| Nasdaq: THNMX
This Fund offers New Mexico investors double tax-free yields (income is exempt from regular federal and New Mexico state income taxes but may be subject to alternative minimum tax) in a laddered municipal bond portfolio with an average maturity of three to ten years. Investments with shorter average maturities, such as the Thornburg New Mexico Intermediate Municipal Fund, are less exposed to interest rate risk than investments with longer average maturities.
Obtain as high a level of current income exempt from federal and New Mexico state 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 relative 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.