Overview
Investment Philosophy
Thornburg Intermediate Municipal Fund is a laddered portfolio of municipal bonds from throughout the U.S. with an average maturity of ten years or less. Investments with shorter average maturities, such as the Thornburg Intermediate Municipal Fund, are less exposed to interest rate risk than investments with longer average maturities.
Fund Objective
Obtain as high a level of current income exempt from federal individual income tax as is consistent, in the view of the Fund's investment advisor, with preservation of capital. A secondary objective is to reduce expected changes in its share price compared to long-term bond portfolios.
There is no guarantee that the Fund will meet its investment objectives. A portion of the Fund's dividends could be subject to the federal Alternative Minimum Tax.
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. The strategy is a good compromise for managing different types of risk. 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 $550.7 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 (THIMX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 2.57 % | 2.40 % | 2.67 % | 3.70 % | 5.17 % |
| With sales charge | 0.49 % | 1.72 % | 2.26 % | 3.49 % | 5.05 % |
| C Shares (THMCX) | |||||
| Without sales charge | 2.29 % | 2.14 % | 2.39 % | 3.35 % | 4.11 % |
| With sales charge | 1.70 % | 2.14 % | 2.39 % | 3.35 % | 4.11 % |
Quarter Ended - 6/30/2008
| A Shares (THIMX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 2.57 % | 2.40 % | 2.67 % | 3.70 % | 5.17 % |
| With sales charge | 0.49 % | 1.72 % | 2.26 % | 3.49 % | 5.05 % |
| C Shares (THMCX) | |||||
| Without sales charge | 2.29 % | 2.14 % | 2.39 % | 3.35 % | 4.11 % |
| With sales charge | 1.70 % | 2.14 % | 2.39 % | 3.35 % | 4.11 % |
The maximum sales charge for the Fund's A shares is 2.00%. C shares include a 0.60% contingent deferred sales charge (CDSC) for the first year only.
* Inception date for Class A Shares - 7/22/91; C Shares - 9/1/94
Fund Operating Expenses
| Class A | Class C | |
| Total Annual Operating Expenses | 0.99 % | 1.78 % |
| Subsidized Annual Operating Expenses* | N/A | 1.24 % |
| Actual Annual Operating Expenses as of 6/30/08 | 0.96 % | 1.24 % |
*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 6/30/08
| A Shares NAV since inception 7/22/91 | C Shares NAV since inception 9/1/94 | |||
| Beginning NAV: | $12.06 | Beginning NAV: | $12.91 | |
| NAV as of 6/30/08: | $12.90 | NAV as of 6/30/08: | $12.91 | |
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 Funds carry risks including possible loss of principal. 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 value of a bond will fluctuate relative to changes in interest rates; as interest rates rise, the overall price of bonds fall. Unlike bonds, bond funds have ongoing fees and expenses. Investments in the funds are not deposits or obligations of, or guaranteed or endorsed by, any bank, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any governmental agency.
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.
