Overview
Investment Philosophy
The Fund offers New York investors double tax-free yields (income is exempt from regular federal and New York state income tax but may be subject to alternative minimum tax), and for New York City residents triple (income is exempt from New York City income tax). The portfolio is laddered with an average maturity of ten years or less. Investments with shorter average maturities, such as the Thornburg New York 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, New York State, and New York City individual income taxes 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.
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...
The Thornburg Limited Term Municipal Fund typically holds no Alternative Minimum Tax (AMT) bonds.
Fact Sheet (PDF)
Portfolio Manager Market Commentary
Daily Prices as of 7/18/2008
|
Net Assets
as of 6/30/08 $32.1 M Capital Gains Paid Annually No 2007 Capital Gain Paid Dividends Paid Monthly |
Fund Numbers
CUSIP Numbers
Inception Date
|
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 (THNYX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 3.87 % | 2.64 % | 2.51 % | 3.80 % | 4.06 % |
| With sales charge | 1.78 % | 1.94 % | 2.10 % | 3.59 % | 3.86 % |
Quarter Ended - 6/30/2008
| A Shares (THNYX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 3.87 % | 2.64 % | 2.51 % | 3.80 % | 4.06 % |
| With sales charge | 1.78 % | 1.94 % | 2.10 % | 3.59 % | 3.86 % |
The maximum sales charge for the Fund's A shares is 2.00%.
*Inception Date A Shares - 9/5/97.
Fund Operating Expenses
| Class A | |
| Total Annual Operating Expenses | 1.09 % |
| Subsidized Annual Operating Expenses* | 0.99 % |
| Actual Annual Operating Expenses as of 6/30/08 | 0.99 % |
*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
|
Annualized Distribution Yield
with sales charge as of 6/30/08
|
Net Asset Value (NAV) History Inception to 6/30/2008
| A Shares NAV since inception 9/5/97 | ||
| Beginning NAV: | $12.50 | |
| NAV as of 6/30/08: | $12.19 | |
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
|
Key Portfolio Attributes
as of 6/30/08
|
Credit Quality Breakdown
as of 6/30/08
|
| % of bonds maturing in each year |
 |
Management
Portfolio Management Team
For biographies on the portfolio managers, click on their photo above.
More Info
Related Links and Downloads| Scroll over boxes below to select another fund highlight | ||||||||||||||
|
||||||||||||||
 |
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.
