Thornburg Limited Term U.S. Government Strategy

Selected Characteristics as of

Weighted Average Coupon 2.6%
Weighted Average Price $101.51
Yield to Worst 2.2%
Average Effective Maturity 3.3 Yrs
Effective Duration 2.5 Yrs

Portfolio Composition as of

Mortgage Pass Through
31.9%
Collateralized Mortgage Obligation
20.3%
Agency Debenture
11.6%
Treasury
11.3%
Comm. Mortgage-backed Securities
7.5%
Asset-backed Securities
6.1%
Corporate Bonds
1.5%
Cash & Cash Equivalents
9.8%
The percentages may not add up to 100 due to rounding.

Current Portfolio Maturity Ladder as of

Cash
9.8%
Year 1
8.5%
Year 2
6.6%
Year 3
21.9%
Year 4
24.4%
Year 5
11.9%
Year 6
5.0%
Year 7
4.9%
Year 8
4.0%
Year 9
2.3%
Year 10+
0.7%
Percent of portfolio maturing in each year. The percentages may not add up to 100% due to rounding and can vary over time. Cash includes cash equivalents.

Important Information

Investments in the strategy 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 principal value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond portfolios have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Carefully consider the strategy’s investment objectives, risks, fees and expenses before investing. There is no guarantee that the strategy will meet its investment objectives.

Weight percentages are of the total portfolio unless otherwise noted.

Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate. Portfolio attributes can and do vary.

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

Portfolios invested in a limited number of holdings may expose an investor to greater volatility.

Neither the payment of, or increase in, dividends is guaranteed.

Portfolio construction will have significant differences from that of a benchmark index in terms of security holdings, industry weightings, asset allocations and number of positions held, all of which may contribute to performance, characteristics and volatility differences. Investors may not make direct investments into any index.

Valuations are computed and reported in U.S. dollars.

Source: Advent/APX, FactSet and Thornburg.

View the Limited Term U.S. Government Composite GIPS compliant presentation.

To receive a complete list and description of Thornburg Investment Management's composites, please contact the Business Development Group at bdg@thornburg.com

Please see our glossary for a definition of terms.

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