Thornburg Limited Term U.S. Government Fund

Share Class

Average Annual Total Returns

A Shares (Incep. 11/16/1987) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTUSX without sales charge2.75%4.30%0.96%1.22%1.68%4.63%
LTUSX with sales charge1.17%2.77%0.46%0.92%1.53%4.58%
A Shares (Incep. 11/16/1987) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTUSX without sales charge2.75%4.07%0.93%1.17%1.74%4.65%
LTUSX with sales charge1.17%2.54%0.43%0.87%1.58%4.60%
A Shares without sales charge
(Incep. 11/16/1987)
Bloomberg Barclays Intermediate U.S. Government Bond Index
1988 6.14% 6.40%
1989 10.58% 12.68%
1990 8.95% 9.56%
1991 12.53% 14.11%
1992 7.38% 6.93%
1993 6.19% 8.17%
1994 -2.07% -1.75%
1995 12.98% 14.41%
1996 4.29% 4.06%
1997 6.58% 7.72%
1998 6.99% 8.49%
1999 0.22% 0.49%
2000 9.62% 10.47%
2001 7.17% 8.42%
2002 10.39% 9.64%
2003 2.38% 2.29%
2004 1.21% 2.33%
2005 1.07% 1.68%
2006 3.33% 3.84%
2007 6.76% 8.47%
2008 6.78% 10.43%
2009 3.92% -0.32%
2010 3.59% 4.98%
2011 3.73% 6.08%
2012 2.01% 1.73%
2013 -1.87% -1.25%
2014 2.32% 2.52%
2015 0.34% 1.18%
2016 0.90% 1.05%
2017 0.60% 1.14%
2018 0.83% 1.43%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class A Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.91%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 0.90%

Morningstar Rating

Overall Morningstar Rating among 95 Short Government funds, based on risk-adjusted returns for class A shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 4 stars and 4 stars among 95, 92 and 69 funds, as of 7/31/2019.

Lipper Leader as of — Class A Shares

Preservation among 5787 funds
In the Short-Intermediate US Govt Dept category
The Fund rated a 4 for the three-year period and a 5 for the five- and ten-year periods for Preservation among 5787, 5048 and 3253 funds, respectively.

30-Day Yields With Sales Charge as of — Class A Shares

Annualized Distribution Yield 1.80%
SEC Yield 1.73%

Dividends and Capital Gains — Class A Shares

Dividend (paid Jul 31, 2019) $0.02057
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of

A Shares with sales charge
41407.39850000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Net Asset Value (NAV) History as of — Class A Shares

13.03000000

Additional Rating and Ranking Information

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. © 2019 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.

Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers.

Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), adjusted for volatility, relative to peers.

Lipper ratings for Preservation reflect the funds’ historical loss avoidance relative to other funds within the fixed income asset class.

The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. From Refinitiv Lipper Awards, © 2019 Refinitiv. All rights reserved.

Average Annual Total Returns

C Shares (Incep. 9/1/1994) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTUCX without sales charge2.47%3.85%0.62%0.91%1.38%3.53%
LTUCX with sales charge1.97%3.35%0.62%0.91%1.38%3.53%
C Shares (Incep. 9/1/1994) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTUCX without sales charge2.57%3.78%0.62%0.87%1.44%3.55%
LTUCX with sales charge2.07%3.28%0.62%0.87%1.44%3.55%
C Shares without sales charge
(Incep. 9/1/1994)
Bloomberg Barclays Intermediate U.S. Government Bond Index
1995 12.60% 14.41%
1996 3.80% 4.06%
1997 6.21% 7.72%
1998 6.44% 8.49%
1999 -0.11% 0.49%
2000 9.24% 10.47%
2001 6.79% 8.42%
2002 10.07% 9.64%
2003 1.95% 2.29%
2004 0.92% 2.33%
2005 0.82% 1.68%
2006 3.05% 3.84%
2007 6.46% 8.47%
2008 6.45% 10.43%
2009 3.70% -0.32%
2010 3.22% 4.98%
2011 3.44% 6.08%
2012 1.80% 1.73%
2013 -2.19% -1.25%
2014 2.05% 2.52%
2015 -0.00% 1.18%
2016 0.70% 1.05%
2017 0.29% 1.14%
2018 0.49% 1.43%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class C Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.23%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 1.24%

Morningstar Rating

Overall Morningstar Rating among 95 Short Government funds, based on risk-adjusted returns for class C shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 2 stars, 2 stars and 3 stars among 95, 92 and 69 funds, as of 7/31/2019.

Lipper Leader as of — Class C Shares

Preservation among 5787 funds
In the Short-Intermediate US Govt Dept category
The Fund rated a 4 for the three-year period and a 5 for the five- and ten-year periods for Preservation among 5787, 5048 and 3253 funds, respectively.

30-Day Yields as of — Class C Shares

Annualized Distribution Yield 1.47%
SEC Yield 1.40%

Dividends and Capital Gains — Class C Shares

Dividend (paid Jul 31, 2019) $0.01668
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of

C Shares
23760.09880000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Net Asset Value (NAV) History as of — Class C Shares

13.10000000

Additional Rating and Ranking Information

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. © 2019 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.

Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers.

Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), adjusted for volatility, relative to peers.

Lipper ratings for Preservation reflect the funds’ historical loss avoidance relative to other funds within the fixed income asset class.

The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. From Refinitiv Lipper Awards, © 2019 Refinitiv. All rights reserved.

Average Annual Total Returns

I Shares (Incep. 7/5/1996) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
LTUIX2.93%4.59%1.27%1.53%2.01%4.99%
I Shares (Incep. 7/5/1996) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
LTUIX2.90%4.36%1.25%1.48%2.06%5.01%
I Shares* (Incep. 7/5/1996) Bloomberg Barclays Intermediate U.S. Government Bond Index
1988 6.58% 6.40%
1989 11.03% 12.68%
1990 9.39% 9.56%
1991 12.98% 14.11%
1992 7.82% 6.93%
1993 6.62% 8.17%
1994 -1.66% -1.75%
1995 13.44% 14.41%
1996 4.71% 4.06%
1997 6.97% 7.72%
1998 7.29% 8.49%
1999 0.58% 0.49%
2000 10.14% 10.47%
2001 7.57% 8.42%
2002 10.74% 9.64%
2003 2.56% 2.29%
2004 1.55% 2.33%
2005 1.38% 1.68%
2006 3.65% 3.84%
2007 7.09% 8.47%
2008 7.07% 10.43%
2009 4.22% -0.32%
2010 3.85% 4.98%
2011 4.15% 6.08%
2012 2.35% 1.73%
2013 -1.55% -1.25%
2014 2.64% 2.52%
2015 0.58% 1.18%
2016 1.32% 1.05%
2017 0.93% 1.14%
2018 1.11% 1.43%

* Since 11/16/1987.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class I Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.60%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 0.62%

Morningstar Rating

Overall Morningstar Rating among 95 Short Government funds, based on risk-adjusted returns for class I shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 4 stars, 5 stars and 5 stars among 95, 92 and 69 funds, as of 7/31/2019.

Lipper Leader as of — Class I Shares

Consistent Return among 26 funds
Preservation among 5787 funds
Total Return among 26 funds
In the Short-Intermediate US Govt Dept category
The Fund rated a 5 for the three-, five-, and ten-year periods for Consistent Return among 26, 25 and 22 funds, respectively. The Fund rated a 5 for the three-, five-, and ten-year periods for Preservation among 5787, 5048 and 3253 funds, respectively. The Fund rated a 5 for the three-, five-, and ten-year periods for Total Return among 26, 25 and 22 funds, respectively.

30-Day Yields as of — Class I Shares

Annualized Distribution Yield 2.11%
SEC Yield 2.04%

Dividends and Capital Gains — Class I Shares

Dividend (paid Jul 31, 2019) $0.02369
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of

I Shares
46872.15450000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Net Asset Value (NAV) History as of — Class I Shares

13.03000000

Additional Rating and Ranking Information

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. © 2019 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.

Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers.

Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), adjusted for volatility, relative to peers.

Lipper ratings for Preservation reflect the funds’ historical loss avoidance relative to other funds within the fixed income asset class.

The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. From Refinitiv Lipper Awards, © 2019 Refinitiv. All rights reserved.

Average Annual Total Returns

R3 Shares (Incep. 7/1/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
LTURX2.63%4.12%0.87%1.14%1.60%4.51%
R3 Shares (Incep. 7/1/2003) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
LTURX2.71%3.97%0.89%1.10%1.66%4.53%
R3 Shares* (Incep. 7/1/2003) Bloomberg Barclays Intermediate U.S. Government Bond Index
1988 5.90% 6.40%
1989 10.33% 12.68%
1990 8.70% 9.56%
1991 12.27% 14.11%
1992 7.14% 6.93%
1993 5.95% 8.17%
1994 -2.29% -1.75%
1995 12.72% 14.41%
1996 4.06% 4.06%
1997 6.34% 7.72%
1998 6.74% 8.49%
1999 -0.01% 0.49%
2000 9.37% 10.47%
2001 6.92% 8.42%
2002 10.14% 9.64%
2003 3.06% 2.29%
2004 1.24% 2.33%
2005 1.13% 1.68%
2006 3.30% 3.84%
2007 6.73% 8.47%
2008 6.70% 10.43%
2009 3.87% -0.32%
2010 3.44% 4.98%
2011 3.70% 6.08%
2012 1.91% 1.73%
2013 -1.96% -1.25%
2014 2.19% 2.52%
2015 0.27% 1.18%
2016 0.91% 1.05%
2017 0.56% 1.14%
2018 0.73% 1.43%

* Since 11/16/1987.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class R3 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.45%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 0.99%

Morningstar Rating

Overall Morningstar Rating among 95 Short Government funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 2 stars, 3 stars and 4 stars among 95, 92 and 69 funds, as of 7/31/2019.

Lipper Leader as of — Class R3 Shares

Preservation among 5787 funds
In the Short-Intermediate US Govt Dept category
The Fund rated a 4 for the three-year period and a 5 for the five- and ten-year periods for Preservation among 5787, 5048 and 3253 funds, respectively.

30-Day Yields as of — Class R3 Shares

Annualized Distribution Yield 1.72%
SEC Yield 1.65%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 1.39%, and the SEC yield would have been 1.32%.

Dividends and Capital Gains — Class R3 Shares

Dividend (paid Jul 31, 2019) $0.01935
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of

R3 Shares
40525.22840000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Net Asset Value (NAV) History as of — Class R3 Shares

13.03000000

Additional Rating and Ranking Information

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. © 2019 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.

Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers.

Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), adjusted for volatility, relative to peers.

Lipper ratings for Preservation reflect the funds’ historical loss avoidance relative to other funds within the fixed income asset class.

The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. From Refinitiv Lipper Awards, © 2019 Refinitiv. All rights reserved.

Average Annual Total Returns

R4 Shares (Incep. 2/1/2014) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
LTUGX2.63%4.12%0.86%1.13%1.61%4.57%
R4 Shares (Incep. 2/1/2014) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
LTUGX2.71%3.97%0.88%1.09%1.67%4.58%
R4 Shares* (Incep. 2/1/2014) Bloomberg Barclays Intermediate U.S. Government Bond Index
1988 6.08% 6.40%
1989 10.52% 12.68%
1990 8.88% 9.56%
1991 12.46% 14.11%
1992 7.32% 6.93%
1993 6.13% 8.17%
1994 -2.12% -1.75%
1995 12.91% 14.41%
1996 4.23% 4.06%
1997 6.52% 7.72%
1998 6.92% 8.49%
1999 0.16% 0.49%
2000 9.56% 10.47%
2001 7.11% 8.42%
2002 10.32% 9.64%
2003 2.32% 2.29%
2004 1.15% 2.33%
2005 1.01% 1.68%
2006 3.27% 3.84%
2007 6.70% 8.47%
2008 6.72% 10.43%
2009 3.86% -0.32%
2010 3.53% 4.98%
2011 3.67% 6.08%
2012 1.95% 1.73%
2013 -1.93% -1.25%
2014 2.25% 2.52%
2015 0.27% 1.18%
2016 0.91% 1.05%
2017 0.54% 1.14%
2018 0.73% 1.43%

* Since 11/16/1987.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class R4 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.75%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.99%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 0.99%

Morningstar Rating

Overall Morningstar Rating among 95 Short Government funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 2 stars, 3 stars and 4 stars among 95, 92 and 69 funds, as of 7/31/2019.

Lipper Leader as of — Class R4 Shares

Preservation among 5787 funds
In the Short-Intermediate US Govt Dept category
The Fund rated a 4 for the three-year period and a 5 for the five-year period for Preservation among 5787 and 5048 funds, respectively.

30-Day Yields as of — Class R4 Shares

Annualized Distribution Yield 1.72%
SEC Yield 1.65%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 0.87%, and the SEC yield would have been 0.79%.

Dividends and Capital Gains — Class R4 Shares

Dividend (paid Jul 31, 2019) $0.01935
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of

R4 Shares
41205.34450000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Net Asset Value (NAV) History as of — Class R4 Shares

13.02000000

Additional Rating and Ranking Information

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. © 2019 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.

Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers.

Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), adjusted for volatility, relative to peers.

Lipper ratings for Preservation reflect the funds’ historical loss avoidance relative to other funds within the fixed income asset class.

The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. From Refinitiv Lipper Awards, © 2019 Refinitiv. All rights reserved.

Average Annual Total Returns

R5 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
LTGRX2.90%4.46%1.21%1.51%1.94%4.87%
R5 Shares (Incep. 5/1/2012) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION*
LTGRX2.87%4.31%1.19%1.45%1.99%4.88%
R5 Shares* (Incep. 5/1/2012) Bloomberg Barclays Intermediate U.S. Government Bond Index
1988 6.36% 6.40%
1989 10.81% 12.68%
1990 9.17% 9.56%
1991 12.76% 14.11%
1992 7.61% 6.93%
1993 6.41% 8.17%
1994 -1.86% -1.75%
1995 13.22% 14.41%
1996 4.51% 4.06%
1997 6.80% 7.72%
1998 7.21% 8.49%
1999 0.43% 0.49%
2000 9.85% 10.47%
2001 7.39% 8.42%
2002 10.62% 9.64%
2003 2.59% 2.29%
2004 1.42% 2.33%
2005 1.28% 1.68%
2006 3.54% 3.84%
2007 6.99% 8.47%
2008 7.01% 10.43%
2009 4.14% -0.32%
2010 3.80% 4.98%
2011 3.95% 6.08%
2012 2.23% 1.73%
2013 -1.65% -1.25%
2014 2.59% 2.52%
2015 0.59% 1.18%
2016 1.22% 1.05%
2017 1.03% 1.14%
2018 0.99% 1.43%

* Since 11/16/1987.
Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class R5 Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.94%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.67%
Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/2019) 0.67%

Morningstar Rating

Overall Morningstar Rating among 95 Short Government funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 5 stars and 4 stars among 95, 92 and 69 funds, as of 7/31/2019.

Lipper Leader as of — Class R5 Shares

Consistent Return among 26 funds
Preservation among 5787 funds
In the Short-Intermediate US Govt Dept category
The Fund rated a 4 for the three-year period and a 5 for the five-year period for Consistent Return among 26 and 25 funds, respectively. The Fund rated a 5 for the three- and five-year periods for Preservation among 5787 and 5048 funds, respectively.

30-Day Yields as of — Class R5 Shares

Annualized Distribution Yield 2.03%
SEC Yield 1.97%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 0.69%, and the SEC yield would have been 0.61%.

Dividends and Capital Gains — Class R5 Shares

Dividend (paid Jul 31, 2019) $0.02289
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of

R5 Shares
45120.60380000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Prior to inception of this share class, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Net Asset Value (NAV) History as of — Class R5 Shares

13.04000000

Additional Rating and Ranking Information

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. © 2019 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.

Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers.

Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), adjusted for volatility, relative to peers.

Lipper ratings for Preservation reflect the funds’ historical loss avoidance relative to other funds within the fixed income asset class.

The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. From Refinitiv Lipper Awards, © 2019 Refinitiv. All rights reserved.

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