Thornburg Limited Term Income Fund
THORNBURG INVESTMENT TRUST · 8 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Thornburg Limited Term Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The primary goal of Limited Term Income Fund is to provide as high a level of current income as is consistent, in the view of the Funds investment advisor, with safety of capital.
The fund actively selects debt obligations rated in the three highest categories by S&P or Moody's, or U.S. government securities, maintaining a dollar-weighted average maturity and effective duration normally under five years to limit interest rate sensitivity. The fund may sell securities before maturity to enhance income, reduce losses, or adjust portfolio positioning in response to market conditions. Because returns depend on the manager's individual security analysis and credit judgments, performance will diverge from any benchmark based on those selections.
| Share class | Gross | Net | As of |
|---|---|---|---|
| THIFX | 0.76% | 0.76% | 2025 Q1 |
| THICX | 1.01% | 1.01% | 2025 Q1 |
| THIIX | 0.52% | 0.49% | 2025 Q1 |
| THIRX | 1.08% | 0.99% | 2025 Q1 |
| THRRX | 0.66% | 0.49% | 2025 Q1 |
| THRIX | 1.21% | 0.99% | 2025 Q1 |
| THRLX | 0.47% | 0.42% | 2025 Q1 |
| THIQX | 1.42% | 1.24% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 3296.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 49.37% |
| Bonds | 44.15% |
| Cash & short-term | 6.13% |
| Stocks | 0.60% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 49.3% |
| Other | 16.1% |
| Government | 9.2% |
| International | 7.9% |
| 12 smaller | 17.5% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury ×2, Fannie Mae, Freddie Mac ×3, eBay Inc, Jabil Inc
Largest exited: United States Treasury ×2, Fannie Mae, SALESFORCE INC, NEW YORK LIFE GLOBAL FDG, HIGHMARK INC, NBN CO LTD, Government National Mortgage Association
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.49% | +15.39% | +10.16% | 2.06% | -1.84% | |
| +4.19% | +14.52% | +8.85% | 2.06% | -1.96% | |
| +4.79% | +16.27% | +11.70% | 1.94% | -1.77% | |
| +4.27% | +14.62% | +8.97% | 2.05% | -1.94% | |
| +4.78% | +16.36% | +11.70% | 2.07% | -1.69% | |
| +4.41% | +14.72% | +9.10% | 1.94% | -2.01% | |
| +4.95% | +16.63% | +12.16% | 1.93% | -1.72% | |
| +4.05% | +13.85% | +7.68% | 2.05% | -2.08% |
These classes hold the same portfolio, so the 4.49pp spread over 5 years is the cost difference between them — roughly 0.90pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 78.7% |
| Floating rate | 21.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 9.0% |
| 1-3y | 15.9% |
| 3-5y | 15.5% |
| 5-10y | 17.3% |
| 10y+ | 42.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 61% |
| Credit spreads | 39% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.71 yr |
| High yield | +0.25 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.06 yr | 2% |
| 1 yr | 0.56 yr | 18% |
| 5 yr | 1.16 yr | 37% |
| 10 yr | 1.16 yr | 37% |
| 30 yr | 0.19 yr | 6% |
| 3 mo | 0.04 yr | 2% |
| 1 yr | 0.43 yr | 22% |
| 5 yr | 0.82 yr | 42% |
| 10 yr | 0.54 yr | 28% |
| 30 yr | 0.12 yr | 6% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.06 | +0.03 | +0.01 | $19.7k | $4.3k |
| 1 yr | +0.56 | +0.37 | +0.06 | $228.4k | $37.3k |
| 5 yr | +1.16 | +0.73 | +0.10 | $450.8k | $58.9k |
| 10 yr | +1.16 | +0.47 | +0.07 | $291.1k | $46.0k |
| 30 yr | +0.19 | +0.11 | +0.02 | $66.7k | $10.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Thornburg Capital Management Fund | 3.19% | $10.00 | $197.61M | 19.8M |
| — | United States Treasury1.88% · due 2036-01-15 | 2.09% | — | $129.61M | — |
| — | United States Treasury4.38% · due 2036-05-15 | 1.61% | — | $99.79M | — |
| — | United States Treasury3.75% · due 2032-11-30 | 1.23% | — | $75.91M | — |
| — | Government National Mortgage Association3.00% · due 2051-11-20 | 0.82% | — | $50.88M | — |
| — | Government National Mortgage Association3.00% · due 2052-06-20 | 0.65% | — | $40.16M | — |
| — | United States Treasury3.50% · due 2030-11-30 | 0.62% | — | $38.44M | — |
| — | Diamond Infrastructure Funding LLC1.76% · due 2049-04-15 | 0.57% | — | $35.43M | — |
| — | Rate Mortgage Trust2.50% floating · due 2052-01-25 | 0.56% | — | $34.68M | — |
| — | Freddie Mac2.50% · due 2052-06-01 | 0.56% | — | $34.53M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 11.91% of net assets, top 25 18.16%, across 400 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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