Overview
Investment Philosophy
Thornburg Limited Term U.S. Government Fund is a laddered portfolio of short/intermediate obligations issued by the U.S. Government, its agencies or instrumentalities, with an average maturity of five years or less. Investments with shorter average maturities, such as the Thornburg Limited Term U.S. Government Fund, are less exposed to interest rate risk than investments with longer average maturities.
The Government Fund invests 80% of its assets in obligations issued or guaranteed by the United States Government, its agencies, instrumentalities or authorities. Although the share price of the fund itself is not guaranteed by the U.S. Government.
Fund Objective
Provide as high a level of current income as is consistent, in the view of the Fund's investment advisor, with safety of capital. A secondary objective is to reduce changes in its share price compared to longer term portfolios.
There is no guarantee that the Fund will meet its investment objectives.
Laddered Portfolio Strategy
Laddering involves building a portfolio of bonds with staggered maturities so that a portion of the portfolio will mature each year. To maintain the ladder, cash from maturing bonds is typically invested in bonds with longer maturities at the far end of the ladder. Read More...
Fact Sheet (PDF)
Portfolio Manager Market Commentary
Daily Prices as of 7/18/2008
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Net Assets
as of 6/30/08 $168.8 M Capital Gains Paid Annually No 2007 Capital Gain Paid Dividends Paid Monthly |
Fund Numbers
CUSIP Numbers
Inception Date
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Performance and Expenses
Average Annualized Total ReturnsImportant Information: Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that upon redemption, investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted.
Month Ended - 6/30/2008
| A Shares (LTUSX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 7.51 % | 3.99 % | 2.69 % | 4.74 % | 6.00 % |
| With sales charge | 5.92 % | 3.46 % | 2.39 % | 4.58 % | 5.92 % |
| B Shares (LTUBX) | |||||
| Without sales charge | 6.09 % | 2.49 % | 1.29 % | N/A | 1.89 % |
| With sales charge | 1.09 % | 1.37 % | 0.92 % | N/A | 1.69 % |
| C Shares (LTUCX) | |||||
| Without sales charge | 7.18 % | 3.70 % | 2.41 % | 4.41 % | 4.91 % |
| With sales charge | 6.68 % | 3.70 % | 2.41 % | 4.41 % | 4.91 % |
Quarter Ended - 6/30/2008
| A Shares (LTUSX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 7.51 % | 3.99 % | 2.69 % | 4.74 % | 6.00 % |
| With sales charge | 5.92 % | 3.46 % | 2.39 % | 4.58 % | 5.92 % |
| B Shares (LTUBX) | |||||
| Without sales charge | 6.09 % | 2.49 % | 1.29 % | N/A | 1.89 % |
| With sales charge | 1.09 % | 1.37 % | 0.92 % | N/A | 1.69 % |
| C Shares (LTUCX) | |||||
| Without sales charge | 7.18 % | 3.70 % | 2.41 % | 4.41 % | 4.91 % |
| With sales charge | 6.68 % | 3.70 % | 2.41 % | 4.41 % | 4.91 % |
The maximum sales charge for the Fund's A shares is 1.50%. B shares carry a contingent deferred sales charge (CDSC) that declines from 5.00% to 0% depending on how long the shares are held. C shares include a 0.50% CDSC for the first year only.
*Inception date for Class A Shares -11/16/87; B Shares - 11/1/02; C Shares - 9/1/94.
Fund Operating Expenses
| Class A | Class B | Class C | |
| Total Annual Operating Expenses | 0.99 % | 2.63 % | 1.80 % |
| Subsidized Annual Operating Expenses* | N/A | 2.50 % | 1.24 % |
| Actual Annual Operating Expenses as of 6/30/08 | 0.94 % | 2.32 % | 1.22 % |
*Thornburg Investment Management intends to waive fees and reimburse expenses so that actual expenses do not exceed the subsidized expense ratio. The subsidized expense ratio reflects the annual operating expenses of the fund minus any fee waivers or expense reimbursements.The fee waivers and expense reimbursements are voluntary and may be terminated at any time.
For more information regarding fund expenses, please see the fund prospectus.|
30-day SEC Yield
with sales charge as of 6/30/08
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Annualized Distribution Yield
with sales charge as of 6/30/08
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Net Asset Value (NAV) History Inception to 6/30/2008
| A Shares NAV since inception 11/16/87 | C Shares NAV since inception 9/1/94 | |||
| Beginning NAV: | $12.22 | Beginning NAV: | $12.20 | |
| NAV as of 6/30/08: | $13.21 | NAV as of 6/30/08: | $13.29 | |
The annualized distribution rate is calculated by multiplying the sum of the fund's total distributions for the month by twelve and dividing by the month-ending NAV with sales charge.
The SEC Yield is computed in accordance with SEC standards measuring the net investment income per share over a specified 30-day period expressed as a percentage of the maximum offering price of the Fund’s shares at the end of the period.
Attributes
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Key Portfolio Attributes
as of 6/30/08
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Credit Quality Breakdown
as of 6/30/08
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| % of bonds maturing in each year |
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Management
Portfolio Management Team
For biographies on the portfolio managers, click on their photo above.
More Info
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Investments in the Fund carry risks including possible loss of principal. The Fund invests a portion of the assets in Mortgage Backed Securities which are subject to pre-payment risk. This may reduce the potential for capital appreciation and may cause greater volatility in the Fund. As with direct bond ownership, funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. The principal value of bond funds will fluctuate relative to changes in interest rates; decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses Investments in the Fund are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.
There is no guarantee that the Fund will meet its investment objectives.
Carefully consider the Fund’s investment objectives, risks, sales charges, and expenses; these are found in the prospectus, which is available from your financial advisor or from our download library. Read it carefully before you invest or send money.
Lipper’s large firm universe is comprised of fund families with more than $28 billion in total net assets. Only fund families with at least five bond funds were eligible. Risk-adjusted returns are calculated with dividends reinvested and without sales charges. Past performance does not guarantee future results. The individual funds may not have ranked number one in their categories.
