Overview
Investment Strategy
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 three to ten years. 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. The Fund typically holds no Alternative Minimum Tax (AMT) bonds
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
| Share Class | Symbol |
| Fund Numbers | CUSIP | Inception Date | ||||
|---|---|---|---|---|---|---|---|---|---|
| A | THNYX |
| 148 | 885-215-665 | 9/5/97 | ||||
| I | TNYIX |
| 287 | 885-216-705 | 2/1/10 | ||||
| Net Assets as of 4/30/13: $63.1 M | |||||||||
| Capital Gains Paid Annually: No 2012 Capital Gains Paid | |||||||||
| Dividends: Paid Monthly | |||||||||
Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers. Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), adjusted for volatility, relative to peers. The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for each metric over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader, or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are relative, rather than absolute, measures, and funds named Lipper Leaders may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2013, All Rights Reserved.
The Fund rated a 5 for the 3- and 5-year periods and a 4 for the 10-year period for Total Return among 30, 27 and 25 funds, respectively. The Fund rated a 5 for the 3- and 5-year periods and a 4 for the 10-year period for Consistent Return among 30, 27 and 25 funds, respectively. Past performance is no guarantee of future results.
Income earned from municipal bonds is exempt from regular federal and in some cases, state and local income tax. Income may be subject to the alternative minimum tax (AMT).
Performance and Expenses
Average Annualized Total ReturnsImportant Information: Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.
Month Ended - 4/30/13
| A Shares (THNYX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 4.01% | 5.39% | 5.13% | 3.95% | 4.46% |
| With sales charge | 1.93% | 4.67% | 4.70% | 3.74% | 4.32% |
| I Shares (TNYIX) | |||||
| Without sales charge | 4.34% | 5.72% | N/A | N/A | 5.75% |
Quarter Ended - 3/31/13
| A Shares (THNYX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 4.51% | 5.40% | 5.05% | 3.92% | 4.43% |
| With sales charge | 2.40% | 4.70% | 4.63% | 3.71% | 4.29% |
| I Shares (TNYIX) | |||||
| Without sales charge | 4.84% | 5.74% | N/A | N/A | 5.62% |
*Inception Date A Shares - 9/5/97; I Shares - 2/1/10.
The maximum sales charge for the Fund's A shares is 2.00%. There is no up-front sales charge for I shares.
Fund Operating Expenses
| Class A | Class I | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) | 1.05% | 0.77% |
| Net Annual Operating Expenses (as reported in the most recent Prospectus)* | 0.99% | 0.67% |
| Actual Annualized Operating Expenses (fiscal year to date, as of 3/31/13) | 0.99% | 0.67% |
*Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2014, so that actual Class A and Class I expenses do not exceed the net expense ratio above
Expense ratios are expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.
For more information regarding fund expenses, please see the fund prospectus.30-day Yields with sales charge as of 4/30/13
|
SEC Yield
Without the fee waivers and expense reimbursements described above, the 30-day SEC yield would have been 0.85% for the A shares and 1.18% for the I shares. |
Annualized Distribution Yield
Without the fee waivers and expense reimbursements described above, the 30-day Annualized Distribution yield would have been 2.48% for the A shares and 2.84% for the I shares. |
Net Asset Value (NAV) History A Shares, Inception to 4/30/13
| A Shares NAV since inception 9/5/97 | I Shares NAV since inception 2/1/10 | |
| Beginning NAV | $12.50 | $12.48 |
| NAV as of 4/30/13 | $13.43 | $13.43 |
Annualized Distribution Yield – The distribution yield reflects actual distributions made to shareholders. The Annualized distribution yield is calculated by summing the last 30 days of income at a given month end and annualizing to a 360-day year. The result is divided by the ending maximum offering price or net asset value.
SEC Yield – 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 - 4/30/13
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Credit Quality Breakdown - 4/30/13
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Current Portfolio Ladder - 4/30/13
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A credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds. We have used ratings from Standard & Poor’s (S&P). Where S&P ratings are not available, we have used Moody’s Investors Service. Where neither rating is available, we have used ratings from Fitch Ratings. “NR” = not rated.
Effective Duration – A bond’s sensitivity to interest rates, incorporating the embedded option features, such as call provisions. Bonds with longer durations experience greater price volatility than bonds with shorter durations.
Management
Portfolio Management Team
For biographies on the portfolio managers, click on their photo above.
More Info
Related Links and DownloadsInvestments in the Fund carry risks, including possible loss of principal. Funds 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 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.
Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit our literature library. Read them carefully before investing.
Lipper’s Large Company universe is currently comprised of fund families with more than $40 billion in total net assets. For the 2008 award, Lipper’s large firm universe was 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.
