KEY PORTFOLIO ATTRIBUTES as of 3/31/2018

Assets$5.2 B
Number of Bonds612
Average Effective Maturity3.7 Yrs
Effective Duration2.8 Yrs

PORTFOLIO COMPOSITION as of 3/31/2018

  • Corporate Bonds51.1%
  • Asset-backed Securities15.7%
  • Treasury8.6%
  • Collateralized Mortgage Obligation7.7%
  • Comm. Mortgage-backed Securities3.9%
  • Government Agency2.7%
  • Municipal Bonds2.6%
  • Mortgage Pass Through2.0%
  • Foreign Treasury0.1%
  • Cash & Cash Equivalents5.7%
The percentages may not add up to 100 due to rounding.

CREDIT QUALITY BREAKDOWN as of 3/31/2018

  • U.S. Government19.0%
  • AAA15.0%
  • AA8.9%
  • A19.2%
  • BBB29.8%
  • Below Invest. Grade2.0%
  • Not Rated0.5%
  • Cash & Cash Equivalents5.7%
The percentages may not add up to 100 due to rounding.

CURRENT PORTFOLIO LADDER as of 3/31/2018

Year 1
14%
Year 2
15%
Year 3
17%
Year 4
9%
Year 5
11%
Year 6
7%
Year 7
6%
Year 8
5%
Year 9
5%
Year 10+
7%
Cash & Cash Equivalents
6%
  • Year 114%
  • Year 215%
  • Year 317%
  • Year 49%
  • Year 511%
  • Year 67%
  • Year 76%
  • Year 85%
  • Year 95%
  • Year 10+7%
  • Cash & Cash Equivalents6%
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.

Class R shares are limited to retirement platforms only.

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.