SELECTED CHARACTERISTICS as of 9/30/2017

Weighted Average Coupon2.4%
Weighted Average Price$101.29
Yield to Worst1.8%
Average Effective Maturity3.5 Yrs
Effective Duration2.6 Yrs

PORTFOLIO COMPOSITION as of 9/30/2017

  • Mortgage Pass Through25.3%
  • Treasury24.3%
  • Collateralized Mortgage Obligation14.5%
  • Government Agency12.8%
  • Commercial Mortgage-Backed Securities11.4%
  • Asset-backed Securities5.3%
  • Cash & Cash Equivalents6.5%
The percentages may not add up to 100 due to rounding.

CURRENT PORTFOLIO LADDER as of 9/30/2017

Year 1
11%
Year 2
6%
Year 3
16%
Year 4
24%
Year 5
15%
Year 6
9%
Year 7
3%
Year 8
7%
Year 9
2%
Year 10+
1%
Cash & Cash Equivalents
7%
  • Year 111%
  • Year 26%
  • Year 316%
  • Year 424%
  • Year 515%
  • Year 69%
  • Year 73%
  • Year 87%
  • Year 92%
  • Year 10+1%
  • Cash & Cash Equivalents7%
Percent of portfolio maturing in each year. The percentages may not add up to 100% due to rounding and can vary over time.
Portfolio holdings and characteristics shown herein are from a representative account managed within the investment composite. The representative account is selected based on account characteristics that Thornburg believes accurately represent the investment strategy as a whole. Should these characteristics change materially, Thornburg may select a different representative account. Holdings may change daily and may vary among accounts, which may contribute to different investment results. The representative account information is supplemental to the strategy’s composite and GIPS compliant presentation.
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.

Dividends are not 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. 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.