turnover

47%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

4.37%

30-Day SEC Yield (Unsubsidized)

4.32%

Annualized Distribution Yield

3.51%

Characteristics

Portfolio

(As of 30 Apr 2023)

Portfolio

Benchmark

Effective Duration

3.3 Yrs

3.8 Yrs

Average Effective Maturity

4.4 Yrs

4.2 Yrs

Portfolio

Benchmark

Weighted Average Coupon

3.0%

2.5%

Yield to Worst

5.3%

4.2%

Risk & Return Profile

(As of 31 Mar 2023)

10y

Beta

0.74

0.72

0.71

R-Squared (%)

90.69

88.02

86.65

Standard Deviation (%)

2.82

2.55

2.16

Sharpe Ratio

-0.10

0.14

0.44

Information Ratio

1.62

0.31

0.46

Up Capture (%)

79.46

74.07

73.44

Down Capture (%)

69.92

68.96

66.95

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 30 Apr 2023)

Name

Ticker/Symbol

Sector

Weight %

United States Treasury Inflation Indexed Bonds

912828ZZ6

Government

1.9

United States Treasury Note/Bond

—

Government

1.4

United States Treasury Inflation Indexed Bonds

—

Government

1.3

United States Treasury Inflation Indexed Bonds

—

Government

1.3

United States Treasury Inflation Indexed Bonds

—

Government

1.2

New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1

62942QCR2

Asset Backed Securities

0.9

United States Treasury Inflation Indexed Bonds

91282CCM1

Government

0.8

United States Treasury Note/Bond

9128286F2

Government

0.7

United States Treasury Note/Bond

—

Government

0.7

NRZ Advance Receivables Trust 2015-ON1

62942QCW1

Asset Backed Securities

0.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Apr 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

Corporate

47.3

30.5

Collateralized Mortgage Obligation

16.7

—

Asset Backed Securities

16.5

0.0

Treasury-Domestic

10.4

62.2

Mortgage Passthrough

4.1

—

Cash & Cash Equivalents

3.2

—

Commercial Mortgage Backed Security

1.0

—

Agency Debenture

0.4

3.4

Preferred Stock

0.4

—

Municipals

0.2

0.6

Treasury-Foreign

0.1

3.3

Sector Allocation

Fund (%)

Corporate

47.3

Collateralized Mortgage Obligation

16.7

Asset Backed Securities

16.5

Treasury-Domestic

10.4

Mortgage Passthrough

4.1

Cash & Cash Equivalents

3.2

Commercial Mortgage Backed Security

1.0

Agency Debenture

0.4

Preferred Stock

0.4

Municipals

0.2

Treasury-Foreign

0.1

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

U.S. Government

18.8

65.4

AAA

19.1

2.5

4.1

2.9

22.3

14.9

BBB

31.8

14.3

Below Invest. Grade

0.5

0.0

Not Rated

0.1

—

Cash & Cash Equivalents

3.2

—

Credit Quality

Fund (%)

U.S. Government

18.8

AAA

19.1

4.1

22.3

BBB

31.8

Below Invest. Grade

0.5

Not Rated

0.1

Cash & Cash Equivalents

3.2

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Year 1

13.8

1.7

Year 2

13.3

21.1

Year 3

10.7

17.6

Year 4

14.0

12.7

Year 5

9.7

14.2

Year 6

7.3

9.0

Year 7

3.6

7.7

Year 8

7.1

5.7

Year 9

5.0

5.4

Year 10+

12.4

5.0

Cash

3.2

—

Maturity

Fund (%)

Year 1

13.8

Year 2

13.3

Year 3

10.7

Year 4

14.0

Year 5

9.7

Year 6

7.3

Year 7

3.6

Year 8

7.1

Year 9

5.0

Year 10+

12.4

Cash

3.2

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

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

Jason Brady, CFA

President and CEO

Jason Brady is president and CEO of Thornburg Investment Management. He is responsible for the company’s overall strategy and direction. He is also portfolio manager on multiple strategies. He joined the firm in 2006, was made portfolio manager and managing director in 2007, and president and CEO in 2016. His book Income Investing: An Intelligent Approach to Profiting from Bonds,…

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 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.

© 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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Thornburg Limited Term Income Fund

Portfolio Managers

Consistent Outperformance vs. Peers

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

Jeff Klingelhofer, CFA

Jason Brady, CFA

Christian Hoffmann, CFA

Literature

Important Information

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Thornburg Limited Term Income Fund

Portfolio Managers

Consistent Outperformance vs. Peers

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

Jeff Klingelhofer, CFA

Jason Brady, CFA

Christian Hoffmann, CFA

Literature

Important Information

More Insights

Turning Commercial Real Estate Distress into Opportunity

Tread Carefully: Investment Opportunities in Artificial Intelligence

Can the Fed Bring Prices Down to Its 2% Target?

Dream. Plan. Achieve.

Global Market Observations: Is a Recession a Foregone Conclusion?

Global Markets Observations: Risk Assets Ride Out the Banking Scare