| Nasdaq: THNYX
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.
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.