Thornburg Ultra Short Income Fund

SYMBOL: TLDIX

Morningstar Rating • Info

Overall Morningstar Rating among 208 Ultrashort 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, 3 stars, 3 stars and 4 stars among 208, 181 and 109 funds, as of 31 Dec 2025.

As of 31 Dec 2025

Fund Assets

$254.5 M

As of 31 Dec 2025

NAV

$12.18

As of 3 Feb 2026

Change

$0.00

As of 3 Feb 2026

YTD NAV Performance

0.37%

As of 3 Feb 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 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 31 Dec 2025)

YTD

10y

Inception

Total Return (%)

4.82

5.46

3.35

2.88

2.57

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

4.30

4.90

3.19

2.21

1.85

Morningstar Category Avg. (%)

4.8

5.46

3.25

2.58

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

245

208

181

109

—

YTD

10y

Inception

Total Return (%)

0.29

4.66

5.35

3.40

2.87

2.57

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

0.29

4.22

4.89

3.25

2.23

1.86

Morningstar Category Avg. (%)

4.8

5.46

3.25

2.58

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

245

208

181

109

—

YTD

10y

Inception

Total Return (%)

4.82

17.30

17.93

32.87

35.58

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

4.30

15.42

17.03

24.38

24.56

YTD

10y

Inception

Total Return (%)

0.29

4.66

16.94

18.20

32.70

35.97

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

0.29

4.22

15.38

17.36

24.72

24.93

2020

2021

2022

2023

2024

2025

Total Return (%)

3.25

0.32

0.22

5.78

5.79

4.82

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 (%)

0.54

Net Expense Ratio (%)

0.35

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

            Categories,I Shares,ICE BofA U.S. Treasury Bill Index
            2013-12-30,10000,10000
2013-12-31,10000,10000
2014-01-31,10051,10001
2014-02-28,10079,10001
2014-03-31,10074,10002
2014-04-30,10100,10003
2014-05-31,10118,10003
2014-06-30,10132,10003
2014-07-31,10133,10004
2014-08-31,10156,10005
2014-09-30,10148,10005
2014-10-31,10164,10005
2014-11-30,10180,10006
2014-12-31,10155,10006
2015-01-31,10195,10007
2015-02-28,10186,10008
2015-03-31,10210,10008
2015-04-30,10217,10009
2015-05-31,10224,10010
2015-06-30,10223,10011
2015-07-31,10222,10010
2015-08-31,10221,10011
2015-09-30,10229,10015
2015-10-31,10227,10013
2015-11-30,10227,10012
2015-12-31,10204,10014
2016-01-31,10246,10017
2016-02-29,10255,10020
2016-03-31,10306,10025
2016-04-30,10333,10028
2016-05-31,10337,10028
2016-06-30,10390,10035
2016-07-31,10393,10037
2016-08-31,10396,10039
2016-09-30,10413,10044
2016-10-31,10416,10046
2016-11-30,10386,10047
2016-12-31,10398,10051
2017-01-31,10417,10057
2017-02-28,10437,10061
2017-03-31,10452,10062
2017-04-30,10475,10069
2017-05-31,10496,10073
2017-06-30,10493,10081
2017-07-31,10516,10089
2017-08-31,10539,10100
2017-09-30,10537,10108
2017-10-31,10544,10116
2017-11-30,10535,10123
2017-12-31,10541,10133
2018-01-31,10540,10144
2018-02-28,10529,10153
2018-03-31,10547,10167
2018-04-30,10550,10181
2018-05-31,10585,10196
2018-06-30,10588,10213
2018-07-31,10600,10229
2018-08-31,10637,10248
2018-09-30,10638,10263
2018-10-31,10649,10282
2018-11-30,10663,10303
2018-12-31,10720,10323
2019-01-31,10768,10345
2019-02-28,10798,10364
2019-03-31,10865,10388
2019-04-30,10888,10408
2019-05-31,10957,10432
2019-06-30,10998,10457
2019-07-31,11013,10476
2019-08-31,11080,10498
2019-09-30,11085,10515
2019-10-31,11107,10537
2019-11-30,11121,10550
2019-12-31,11134,10566
2020-01-31,11191,10580
2020-02-29,11248,10600
2020-03-31,10963,10634
2020-04-30,11138,10635
2020-05-31,11286,10635
2020-06-30,11376,10636
2020-07-31,11411,10639
2020-08-31,11438,10639
2020-09-30,11455,10641
2020-10-31,11462,10642
2020-11-30,11479,10643
2020-12-31,11497,10644
2021-01-31,11504,10645
2021-02-28,11509,10646
2021-03-31,11506,10647
2021-04-30,11515,10647
2021-05-31,11520,10647
2021-06-30,11525,10647
2021-07-31,11530,10647
2021-08-31,11534,10648
2021-09-30,11540,10649
2021-10-31,11534,10648
2021-11-30,11538,10649
2021-12-31,11533,10649
2022-01-31,11528,10646
2022-02-28,11456,10647
2022-03-31,11423,10646
2022-04-30,11419,10648
2022-05-31,11416,10655
2022-06-30,11407,10654
2022-07-31,11428,10662
2022-08-31,11452,10679
2022-09-30,11451,10699
2022-10-31,11454,10715
2022-11-30,11500,10750
2022-12-31,11558,10792
2023-01-31,11628,10827
2023-02-28,11660,10862
2023-03-31,11715,10912
2023-04-30,11761,10949
2023-05-31,11809,10989
2023-06-30,11858,11038
2023-07-31,11917,11083
2023-08-31,11969,11133
2023-09-30,12021,11184
2023-10-31,12074,11234
2023-11-30,12144,11287
2023-12-31,12226,11341
2024-01-31,12291,11389
2024-02-29,12336,11434
2024-03-31,12392,11486
2024-04-30,12441,11534
2024-05-31,12508,11590
2024-06-30,12568,11638
2024-07-31,12640,11692
2024-08-31,12712,11751
2024-09-30,12784,11804
2024-10-31,12830,11848
2024-11-30,12887,11894
2024-12-31,12934,11942
2025-01-31,12991,11986
2025-02-28,13045,12026
2025-03-31,13090,12067
2025-04-30,13134,12109
2025-05-31,13200,12152
2025-06-30,13253,12194
2025-07-31,13306,12236
2025-08-31,13371,12287
2025-09-30,13414,12330
2025-10-31,13458,12374
2025-11-30,13508,12411
2025-12-31,13558,12456
2026-01-31,13597,12493

Hypothetical Growth of $10,000

(As of 31 Jan 2026)

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

                        Categories,I Shares,ICE BofA U.S. Treasury Bill Index
                        2025-01-31,10000,10000
2025-02-28,10041,10033
2025-03-31,10076,10067
2025-04-30,10110,10102
2025-05-31,10160,10138
2025-06-30,10201,10173
2025-07-31,10242,10208
2025-08-31,10292,10250
2025-09-30,10325,10286
2025-10-31,10359,10323
2025-11-30,10398,10354
2025-12-31,10436,10392
2026-01-31,10466,10422

                        Categories,I Shares,ICE BofA U.S. Treasury Bill Index
                        2023-01-31,10000,10000
2023-02-28,10028,10033
2023-03-31,10075,10079
2023-04-30,10115,10113
2023-05-31,10156,10149
2023-06-30,10198,10195
2023-07-31,10249,10237
2023-08-31,10294,10283
2023-09-30,10338,10330
2023-10-31,10384,10376
2023-11-30,10444,10425
2023-12-31,10515,10475
2024-01-31,10571,10520
2024-02-29,10609,10561
2024-03-31,10658,10609
2024-04-30,10699,10653
2024-05-31,10757,10704
2024-06-30,10809,10749
2024-07-31,10871,10799
2024-08-31,10933,10854
2024-09-30,10995,10903
2024-10-31,11034,10943
2024-11-30,11083,10985
2024-12-31,11124,11030
2025-01-31,11173,11071
2025-02-28,11219,11107
2025-03-31,11258,11145
2025-04-30,11296,11184
2025-05-31,11352,11224
2025-06-30,11398,11262
2025-07-31,11443,11302
2025-08-31,11499,11348
2025-09-30,11536,11388
2025-10-31,11574,11429
2025-11-30,11617,11463
2025-12-31,11660,11505
2026-01-31,11694,11538

                        Categories,I Shares,ICE BofA U.S. Treasury Bill Index
                        2021-01-31,10000,10000
2021-02-28,10005,10001
2021-03-31,10002,10002
2021-04-30,10010,10002
2021-05-31,10014,10003
2021-06-30,10018,10002
2021-07-31,10023,10003
2021-08-31,10026,10003
2021-09-30,10031,10004
2021-10-31,10026,10003
2021-11-30,10030,10004
2021-12-31,10026,10004
2022-01-31,10021,10002
2022-02-28,9959,10002
2022-03-31,9930,10002
2022-04-30,9927,10003
2022-05-31,9924,10009
2022-06-30,9916,10009
2022-07-31,9934,10016
2022-08-31,9955,10032
2022-09-30,9954,10051
2022-10-31,9957,10066
2022-11-30,9996,10099
2022-12-31,10047,10138
2023-01-31,10108,10171
2023-02-28,10136,10204
2023-03-31,10183,10251
2023-04-30,10224,10286
2023-05-31,10265,10323
2023-06-30,10308,10369
2023-07-31,10360,10412
2023-08-31,10405,10459
2023-09-30,10450,10507
2023-10-31,10496,10554
2023-11-30,10556,10603
2023-12-31,10628,10654
2024-01-31,10685,10700
2024-02-29,10724,10742
2024-03-31,10773,10790
2024-04-30,10814,10835
2024-05-31,10873,10888
2024-06-30,10925,10933
2024-07-31,10988,10984
2024-08-31,11051,11039
2024-09-30,11113,11089
2024-10-31,11153,11130
2024-11-30,11202,11173
2024-12-31,11244,11219
2025-01-31,11293,11260
2025-02-28,11340,11297
2025-03-31,11379,11336
2025-04-30,11417,11376
2025-05-31,11474,11416
2025-06-30,11521,11455
2025-07-31,11566,11495
2025-08-31,11623,11542
2025-09-30,11660,11583
2025-10-31,11698,11624
2025-11-30,11742,11660
2025-12-31,11786,11702
2026-01-31,11820,11736

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2014-01-31,0.01294
2014-02-28,0.01465
2014-03-31,0.01357
2014-04-30,0.01233
2014-05-31,0.01129
2014-06-30,0.01756
2014-07-31,0.01066
2014-08-31,0.00892
2014-09-30,0.00943
2014-10-31,0.00960
2014-11-30,0.00974
2014-12-31,0.00909
2015-01-31,0.00895
2015-02-28,0.00955
2015-03-31,0.00903
2015-04-30,0.00861
2015-05-31,0.00856
2015-06-30,0.00864
2015-07-31,0.00844
2015-08-31,0.00899
2015-09-30,0.00914
2015-10-31,0.00809
2015-11-30,0.00947
2015-12-31,0.01263
2016-01-31,0.01099
2016-02-29,0.01027
2016-03-31,0.01232
2016-04-30,0.01260
2016-05-31,0.01390
2016-06-30,0.01426
2016-07-31,0.01359
2016-08-31,0.01356
2016-09-30,0.01033
2016-10-31,0.01287
2016-11-30,0.01434
2016-12-31,0.01399
2017-01-31,0.01280
2017-02-28,0.01442
2017-03-31,0.01749
2017-04-30,0.01698
2017-05-31,0.01494
2017-06-30,0.01728
2017-07-31,0.01664
2017-08-31,0.01705
2017-09-30,0.01842
2017-10-31,0.01801
2017-11-30,0.01957
2017-12-31,0.01720
2018-01-31,0.01792
2018-02-28,0.01738
2018-03-31,0.02151
2018-04-30,0.02253
2018-05-31,0.02156
2018-06-30,0.02311
2018-07-31,0.02356
2018-08-31,0.02294
2018-09-30,0.02147
2018-10-31,0.02307
2018-11-30,0.02547
2018-12-31,0.02637
2019-01-31,0.02500
2019-02-28,0.02449
2019-03-31,0.02631
2019-04-30,0.02584
2019-05-31,0.02859
2019-06-30,0.02699
2019-07-31,0.02664
2019-08-31,0.02618
2019-09-30,0.02560
2019-10-31,0.02488
2019-11-14,0.04067
2019-11-30,0.02442
2019-12-31,0.02487
2020-01-31,0.02342
2020-02-29,0.02302
2020-03-31,0.02382
2020-04-30,0.02428
2020-05-31,0.02314
2020-06-30,0.01971
2020-07-31,0.01911
2020-08-31,0.01926
2020-09-30,0.01871
2020-10-31,0.01805
2020-11-19,0.03652
2020-11-30,0.02123
2020-12-31,0.01971
2021-01-31,0.01777
2021-02-28,0.01619
2021-03-31,0.01588
2021-04-30,0.01996
2021-05-31,0.01572
2021-06-30,0.01525
2021-07-31,0.01542
2021-08-31,0.01459
2021-09-30,0.01581
2021-10-31,0.01400
2021-11-30,0.01441
2021-12-31,0.01469
2022-01-31,0.01407
2022-02-28,0.01362
2022-03-31,0.01388
2022-04-30,0.01655
2022-05-31,0.01657
2022-06-30,0.01970
2022-07-31,0.02236
2022-08-31,0.02614
2022-09-30,0.02885
2022-10-31,0.03358
2022-11-30,0.03770
2022-12-31,0.04151
2023-01-31,0.04287
2023-02-28,0.04346
2023-03-31,0.04724
2023-04-30,0.04801
2023-05-31,0.04982
2023-06-30,0.05017
2023-07-31,0.05092
2023-08-31,0.05296
2023-09-30,0.05261
2023-10-31,0.05360
2023-11-30,0.05037
2023-12-31,0.06259
2024-01-31,0.05519
2024-02-29,0.05445
2024-03-31,0.05555
2024-04-30,0.05746
2024-05-31,0.06602
2024-06-30,0.05833
2024-07-31,0.05998
2024-08-31,0.05995
2024-09-30,0.05897
2024-10-31,0.05408
2024-11-30,0.05372
2024-12-31,0.05490
2025-01-31,0.05389
2025-02-28,0.05036
2025-03-31,0.05231
2025-04-30,0.05075
2025-05-31,0.05100
2025-06-30,0.04921
2025-07-31,0.04837
2025-08-31,0.04953
2025-09-30,0.04917
2025-10-31,0.04997
2025-11-30,0.04575
2025-12-31,0.04499
2026-01-31,0.04499

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2014-01-31,1391126400,0.01294,0.01294,0,0
2014-02-28,1393545600,0.01465,0.01465,0,0
2014-03-31,1396224000,0.01357,0.01357,0,0
2014-04-30,1398816000,0.01233,0.01233,0,0
2014-05-30,1401494400,0.01129,0.01129,0,0
2014-06-30,1404086400,0.01756,0.01756,0,0
2014-07-31,1406764800,0.01066,0.01066,0,0
2014-08-29,1409443200,0.00892,0.00892,0,0
2014-09-30,1412035200,0.00943,0.00943,0,0
2014-10-31,1414713600,0.00960,0.00960,0,0
2014-11-28,1417305600,0.00974,0.00974,0,0
2014-12-31,1419984000,0.00909,0.00909,0,0
2015-01-30,1422662400,0.00895,0.00895,0,0
2015-02-27,1425081600,0.00955,0.00955,0,0
2015-03-31,1427760000,0.00903,0.00903,0,0
2015-04-30,1430352000,0.00861,0.00861,0,0
2015-05-29,1433030400,0.00856,0.00856,0,0
2015-06-30,1435622400,0.00864,0.00864,0,0
2015-07-31,1438300800,0.00844,0.00844,0,0
2015-08-31,1440979200,0.00899,0.00899,0,0
2015-09-30,1443571200,0.00914,0.00914,0,0
2015-10-30,1446249600,0.00809,0.00809,0,0
2015-11-30,1448841600,0.00947,0.00947,0,0
2015-12-31,1451520000,0.01263,0.01263,0,0
2016-01-29,1454198400,0.01099,0.01099,0,0
2016-02-29,1456704000,0.01027,0.01027,0,0
2016-03-31,1459382400,0.01232,0.01232,0,0
2016-04-29,1461974400,0.01260,0.01260,0,0
2016-05-31,1464652800,0.01390,0.01390,0,0
2016-06-30,1467244800,0.01426,0.01426,0,0
2016-07-29,1469923200,0.01359,0.01359,0,0
2016-08-31,1472601600,0.01356,0.01356,0,0
2016-09-30,1475193600,0.01033,0.01033,0,0
2016-10-31,1477872000,0.01287,0.01287,0,0
2016-11-30,1480464000,0.01434,0.01434,0,0
2016-12-30,1483142400,0.01399,0.01399,0,0
2017-01-31,1485820800,0.01280,0.01280,0,0
2017-02-28,1488240000,0.01442,0.01442,0,0
2017-03-31,1490918400,0.01749,0.01749,0,0
2017-04-28,1493510400,0.01698,0.01698,0,0
2017-05-31,1496188800,0.01494,0.01494,0,0
2017-06-30,1498780800,0.01728,0.01728,0,0
2017-07-31,1501459200,0.01664,0.01664,0,0
2017-08-31,1504137600,0.01705,0.01705,0,0
2017-09-29,1506729600,0.01842,0.01842,0,0
2017-10-31,1509408000,0.01801,0.01801,0,0
2017-11-30,1512000000,0.01957,0.01957,0,0
2017-12-29,1514678400,0.01720,0.01720,0,0
2018-01-31,1517356800,0.01792,0.01792,0,0
2018-02-28,1519776000,0.01738,0.01738,0,0
2018-03-29,1522454400,0.02151,0.02151,0,0
2018-04-30,1525046400,0.02253,0.02253,0,0
2018-05-31,1527724800,0.02156,0.02156,0,0
2018-06-29,1530316800,0.02311,0.02311,0,0
2018-07-31,1532995200,0.02356,0.02356,0,0
2018-08-31,1535673600,0.02294,0.02294,0,0
2018-09-28,1538265600,0.02147,0.02147,0,0
2018-10-31,1540944000,0.02307,0.02307,0,0
2018-11-30,1543536000,0.02547,0.02547,0,0
2018-12-31,1546214400,0.02637,0.02637,0,0
2019-01-31,1548892800,0.02500,0.02500,0,0
2019-02-28,1551312000,0.02449,0.02449,0,0
2019-03-29,1553990400,0.02631,0.02631,0,0
2019-04-30,1556582400,0.02584,0.02584,0,0
2019-05-31,1559260800,0.02859,0.02859,0,0
2019-06-28,1561852800,0.02699,0.02699,0,0
2019-07-31,1564531200,0.02664,0.02664,0,0
2019-08-31,1567209600,0.02618,0.02618,0,0
2019-09-30,1569801600,0.02560,0.02560,0,0
2019-10-31,1572480000,0.02488,0.02488,0,0
2019-11-14,1573689600,0.04067,0,0.03680,0.00387
2019-11-30,1575072000,0.02442,0.02442,0,0
2019-12-31,1577750400,0.02487,0.02487,0,0
2020-01-31,1580428800,0.02342,0.02342,0,0
2020-02-29,1582934400,0.02302,0.02302,0,0
2020-03-31,1585612800,0.02382,0.02382,0,0
2020-04-30,1588204800,0.02428,0.02428,0,0
2020-05-31,1590883200,0.02314,0.02314,0,0
2020-06-30,1593475200,0.01971,0.01971,0,0
2020-07-31,1596153600,0.01911,0.01911,0,0
2020-08-31,1598832000,0.01926,0.01926,0,0
2020-09-30,1601424000,0.01871,0.01871,0,0
2020-10-30,1604102400,0.01805,0.01805,0,0
2020-11-19,1605744000,0.03652,0,0.00477,0.03175
2020-11-30,1606694400,0.02123,0.02123,0,0
2020-12-31,1609372800,0.01971,0.01971,0,0
2021-01-29,1612051200,0.01777,0.01777,0,0
2021-02-26,1614470400,0.01619,0.01619,0,0
2021-03-31,1617148800,0.01588,0.01588,0,0
2021-04-30,1619740800,0.01996,0.01996,0,0
2021-05-28,1622419200,0.01572,0.01572,0,0
2021-06-30,1625011200,0.01525,0.01525,0,0
2021-07-30,1627689600,0.01542,0.01542,0,0
2021-08-31,1630368000,0.01459,0.01459,0,0
2021-09-30,1632960000,0.01581,0.01581,0,0
2021-10-29,1635638400,0.01400,0.01400,0,0
2021-11-30,1638230400,0.01441,0.01441,0,0
2021-12-31,1640908800,0.01469,0.01469,0,0
2022-01-31,1643587200,0.01407,0.01407,0,0
2022-02-28,1646006400,0.01362,0.01362,0,0
2022-03-31,1648684800,0.01388,0.01388,0,0
2022-04-29,1651276800,0.01655,0.01655,0,0
2022-05-31,1653955200,0.01657,0.01657,0,0
2022-06-30,1656547200,0.01970,0.01970,0,0
2022-07-29,1659225600,0.02236,0.02236,0,0
2022-08-31,1661904000,0.02614,0.02614,0,0
2022-09-30,1664496000,0.02885,0.02885,0,0
2022-10-31,1667174400,0.03358,0.03358,0,0
2022-11-30,1669766400,0.03770,0.03770,0,0
2022-12-30,1672444800,0.04151,0.04151,0,0
2023-01-31,1675123200,0.04287,0.04287,0,0
2023-02-28,1677542400,0.04346,0.04346,0,0
2023-03-31,1680220800,0.04724,0.04724,0,0
2023-04-28,1682812800,0.04801,0.04801,0,0
2023-05-31,1685491200,0.04982,0.04982,0,0
2023-06-30,1688083200,0.05017,0.05017,0,0
2023-07-31,1690761600,0.05092,0.05092,0,0
2023-08-31,1693440000,0.05296,0.05296,0,0
2023-09-29,1696032000,0.05261,0.05261,0,0
2023-10-31,1698710400,0.05360,0.05360,0,0
2023-11-30,1701302400,0.05037,0.05037,0,0
2023-12-29,1703980800,0.06259,0.06259,0,0
2024-01-31,1706659200,0.05519,0.05519,0,0
2024-02-29,1709164800,0.05445,0.05445,0,0
2024-03-28,1711843200,0.05555,0.05555,0,0
2024-04-30,1714435200,0.05746,0.05746,0,0
2024-05-31,1717113600,0.06602,0.06602,0,0
2024-06-28,1719705600,0.05833,0.05833,0,0
2024-07-31,1722384000,0.05998,0.05998,0,0
2024-08-30,1725062400,0.05995,0.05995,0,0
2024-09-30,1727654400,0.05897,0.05897,0,0
2024-10-31,1730332800,0.05408,0.05408,0,0
2024-11-29,1732924800,0.05372,0.05372,0,0
2024-12-31,1735603200,0.05490,0.05490,0,0
2025-01-31,1738281600,0.05389,0.05389,0,0
2025-02-28,1740700800,0.05036,0.05036,0,0
2025-03-31,1743379200,0.05231,0.05231,0,0
2025-04-30,1745971200,0.05075,0.05075,0,0
2025-05-30,1748649600,0.05100,0.05100,0,0
2025-06-30,1751241600,0.04921,0.04921,0,0
2025-07-31,1753920000,0.04837,0.04837,0,0
2025-08-29,1756598400,0.04953,0.04953,0,0
2025-09-30,1759190400,0.04917,0.04917,0,0
2025-10-31,1761868800,0.04997,0.04997,0,0
2025-11-28,1764460800,0.04575,0.04575,0,0
2025-12-31,1767139200,0.04499,0.04499,0,0
2026-01-30,1769817600,0.04499,0.04499,0,0

Distributions

(As of 30 Jan 2026)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Jan 2014

0.01294

—

28 Feb 2014

0.01465

—

31 Mar 2014

0.01357

—

30 Apr 2014

0.01233

—

30 May 2014

31 May 2014

0.01129

—

30 Jun 2014

0.01756

—

31 Jul 2014

0.01066

—

29 Aug 2014

31 Aug 2014

0.00892

—

30 Sep 2014

0.00943

—

31 Oct 2014

0.00960

—

28 Nov 2014

30 Nov 2014

0.00974

—

31 Dec 2014

0.00909

—

30 Jan 2015

31 Jan 2015

0.00895

—

27 Feb 2015

28 Feb 2015

0.00955

—

31 Mar 2015

0.00903

—

30 Apr 2015

0.00861

—

29 May 2015

31 May 2015

0.00856

—

30 Jun 2015

0.00864

—

31 Jul 2015

0.00844

—

31 Aug 2015

0.00899

—

30 Sep 2015

0.00914

—

30 Oct 2015

31 Oct 2015

0.00809

—

30 Nov 2015

0.00947

—

31 Dec 2015

0.01263

—

29 Jan 2016

31 Jan 2016

0.01099

—

29 Feb 2016

0.01027

—

31 Mar 2016

0.01232

—

29 Apr 2016

30 Apr 2016

0.01260

—

31 May 2016

0.01390

—

30 Jun 2016

0.01426

—

29 Jul 2016

31 Jul 2016

0.01359

—

31 Aug 2016

0.01356

—

30 Sep 2016

0.01033

—

31 Oct 2016

0.01287

—

30 Nov 2016

0.01434

—

30 Dec 2016

31 Dec 2016

0.01399

—

31 Jan 2017

0.01280

—

28 Feb 2017

0.01442

—

31 Mar 2017

0.01749

—

28 Apr 2017

30 Apr 2017

0.01698

—

31 May 2017

0.01494

—

30 Jun 2017

0.01728

—

31 Jul 2017

0.01664

—

31 Aug 2017

0.01705

—

29 Sep 2017

30 Sep 2017

0.01842

—

31 Oct 2017

0.01801

—

30 Nov 2017

0.01957

—

29 Dec 2017

31 Dec 2017

0.01720

—

31 Jan 2018

0.01792

—

28 Feb 2018

0.01738

—

29 Mar 2018

31 Mar 2018

0.02151

—

30 Apr 2018

0.02253

—

31 May 2018

0.02156

—

29 Jun 2018

30 Jun 2018

0.02311

—

31 Jul 2018

0.02356

—

31 Aug 2018

0.02294

—

28 Sep 2018

30 Sep 2018

0.02147

—

31 Oct 2018

0.02307

—

30 Nov 2018

0.02547

—

31 Dec 2018

0.02637

—

31 Jan 2019

0.02500

—

28 Feb 2019

0.02449

—

29 Mar 2019

31 Mar 2019

0.02631

—

30 Apr 2019

0.02584

—

31 May 2019

0.02859

—

28 Jun 2019

30 Jun 2019

0.02699

—

31 Jul 2019

0.02664

—

31 Aug 2019

0.02618

—

30 Sep 2019

0.02560

—

31 Oct 2019

0.02488

—

14 Nov 2019

0.04067

—

0.03680

0.00387

30 Nov 2019

0.02442

—

31 Dec 2019

0.02487

—

31 Jan 2020

0.02342

—

29 Feb 2020

0.02302

—

31 Mar 2020

0.02382

—

30 Apr 2020

0.02428

—

31 May 2020

0.02314

—

30 Jun 2020

0.01971

—

31 Jul 2020

0.01911

—

31 Aug 2020

0.01926

—

30 Sep 2020

0.01871

—

30 Oct 2020

31 Oct 2020

0.01805

—

19 Nov 2020

0.03652

—

0.00477

0.03175

30 Nov 2020

0.02123

—

31 Dec 2020

0.01971

—

29 Jan 2021

31 Jan 2021

0.01777

—

26 Feb 2021

28 Feb 2021

0.01619

—

31 Mar 2021

0.01588

—

30 Apr 2021

0.01996

—

28 May 2021

31 May 2021

0.01572

—

30 Jun 2021

0.01525

—

30 Jul 2021

31 Jul 2021

0.01542

—

31 Aug 2021

0.01459

—

30 Sep 2021

0.01581

—

29 Oct 2021

31 Oct 2021

0.01400

—

30 Nov 2021

0.01441

—

31 Dec 2021

0.01469

—

31 Jan 2022

0.01407

—

28 Feb 2022

0.01362

—

31 Mar 2022

0.01388

—

29 Apr 2022

30 Apr 2022

0.01655

—

31 May 2022

0.01657

—

30 Jun 2022

0.01970

—

29 Jul 2022

31 Jul 2022

0.02236

—

31 Aug 2022

0.02614

—

30 Sep 2022

0.02885

—

31 Oct 2022

0.03358

—

30 Nov 2022

0.03770

—

30 Dec 2022

31 Dec 2022

0.04151

—

31 Jan 2023

0.04287

—

28 Feb 2023

0.04346

—

31 Mar 2023

0.04724

—

28 Apr 2023

30 Apr 2023

0.04801

—

31 May 2023

0.04982

—

30 Jun 2023

0.05017

—

31 Jul 2023

0.05092

—

31 Aug 2023

0.05296

—

29 Sep 2023

30 Sep 2023

0.05261

—

31 Oct 2023

0.05360

—

30 Nov 2023

0.05037

—

29 Dec 2023

31 Dec 2023

0.06259

—

31 Jan 2024

0.05519

—

29 Feb 2024

0.05445

—

28 Mar 2024

31 Mar 2024

0.05555

—

30 Apr 2024

0.05746

—

31 May 2024

0.06602

—

28 Jun 2024

30 Jun 2024

0.05833

—

31 Jul 2024

0.05998

—

30 Aug 2024

31 Aug 2024

0.05995

—

30 Sep 2024

0.05897

—

31 Oct 2024

0.05408

—

29 Nov 2024

30 Nov 2024

0.05372

—

31 Dec 2024

0.05490

—

31 Jan 2025

0.05389

—

28 Feb 2025

0.05036

—

31 Mar 2025

0.05231

—

30 Apr 2025

0.05075

—

30 May 2025

31 May 2025

0.05100

—

30 Jun 2025

0.04921

—

31 Jul 2025

0.04837

—

29 Aug 2025

31 Aug 2025

0.04953

—

30 Sep 2025

0.04917

—

31 Oct 2025

0.04997

—

28 Nov 2025

30 Nov 2025

0.04575

—

31 Dec 2025

0.04499

—

30 Jan 2026

31 Jan 2026

0.04499

—

Fund Facts

(As of 31 Dec 2025)

Net Fund Assets

$254.5 M

Benchmark

ICE BofA U.S. Treasury Bill Index

Morningstar Category

Ultrashort Bond

Fund Symbol

TLDIX

Share Class

Share Class Inception Date

30 Dec 2013

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized)

4.07%

30-Day SEC Yield (Unsubsidized)

3.86%

Annualized Distribution Yield

4.27%

Characteristics

Portfolio

(As of 31 Dec 2025)

Portfolio

Benchmark

Number of Holdings

296

—

Annual Portfolio Turnover

58%

—

Effective Duration

0.5 Yrs

0.3 Yrs

Portfolio

Benchmark

Average Effective Maturity

0.5 Yrs

0.3 Yrs

Weighted Average Coupon

4.2%

—

Yield to Worst

4.4%

3.6%

Risk & Return Profile

(As of 31 Dec 2025)

10y

Beta

1.09

1.21

0.70

R-Squared (%)

43.00

80.61

9.11

Standard Deviation (%)

0.31

0.86

1.30

Sharpe Ratio

0.77

-0.09

0.45

Information Ratio

1.65

0.10

0.48

Up Capture (%)

107.86

103.82

129.02

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Dec 2025)

Name

Ticker/Symbol

Weight %

United States Treasury Note/Bond

91282CMH1

1.2

Westlake Automobile Receivables Trust 2022-2

96042VAG4

1.0

CDW, LLC/ CDW Finance Corp.

12513GBG3

1.0

Alcon Finance Corp.

01400EAA1

1.0

Highmark, Inc.

431116AD4

0.9

Penske Truck Leasing Co. L.P. / PTL Finance Corp.

709599BU7

0.9

FirstEnergy Pennsylvania Electric Co.

708696CA5

0.9

7-Eleven, Inc.

817826AC4

0.9

BAT International Finance plc

05530QAN0

0.9

United States Treasury Note/Bond

91282CLH2

0.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Dec 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Corporate Bond

41.0

—

Asset Backed Securities

37.2

—

Short-Term Investments, Other Assets & Liabilities

14.0

—

Collateralized Mortgage Obligation

4.3

—

Treasury Domestic

2.6

100.0

Municipals

0.5

—

Commercial Mortgage Backed Security

0.4

—

Mortgage Passthrough

0.0

—

Sector Allocation

Fund (%)

Corporate Bond

41.0

Asset Backed Securities

37.2

Short-Term Investments, Other Assets & Liabilities

14.0

Collateralized Mortgage Obligation

4.3

Treasury Domestic

2.6

Municipals

0.5

Commercial Mortgage Backed Security

0.4

Mortgage Passthrough

0.0

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

U.S. Government

2.9

100.0

AAA

21.0

—

9.3

—

15.9

—

BBB

30.4

—

Below Invest. Grade

3.1

—

Not Rated

3.3

—

Short-Term Investments, Other Assets & Liabilities

14.0

—

Credit Quality

Fund (%)

U.S. Government

2.9

AAA

21.0

9.3

15.9

BBB

30.4

Below Invest. Grade

3.1

Not Rated

3.3

Short-Term Investments, Other Assets & Liabilities

14.0

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Year 1

74.3

100.0

Year 2

9.8

—

Year 3

1.3

—

Year 4

0.2

—

Year 5+

0.2

—

Short-Term Investments, Other Assets & Liabilities

14.0

—

Maturity

Fund (%)

Year 1

74.3

Year 2

9.8

Year 3

1.3

Year 4

0.2

Year 5+

0.2

Short-Term Investments, Other Assets & Liabilities

14.0

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.

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…

Learn More

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…

Learn More

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.

© 2025 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.

More Insights

Economy

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Entering 2026, markets appear imbalanced, with equity returns becoming increasingly concentrated, while fixed income offers asymmetric outcomes with limited downside protection. Opportunity still exists, just not where it’s most crowded. In 30 minutes, we cut through the noise and focus on what’s working, what’s changing, and where to position client portfolios now.

Monetary & Fiscal Policy

Strictly Necessary Cookies
Whilst these cookies cannot be turned off (as they are needed to run our website securely), they do not store any personal data about you. If you are reluctant to accept use of them, we advise you navigate away from this website.
Statistics Cookies
These cookies gather information about how you use our website, for example which pages you visit most often. The information collected is completely anonymous and used only for the purpose of improving user experience for our website visitors.
Marketing Cookies
These cookies gather information about your browsing habits and allow us to better understand your interests. They remember that you've visited our website and share this information with our partners, such as advertisers.
Preferences Cookies
These cookies allow our website to remember the choices you make (such as language or location selection) and tailor the experience to provide enhanced features and relevant content for you.

Create an account to save this article or product.

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

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

2026 Global Equity Outlook: International Equities Remain the Asymmetric Opportunity

What Investors Need to Know About Markets and Macro Now

2026 Fixed Income Outlook: Uncertainty Is High, but the Margin for Error Isn’t

Unsubscribe

Unsaved Changes

Remove strategy

Create an account to save this article or product.

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

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

2026 Global Equity Outlook: International Equities Remain the Asymmetric Opportunity

What Investors Need to Know About Markets and Macro Now

2026 Fixed Income Outlook: Uncertainty Is High, but the Margin for Error Isn’t