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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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Fund Operations
800.847.0200

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Thornburg Limited Term Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 525 Short-Term Bond funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 3 stars and 4 stars among 525, 490 and 370 funds, as of 31 Aug 2024.

As of 31 Aug 2024
Fund Assets
$6.4 B
As of 31 Aug 2024
NAV
$13.13
As of 3 Oct 2024
Change
$-0.03
As of 3 Oct 2024
YTD NAV Performance
5.64%
As of 3 Oct 2024
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg Intermediate U.S. Government/Credit Index

Portfolio Managers

Portfolio Manager and Managing Director
Head of Fixed Income 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-Arial
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.

Performance

Performance

Returns

(As of 30 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.68
10.38
1.39
2.33
2.54
4.72
Bloomberg Intermediate U.S. Government/Credit Index (%)
4.68
9.45
0.17
1.26
1.96
4.27
Morningstar Category Avg. (%)
1.95
5.96
0.67
1.59
1.64
Morningstar Quartile
2
3
2
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.68
10.38
1.39
2.33
2.54
4.72
Bloomberg Intermediate U.S. Government/Credit Index (%)
4.68
9.45
0.17
1.26
1.96
4.27
Morningstar Category Avg. (%)
4.24
7.42
1.33
1.87
1.86
Morningstar Quartile
1
3
2
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.68
10.38
4.23
12.21
28.55
336.79
Bloomberg Intermediate U.S. Government/Credit Index (%)
4.68
9.45
0.52
6.44
21.47
281.69
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.68
10.38
4.23
12.21
28.55
336.79
Bloomberg Intermediate U.S. Government/Credit Index (%)
4.68
9.45
0.52
6.44
21.47
281.69
2018
2019
2020
2021
2022
2023
Total Return (%)
1.22
5.75
7.59
-0.80
-7.00
6.49
Bloomberg Intermediate U.S. Government/Credit Index (%)
0.88
6.80
6.43
-1.44
-8.23
5.24
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
0.54
Net Expense Ratio (%)
0.49
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Sep 2024)
(Hypothetical Growth of $10,000 vs Bloomberg Intermediate U.S. Government/Credit Index)
Distributions

Distributions

(As of 30 Sep 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 1996
31 Jan 1996
0
29 Feb 1996
29 Feb 1996
0
31 Mar 1996
31 Mar 1996
0
30 Apr 1996
30 Apr 1996
0
31 May 1996
31 May 1996
0
30 Jun 1996
30 Jun 1996
0
31 Jul 1996
31 Jul 1996
0.05713
0.05713
30 Aug 1996
31 Aug 1996
0.06692
0.06692
30 Sep 1996
30 Sep 1996
0.06748
0.06748
31 Oct 1996
31 Oct 1996
0.06744
0.06744
29 Nov 1996
30 Nov 1996
0.06669
0.06669
31 Dec 1996
31 Dec 1996
0.06808
0.06808
31 Jan 1997
31 Jan 1997
0.06808
0.06808
28 Feb 1997
28 Feb 1997
0.06545
0.06545
31 Mar 1997
31 Mar 1997
0.06710
0.06710
30 Apr 1997
30 Apr 1997
0.06630
0.06630
30 May 1997
31 May 1997
0.06644
0.06644
30 Jun 1997
30 Jun 1997
0.06587
0.06587
31 Jul 1997
31 Jul 1997
0.06646
0.06646
29 Aug 1997
31 Aug 1997
0.06573
0.06573
30 Sep 1997
30 Sep 1997
0.06391
0.06391
31 Oct 1997
31 Oct 1997
0.06530
0.06530
28 Nov 1997
30 Nov 1997
0.06428
0.06428
31 Dec 1997
31 Dec 1997
0.06284
0.06284
30 Jan 1998
31 Jan 1998
0.06361
0.06361
27 Feb 1998
28 Feb 1998
0.06308
0.06308
31 Mar 1998
31 Mar 1998
0.06272
0.06272
30 Apr 1998
30 Apr 1998
0.06174
0.06174
29 May 1998
31 May 1998
0.06217
0.06217
30 Jun 1998
30 Jun 1998
0.06200
0.06200
31 Jul 1998
31 Jul 1998
0.06196
0.06196
31 Aug 1998
31 Aug 1998
0.06263
0.06263
30 Sep 1998
30 Sep 1998
0.06150
0.06150
30 Oct 1998
31 Oct 1998
0.06113
0.06113
30 Nov 1998
30 Nov 1998
0.06069
0.06069
31 Dec 1998
31 Dec 1998
0.06123
0.06123
29 Jan 1999
31 Jan 1999
0.06108
0.06108
26 Feb 1999
28 Feb 1999
0.06158
0.06158
31 Mar 1999
31 Mar 1999
0.06117
0.06117
30 Apr 1999
30 Apr 1999
0.06050
0.06050
28 May 1999
31 May 1999
0.06093
0.06093
30 Jun 1999
30 Jun 1999
0.06094
0.06094
30 Jul 1999
31 Jul 1999
0.06040
0.06040
31 Aug 1999
31 Aug 1999
0.06065
0.06065
30 Sep 1999
30 Sep 1999
0.05996
0.05996
29 Oct 1999
31 Oct 1999
0.06093
0.06093
30 Nov 1999
30 Nov 1999
0.06159
0.06159
31 Dec 1999
31 Dec 1999
0.06280
0.06280
31 Jan 2000
31 Jan 2000
0.06208
0.06208
29 Feb 2000
29 Feb 2000
0.06285
0.06285
31 Mar 2000
31 Mar 2000
0.06369
0.06369
28 Apr 2000
30 Apr 2000
0.06545
0.06545
31 May 2000
31 May 2000
0.06555
0.06555
30 Jun 2000
30 Jun 2000
0.06581
0.06581
31 Jul 2000
31 Jul 2000
0.06584
0.06584
31 Aug 2000
31 Aug 2000
0.06585
0.06585
29 Sep 2000
30 Sep 2000
0.06589
0.06589
31 Oct 2000
31 Oct 2000
0.06577
0.06577
30 Nov 2000
30 Nov 2000
0.06559
0.06559
29 Dec 2000
31 Dec 2000
0.06543
0.06543
31 Jan 2001
31 Jan 2001
0.06558
0.06558
28 Feb 2001
28 Feb 2001
0.06490
0.06490
30 Mar 2001
31 Mar 2001
0.06536
0.06536
30 Apr 2001
30 Apr 2001
0.06445
0.06445
31 May 2001
31 May 2001
0.06415
0.06415
29 Jun 2001
30 Jun 2001
0.06475
0.06475
31 Jul 2001
31 Jul 2001
0.06274
0.06274
31 Aug 2001
31 Aug 2001
0.06099
0.06099
28 Sep 2001
30 Sep 2001
0.05905
0.05905
31 Oct 2001
31 Oct 2001
0.05897
0.05897
30 Nov 2001
30 Nov 2001
0.05811
0.05811
31 Dec 2001
31 Dec 2001
0.05587
0.05587
31 Jan 2002
31 Jan 2002
0.05564
0.05564
28 Feb 2002
28 Feb 2002
0.05313
0.05313
28 Mar 2002
31 Mar 2002
0.05478
0.05478
30 Apr 2002
30 Apr 2002
0.05459
0.05459
31 May 2002
31 May 2002
0.05475
0.05475
28 Jun 2002
30 Jun 2002
0.05388
0.05388
31 Jul 2002
31 Jul 2002
0.05099
0.05099
30 Aug 2002
31 Aug 2002
0.04974
0.04974
30 Sep 2002
30 Sep 2002
0.04980
0.04980
31 Oct 2002
31 Oct 2002
0.05030
0.05030
29 Nov 2002
30 Nov 2002
0.04896
0.04896
31 Dec 2002
31 Dec 2002
0.04670
0.04670
31 Jan 2003
31 Jan 2003
0.04449
0.04449
28 Feb 2003
28 Feb 2003
0.04167
0.04167
31 Mar 2003
31 Mar 2003
0.04572
0.04572
30 Apr 2003
30 Apr 2003
0.04867
0.04867
30 May 2003
31 May 2003
0.04783
0.04783
30 Jun 2003
30 Jun 2003
0.04279
0.04279
31 Jul 2003
31 Jul 2003
0.04183
0.04183
29 Aug 2003
31 Aug 2003
0.04353
0.04353
30 Sep 2003
30 Sep 2003
0.04386
0.04386
31 Oct 2003
31 Oct 2003
0.04133
0.04133
28 Nov 2003
30 Nov 2003
0.04047
0.04047
31 Dec 2003
31 Dec 2003
0.03909
0.03909
30 Jan 2004
31 Jan 2004
0.03860
0.03860
27 Feb 2004
29 Feb 2004
0.03903
0.03903
31 Mar 2004
31 Mar 2004
0.03774
0.03774
30 Apr 2004
30 Apr 2004
0.03819
0.03819
28 May 2004
31 May 2004
0.03774
0.03774
30 Jun 2004
30 Jun 2004
0.03800
0.03800
30 Jul 2004
31 Jul 2004
0.03847
0.03847
31 Aug 2004
31 Aug 2004
0.03974
0.03974
30 Sep 2004
30 Sep 2004
0.04115
0.04115
29 Oct 2004
31 Oct 2004
0.04029
0.04029
30 Nov 2004
30 Nov 2004
0.03972
0.03972
31 Dec 2004
31 Dec 2004
0.04259
0.04259
31 Jan 2005
31 Jan 2005
0.04023
0.04023
28 Feb 2005
28 Feb 2005
0.04094
0.04094
31 Mar 2005
31 Mar 2005
0.04053
0.04053
29 Apr 2005
30 Apr 2005
0.04126
0.04126
31 May 2005
31 May 2005
0.04060
0.04060
30 Jun 2005
30 Jun 2005
0.04116
0.04116
29 Jul 2005
31 Jul 2005
0.04179
0.04179
31 Aug 2005
31 Aug 2005
0.05950
0.05950
30 Sep 2005
30 Sep 2005
0.04411
0.04411
31 Oct 2005
31 Oct 2005
0.04202
0.04202
30 Nov 2005
30 Nov 2005
0.04395
0.04395
30 Dec 2005
31 Dec 2005
0.04498
0.04498
31 Jan 2006
31 Jan 2006
0.04630
0.04630
28 Feb 2006
28 Feb 2006
0.04210
0.04210
31 Mar 2006
31 Mar 2006
0.04419
0.04419
28 Apr 2006
30 Apr 2006
0.04499
0.04499
31 May 2006
31 May 2006
0.04559
0.04559
30 Jun 2006
30 Jun 2006
0.04560
0.04560
31 Jul 2006
31 Jul 2006
0.04584
0.04584
31 Aug 2006
31 Aug 2006
0.04711
0.04711
29 Sep 2006
30 Sep 2006
0.04766
0.04766
31 Oct 2006
31 Oct 2006
0.04747
0.04747
30 Nov 2006
30 Nov 2006
0.04620
0.04620
29 Dec 2006
31 Dec 2006
0.04768
0.04768
31 Jan 2007
31 Jan 2007
0.04281
0.04281
28 Feb 2007
28 Feb 2007
0.04291
0.04291
30 Mar 2007
31 Mar 2007
0.04347
0.04347
30 Apr 2007
30 Apr 2007
0.04524
0.04524
31 May 2007
31 May 2007
0.04471
0.04471
29 Jun 2007
30 Jun 2007
0.04607
0.04607
31 Jul 2007
31 Jul 2007
0.04689
0.04689
31 Aug 2007
31 Aug 2007
0.04631
0.04631
28 Sep 2007
30 Sep 2007
0.04592
0.04592
31 Oct 2007
31 Oct 2007
0.04656
0.04656
30 Nov 2007
30 Nov 2007
0.04673
0.04673
31 Dec 2007
31 Dec 2007
0.04793
0.04793
31 Jan 2008
31 Jan 2008
0.04771
0.04771
29 Feb 2008
29 Feb 2008
0.04790
0.04790
31 Mar 2008
31 Mar 2008
0.04954
0.04954
30 Apr 2008
30 Apr 2008
0.04903
0.04903
30 May 2008
31 May 2008
0.04864
0.04864
30 Jun 2008
30 Jun 2008
0.04930
0.04930
31 Jul 2008
31 Jul 2008
0.04965
0.04965
29 Aug 2008
31 Aug 2008
0.05499
0.05499
30 Sep 2008
30 Sep 2008
0.05029
0.05029
31 Oct 2008
31 Oct 2008
0.05415
0.05415
28 Nov 2008
30 Nov 2008
0.05516
0.05516
31 Dec 2008
31 Dec 2008
0.05391
0.05391
30 Jan 2009
31 Jan 2009
0.05278
0.05278
27 Feb 2009
28 Feb 2009
0.05282
0.05282
31 Mar 2009
31 Mar 2009
0.05305
0.05305
30 Apr 2009
30 Apr 2009
0.05412
0.05412
29 May 2009
31 May 2009
0.05475
0.05475
30 Jun 2009
30 Jun 2009
0.05402
0.05402
31 Jul 2009
31 Jul 2009
0.05329
0.05329
31 Aug 2009
31 Aug 2009
0.05301
0.05301
30 Sep 2009
30 Sep 2009
0.05344
0.05344
30 Oct 2009
31 Oct 2009
0.05253
0.05253
30 Nov 2009
30 Nov 2009
0.05092
0.05092
31 Dec 2009
31 Dec 2009
0.05004
0.05004
29 Jan 2010
31 Jan 2010
0.04910
0.04910
26 Feb 2010
28 Feb 2010
0.04855
0.04855
31 Mar 2010
31 Mar 2010
0.04612
0.04612
30 Apr 2010
30 Apr 2010
0.04556
0.04556
28 May 2010
31 May 2010
0.04426
0.04426
30 Jun 2010
30 Jun 2010
0.04398
0.04398
30 Jul 2010
31 Jul 2010
0.04411
0.04411
31 Aug 2010
31 Aug 2010
0.04488
0.04488
30 Sep 2010
30 Sep 2010
0.04379
0.04379
29 Oct 2010
31 Oct 2010
0.04428
0.04428
19 Nov 2010
19 Nov 2010
0.04067
0.00000
0.04067
30 Nov 2010
30 Nov 2010
0.04454
0.04454
31 Dec 2010
31 Dec 2010
0.04391
0.04391
31 Jan 2011
31 Jan 2011
0.04422
0.04422
28 Feb 2011
28 Feb 2011
0.04458
0.04458
31 Mar 2011
31 Mar 2011
0.04306
0.04306
29 Apr 2011
30 Apr 2011
0.04247
0.04247
31 May 2011
31 May 2011
0.04104
0.04104
30 Jun 2011
30 Jun 2011
0.04166
0.04166
29 Jul 2011
31 Jul 2011
0.04072
0.04072
31 Aug 2011
31 Aug 2011
0.04070
0.04070
30 Sep 2011
30 Sep 2011
0.04223
0.04223
31 Oct 2011
31 Oct 2011
0.04171
0.04171
18 Nov 2011
18 Nov 2011
0.09254
0.01648
0.07606
30 Nov 2011
30 Nov 2011
0.04459
0.04459
30 Dec 2011
31 Dec 2011
0.04509
0.04509
31 Jan 2012
31 Jan 2012
0.03944
0.03944
29 Feb 2012
29 Feb 2012
0.03983
0.03983
30 Mar 2012
31 Mar 2012
0.03846
0.03846
30 Apr 2012
30 Apr 2012
0.03780
0.03780
31 May 2012
31 May 2012
0.03775
0.03775
29 Jun 2012
30 Jun 2012
0.03680
0.03680
31 Jul 2012
31 Jul 2012
0.03565
0.03565
31 Aug 2012
31 Aug 2012
0.03664
0.03664
28 Sep 2012
30 Sep 2012
0.03614
0.03614
31 Oct 2012
31 Oct 2012
0.03608
0.03608
20 Nov 2012
20 Nov 2012
0.05979
0.03515
0.02464
30 Nov 2012
30 Nov 2012
0.03590
0.03590
31 Dec 2012
31 Dec 2012
0.03490
0.03490
31 Jan 2013
31 Jan 2013
0.03425
0.03425
28 Feb 2013
28 Feb 2013
0.03204
0.03204
28 Mar 2013
31 Mar 2013
0.03093
0.03093
30 Apr 2013
30 Apr 2013
0.03047
0.03047
31 May 2013
31 May 2013
0.03073
0.03073
28 Jun 2013
30 Jun 2013
0.02927
0.02927
31 Jul 2013
31 Jul 2013
0.02972
0.02972
30 Aug 2013
31 Aug 2013
0.02978
0.02978
30 Sep 2013
30 Sep 2013
0.03084
0.03084
31 Oct 2013
31 Oct 2013
0.02836
0.02836
19 Nov 2013
19 Nov 2013
0.10996
0.03557
0.07439
29 Nov 2013
30 Nov 2013
0.02889
0.02889
31 Dec 2013
31 Dec 2013
0.03085
0.03085
31 Jan 2014
31 Jan 2014
0.02963
0.02963
28 Feb 2014
28 Feb 2014
0.03038
0.03038
31 Mar 2014
31 Mar 2014
0.03032
0.03032
30 Apr 2014
30 Apr 2014
0.03063
0.03063
30 May 2014
31 May 2014
0.03066
0.03066
30 Jun 2014
30 Jun 2014
0.02811
0.02811
31 Jul 2014
31 Jul 2014
0.02639
0.02639
29 Aug 2014
31 Aug 2014
0.02590
0.02590
30 Sep 2014
30 Sep 2014
0.02508
0.02508
31 Oct 2014
31 Oct 2014
0.02593
0.02593
19 Nov 2014
19 Nov 2014
0.07097
0.01311
0.05786
28 Nov 2014
30 Nov 2014
0.02614
0.02614
31 Dec 2014
31 Dec 2014
0.02680
0.02680
30 Jan 2015
31 Jan 2015
0.02725
0.02725
27 Feb 2015
28 Feb 2015
0.02739
0.02739
31 Mar 2015
31 Mar 2015
0.02747
0.02747
30 Apr 2015
30 Apr 2015
0.02599
0.02599
29 May 2015
31 May 2015
0.02583
0.02583
30 Jun 2015
30 Jun 2015
0.02635
0.02635
31 Jul 2015
31 Jul 2015
0.02531
0.02531
31 Aug 2015
31 Aug 2015
0.02623
0.02623
30 Sep 2015
30 Sep 2015
0.02643
0.02643
30 Oct 2015
31 Oct 2015
0.02429
0.02429
30 Nov 2015
30 Nov 2015
0.02405
0.02405
31 Dec 2015
31 Dec 2015
0.02459
0.02459
29 Jan 2016
31 Jan 2016
0.02373
0.02373
29 Feb 2016
29 Feb 2016
0.02507
0.02507
31 Mar 2016
31 Mar 2016
0.02700
0.02700
29 Apr 2016
30 Apr 2016
0.02691
0.02691
31 May 2016
31 May 2016
0.02698
0.02698
30 Jun 2016
30 Jun 2016
0.02600
0.02600
29 Jul 2016
31 Jul 2016
0.02516
0.02516
31 Aug 2016
31 Aug 2016
0.02439
0.02439
30 Sep 2016
30 Sep 2016
0.02218
0.02218
31 Oct 2016
31 Oct 2016
0.02292
0.02292
30 Nov 2016
30 Nov 2016
0.02400
0.02400
30 Dec 2016
31 Dec 2016
0.02445
0.02445
31 Jan 2017
31 Jan 2017
0.02381
0.02381
28 Feb 2017
28 Feb 2017
0.02376
0.02376
31 Mar 2017
31 Mar 2017
0.02476
0.02476
28 Apr 2017
30 Apr 2017
0.02512
0.02512
31 May 2017
31 May 2017
0.02441
0.02441
30 Jun 2017
30 Jun 2017
0.02493
0.02493
31 Jul 2017
31 Jul 2017
0.02494
0.02494
31 Aug 2017
31 Aug 2017
0.02548
0.02548
29 Sep 2017
30 Sep 2017
0.02541
0.02541
31 Oct 2017
31 Oct 2017
0.02579
0.02579
30 Nov 2017
30 Nov 2017
0.02676
0.02676
29 Dec 2017
31 Dec 2017
0.02581
0.02581
31 Jan 2018
31 Jan 2018
0.02644
0.02644
28 Feb 2018
28 Feb 2018
0.02619
0.02619
29 Mar 2018
31 Mar 2018
0.02796
0.02796
30 Apr 2018
30 Apr 2018
0.02838
0.02838
31 May 2018
31 May 2018
0.02892
0.02892
29 Jun 2018
30 Jun 2018
0.03009
0.03009
31 Jul 2018
31 Jul 2018
0.02985
0.02985
31 Aug 2018
31 Aug 2018
0.02926
0.02926
28 Sep 2018
30 Sep 2018
0.02882
0.02882
31 Oct 2018
31 Oct 2018
0.03019
0.03019
30 Nov 2018
30 Nov 2018
0.03090
0.03090
31 Dec 2018
31 Dec 2018
0.03166
0.03166
31 Jan 2019
31 Jan 2019
0.03106
0.03106
28 Feb 2019
28 Feb 2019
0.03111
0.03111
29 Mar 2019
31 Mar 2019
0.03249
0.03249
30 Apr 2019
30 Apr 2019
0.03256
0.03256
31 May 2019
31 May 2019
0.03243
0.03243
28 Jun 2019
30 Jun 2019
0.03258
0.03258
31 Jul 2019
31 Jul 2019
0.03084
0.03084
31 Aug 2019
31 Aug 2019
0.02963
0.02963
30 Sep 2019
30 Sep 2019
0.02988
0.02988
31 Oct 2019
31 Oct 2019
0.02843
0.02843
14 Nov 2019
14 Nov 2019
0.09516
0.06730
0.02786
30 Nov 2019
30 Nov 2019
0.02802
0.02802
31 Dec 2019
31 Dec 2019
0.02841
0.02841
31 Jan 2020
31 Jan 2020
0.02642
0.02642
29 Feb 2020
29 Feb 2020
0.02506
0.02506
31 Mar 2020
31 Mar 2020
0.02776
0.02776
30 Apr 2020
30 Apr 2020
0.02954
0.02954
31 May 2020
31 May 2020
0.02713
0.02713
30 Jun 2020
30 Jun 2020
0.02503
0.02503
31 Jul 2020
31 Jul 2020
0.02475
0.02475
31 Aug 2020
31 Aug 2020
0.02454
0.02454
30 Sep 2020
30 Sep 2020
0.02402
0.02402
30 Oct 2020
31 Oct 2020
0.02213
0.02213
19 Nov 2020
19 Nov 2020
0.16826
0.15003
0.01823
30 Nov 2020
30 Nov 2020
0.02032
0.02032
31 Dec 2020
31 Dec 2020
0.01942
0.01942
29 Jan 2021
31 Jan 2021
0.01841
0.01841
26 Feb 2021
28 Feb 2021
0.01909
0.01909
31 Mar 2021
31 Mar 2021
0.01845
0.01845
30 Apr 2021
30 Apr 2021
0.01872
0.01872
28 May 2021
31 May 2021
0.01870
0.01870
30 Jun 2021
30 Jun 2021
0.01838
0.01838
30 Jul 2021
31 Jul 2021
0.01780
0.01780
31 Aug 2021
31 Aug 2021
0.01813
0.01813
30 Sep 2021
30 Sep 2021
0.01744
0.01744
29 Oct 2021
31 Oct 2021
0.01684
0.01684
30 Nov 2021
30 Nov 2021
0.01747
0.01747
31 Dec 2021
31 Dec 2021
0.01893
0.01893
31 Jan 2022
31 Jan 2022
0.01735
0.01735
28 Feb 2022
28 Feb 2022
0.01744
0.01744
31 Mar 2022
31 Mar 2022
0.01977
0.01977
29 Apr 2022
30 Apr 2022
0.02252
0.02252
31 May 2022
31 May 2022
0.02539
0.02539
30 Jun 2022
30 Jun 2022
0.02494
0.02494
29 Jul 2022
31 Jul 2022
0.02840
0.02840
31 Aug 2022
31 Aug 2022
0.03331
0.03331
30 Sep 2022
30 Sep 2022
0.02506
0.02506
31 Oct 2022
31 Oct 2022
0.02638
0.02638
30 Nov 2022
30 Nov 2022
0.02973
0.02973
30 Dec 2022
31 Dec 2022
0.03343
0.03343
31 Jan 2023
31 Jan 2023
0.02723
0.02723
28 Feb 2023
28 Feb 2023
0.02575
0.02575
31 Mar 2023
31 Mar 2023
0.03860
0.03860
28 Apr 2023
30 Apr 2023
0.03800
0.03800
31 May 2023
31 May 2023
0.03738
0.03738
30 Jun 2023
30 Jun 2023
0.03784
0.03784
31 Jul 2023
31 Jul 2023
0.03622
0.03622
31 Aug 2023
31 Aug 2023
0.03772
0.03772
29 Sep 2023
30 Sep 2023
0.03675
0.03675
31 Oct 2023
31 Oct 2023
0.04096
0.04096
30 Nov 2023
30 Nov 2023
0.03917
0.03917
29 Dec 2023
31 Dec 2023
0.03739
0.03739
31 Jan 2024
31 Jan 2024
0.03527
0.03527
29 Feb 2024
29 Feb 2024
0.03736
0.03736
28 Mar 2024
31 Mar 2024
0.04357
0.04357
30 Apr 2024
30 Apr 2024
0.04607
0.04607
31 May 2024
31 May 2024
0.04823
0.04823
28 Jun 2024
30 Jun 2024
0.04650
0.04650
31 Jul 2024
31 Jul 2024
0.04598
0.04598
30 Aug 2024
31 Aug 2024
0.04480
0.04480
30 Sep 2024
30 Sep 2024
0.04690
0.04690
Fund Facts

Fund Facts

(As of 31 Aug 2024)
Net Fund Assets
$6.4 B
Benchmark
Bloomberg Intermediate U.S. Government/Credit Index
Morningstar Category
Short-Term Bond
Fund Symbol
THIIX
Share Class
I
Share Class Inception Date
5 Jul 1996
Number of Holdings
643
Portfolio Turnover
38%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.68%
30-Day SEC Yield (Unsubsidized)
3.65%
Annualized Distribution Yield
3.99%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2024)
Portfolio
Benchmark
Effective Duration
3.4 Yrs
3.7 Yrs
Average Effective Maturity
4.5 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.1%
3.3%
Yield to Worst
5.0%
4.1%
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2024)
3y
5y
10y
Beta
0.84
0.88
0.81
R-Squared (%)
93.84
83.16
82.11
Standard Deviation (%)
4.21
3.90
2.94
Sharpe Ratio
-0.60
-0.05
0.27
Information Ratio
1.00
0.70
0.44
Up Capture (%)
93.32
103.95
92.55
Down Capture (%)
75.50
81.64
71.11
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2024)
Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
91282CFF3
5.6
United States Treasury Inflation Indexed Bonds
91282CEJ6
2.0
Freddie Mac Pool
3132E0T85
1.7
United States Treasury Inflation Indexed Bonds
91282CBF7
1.7
United States Treasury Inflation Indexed Bonds
912810PV4
1.7
Fannie Mae Pool
3140XMZX7
1.7
United States Treasury Inflation Indexed Bonds
91282CDX6
0.9
United States Treasury Note/Bond
91282CKQ3
0.8
Rate Mortgage Trust 2022-J1
75410RAJ5
0.6
Freddie Mac Pool
3132DPBV9
0.6
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
30.7
30.0
Collateralized Mortgage Obligation
19.2
Treasury-Domestic
14.2
63.5
Asset Backed Securities
13.5
0.0
Mortgage Passthrough
10.7
Cash & Cash Equivalents
7.7
Commercial Mortgage Backed Security
3.2
Preferred Stock
0.4
Agency Debenture
0.3
2.6
Treasury-Foreign
0.1
3.2
Municipals
0.1
0.6
Sector Allocation
Fund (%)
Corporate
30.7
Collateralized Mortgage Obligation
19.2
Treasury-Domestic
14.2
Asset Backed Securities
13.5
Mortgage Passthrough
10.7
Cash & Cash Equivalents
7.7
Commercial Mortgage Backed Security
3.2
Preferred Stock
0.4
Agency Debenture
0.3
Treasury-Foreign
0.1
Municipals
0.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
30.5
65.9
AAA
19.9
2.5
AA
4.7
2.9
A
16.8
14.4
BBB
19.7
14.3
Below Invest. Grade
0.1
Not Rated
0.4
Cash & Cash Equivalents
7.8
Credit Quality
Fund (%)
U.S. Government
30.5
AAA
19.9
AA
4.7
A
16.8
BBB
19.7
Below Invest. Grade
0.1
Not Rated
0.4
Cash & Cash Equivalents
7.8
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
13.1
2.1
Year 2
10.0
21.1
Year 3
11.1
16.8
Year 4
7.7
13.9
Year 5
8.9
14.2
Year 6
8.4
8.1
Year 7
5.6
8.4
Year 8
10.4
5.1
Year 9
3.1
5.3
Year 10+
13.8
4.8
Cash
7.8
Maturity
Fund (%)
Year 1
13.1
Year 2
10.0
Year 3
11.1
Year 4
7.7
Year 5
8.9
Year 6
8.4
Year 7
5.6
Year 8
10.4
Year 9
3.1
Year 10+
13.8
Cash
7.8
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 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 business…
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Christian Hoffmann, CFA

Christian Hoffmann, CFA

Head of Fixed Income and Managing Director
Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…
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