New York Intermediate Municipal Fund

The Thornburg New York Intermediate Municipal Fund, (the "Fund") did not declare capital gain dividends during 2016.

All income earned by the Fund during 2016 was based on investments in municipal obligations of political subdivisions located in the state of New York, or investments in obligations of U.S. territories and possessions which bear interest exempt from taxation by the state of New York.

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Average 2016

New York

93.29% 93.37% 93.30% 93.34% 93.32% 93.32% 93.21% 93.25% 93.36% 93.35% 93.38% 93.09% 93.30%

Guam 

6.71% 6.63% 6.70% 6.66% 6.68% 6.68% 6.79% 6.75% 6.64% 6.65% 6.62% 6.91% 6.70%

Total Municipal Income

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Reporting Requirements for your 2016 Federal Return: Individuals

Your dividends from the Fund must be reported on your 2016 federal income tax return. For the 2016 calendar year, 100.00% of the dividends paid by the Fund are exempt from regular federal income tax (box 10 of Form 1099-DIV). A portion of the exempt income reported in box 10 of Form 1099-DIV, as shown below, and which is reported in box 11 of Form 1099-DIV, may be treated as a preference item for the purposes of the alternative minimum tax applicable to certain individuals and to corporations. Shareholders are advised to consult their own tax advisors as to the extent and effect of such treatment.

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Average 2016

Municipal Income

100.00% 100.00% 100.00% 100.00% 100.00% 99.66% 100.18% 99.66% 99.66% 99.66% 99.66% 99.65% 99.84%

Municipal AMT
Preference Income

0.00% 0.00% 0.00% 0.00% 0.00% 0.34% -0.18% 0.34% 0.34% 0.34% 0.34% 0.35% 0.16%

Total Municipal Income

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Special Requirements for Corporations

Interest on all tax-exempt investments owned by a corporation, including income dividends on shares of the Fund, should be included in such corporation’s adjusted net book income for purposes of calculating the alternative minimum taxable income of the corporation.

Tax rules are complex. Please consult your tax advisor.

Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit our literature center. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.