# EDGAR Filing Document

**Accession Number:** 0000816153
**File Stem:** 0001387131-23-001245
**Filing Date:** 2023-2
**Character Count:** 24825
**Document Hash:** 76c20b5f9a9a87298b7c068246d6aa66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-001245.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001387131-23-001245

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**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:** 23576339

**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

### Thornburg New Mexico Intermediate Municipal Fund (Series ID: S000011843)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000032352 | Thornburg New Mexico Intermediate Municipal Fund - Class A | THNMX           |
| C000032353 | Thornburg New Mexico Intermediate Municipal Fund - Class D | THNDX           |
| C000042667 | Thornburg New Mexico Intermediate Municipal Fund - Class I | THNIX           |

For the Fund's **Prospectus** or **SAI**, visit www.thornburg.com/download

![](nm-497k_020123img001.gif)

## Thornburg New Mexico Intermediate Municipal Fund Summary Prospectus

---

| | |
|:---|:---|
| &nbsp;&nbsp; **February 1, 2023** | &nbsp;&nbsp; **Class A:** THNMX \| **Class D:** THNDX \| **Class I:** THNIX |

---

*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 get this 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, 2023, are incorporated by reference into this Summary Prospectus.*

**Investment Goal**

The primary investment goal of Intermediate New Mexico Fund is to obtain as high a level of current income exempt from federal and New Mexico state individual income taxes as is consistent, in the view of the Fund's investment advisor, with preservation of capital. The secondary goal of the Fund is to reduce expected changes in its share price compared to long-term bond portfolios.

**Fees and Expenses of the Fund**

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 the Prospectus under the captions "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 page 92.

Shareholder Fees

(fees paid directly from your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Class A** | &nbsp;&nbsp; **Class D** | &nbsp;&nbsp; **Class I** |
| &nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on Purchases <br>*(as a percentage of offering price)* | &nbsp;&nbsp; 2.00% |  |  |
| &nbsp;&nbsp; Maximum Deferred Sales Charge (Load) <br>*(as a percentage of redemption proceeds or original purchase price, <br>whichever is lower)* | &nbsp;&nbsp; none<sup>(1)</sup>  |  |  |

---

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Class A** | &nbsp;&nbsp; **Class D** | &nbsp;&nbsp; **Class I** |
| &nbsp;&nbsp; Management Fees | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| &nbsp;&nbsp; Distribution and Service (12b-1) Fees | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.50% |  |
| &nbsp;&nbsp; Other Expenses | &nbsp;&nbsp; 0.26% | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.23% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 0.73% |
| &nbsp;&nbsp; Fee Waiver/Expense Reimbursement<sup>(2)</sup>  | &nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; (0.06)% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 0.67% |

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*(1) Up to 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 of purchase.*

*(2) Thornburg Investment Management, Inc. ("Thornburg") has contractually agreed to waive fees and reimburse expenses incurred by the Fund so that actual Class A, Class D 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 unusual expenses such as contingency fees or litigation costs) do not exceed 0.99%, 1.24% 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, 2024, 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 fiscal year.*

Thornburg New Mexico Intermediate Municipal Fund **SUMMARY PROSPECTUS** February 1, 2023

**2**

For the Fund's **Prospectus** or **SAI**, visit www.thornburg.com/download

**Example**. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

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 would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **3 Years** | &nbsp;&nbsp; **5 Years** | &nbsp;&nbsp; **10 Years** |
| &nbsp;&nbsp; Class A Shares | &nbsp;&nbsp; $299 | &nbsp;&nbsp; $513 | &nbsp;&nbsp; $745 | &nbsp;&nbsp; $1410 |
| &nbsp;&nbsp; Class D Shares | &nbsp;&nbsp; $126 | &nbsp;&nbsp; $404 | &nbsp;&nbsp; $703 | &nbsp;&nbsp; $1552 |
| &nbsp;&nbsp; Class I Shares | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $227 | &nbsp;&nbsp; $400 | &nbsp;&nbsp; $901 |

---

**Portfolio Turnover**. 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 8.83% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund pursues its primary goal by investing principally in a laddered maturity portfolio of municipal obligations issued by the State of New Mexico and its agencies, and by New Mexico 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 coming years.

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 and diversification.

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 sell an investment prior to its scheduled maturity date to enhance income or reduce loss, to change the portfolio's average duration or average maturity, to pursue other investment opportunities, in response to changes in the conditions or business of the investment's issuer or changes in overall market conditions, or if, in Thornburg's opinion, the investment no longer serves to achieve the Fund's investment goals. The objective of preserving capital may prevent the Fund from obtaining the highest yields available.

Under normal conditions the Fund invests at least 80% of its assets in municipal obligations originating in New Mexico which are exempt from New Mexico and regular federal income taxes, and normally invests 100% of its assets in municipal obligations originating in New Mexico or issued by United States territories or possessions and exempt from regular federal income tax. The Fund may invest up to 20% of its assets in taxable securities which produce income not exempt from federal or New Mexico 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 Mexico income taxes.

**Principal Investmen** **t Risks** 

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 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 the Fund. The risks are presented in alphabetical order to facilitate readability, and their order does not imply that the realization of one risk is more likely to occur or have a greater adverse impact than another risk. The relative significance of each risk below may change over time.

**Credit Risk** – 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. For example, municipal leases held by the Fund may be subject to non-appropriation provisions which permit governmental agencies or issuers to discontinue payments to the Fund under the municipal leases.

**Cybersecurity and Operational Risk** – Operational failures, cyber-attacks or other disruptions that affect the Fund's service providers, the Fund's counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

**3**

**SUMMARY PROSPECTUS** February 1, 2023 Thornburg New Mexico Intermediate Municipal Fund

For the Fund's **Prospectus** or **SAI**, visit www.thornburg.com/download

**Interest Rate Risk** – 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 interest rates.

**Liquidity Risk** – 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 acceptable price.

**Management Risk** – 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 Fund invests.

**Market and Economic Risk** – 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 significant in response to poor economic growth or other changes in market conditions, political, economic and legal developments, and developments affecting specific issuers.

**Non-diversification Risk** – 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 greater degree.

**Redemption Risk** – If a significant percentage of the Fund's shares is owned or controlled by a single shareholder, the Fund is subject to the risk that a redemption by that shareholder of all or a large portion of its shares may require the Fund to sell securities at less than desired prices, and the Fund's remaining shareholders may also incur additional transaction costs or adverse tax consequences from such trading activity.

**Single State Risk** – Because the Fund invests primarily in obligations originating in New Mexico, 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, municipalities within 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 debt obligations.

Additional information about Fund investments, investment strategies and risks of investing in the Fund appears beginning on page 118 of the Prospectus.

**Past Performance of the Fund**

The following information provides some indication of the risks of investing in Intermediate New Mexico 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, Class D and Class I share performance to the ICE BofA 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, 2022. Updated performance information may be obtained on the Thornburg website at Thornburg.com or by calling 1-800-847-0200.

Annual Total Returns – Class A Shares

![](nm-497k_020123img002.gif)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Total<br>Returns** | &nbsp;&nbsp; **Quarter<br>ended** |
| &nbsp;&nbsp; Highest Quarterly Results | &nbsp;&nbsp; 2.63 | &nbsp;&nbsp; 12/31/2022 |
| &nbsp;&nbsp; Lowest Quarterly Results | &nbsp;&nbsp; -4.97 | &nbsp;&nbsp; 3/31/2022 |

---

The sales charge for Class A shares is not reflected in the returns shown in the bar chart above, and the returns would be less if the charge was taken into account.

Thornburg New Mexico Intermediate Municipal Fund **SUMMARY PROSPECTUS** February 1, 2023

**4**

For the Fund's **Prospectus** or **SAI**, visit www.thornburg.com/download

2/1/23<br>TH2227

Average Annual Total Returns

(periods ended 12-31-22)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Class A Shares** | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **5 Years** | &nbsp;&nbsp; **10 Years** |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp; -8.13 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; 0.84 |
| &nbsp;&nbsp; Return After Taxes on Distributions | &nbsp;&nbsp; -8.12 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; 0.84 |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; -4.23 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp; 1.15 |
| &nbsp;&nbsp; ICE BofA 3-15 Year U.S. Municipal Securities Index <br>*(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp; -6.64 | &nbsp;&nbsp; 1.43 | &nbsp;&nbsp; 2.03 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Class D Shares** | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **5 Years** | &nbsp;&nbsp; **10 Years** |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp; -6.43 | &nbsp;&nbsp; 0.30 | &nbsp;&nbsp; 0.78 |
| &nbsp;&nbsp; ICE BofA 3-15 Year U.S. Municipal Securities Index <br>*(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp; -6.64 | &nbsp;&nbsp; 1.43 | &nbsp;&nbsp; 2.03 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Class I Shares** | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **5 Years** | &nbsp;&nbsp; **10 Years** |
| &nbsp;&nbsp; Return Before Taxes | &nbsp;&nbsp; -5.90 | &nbsp;&nbsp; 0.87 | &nbsp;&nbsp; 1.37 |
| &nbsp;&nbsp; ICE BofA 3-15 Year U.S. Municipal Securities Index <br>*(reflects no deduction for fees, expenses, or taxes)* | &nbsp;&nbsp; -6.64 | &nbsp;&nbsp; 1.43 | &nbsp;&nbsp; 2.03 |

---

*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 will vary.* 

**Management**

**Investment Advisor:** Thornburg Investment Management, Inc.

**Portfolio Managers:** 

David Ashley, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since 2019.

John C. Bonnell, cfa, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since 2021.

Eve Lando, a managing director of Thornburg, has been one of the persons jointly and primarily responsible for management of the Fund since 2020.

**Purchase and Sale of Fund Shares**

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 certain circumstances.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Minimum Initial Investment** | &nbsp;&nbsp; **Class A** | &nbsp;&nbsp; **Class D** | &nbsp;&nbsp; **Class I** |
| &nbsp;&nbsp; Investors Purchasing through a Fee-Based Account with a Financial Intermediary | &nbsp;&nbsp; $2500 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2500 |
| &nbsp;&nbsp; Individual Retirement Accounts | &nbsp;&nbsp; $2000 | &nbsp;&nbsp; $2000 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp; All Others | &nbsp;&nbsp; $5000 | &nbsp;&nbsp; $5000 | &nbsp;&nbsp; $2500000 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Minimum Subsequent Investments (all accounts)** | &nbsp;&nbsp; **Class A** | &nbsp;&nbsp; **Class D** | &nbsp;&nbsp; **Class I** |
|  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 |

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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, SS&C GIDS, Inc., at P.O. Box 219017, Kansas City, Missouri 64121-9017) or by telephone (1-800-847-0200).

**Tax Information**

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 158 of the Prospectus.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

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 more information.