KEY PORTFOLIO ATTRIBUTES as of 10/31/2017

Assets$21.5 M
Number of Bonds183
Average Effective Maturity2.1 Yrs
Effective Duration1.2 Yrs

PORTFOLIO COMPOSITION as of 10/31/2017

  • Corporate Bonds40.3%
  • Asset-backed Securities18.5%
  • Treasury12.4%
  • Comm. Mortgage-backed Securities5.0%
  • Collateralized Mortgage Obligation4.9%
  • Government Agency3.4%
  • Mortgage Pass Through2.2%
  • Municipal Bonds1.5%
  • Cash & Cash Equivalents11.9%
The percentages may not add up to 100 due to rounding.

CREDIT QUALITY BREAKDOWN as of 10/31/2017

  • U.S. Government21.4%
  • AAA19.6%
  • AA4.5%
  • A22.2%
  • BBB19.8%
  • Below Invest. Grade0.4%
  • Not Rated0.2%
  • Cash & Cash Equivalents11.9%
The percentages may not add up to 100 due to rounding.

CURRENT PORTFOLIO LADDER as of 10/31/2017

Year 1
23%
Year 2
24%
Year 3
19%
Year 4
12%
Yr 5+
9%
Cash & Cash Equivalents
12%
  • Year 123%
  • Year 224%
  • Year 319%
  • Year 412%
  • Yr 5+9%
  • Cash & Cash Equivalents12%
Percent of portfolio maturing in each year. The percentages may not add up to 100% due to rounding and can vary over time.
Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit our literature center. Read them carefully before investing.

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.

Credit quality ratings for Thornburg’s global fixed income portfolios used ratings from Moody’s Investors Service. Where Moody’s ratings are not available, we have used S&P Global Ratings. Where neither rating is available, we have used ratings from other nationally recognized statistical rating organizations (NRSROs).

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 laddering strategy does not assure or guarantee better performance than a non-laddered portfolio and cannot eliminate the risk of investment losses.

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.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

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 Corporation (TSC) does not act as broker of record for investors.