<SEC-DOCUMENT>0001387131-20-000922.txt : 20200203
<SEC-HEADER>0001387131-20-000922.hdr.sgml : 20200203
<ACCEPTANCE-DATETIME>20200203170710
ACCESSION NUMBER: 0001387131-20-000922
CONFORMED SUBMISSION TYPE: 497K
PUBLIC DOCUMENT COUNT: 3
FILED AS OF DATE: 20200203
DATE AS OF CHANGE: 20200203
EFFECTIVENESS DATE: 20200203
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: THORNBURG INVESTMENT TRUST
CENTRAL INDEX KEY: 0000816153
IRS NUMBER: 061158764
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0930
FILING VALUES:
FORM TYPE: 497K
SEC ACT: 1933 Act
SEC FILE NUMBER: 033-14905
FILM NUMBER: 20569520
BUSINESS ADDRESS:
STREET 1: 2300 NORTH RIDGETOP ROAD
CITY: SANTA FE
STATE: NM
ZIP: 87506-8361
BUSINESS PHONE: 5059840200
MAIL ADDRESS:
STREET 1: 2300 NORTH RIDGETOP ROAD
CITY: SANTA FE
STATE: NM
ZIP: 87506-8361
FORMER COMPANY:
FORMER CONFORMED NAME: THORNBURG INCOME TRUST
DATE OF NAME CHANGE: 19920703
FORMER COMPANY:
FORMER CONFORMED NAME: LIMITED TERM TRUST
DATE OF NAME CHANGE: 19870816
<SERIES-AND-CLASSES-CONTRACTS-DATA>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0000816153
<SERIES-ID>S000011848
<SERIES-NAME>Thornburg New York Intermediate Municipal Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000032368
<CLASS-CONTRACT-NAME>Thornburg New York Intermediate Municipal Fund - Class A
<CLASS-CONTRACT-TICKER-SYMBOL>THNYX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000083544
<CLASS-CONTRACT-NAME>Thornburg New York Intermediate Municipal Fund - Class I
<CLASS-CONTRACT-TICKER-SYMBOL>TNYIX
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>497K
<SEQUENCE>1
<FILENAME>ny-497k_020120.htm
<DESCRIPTION>SUMMARY PROSPECTUS
<TEXT>
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ny-497k_020120
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<DIV style=" border: 0pt; padding-top: 0pt; top: 19.8pt; left: 326.7pt; padding-left: 0pt; width: 307.83pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 6.28pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 8pt; font-family: Times New Roman, Times, serif; line-height: 8pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none; font-family: Arial, sans-serif;">For the Fund’s </FONT><FONT style=" text-transform: none; color: #004a91; font-family: Arial, sans-serif;"><B>Prospectus</B></FONT><FONT style=" text-transform: none; font-family: Arial, sans-serif;"> or </FONT><FONT style=" text-transform: none; color: #004a91; font-family: Arial, sans-serif;"><B>SAI</B></FONT><FONT style=" text-transform: none; font-family: Arial, sans-serif;">, visit www.thornburg.com/download </FONT></P>
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<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 176pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #004a91; text-indent: 0pt; font-size: 24pt; font-family: Arial, sans-serif; line-height: 28pt; margin-top: 0pt; margin-bottom: 2pt; text-align: left; margin-right: 0pt;"><FONT style=" float: left;"><FONT style=" text-transform: none; color: #000000; font-size: 15pt; line-height: 20pt;">Thornburg New York Intermediate Municipal Fund</FONT></FONT><FONT style=" float: right;"><FONT style=" text-transform: none; font-size: 15pt; line-height: 20pt;">Summary Prospectus</FONT></FONT><FONT style=" font-size: 15pt;">​</FONT><BR clear="all">
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<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2.5pt; border-right: 0pt; border-left: 0pt; padding-left: 8pt; vertical-align: middle; padding-bottom: 2.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 8pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #ffffff; text-indent: 0pt; font-size: 12pt; font-family: Arial, sans-serif; line-height: 14pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: uppercase; font-size: 10pt;"><B>February 1, 2020</B></FONT></P>
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<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2.5pt; border-right: 0pt; border-left: 0pt; padding-left: 8pt; vertical-align: middle; padding-bottom: 2.5pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 8pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #ffffff; font-size: 11pt; font-family: Arial, sans-serif; line-height: 14pt; margin-top: 0; margin-bottom: 0; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 10pt;"><B>Class A:</B></FONT><FONT style=" text-transform: none; font-size: 10pt;"> THNYX | </FONT><FONT style=" text-transform: none; font-size: 10pt;"><B>Class I:</B></FONT><FONT style=" text-transform: none; font-size: 10pt;"> TNYIX</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Arial, sans-serif; line-height: 9pt; margin-top: 0pt; font-style: italic; margin-bottom: 2pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; line-height: 8.5pt; font-style: italic;"><I>Before you invest, you may want to review the Fund’s Prospectus and Statement of Additional Information (SAI), which contain more information about the Fund and its risks. You can find the Fund’s Prospectus, SAI and other information about the Fund online at www.thornburg.com/download. You can also </I></FONT><FONT style=" text-transform: none; line-height: 8.5pt; font-style: italic;"><I>get this</I></FONT><FONT style=" text-transform: none; line-height: 8.5pt; font-style: italic;"><I> information at no cost by calling 800.847.0200 or by sending an e-mail request to info@thornburg.com. The current Prospectus and SAI, dated February 1, 2020, are incorporated by reference into this Summary Prospectus.</I></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Arial, sans-serif; line-height: 9pt; margin-top: 0pt; font-style: italic; margin-bottom: 2pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; line-height: 8.5pt; font-style: italic;"><I>Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.</I></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Arial, sans-serif; line-height: 9pt; margin-top: 0pt; font-style: italic; margin-bottom: 2pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; line-height: 8.5pt; font-style: italic;"><I>If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by going to thornburg.com/edelivery.</I></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Arial, sans-serif; line-height: 9pt; margin-top: 0pt; font-style: italic; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; line-height: 8.5pt; font-style: italic;"><I>You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling 800.847.0200 or your financial intermediary directly. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.</I></FONT></P>
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<DIV style=" border: 0pt; padding-top: 0pt; top: 215.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 596.2pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #004a91; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 2pt; margin-bottom: 1pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Investment Goal</B></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">The primary investment goal of Intermediate New York Fund is to 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. The secondary goal of the Fund is to reduce expected changes in its share price compared to long-term </FONT><FONT style=" text-transform: none;">bond portfolios.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #004a91; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 2pt; margin-bottom: 1pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Fees and Expenses of the Fund</B></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for discounts from the sales charges applicable to Class A shares if you or other qualifying account holders invest, or agree to invest in the future, at least $50,000 in the Thornburg Funds. More information about this and other discounts and sales charge waivers is available from your financial intermediary, in </FONT><FONT style=" text-transform: none;">the</FONT><FONT style=" text-transform: none;"> Prospectus under the captions</FONT><FONT style=" text-transform: none;"> “Class A Sales Charge Waivers,” beginning on page 147, and “Appendix A – Sales Charge Waivers Offered by Financial Intermediaries,” beginning on page 200, and in the Statement of Additional Information under the caption “Additional Information Respecting Purchase and Redemption of Shares,” beginning on </FONT><FONT style=" text-transform: none;">page 134.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 4pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Shareholder Fees</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">(fees paid directly from </FONT><FONT style=" text-transform: none;">your investment)</FONT></P>
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<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B> </B></FONT></P>
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<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Class A</B></FONT></P>
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<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Class I</B></FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Maximum Sales Charge (Load) Imposed on Purchases <br></FONT><FONT style=" text-transform: none; font-style: italic;"><I>(as a percentage of offering price)</I></FONT></P>
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<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2.00%</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">none</FONT></P>
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Maximum Deferred Sales Charge (Load) <br></FONT><FONT style=" text-transform: none; font-style: italic;"><I>(as a percentage of redemption proceeds or original purchase price, whichever is lower)</I></FONT></P>
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">none</FONT><SUP style=" text-transform: none; font-size: 7.0pt; line-height: 7.0pt;">(1)</SUP><FONT style=" text-transform: none;"> </FONT></P>
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">none</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 4pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Annual Fund </FONT><FONT style=" text-transform: none;">Operating Expenses </FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">(expenses that you pay each year as a percentage of the value of </FONT><FONT style=" text-transform: none;">your investment)</FONT></P>
<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;">
<TABLE style=" table-layout: fixed; width: 594.0000000000001pt; margin-top: 0pt; margin-bottom: 3pt; border-collapse: collapse;">
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<TD style=" border: 0; padding: 0; margin: 0; width: 79.2pt;">
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B> </B></FONT></P>
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<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Class A</B></FONT></P>
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<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Class I</B></FONT></P>
</TD>
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<TR style=" min-height: 3pt;">
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Management Fees</FONT></P>
</TD>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">0.50%</FONT></P>
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<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">0.50%</FONT></P>
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Distribution and Service (12b-1) Fees</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">0.25%</FONT></P>
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">none</FONT></P>
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Other Expenses</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">0.37%</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">0.38%</FONT></P>
</TD>
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<TR style=" min-height: 3pt;">
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Total Annual Fund Operating Expenses</FONT></P>
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">1.12%</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">0.88%</FONT></P>
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<TR style=" min-height: 3pt;">
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Fee Waiver/Expense Reimbursement</FONT><SUP style=" text-transform: none; font-size: 7.0pt; line-height: 7.0pt;">(2)</SUP><FONT style=" text-transform: none;"> </FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">(0.13)%</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">(0.21)%</FONT></P>
</TD>
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<TR style=" min-height: 3pt;">
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">0.99%</FONT></P>
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">0.67%</FONT></P>
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<P style=" margin-left: 16.5pt; text-transform: none; color: #000000; text-indent: -16.5pt; font-size: 8pt; font-family: Arial, sans-serif; line-height: 9pt; margin-top: 0pt; font-style: italic; margin-bottom: 2pt; text-align: left; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 16.5pt; text-indent: -15.0pt; display: inline-block;"><![endif]--><FONT style=" width: 16.5pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-style: italic;"><I>(1)</I></FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-style: italic;"><I>A 0.50% contingent deferred sales charge (CDSC) is imposed on redemptions of any part or all of a purchase of $1 million or more within 12 months </I></FONT><FONT style=" text-transform: none; font-style: italic;"><I>of purchase.</I></FONT></P>
<P style=" margin-left: 16.5pt; text-transform: none; color: #000000; text-indent: -16.5pt; font-size: 8pt; font-family: Arial, sans-serif; line-height: 9pt; margin-top: 0pt; font-style: italic; margin-bottom: 2pt; text-align: left; margin-right: 0pt;"><!--[if IE]><FONT style=" width: 16.5pt; text-indent: -15.0pt; display: inline-block;"><![endif]--><FONT style=" width: 16.5pt; text-indent: 0; display: inline-block;"><FONT style=" text-transform: none; font-style: italic;"><I>(2)</I></FONT></FONT><!--[if IE]></FONT><![endif]--><FONT style=" text-transform: none; font-style: italic;"><I>Thornburg Investment Management, Inc. (“Thornburg”) has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A and Class I expenses (excluding taxes, interest expenses, 12b-1 distribution and service fees, acquired fund fees and expenses, brokerage commissions, borrowing costs, expenses relating to short sales, and extraordinary expenses such as litigation costs) do not exceed 0.99% and 0.67%, respectively. The agreement to waive fees and reimburse expenses may be terminated by the Fund’s Trustees at any time, but may not be terminated by Thornburg before February 1, 2021, unless Thornburg ceases to be the investment advisor of the Fund prior to that date. Thornburg may recoup amounts waived or reimbursed during the Fund’s fiscal year if actual expenses fall below the expense cap during that same </I></FONT><FONT style=" text-transform: none; font-style: italic;"><I>fiscal year.</I></FONT></P>
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<DIV style=" border: 0pt; background-color: #e5ecf4; padding-top: 0pt; top: 831.6pt; left: 39.6pt; padding-left: 12pt; width: 621.6pt; padding-bottom: 9pt; position: absolute; padding-right: 0pt; height: 40.5pt;">
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: uppercase; font-size: 8pt; font-family: Arial, sans-serif;">Thornburg New York Intermediate Municipal Fund</FONT><FONT style=" text-transform: none; font-size: 8pt; font-family: Arial, sans-serif;"> </FONT><FONT style=" text-transform: none; color: #004a91; font-size: 8pt; font-family: Arial, sans-serif;"><B>SUMMARY PROSPECTUS</B></FONT><FONT style=" text-transform: none; font-size: 8pt; font-family: Arial, sans-serif;"><B> </B></FONT><FONT style=" text-transform: uppercase; font-size: 8pt; font-family: Arial, sans-serif;">February 1, 2020</FONT></P>
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<!--[if IE]><TABLE><TR style=" width: 39.6pt; height: 39.6pt;"><TD vAlign="middle" style=" width: 39.6pt; height: 39.6pt;"><![endif]-->
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; color: #004a91; font-size: 10pt; font-family: Arial, sans-serif;"><B>2</B></FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 8pt; font-family: Times New Roman, Times, serif; line-height: 8pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none; font-family: Arial, sans-serif;">For the Fund’s </FONT><FONT style=" text-transform: none; color: #004a91; font-family: Arial, sans-serif;"><B>Prospectus</B></FONT><FONT style=" text-transform: none; font-family: Arial, sans-serif;"> or </FONT><FONT style=" text-transform: none; color: #004a91; font-family: Arial, sans-serif;"><B>SAI</B></FONT><FONT style=" text-transform: none; font-family: Arial, sans-serif;">, visit www.thornburg.com/download </FONT></P>
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<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 792pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Example</B></FONT><FONT style=" text-transform: none;">. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </FONT><FONT style=" text-transform: none;">mutual funds.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, dividends and distributions are reinvested, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions (and giving effect to fee waivers and expense reimbursements in the first year), your costs </FONT><FONT style=" text-transform: none;">would be:</FONT></P>
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<TABLE style=" table-layout: fixed; width: 594.0000000000001pt; margin-top: 0pt; margin-bottom: 3pt; border-collapse: collapse;">
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<TR style=" min-height: 3pt;">
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B> </B></FONT></P>
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<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>1 Year</B></FONT></P>
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<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>3 Years</B></FONT></P>
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<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>5 Years</B></FONT></P>
</TD>
<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>10 Years</B></FONT></P>
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<TR style=" min-height: 3pt;">
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Class A Shares</FONT></P>
</TD>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$299</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$536</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$792</FONT></P>
</TD>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$1,525</FONT></P>
</TD>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Class I Shares</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 2pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$68</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$260</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$467</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Portfolio Turnover</B></FONT><FONT style=" text-transform: none;">. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”) its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 17.75% of the average value of </FONT><FONT style=" text-transform: none;">its portfolio.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #004a91; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 2pt; margin-bottom: 1pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Principal Investment Strategies</B></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">The Fund pursues its primary goal by investing principally in a laddered maturity portfolio of municipal obligations issued by New York State and its agencies, and by New York State local governments and their agencies. Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, and analysis of specific securities. The Fund invests in obligations and participations in obligations which are rated by a nationally recognized statistical rating organization at the time of purchase as investment grade or, if unrated, are issued by obligors which Thornburg determines have comparable investment grade obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding investment grade obligations. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. The Fund may invest in obligations issued by United States territories and possessions. The Fund’s portfolio is “laddered” by investing in obligations of different maturities so that some obligations mature during each of the </FONT><FONT style=" text-transform: none;">coming years.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Because the magnitude of changes in value of interest-bearing obligations is greater for obligations with longer terms given an equivalent change in interest rates, the Fund seeks to reduce changes in its share value by maintaining a portfolio of investments with a dollar-weighted average maturity of normally three to ten years. As a result, the Fund also maintains a portfolio of investments having a dollar-weighted average effective duration of normally no more than ten years. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. During temporary periods the Fund’s portfolio maturity and average effective duration may be reduced for defensive purposes. There is no limitation on the maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund also attempts to reduce changes in its share value through credit analysis, selection </FONT><FONT style=" text-transform: none;">and diversification.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">The Fund ordinarily acquires and holds securities for investment rather than for realization of gains by short-term trading on market fluctuations. However, it may dispose of any security prior to its scheduled maturity to enhance income or reduce loss, to change the portfolio’s average maturity, or to otherwise respond to current market conditions. The objective of preserving capital may prevent the Fund from obtaining the highest </FONT><FONT style=" text-transform: none;">yields available.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Under normal conditions the Fund invests at least 80% of its assets in municipal obligations originating in New York State which are exempt from New York State and regular federal income taxes, and normally invests 100% of its assets in municipal obligations originating in New York or issued by United States territories and possessions and exempt from regular federal income tax. The Fund may invest up to 20% of its assets in taxable securities which would produce income not exempt from federal or New York income tax because of market conditions, pending investment of idle funds or to afford liquidity. The Fund’s temporary taxable investments may exceed 20% of its assets when made for defensive purposes during periods of abnormal market conditions. If the Fund found it necessary to own taxable investments, some of the Fund’s income would be subject to federal and New York State and City </FONT><FONT style=" text-transform: none;">income taxes.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #004a91; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 2pt; margin-bottom: 1pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Principal Investment Risks </B></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Accordingly, the loss of money is a risk of investing in the </FONT><FONT style=" text-transform: none;">Fund. The value of the Fund’s shares and its dividends may fluctuate from day to day and over time, and when you sell your shares they may be worth less than what you paid for them. The following is a summary of the principal risks of investing in </FONT><FONT style=" text-transform: none;">the Fund.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Management Risk </B></FONT><FONT style=" text-transform: none;">– The Fund is an actively managed portfolio, and the value of the Fund may be reduced if Thornburg pursues unsuccessful investments or fails to correctly identify risks affecting the broad economy or specific issuers in which the </FONT><FONT style=" text-transform: none;">Fund invests.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Interest Rate Risk </B></FONT><FONT style=" text-transform: none;">– When interest rates increase, the value of the Fund’s investments may decline and the Fund’s share value may be reduced. This effect is typically more pronounced for intermediate and longer-term obligations. When interest rates decrease, the Fund’s dividends may decline. Decreases in market interest rates may also result in prepayments of obligations the Fund acquires, requiring the Fund to reinvest at lower </FONT><FONT style=" text-transform: none;">interest rates. </FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Credit Risk </B></FONT><FONT style=" text-transform: none;">– If obligations held by the Fund are downgraded by ratings agencies or go into default, or if legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those obligations may decline and the Fund’s share value and the dividends paid by the Fund may be reduced. Lower-rated or unrated obligations held by the Fund may have, or may be perceived to have, greater risk of default and ratings downgrades. Municipal leases held by the Fund may be subject to non-appropriation provisions which permit governmental issuers to discontinue payments to the Fund under </FONT><FONT style=" text-transform: none;">the leases.</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none; color: #004a91; font-size: 8pt; font-family: Arial, sans-serif;"><B>SUMMARY PROSPECTUS</B></FONT><FONT style=" text-transform: none; font-size: 8pt; font-family: Arial, sans-serif;"><B> </B></FONT><FONT style=" text-transform: uppercase; font-size: 8pt; font-family: Arial, sans-serif;">February 1, 2020</FONT><FONT style=" text-transform: none; font-size: 8pt; font-family: Arial, sans-serif;"> </FONT><FONT style=" text-transform: uppercase; font-size: 8pt; font-family: Arial, sans-serif;">Thornburg New York Intermediate Municipal Fund</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 8pt; font-family: Times New Roman, Times, serif; line-height: 8pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none; font-family: Arial, sans-serif;">For the Fund’s </FONT><FONT style=" text-transform: none; color: #004a91; font-family: Arial, sans-serif;"><B>Prospectus</B></FONT><FONT style=" text-transform: none; font-family: Arial, sans-serif;"> or </FONT><FONT style=" text-transform: none; color: #004a91; font-family: Arial, sans-serif;"><B>SAI</B></FONT><FONT style=" text-transform: none; font-family: Arial, sans-serif;">, visit www.thornburg.com/download </FONT></P>
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<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 772.2pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Market and Economic Risk </B></FONT><FONT style=" text-transform: none;">– The value of the Fund’s investments may decline and its share value may be reduced due to changes in general economic and market conditions. This effect is typically more pronounced for the Fund’s investments in lower-rated and unrated municipal obligations, the value of which may fluctuate more significantly in response to poor economic growth or other changes in market conditions, political, economic and legal developments, and developments affecting </FONT><FONT style=" text-transform: none;">specific issuers.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Liquidity Risk </B></FONT><FONT style=" text-transform: none;">– Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell promptly some or all of the obligations that it holds, or may only be able to sell obligations at less than desired prices. The market for lower-rated and unrated obligations may be less liquid than the market for other obligations, making it difficult for the Fund to value its investment in a lower-rated or unrated obligation or to sell the investment in a timely manner or at an </FONT><FONT style=" text-transform: none;">acceptable price.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Single State Risk </B></FONT><FONT style=" text-transform: none;">– Because the Fund invests primarily in obligations originating in New York, the Fund’s share value may be more sensitive to adverse economic, political or regulatory developments in that state. Budgetary concerns, decreased revenues, and adverse conditions significant to a sector of the state or local economies may negatively affect the ability of state and local issuers to make full and timely principal or interest payments on their </FONT><FONT style=" text-transform: none;">debt obligations. </FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Non-diversification Risk </B></FONT><FONT style=" text-transform: none;">– The Fund is a non-diversified investment company, which means that it may invest a greater proportion of its assets in the securities of a single issuer. This may be riskier, because a default or other adverse condition affecting such an issuer could cause the Fund’s share price to decline to a </FONT><FONT style=" text-transform: none;">greater degree.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 6pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on </FONT><FONT style=" text-transform: none;">page 123.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #004a91; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 2pt; margin-bottom: 1pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Past Performance of the Fund</B></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">The following information provides some indication of the risks of investing in Intermediate New York Fund by showing how the Fund’s investment results vary from year to year. The bar chart shows how the annual total returns for Class A shares have been different in each full year shown. The average annual total return figures compare Class A and Class I share performance to the ICE BofAML 3-15 Year U.S. Municipal Securities Index, a broad measure of market performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The performance information shown is as of the calendar year ended December 31, 2019. Updated performance information may be obtained on the Thornburg website at www.thornburg.com or by </FONT><FONT style=" text-transform: none;">calling 1-800-847-0200.</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">5.26%</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">9-30-09</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Lowest Quarterly Results</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">(3.09)%</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">12-31-16</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">The sales charge for Class A shares is not reflected in the returns shown in the bar chart, and the returns would be less if the charge was taken </FONT><FONT style=" text-transform: none;">into account.</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: uppercase; font-size: 8pt; font-family: Arial, sans-serif;">Thornburg New York Intermediate Municipal Fund</FONT><FONT style=" text-transform: none; font-size: 8pt; font-family: Arial, sans-serif;"> </FONT><FONT style=" text-transform: none; color: #004a91; font-size: 8pt; font-family: Arial, sans-serif;"><B>SUMMARY PROSPECTUS</B></FONT><FONT style=" text-transform: none; font-size: 8pt; font-family: Arial, sans-serif;"><B> </B></FONT><FONT style=" text-transform: uppercase; font-size: 8pt; font-family: Arial, sans-serif;">February 1, 2020</FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 12pt; font-family: Times New Roman, Times, serif; line-height: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none; color: #004a91; font-size: 10pt; font-family: Arial, sans-serif;"><B>4</B></FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 8pt; font-family: Times New Roman, Times, serif; line-height: 8pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none; font-family: Arial, sans-serif;">For the Fund’s </FONT><FONT style=" text-transform: none; color: #004a91; font-family: Arial, sans-serif;"><B>Prospectus</B></FONT><FONT style=" text-transform: none; font-family: Arial, sans-serif;"> or </FONT><FONT style=" text-transform: none; color: #004a91; font-family: Arial, sans-serif;"><B>SAI</B></FONT><FONT style=" text-transform: none; font-family: Arial, sans-serif;">, visit www.thornburg.com/download </FONT></P>
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<P style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 8pt; font-family: Times New Roman, Times, serif; line-height: 8pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right; margin-right: 0pt;"><FONT style=" text-transform: none; font-size: 9pt; font-family: Arial, sans-serif; line-height: 11pt;">TH2228</FONT></P>
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<DIV style=" border: 0pt; padding-top: 0pt; top: 39.6pt; left: 39.6pt; padding-left: 0pt; width: 594pt; padding-bottom: 0pt; position: absolute; padding-right: 0pt; height: 772.2pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Average Annual </FONT><FONT style=" text-transform: none;">Total Returns</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">(periods </FONT><FONT style=" text-transform: none;">ended 12-31-19)</FONT></P>
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Class A Shares</B></FONT></P>
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<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>1 Year</B></FONT></P>
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<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>5 Years</B></FONT></P>
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<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>10 Years</B></FONT></P>
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<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Return Before Taxes</FONT></P>
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<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2.46%</FONT></P>
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<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">1.39%</FONT></P>
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<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2.68%</FONT></P>
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Return After Taxes on Distributions</FONT></P>
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2.46%</FONT></P>
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<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">1.39%</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2.68%</FONT></P>
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<TR style=" min-height: 3pt;">
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Return After Taxes on Distributions and Sale of Fund Shares</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2.39%</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">1.59%</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2.67%</FONT></P>
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">ICE BofAML</FONT><FONT style=" text-transform: none;"> 3-15 Year U.S. Municipa</FONT><FONT style=" text-transform: none;">l Securities Index <br></FONT><FONT style=" text-transform: none; font-style: italic;"><I>(reflects no deduction for fees, expenses, or taxes)</I></FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">7.01%</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">3.21%</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">3.98%</FONT></P>
</TD>
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<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;">
<TABLE style=" table-layout: fixed; width: 594.0000000000001pt; margin-top: 0pt; margin-bottom: 3pt; border-collapse: collapse;">
<TR style=" margin: 0; height: 0;">
<TD style=" border: 0; padding: 0; margin: 0; width: 356.40000000000003pt;">
</TD>
<TD style=" border: 0; padding: 0; margin: 0; width: 79.2pt;">
</TD>
<TD style=" border: 0; padding: 0; margin: 0; width: 79.2pt;">
</TD>
<TD style=" border: 0; padding: 0; margin: 0; width: 79.2pt;">
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Class I Shares</B></FONT></P>
</TD>
<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>1 Year</B></FONT></P>
</TD>
<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>5 Years</B></FONT></P>
</TD>
<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Since<br>Inception<br>(2-1-10)</B></FONT></P>
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Return Before Taxes</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">4.90%</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">2.12%</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">3.26%</FONT></P>
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">ICE BofAML</FONT><FONT style=" text-transform: none;"> 3-15 Year U.S. Municipal </FONT><FONT style=" text-transform: none;">Securities Index <br></FONT><FONT style=" text-transform: none; font-style: italic;"><I>(reflects no deduction for fees, expenses, or taxes)</I></FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">7.01%</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">3.21%</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">3.94%</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 8pt; font-family: Arial, sans-serif; line-height: 9pt; margin-top: 0pt; font-style: italic; margin-bottom: 8pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; font-style: italic;"><I>After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investor’s own tax situation and may differ from the returns shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns shown relate only to Class A shares, and after-tax returns for other share classes </I></FONT><FONT style=" text-transform: none; font-style: italic;"><I>will vary. </I></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #004a91; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 2pt; margin-bottom: 1pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Management</B></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; color: #000000;"><B>Investment Advisor: </B></FONT><FONT style=" text-transform: none;">Thornburg Investment </FONT><FONT style=" text-transform: none;">Management, Inc. </FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none; color: #000000;"><B>Portfolio Managers: </B></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">David Ashley, </FONT><FONT style=" font-variant: small-caps; font-size: 9.87pt; line-height: 11.84pt;">cfa</FONT><FONT style=" text-transform: none;">, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund </FONT><FONT style=" text-transform: none;">since 2019.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Nicholos Venditti, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund </FONT><FONT style=" text-transform: none;">since 2015.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #004a91; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 2pt; margin-bottom: 1pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Purchase and Sale of Fund Shares</B></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">The minimum amounts for an initial investment in Fund shares and for subsequent investments in Fund shares are shown below. If you purchase your shares through a financial intermediary, the intermediary may impose its own minimum investment requirements. The minimums shown below may also be reduced or waived by the Funds under </FONT><FONT style=" text-transform: none;">certain circumstances.</FONT></P>
<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;">
<TABLE style=" table-layout: fixed; width: 594.0000000000001pt; margin-top: 0pt; margin-bottom: 3pt; border-collapse: collapse;">
<TR style=" margin: 0; height: 0;">
<TD style=" border: 0; padding: 0; margin: 0; width: 435.6pt;">
</TD>
<TD style=" border: 0; padding: 0; margin: 0; width: 79.2pt;">
</TD>
<TD style=" border: 0; padding: 0; margin: 0; width: 79.2pt;">
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Minimum Initial Investment</B></FONT></P>
</TD>
<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Class A</B></FONT></P>
</TD>
<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Class I</B></FONT></P>
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Investors Purchasing through a Fee-Based Account with a Financial Intermediary</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$2,500</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">    $2,500</FONT></P>
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">Individual Retirement Accounts</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$2,000</FONT></P>
</TD>
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">      N/A</FONT></P>
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">All Others</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$5,000</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">$2,500,000</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<DIV style=" margin-left: 0pt; text-transform: none; color: #000000; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;">
<TABLE style=" table-layout: fixed; width: 594.0000000000001pt; margin-top: 0pt; margin-bottom: 3pt; border-collapse: collapse;">
<TR style=" margin: 0; height: 0;">
<TD style=" border: 0; padding: 0; margin: 0; width: 435.6pt;">
</TD>
<TD style=" border: 0; padding: 0; margin: 0; width: 79.2pt;">
</TD>
<TD style=" border: 0; padding: 0; margin: 0; width: 79.2pt;">
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Minimum Subsequent Investments (all accounts)</B></FONT></P>
</TD>
<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Class A</B></FONT></P>
</TD>
<TD style=" background-color: #004a91; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 0pt; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: uppercase; color: #ffffff; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: uppercase;"><B>Class I</B></FONT></P>
</TD>
</TR>
<TR style=" min-height: 3pt;">
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"> </FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">  $100</FONT></P>
</TD>
<TD style=" background-color: #e5ecf4; border-top: 0pt; padding-top: 2pt; border-right: 0pt; border-left: 0pt; padding-left: 6pt; vertical-align: bottom; padding-bottom: 2pt; border-collapse: collapse; border-bottom: 1pt solid #004a91; padding-right: 6pt;">
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0; margin-bottom: 0; text-align: center; margin-right: 0pt;"><FONT style=" text-transform: none;">     $100</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">The Fund’s shares are redeemable on any business day. If you hold your Fund shares through a financial intermediary, you should contact your intermediary to redeem shares. If you hold your shares directly with the Funds, you may redeem shares at any time by mail (c/o the Fund’s Transfer Agent, DST Asset Manager S</FONT><FONT style=" text-transform: none;">olutions, Inc., at P.O. Box 219017, Kansas City, Missouri 64121-9017) or by </FONT><FONT style=" text-transform: none;">telephone (1-800-847-0200).</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #004a91; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 2pt; margin-bottom: 1pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Tax Information</B></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">The Fund seeks to satisfy conditions that will permit distributions by the Fund from its net interest income to be exempt from federal income tax. Income distributions that are exempt from federal income tax may be subject to the federal alternative minimum tax and to state and local income taxes. Any capital gains distributions generally are subject to federal and state income tax. See “Taxes” on page 156 of </FONT><FONT style=" text-transform: none;">this Prospectus.</FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #004a91; text-indent: 0pt; font-size: 11pt; font-family: Arial, sans-serif; line-height: 12pt; margin-top: 2pt; margin-bottom: 1pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;"><B>Payments to Broker-Dealers and Other Financial Intermediaries </B></FONT></P>
<P style=" margin-left: 0pt; text-transform: none; color: #000000; text-indent: 0pt; font-size: 9pt; font-family: Arial, sans-serif; line-height: 10pt; margin-top: 0pt; margin-bottom: 3pt; text-align: left; margin-right: 0pt;"><FONT style=" text-transform: none;">If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund, its investment advisor and/or its distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for </FONT><FONT style=" text-transform: none;">more information.</FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>