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Thornburg Limited Term U.S. Government Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 90 Short Government funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 1 star, 1 star and 2 stars among 90, 85 and 76 funds, as of 31 Oct 2024.

As of 31 Oct 2024
Fund Assets
$130.1 M
As of 31 Oct 2024
NAV
$12.01
As of 9 Dec 2024
Change
$-0.02
As of 9 Dec 2024
YTD NAV Performance
3.54%
As of 9 Dec 2024
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg U.S. Government Intermediate Index

Portfolio Managers

Portfolio Manager and Managing Director
Head of Fixed Income and Managing Director
Overview

Overview

Why Invest in This Fund?

 

  • Actively managed portfolio of high-quality short- to intermediate-term obligations issued by the U.S. government, designed to exhibit low or negative correlation to equities and low share price volatility.
  • Proven bottom-up fundamental approach focused on investing in short- to intermediate-term obligations issued by the U.S. government and its agencies with an average maturity of five years or less.
  • Seeks provide consistent income with the preservation of capital and lower volatility relative to core bond strategies.

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 is an actively managed portfolio of short and intermediate obligations issued by the U.S. government, its agencies or instrumentalities, with a weighted average maturity of less than five years. The fund seeks to provide income consistent with the preservation of capital and lower volatility relative to core bond strategies

Performance

Performance

Returns

(As of 30 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
2.26
6.62
-0.96
0.06
0.71
4.00
Total Return without Sales Charge (%)
4.58
9.03
-0.20
0.36
0.86
4.05
Bloomberg U.S. Government Intermediate Index (%)
4.19
8.33
-0.10
0.84
1.50
4.73
Morningstar Category Avg. (%)
4.15
7.11
0.86
1.12
1.2
Morningstar Quartile
1
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
1.09
3.50
-1.22
-0.19
0.51
3.95
Total Return without Sales Charge (%)
3.39
5.90
-0.46
0.12
0.66
4.00
Bloomberg U.S. Government Intermediate Index (%)
3.02
5.17
-0.37
0.60
1.27
4.68
Morningstar Category Avg. (%)
3.36
6.25
0.71
0.91
1.08
Morningstar Quartile
1
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
2.26
6.62
-2.84
0.28
7.29
325.14
Total Return without Sales Charge (%)
4.58
9.03
-0.61
1.82
8.91
331.75
Bloomberg U.S. Government Intermediate Index (%)
4.19
8.33
-0.30
4.25
16.09
449.65
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
1.09
3.50
-3.61
-0.94
5.19
320.29
Total Return without Sales Charge (%)
3.39
5.90
-1.38
0.58
6.77
326.83
Bloomberg U.S. Government Intermediate Index (%)
3.02
5.17
-1.11
3.03
13.42
443.48
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
-0.71
2.02
2.20
-4.06
-10.05
1.51
Bloomberg U.S. Government Intermediate Index (%)
1.43
5.20
5.73
-1.69
-7.73
4.30
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
0.95
Net Expense Ratio (%)
0.95
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

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

Distributions

(As of 29 Nov 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 1987
31 Jan 1987
0
28 Feb 1987
28 Feb 1987
0
31 Mar 1987
31 Mar 1987
0
30 Apr 1987
30 Apr 1987
0
31 May 1987
31 May 1987
0
30 Jun 1987
30 Jun 1987
0
31 Jul 1987
31 Jul 1987
0
31 Aug 1987
31 Aug 1987
0
30 Sep 1987
30 Sep 1987
0
31 Oct 1987
31 Oct 1987
0
30 Nov 1987
30 Nov 1987
0.03571
0.03571
31 Dec 1987
31 Dec 1987
0.09233
0.09233
29 Jan 1988
31 Jan 1988
0.08865
0.08865
29 Feb 1988
29 Feb 1988
0.08159
0.08159
31 Mar 1988
31 Mar 1988
0.08480
0.08480
29 Apr 1988
30 Apr 1988
0.08618
0.08618
31 May 1988
31 May 1988
0.09049
0.09049
30 Jun 1988
30 Jun 1988
0.08523
0.08523
29 Jul 1988
31 Jul 1988
0.08629
0.08629
31 Aug 1988
31 Aug 1988
0.08700
0.08700
30 Sep 1988
30 Sep 1988
0.08276
0.08276
31 Oct 1988
31 Oct 1988
0.08542
0.08542
30 Nov 1988
30 Nov 1988
0.08445
0.08445
31 Dec 1988
31 Dec 1988
0.08473
0.08473
31 Jan 1989
31 Jan 1989
0.08699
0.08699
28 Feb 1989
28 Feb 1989
0.08093
0.08093
31 Mar 1989
31 Mar 1989
0.08640
0.08640
28 Apr 1989
30 Apr 1989
0.08751
0.08751
31 May 1989
31 May 1989
0.08868
0.08868
30 Jun 1989
30 Jun 1989
0.08772
0.08772
31 Jul 1989
31 Jul 1989
0.08830
0.08830
31 Aug 1989
31 Aug 1989
0.08579
0.08579
29 Sep 1989
30 Sep 1989
0.08621
0.08621
31 Oct 1989
31 Oct 1989
0.08632
0.08632
30 Nov 1989
30 Nov 1989
0.08548
0.08548
31 Dec 1989
31 Dec 1989
0.08387
0.08387
31 Jan 1990
31 Jan 1990
0.08336
0.08336
28 Feb 1990
28 Feb 1990
0.08321
0.08321
30 Mar 1990
31 Mar 1990
0.08227
0.08227
30 Apr 1990
30 Apr 1990
0.08314
0.08314
31 May 1990
31 May 1990
0.08312
0.08312
29 Jun 1990
30 Jun 1990
0.08207
0.08207
31 Jul 1990
31 Jul 1990
0.08164
0.08164
31 Aug 1990
31 Aug 1990
0.08112
0.08112
28 Sep 1990
30 Sep 1990
0.08111
0.08111
31 Oct 1990
31 Oct 1990
0.08140
0.08140
30 Nov 1990
30 Nov 1990
0.08185
0.08185
31 Dec 1990
31 Dec 1990
0.08238
0.08238
31 Jan 1991
31 Jan 1991
0.08087
0.08087
28 Feb 1991
28 Feb 1991
0.07915
0.07915
28 Mar 1991
31 Mar 1991
0.07855
0.07855
30 Apr 1991
30 Apr 1991
0.07876
0.07876
31 May 1991
31 May 1991
0.07868
0.07868
28 Jun 1991
30 Jun 1991
0.07809
0.07809
31 Jul 1991
31 Jul 1991
0.07709
0.07709
30 Aug 1991
31 Aug 1991
0.07698
0.07698
30 Sep 1991
30 Sep 1991
0.08018
0.08018
31 Oct 1991
31 Oct 1991
0.07539
0.07539
29 Nov 1991
30 Nov 1991
0.07420
0.07420
31 Dec 1991
31 Dec 1991
0.07368
0.07368
31 Jan 1992
31 Jan 1992
0.07236
0.07236
28 Feb 1992
29 Feb 1992
0.07174
0.07174
31 Mar 1992
31 Mar 1992
0.06958
0.06958
30 Apr 1992
30 Apr 1992
0.06933
0.06933
29 May 1992
31 May 1992
0.06834
0.06834
30 Jun 1992
30 Jun 1992
0.06864
0.06864
31 Jul 1992
31 Jul 1992
0.06781
0.06781
31 Aug 1992
31 Aug 1992
0.06756
0.06756
30 Sep 1992
30 Sep 1992
0.06310
0.06310
30 Oct 1992
31 Oct 1992
0.06636
0.06636
30 Nov 1992
30 Nov 1992
0.06582
0.06582
31 Dec 1992
31 Dec 1992
0.06556
0.06556
29 Jan 1993
31 Jan 1993
0.06507
0.06507
26 Feb 1993
28 Feb 1993
0.06475
0.06475
31 Mar 1993
31 Mar 1993
0.06405
0.06405
30 Apr 1993
30 Apr 1993
0.06246
0.06246
28 May 1993
31 May 1993
0.06177
0.06177
30 Jun 1993
30 Jun 1993
0.06013
0.06013
30 Jul 1993
31 Jul 1993
0.05438
0.05438
31 Aug 1993
31 Aug 1993
0.05286
0.05286
30 Sep 1993
30 Sep 1993
0.04848
0.04848
29 Oct 1993
31 Oct 1993
0.05776
0.05776
30 Nov 1993
30 Nov 1993
0.05558
0.05558
31 Dec 1993
31 Dec 1993
0.05511
0.05511
31 Jan 1994
31 Jan 1994
0.05331
0.05331
28 Feb 1994
28 Feb 1994
0.05281
0.05281
31 Mar 1994
31 Mar 1994
0.05197
0.05197
29 Apr 1994
30 Apr 1994
0.05610
0.05610
31 May 1994
31 May 1994
0.05687
0.05687
30 Jun 1994
30 Jun 1994
0.05641
0.05641
29 Jul 1994
31 Jul 1994
0.05731
0.05731
31 Aug 1994
31 Aug 1994
0.05917
0.05917
30 Sep 1994
30 Sep 1994
0.06066
0.06066
31 Oct 1994
31 Oct 1994
0.06292
0.06292
30 Nov 1994
30 Nov 1994
0.06102
0.06102
30 Dec 1994
31 Dec 1994
0.06244
0.06244
31 Jan 1995
31 Jan 1995
0.06401
0.06401
28 Feb 1995
28 Feb 1995
0.06199
0.06199
31 Mar 1995
31 Mar 1995
0.06451
0.06451
28 Apr 1995
30 Apr 1995
0.06273
0.06273
31 May 1995
31 May 1995
0.06283
0.06283
30 Jun 1995
30 Jun 1995
0.06205
0.06205
31 Jul 1995
31 Jul 1995
0.06279
0.06279
31 Aug 1995
31 Aug 1995
0.06276
0.06276
29 Sep 1995
30 Sep 1995
0.06258
0.06258
31 Oct 1995
31 Oct 1995
0.06299
0.06299
30 Nov 1995
30 Nov 1995
0.06228
0.06228
29 Dec 1995
31 Dec 1995
0.06231
0.06231
31 Jan 1996
31 Jan 1996
0.06315
0.06315
29 Feb 1996
29 Feb 1996
0.06206
0.06206
29 Mar 1996
31 Mar 1996
0.06347
0.06347
30 Apr 1996
30 Apr 1996
0.06271
0.06271
31 May 1996
31 May 1996
0.06273
0.06273
28 Jun 1996
30 Jun 1996
0.06249
0.06249
31 Jul 1996
31 Jul 1996
0.06393
0.06393
30 Aug 1996
31 Aug 1996
0.06370
0.06370
30 Sep 1996
30 Sep 1996
0.06353
0.06353
31 Oct 1996
31 Oct 1996
0.06372
0.06372
29 Nov 1996
30 Nov 1996
0.06276
0.06276
31 Dec 1996
31 Dec 1996
0.06324
0.06324
31 Jan 1997
31 Jan 1997
0.06336
0.06336
28 Feb 1997
28 Feb 1997
0.06072
0.06072
31 Mar 1997
31 Mar 1997
0.06310
0.06310
30 Apr 1997
30 Apr 1997
0.06220
0.06220
30 May 1997
31 May 1997
0.06263
0.06263
30 Jun 1997
30 Jun 1997
0.06145
0.06145
31 Jul 1997
31 Jul 1997
0.06125
0.06125
29 Aug 1997
31 Aug 1997
0.06120
0.06120
30 Sep 1997
30 Sep 1997
0.06046
0.06046
31 Oct 1997
31 Oct 1997
0.05961
0.05961
28 Nov 1997
30 Nov 1997
0.05876
0.05876
31 Dec 1997
31 Dec 1997
0.05927
0.05927
30 Jan 1998
31 Jan 1998
0.05925
0.05925
27 Feb 1998
28 Feb 1998
0.05698
0.05698
31 Mar 1998
31 Mar 1998
0.05871
0.05871
30 Apr 1998
30 Apr 1998
0.05763
0.05763
29 May 1998
31 May 1998
0.05768
0.05768
30 Jun 1998
30 Jun 1998
0.05634
0.05634
31 Jul 1998
31 Jul 1998
0.05686
0.05686
31 Aug 1998
31 Aug 1998
0.05658
0.05658
30 Sep 1998
30 Sep 1998
0.05629
0.05629
30 Oct 1998
31 Oct 1998
0.05567
0.05567
30 Nov 1998
30 Nov 1998
0.05512
0.05512
31 Dec 1998
31 Dec 1998
0.05497
0.05497
29 Jan 1999
31 Jan 1999
0.05468
0.05468
26 Feb 1999
28 Feb 1999
0.05346
0.05346
31 Mar 1999
31 Mar 1999
0.05470
0.05470
30 Apr 1999
30 Apr 1999
0.05441
0.05441
28 May 1999
31 May 1999
0.05463
0.05463
30 Jun 1999
30 Jun 1999
0.05460
0.05460
30 Jul 1999
31 Jul 1999
0.05481
0.05481
31 Aug 1999
31 Aug 1999
0.05477
0.05477
30 Sep 1999
30 Sep 1999
0.05461
0.05461
29 Oct 1999
31 Oct 1999
0.05496
0.05496
30 Nov 1999
30 Nov 1999
0.05464
0.05464
31 Dec 1999
31 Dec 1999
0.05570
0.05570
31 Jan 2000
31 Jan 2000
0.05593
0.05593
29 Feb 2000
29 Feb 2000
0.05641
0.05641
31 Mar 2000
31 Mar 2000
0.05706
0.05706
28 Apr 2000
30 Apr 2000
0.05629
0.05629
31 May 2000
31 May 2000
0.05679
0.05679
30 Jun 2000
30 Jun 2000
0.05696
0.05696
31 Jul 2000
31 Jul 2000
0.05720
0.05720
31 Aug 2000
31 Aug 2000
0.05780
0.05780
29 Sep 2000
30 Sep 2000
0.05719
0.05719
31 Oct 2000
31 Oct 2000
0.05701
0.05701
30 Nov 2000
30 Nov 2000
0.05728
0.05728
29 Dec 2000
31 Dec 2000
0.05797
0.05797
31 Jan 2001
31 Jan 2001
0.05736
0.05736
28 Feb 2001
28 Feb 2001
0.05709
0.05709
30 Mar 2001
31 Mar 2001
0.05596
0.05596
30 Apr 2001
30 Apr 2001
0.05518
0.05518
31 May 2001
31 May 2001
0.05638
0.05638
29 Jun 2001
30 Jun 2001
0.05539
0.05539
31 Jul 2001
31 Jul 2001
0.05476
0.05476
31 Aug 2001
31 Aug 2001
0.05471
0.05471
28 Sep 2001
30 Sep 2001
0.04958
0.04958
31 Oct 2001
31 Oct 2001
0.05065
0.05065
30 Nov 2001
30 Nov 2001
0.05533
0.05533
31 Dec 2001
31 Dec 2001
0.04410
0.04410
31 Jan 2002
31 Jan 2002
0.04605
0.04605
28 Feb 2002
28 Feb 2002
0.04029
0.04029
28 Mar 2002
31 Mar 2002
0.05020
0.05020
30 Apr 2002
30 Apr 2002
0.05227
0.05227
31 May 2002
31 May 2002
0.05479
0.05479
28 Jun 2002
30 Jun 2002
0.05427
0.05427
31 Jul 2002
31 Jul 2002
0.04408
0.04408
30 Aug 2002
31 Aug 2002
0.04291
0.04291
30 Sep 2002
30 Sep 2002
0.04541
0.04541
31 Oct 2002
31 Oct 2002
0.04733
0.04733
29 Nov 2002
30 Nov 2002
0.04195
0.04195
31 Dec 2002
31 Dec 2002
0.04218
0.04218
31 Jan 2003
31 Jan 2003
0.03677
0.03677
28 Feb 2003
28 Feb 2003
0.02879
0.02879
31 Mar 2003
31 Mar 2003
0.04391
0.04391
30 Apr 2003
30 Apr 2003
0.05347
0.05347
30 May 2003
31 May 2003
0.04617
0.04617
30 Jun 2003
30 Jun 2003
0.03223
0.03223
31 Jul 2003
31 Jul 2003
0.03255
0.03255
29 Aug 2003
31 Aug 2003
0.03227
0.03227
30 Sep 2003
30 Sep 2003
0.03059
0.03059
31 Oct 2003
31 Oct 2003
0.03118
0.03118
28 Nov 2003
30 Nov 2003
0.03145
0.03145
31 Dec 2003
31 Dec 2003
0.03181
0.03181
30 Jan 2004
31 Jan 2004
0.03014
0.03014
27 Feb 2004
29 Feb 2004
0.03049
0.03049
31 Mar 2004
31 Mar 2004
0.03199
0.03199
30 Apr 2004
30 Apr 2004
0.03045
0.03045
28 May 2004
31 May 2004
0.02842
0.02842
30 Jun 2004
30 Jun 2004
0.02721
0.02721
30 Jul 2004
31 Jul 2004
0.02870
0.02870
31 Aug 2004
31 Aug 2004
0.02837
0.02837
30 Sep 2004
30 Sep 2004
0.02430
0.02430
29 Oct 2004
31 Oct 2004
0.02461
0.02461
30 Nov 2004
30 Nov 2004
0.02669
0.02669
31 Dec 2004
31 Dec 2004
0.03577
0.03577
31 Jan 2005
31 Jan 2005
0.02544
0.02544
28 Feb 2005
28 Feb 2005
0.02550
0.02550
31 Mar 2005
31 Mar 2005
0.02712
0.02712
29 Apr 2005
30 Apr 2005
0.02704
0.02704
31 May 2005
31 May 2005
0.02836
0.02836
30 Jun 2005
30 Jun 2005
0.02780
0.02780
29 Jul 2005
31 Jul 2005
0.02867
0.02867
31 Aug 2005
31 Aug 2005
0.02886
0.02886
30 Sep 2005
30 Sep 2005
0.02839
0.02839
31 Oct 2005
31 Oct 2005
0.02894
0.02894
30 Nov 2005
30 Nov 2005
0.02931
0.02931
30 Dec 2005
31 Dec 2005
0.03041
0.03041
31 Jan 2006
31 Jan 2006
0.02632
0.02632
28 Feb 2006
28 Feb 2006
0.02634
0.02634
31 Mar 2006
31 Mar 2006
0.03279
0.03279
28 Apr 2006
30 Apr 2006
0.02996
0.02996
31 May 2006
31 May 2006
0.03227
0.03227
30 Jun 2006
30 Jun 2006
0.03440
0.03440
31 Jul 2006
31 Jul 2006
0.03343
0.03343
31 Aug 2006
31 Aug 2006
0.03224
0.03224
29 Sep 2006
30 Sep 2006
0.03287
0.03287
31 Oct 2006
31 Oct 2006
0.03217
0.03217
30 Nov 2006
30 Nov 2006
0.02781
0.02781
29 Dec 2006
31 Dec 2006
0.03517
0.03517
31 Jan 2007
31 Jan 2007
0.03118
0.03118
28 Feb 2007
28 Feb 2007
0.03091
0.03091
30 Mar 2007
31 Mar 2007
0.03524
0.03524
30 Apr 2007
30 Apr 2007
0.03308
0.03308
31 May 2007
31 May 2007
0.03546
0.03546
29 Jun 2007
30 Jun 2007
0.03560
0.03560
31 Jul 2007
31 Jul 2007
0.03689
0.03689
31 Aug 2007
31 Aug 2007
0.03726
0.03726
28 Sep 2007
30 Sep 2007
0.03925
0.03925
31 Oct 2007
31 Oct 2007
0.03745
0.03745
30 Nov 2007
30 Nov 2007
0.03727
0.03727
31 Dec 2007
31 Dec 2007
0.03745
0.03745
31 Jan 2008
31 Jan 2008
0.03684
0.03684
29 Feb 2008
29 Feb 2008
0.03717
0.03717
31 Mar 2008
31 Mar 2008
0.03523
0.03523
30 Apr 2008
30 Apr 2008
0.03544
0.03544
30 May 2008
31 May 2008
0.03706
0.03706
30 Jun 2008
30 Jun 2008
0.03814
0.03814
31 Jul 2008
31 Jul 2008
0.03764
0.03764
29 Aug 2008
31 Aug 2008
0.03974
0.03974
30 Sep 2008
30 Sep 2008
0.03925
0.03925
31 Oct 2008
31 Oct 2008
0.02815
0.02815
28 Nov 2008
30 Nov 2008
0.03516
0.03516
31 Dec 2008
31 Dec 2008
0.01737
0.01737
30 Jan 2009
31 Jan 2009
0.01732
0.01732
27 Feb 2009
28 Feb 2009
0.03353
0.03353
31 Mar 2009
31 Mar 2009
0.04057
0.04057
30 Apr 2009
30 Apr 2009
0.04290
0.04290
29 May 2009
31 May 2009
0.04171
0.04171
30 Jun 2009
30 Jun 2009
0.04217
0.04217
31 Jul 2009
31 Jul 2009
0.04258
0.04258
31 Aug 2009
31 Aug 2009
0.04651
0.04651
30 Sep 2009
30 Sep 2009
0.03716
0.03716
30 Oct 2009
31 Oct 2009
0.03646
0.03646
19 Nov 2009
19 Nov 2009
0.06188
0.00000
0.06188
30 Nov 2009
30 Nov 2009
0.03591
0.03591
31 Dec 2009
31 Dec 2009
0.04945
0.04945
29 Jan 2010
31 Jan 2010
0.03484
0.03484
26 Feb 2010
28 Feb 2010
0.03441
0.03441
31 Mar 2010
31 Mar 2010
0.03525
0.03525
30 Apr 2010
30 Apr 2010
0.03126
0.03126
28 May 2010
31 May 2010
0.03321
0.03321
30 Jun 2010
30 Jun 2010
0.03149
0.03149
30 Jul 2010
31 Jul 2010
0.02883
0.02883
31 Aug 2010
31 Aug 2010
0.02872
0.02872
30 Sep 2010
30 Sep 2010
0.03267
0.03267
29 Oct 2010
31 Oct 2010
0.03341
0.03341
30 Nov 2010
30 Nov 2010
0.03400
0.03400
31 Dec 2010
31 Dec 2010
0.04898
0.04898
31 Jan 2011
31 Jan 2011
0.03179
0.03179
28 Feb 2011
28 Feb 2011
0.03352
0.03352
31 Mar 2011
31 Mar 2011
0.03271
0.03271
29 Apr 2011
30 Apr 2011
0.03390
0.03390
31 May 2011
31 May 2011
0.03685
0.03685
30 Jun 2011
30 Jun 2011
0.03336
0.03336
29 Jul 2011
31 Jul 2011
0.03116
0.03116
31 Aug 2011
31 Aug 2011
0.02746
0.02746
30 Sep 2011
30 Sep 2011
0.02607
0.02607
31 Oct 2011
31 Oct 2011
0.02686
0.02686
30 Nov 2011
30 Nov 2011
0.03511
0.03511
30 Dec 2011
31 Dec 2011
0.03757
0.03757
31 Jan 2012
31 Jan 2012
0.02780
0.02780
29 Feb 2012
29 Feb 2012
0.02575
0.02575
30 Mar 2012
31 Mar 2012
0.02762
0.02762
30 Apr 2012
30 Apr 2012
0.02989
0.02989
31 May 2012
31 May 2012
0.03054
0.03054
29 Jun 2012
30 Jun 2012
0.02660
0.02660
31 Jul 2012
31 Jul 2012
0.02553
0.02553
31 Aug 2012
31 Aug 2012
0.03029
0.03029
28 Sep 2012
30 Sep 2012
0.03043
0.03043
31 Oct 2012
31 Oct 2012
0.03545
0.03545
30 Nov 2012
30 Nov 2012
0.03452
0.03452
31 Dec 2012
31 Dec 2012
0.03174
0.03174
31 Jan 2013
31 Jan 2013
0.02937
0.02937
28 Feb 2013
28 Feb 2013
0.02606
0.02606
28 Mar 2013
31 Mar 2013
0.02872
0.02872
30 Apr 2013
30 Apr 2013
0.02744
0.02744
31 May 2013
31 May 2013
0.02674
0.02674
28 Jun 2013
30 Jun 2013
0.02423
0.02423
31 Jul 2013
31 Jul 2013
0.02309
0.02309
30 Aug 2013
31 Aug 2013
0.01591
0.01591
30 Sep 2013
30 Sep 2013
0.00852
0.00852
31 Oct 2013
31 Oct 2013
0.01457
0.01457
29 Nov 2013
30 Nov 2013
0.01449
0.01449
31 Dec 2013
31 Dec 2013
0.01579
0.01579
31 Jan 2014
31 Jan 2014
0.01857
0.01857
28 Feb 2014
28 Feb 2014
0.02584
0.02584
31 Mar 2014
31 Mar 2014
0.03223
0.03223
30 Apr 2014
30 Apr 2014
0.02388
0.02388
30 May 2014
31 May 2014
0.02527
0.02527
30 Jun 2014
30 Jun 2014
0.02382
0.02382
31 Jul 2014
31 Jul 2014
0.02424
0.02424
29 Aug 2014
31 Aug 2014
0.02116
0.02116
30 Sep 2014
30 Sep 2014
0.02222
0.02222
31 Oct 2014
31 Oct 2014
0.02490
0.02490
28 Nov 2014
30 Nov 2014
0.02638
0.02638
31 Dec 2014
31 Dec 2014
0.01757
0.01757
30 Jan 2015
31 Jan 2015
0.01122
0.01122
27 Feb 2015
28 Feb 2015
0.01089
0.01089
31 Mar 2015
31 Mar 2015
0.01325
0.01325
30 Apr 2015
30 Apr 2015
0.01990
0.01990
29 May 2015
31 May 2015
0.02373
0.02373
30 Jun 2015
30 Jun 2015
0.02016
0.02016
31 Jul 2015
31 Jul 2015
0.02002
0.02002
31 Aug 2015
31 Aug 2015
0.01883
0.01883
30 Sep 2015
30 Sep 2015
0.01693
0.01693
30 Oct 2015
31 Oct 2015
0.01143
0.01143
30 Nov 2015
30 Nov 2015
0.00982
0.00982
31 Dec 2015
31 Dec 2015
0.02020
0.02020
29 Jan 2016
31 Jan 2016
0.01575
0.01575
29 Feb 2016
29 Feb 2016
0.01176
0.01176
31 Mar 2016
31 Mar 2016
0.01866
0.01866
29 Apr 2016
30 Apr 2016
0.01789
0.01789
31 May 2016
31 May 2016
0.02087
0.02087
30 Jun 2016
30 Jun 2016
0.02166
0.02166
29 Jul 2016
31 Jul 2016
0.02033
0.02033
31 Aug 2016
31 Aug 2016
0.01900
0.01900
30 Sep 2016
30 Sep 2016
0.00809
0.00809
31 Oct 2016
31 Oct 2016
0.01236
0.01236
30 Nov 2016
30 Nov 2016
0.01479
0.01479
30 Dec 2016
31 Dec 2016
0.01854
0.01854
31 Jan 2017
31 Jan 2017
0.01191
0.01191
28 Feb 2017
28 Feb 2017
0.01436
0.01436
31 Mar 2017
31 Mar 2017
0.01973
0.01973
28 Apr 2017
30 Apr 2017
0.01711
0.01711
31 May 2017
31 May 2017
0.01471
0.01471
30 Jun 2017
30 Jun 2017
0.01695
0.01695
31 Jul 2017
31 Jul 2017
0.01500
0.01500
31 Aug 2017
31 Aug 2017
0.01416
0.01416
29 Sep 2017
30 Sep 2017
0.01225
0.01225
31 Oct 2017
31 Oct 2017
0.01773
0.01773
30 Nov 2017
30 Nov 2017
0.02092
0.02092
29 Dec 2017
31 Dec 2017
0.01301
0.01301
31 Jan 2018
31 Jan 2018
0.01409
0.01409
28 Feb 2018
28 Feb 2018
0.01424
0.01424
29 Mar 2018
31 Mar 2018
0.02167
0.02167
30 Apr 2018
30 Apr 2018
0.02130
0.02130
31 May 2018
31 May 2018
0.01850
0.01850
29 Jun 2018
30 Jun 2018
0.02147
0.02147
31 Jul 2018
31 Jul 2018
0.02219
0.02219
31 Aug 2018
31 Aug 2018
0.01861
0.01861
28 Sep 2018
30 Sep 2018
0.01638
0.01638
31 Oct 2018
31 Oct 2018
0.01710
0.01710
30 Nov 2018
30 Nov 2018
0.01863
0.01863
31 Dec 2018
31 Dec 2018
0.01976
0.01976
31 Jan 2019
31 Jan 2019
0.01288
0.01288
28 Feb 2019
28 Feb 2019
0.01329
0.01329
29 Mar 2019
31 Mar 2019
0.02013
0.02013
30 Apr 2019
30 Apr 2019
0.02141
0.02141
31 May 2019
31 May 2019
0.02169
0.02169
28 Jun 2019
30 Jun 2019
0.02164
0.02164
31 Jul 2019
31 Jul 2019
0.02057
0.02057
31 Aug 2019
31 Aug 2019
0.01926
0.01926
30 Sep 2019
30 Sep 2019
0.02056
0.02056
31 Oct 2019
31 Oct 2019
0.02044
0.02044
30 Nov 2019
30 Nov 2019
0.01911
0.01911
31 Dec 2019
31 Dec 2019
0.01936
0.01936
31 Jan 2020
31 Jan 2020
0.01754
0.01754
29 Feb 2020
29 Feb 2020
0.01770
0.01770
31 Mar 2020
31 Mar 2020
0.01902
0.01902
30 Apr 2020
30 Apr 2020
0.01816
0.01816
31 May 2020
31 May 2020
0.01384
0.01384
30 Jun 2020
30 Jun 2020
0.01172
0.01172
31 Jul 2020
31 Jul 2020
0.01371
0.01371
31 Aug 2020
31 Aug 2020
0.01540
0.01540
30 Sep 2020
30 Sep 2020
0.01490
0.01490
30 Oct 2020
31 Oct 2020
0.01341
0.01341
30 Nov 2020
30 Nov 2020
0.01269
0.01269
31 Dec 2020
31 Dec 2020
0.01185
0.01185
29 Jan 2021
31 Jan 2021
0.01074
0.01074
26 Feb 2021
28 Feb 2021
0.01235
0.01235
31 Mar 2021
31 Mar 2021
0.01247
0.01247
30 Apr 2021
30 Apr 2021
0.01317
0.01317
28 May 2021
31 May 2021
0.01419
0.01419
30 Jun 2021
30 Jun 2021
0.01502
0.01502
30 Jul 2021
31 Jul 2021
0.01448
0.01448
31 Aug 2021
31 Aug 2021
0.01462
0.01462
30 Sep 2021
30 Sep 2021
0.01289
0.01289
29 Oct 2021
31 Oct 2021
0.01080
0.01080
30 Nov 2021
30 Nov 2021
0.01164
0.01164
31 Dec 2021
31 Dec 2021
0.01450
0.01450
31 Jan 2022
31 Jan 2022
0.01249
0.01249
28 Feb 2022
28 Feb 2022
0.01202
0.01202
31 Mar 2022
31 Mar 2022
0.01562
0.01562
29 Apr 2022
30 Apr 2022
0.01612
0.01612
31 May 2022
31 May 2022
0.02059
0.02059
30 Jun 2022
30 Jun 2022
0.01483
0.01483
29 Jul 2022
31 Jul 2022
0.02073
0.02073
31 Aug 2022
31 Aug 2022
0.02623
0.02623
30 Sep 2022
30 Sep 2022
0.01225
0.01225
31 Oct 2022
31 Oct 2022
0.01290
0.01290
30 Nov 2022
30 Nov 2022
0.01803
0.01803
30 Dec 2022
31 Dec 2022
0.02149
0.02149
31 Jan 2023
31 Jan 2023
0.01370
0.01370
28 Feb 2023
28 Feb 2023
0.01160
0.01160
31 Mar 2023
31 Mar 2023
0.02874
0.02874
28 Apr 2023
30 Apr 2023
0.02653
0.02653
31 May 2023
31 May 2023
0.02294
0.02294
30 Jun 2023
30 Jun 2023
0.02521
0.02521
31 Jul 2023
31 Jul 2023
0.02279
0.02279
31 Aug 2023
31 Aug 2023
0.02415
0.02415
29 Sep 2023
30 Sep 2023
0.02214
0.02214
31 Oct 2023
31 Oct 2023
0.02715
0.02715
30 Nov 2023
30 Nov 2023
0.02638
0.02638
29 Dec 2023
31 Dec 2023
0.02280
0.02280
31 Jan 2024
31 Jan 2024
0.02042
0.02042
29 Feb 2024
29 Feb 2024
0.02276
0.02276
28 Mar 2024
31 Mar 2024
0.02997
0.02997
30 Apr 2024
30 Apr 2024
0.03212
0.03212
31 May 2024
31 May 2024
0.03284
0.03284
28 Jun 2024
30 Jun 2024
0.02757
0.02757
31 Jul 2024
31 Jul 2024
0.02460
0.02460
30 Aug 2024
31 Aug 2024
0.02124
0.02124
30 Sep 2024
30 Sep 2024
0.02400
0.02400
31 Oct 2024
31 Oct 2024
0.02444
0.02444
29 Nov 2024
30 Nov 2024
0.02630
0.02630
Fund Facts

Fund Facts

(As of 31 Oct 2024)
Net Fund Assets
$130.1 M
Benchmark
Bloomberg U.S. Government Intermediate Index
Morningstar Category
Short Government
Fund Symbol
LTUSX
Share Class
A
Share Class Inception Date
16 Nov 1987
Number of Holdings
155
Portfolio Turnover
32%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.56%
30-Day SEC Yield (Unsubsidized)
2.56%
Annualized Distribution Yield
2.57%
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Effective Duration
4.1 Yrs
3.5 Yrs
Average Effective Maturity
5.4 Yrs
3.9 Yrs
Portfolio
Benchmark
Weighted Average Coupon
2.5%
3.0%
Yield to Worst
4.7%
4.2%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2024)
3y
5y
10y
Beta
1.07
0.97
0.88
R-Squared (%)
95.78
88.67
86.58
Standard Deviation (%)
4.99
4.00
3.02
Sharpe Ratio
-0.84
-0.55
-0.26
Information Ratio
0.06
-0.15
-0.29
Up Capture (%)
107.44
98.27
84.94
Down Capture (%)
105.87
102.06
89.35
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Weight %
United States Treasury Inflation Indexed Bonds
91282CBF7
7.0
Fannie Mae Pool
3140XMZX7
4.4
United States Treasury Inflation Indexed Bonds
91282CEJ6
2.7
FARM 21-1 Mortgage Trust
30768WAA6
2.5
Caledonia Generating LLC
129268AB4
2.2
United States Treasury Inflation Indexed Bonds
912810PV4
1.9
Fannie Mae Pool
31418D2Y7
1.8
United States Treasury Note/Bond
91282CGQ8
1.8
United States Treasury Note/Bond
91282CHC8
1.8
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4
35563PDD8
1.7
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mortgage Passthrough
34.0
Collateralized Mortgage Obligation
25.8
Treasury-Domestic
22.6
98.0
Commercial Mortgage Backed Security
4.6
Agency Debenture
4.4
2.0
Asset Backed Securities
4.1
Cash & Cash Equivalents
3.8
Corporate
0.7
Sector Allocation
Fund (%)
Mortgage Passthrough
34.0
Collateralized Mortgage Obligation
25.8
Treasury-Domestic
22.6
Commercial Mortgage Backed Security
4.6
Agency Debenture
4.4
Asset Backed Securities
4.1
Cash & Cash Equivalents
3.8
Corporate
0.7
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
U.S. Government
96.2
100.0
Cash & Cash Equivalents
3.8
Credit Quality
Fund (%)
U.S. Government
96.2
Cash & Cash Equivalents
3.8
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
4.3
1.8
Year 2
5.1
24.1
Year 3
14.0
17.7
Year 4
9.3
14.3
Year 5
16.2
14.7
Year 6
8.0
6.8
Year 7
7.7
8.5
Year 8
2.7
3.7
Year 9
9.3
4.0
Year 10+
19.6
4.4
Cash
3.8
Maturity
Fund (%)
Year 1
4.3
Year 2
5.1
Year 3
14.0
Year 4
9.3
Year 5
16.2
Year 6
8.0
Year 7
7.7
Year 8
2.7
Year 9
9.3
Year 10+
19.6
Cash
3.8
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…
Learn More

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