TLH offers intentionally truncated exposure to the long end of the yield curve due to its 10-20 year maturity bracket. It aims to provide exposure to the long-term US government bond segment, however, the fund`s maturity mandate puts it at odds with our longer-term segment in a predictable way. TLH`s weighted average maturity is about half the normal average maturity of similar funds. Unsurprisingly, TLH has one of the lowest effective durations in the segment, so it's less sensitive to changes in interest rates. Its yield to maturity suffers from the lower duration. The securities are updated on the last business day of the month. On July 1, 2016, TLH began tracking the ICE U.S. Treasury 10-20 Year Bond Index. The change does not have a material impact on exposure or performance relative to the Barclays U.S. 10-20 Year Treasury Bond Index it tracked previously.
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