Thornburg New York Intermediate Municipal Fund
All income earned by Thornburg New York Intermediate Municipal Fund (“the Fund”) during 2007 was based on investments in municipal obligations of political subdivisions located in the state of New York, or investments in obligations of U.S. territories and possessions which bear interest exempt from taxation by the state of New York. Generally speaking, distributions made by the Fund to individuals are not subject to federal income taxes, but they must be reported on your 2007 federal income tax return. To the best of our knowledge none of the income earned by the Fund is subject to the alternative minimum tax applicable to individuals.
The Fund did not declare capital gains distributions during 2007.
| Jan | Feb | Mar | Apr | May | June | July | Aug | Sep | Oct | Nov | Dec | Avg 06 | |
| New York | 97.01% | 96.93% | 96.99% | 96.96% | 97.01% | 96.90% | 96.77% | 96.79% | 96.84% | 96.85% | 96.80% | 96.81% | 96.89% |
| Puerto Rico | 2.99% | 3.07% | 3.01% | 3.04% | 2.99% | 3.10% | 3.23% | 3.21% | 3.16% | 3.15% | 3.20% | 3.19% | 3.11% |
| Total Municipal Income | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
Special Requirements for Corporations
Interest on all tax-exempt investments owned by a corporation, including income dividends on shares of the Fund, will be included in such corporation’s adjusted net book income for purposes of calculating the alternative minimum taxable income of such corporations.
Investments in the Fund 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 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.
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.
