Thornburg New York Intermediate Municipal Fund
All income earned by Thornburg New York Intermediate Municipal Fund (“the Fund”) during 2008 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 2008 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 2008.
| Jan | Feb | Mar | Apr | May | June | July | Aug | Sep | Oct | Nov | Dec | Avg 08 | |
| New York | 96.65% | 96.55% | 96.68% | 96.69% | 96.70% | 96.73% | 98.48% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 98.21% |
| Puerto Rico | 3.35% | 3.45% | 3.32% | 3.31% | 3.30% | 3.27% | 1.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.79% |
| Total Municipal Income | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
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 the corporation.
Investments in the Funds carry risks, including possible loss of principal. Bond funds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The principal value of a bond will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Funds invested in mortgage backed securities may bear additional risk. Investments in the Funds are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus containing this and other information, contact your financial advisor or visit our literature library. Read it carefully before investing.
