# Portfolio overlap — THMMX vs IORAX Comparing **Thornburg Municipal Managed Account Fund** (2026-03-31) and **Invesco AMT-Free Municipal Income Fund** (2026-02-28). - Shared positions: 8 - Thornburg Municipal Managed Account Fund covered by Invesco AMT-Free Municipal Income Fund: 0.02970902319713274781659626391 - Invesco AMT-Free Municipal Income Fund covered by Thornburg Municipal Managed Account Fund: 0.02970902319713274781659626391 ## Thornburg Municipal Managed Account Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | S E ENERGY-B-REV | 0.026148 | ✓ | | WV WVSDEV 04/01/2036 | 0.023859 | | | DETROIT MI 6% 5/1/2043 | 0.022713 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024A-1 | 0.021884 | ✓ | | Southeast Alabama Gas Supply District (The), Series A | 0.021878 | | | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE | 0.021864 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.021659 | ✓ | | IN FIN REV 5% 5/1/2040 | 0.021024 | | | FARM N MEX PCR 0% 6/1/2040 MT | 0.020849 | | | WASHOE NV WTR 4.125% 3/1/2036 @ | 0.020784 | | | NEW MEXICO ST MTGE FIN AUTH | 0.020413 | | | MAIN STR NAT GA 5% MT | 0.017419 | ✓ | | NY BUIGEN 7 12/15/2055 | 0.017369 | | | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE | 0.016950 | | | MICHIGAN ST STR VAR MT@ | 0.016570 | | | INDIANA ST FIN AUTH REVENUE | 0.016554 | | | Wisconsin (State of) Public Finance Authority (Wakemed Hospital), Series 2019 A, Ref. RB | 0.016527 | | | San Jose (City of), CA, Series 2017 A, Ref. RB | 0.016434 | | | UT BLDFAC 5.62 12/01/2053 | 0.016381 | ✓ | | GEISINGER PA AUTH HLTH SYS REV REGD B/E 5.00000000 | 0.016051 | | | MIAMI-DADE MFH 4.88% 3/1/2046 | 0.016032 | | | NJ HSG & MTGE FIN-B | 0.014828 | | | WISCONSIN ST HSG & ECON DEV AUTH MF HSG | 0.014323 | | | PRESBYTERIAN HOMES OBLIGATED GROUP 5.25% 07-01-48 | 0.014120 | | | PREREF IOWA ST FIN AUTH MIDWSTRN DISA REGD V/R B/E PREREFUNDED 12/01/32 @ 100 5.00000000 | 0.013945 | ✓ | | OHIO ST HSG FIN AGY MF HSG REVENUE | 0.013260 | | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 0.013135 | | | PENICK VILLAGE OBLIGATED GROUP 5.5% 09-01-54 | 0.013074 | | | MADISON-PLAINS OH LOCAL SCH DIST COPS | 0.012998 | | | Black Belt Energy Gas District, Series D-1 | 0.012890 | | | MAIN STR NAT GA 5% MT | 0.012889 | ✓ | | AGUA DULCE TX INDEP SCH DIST | 0.012854 | | | PENNSYLVANIA TURNPIKE COMMISSION 5.0% 12-01-46 | 0.012755 | | | TX MATPOL 4.25 05/01/2030 | 0.012700 | | | City of Chicago Wastewater Transmission Revenue | 0.012666 | | | AL HSG 5.05% 10/1/2045 | 0.012666 | | | California (State of) Municipal Finance Authority (Greenfield Commons I) (Green Bonds), Series 2023 A, RB | 0.012615 | | | WI PUBTRN 5.75 06/30/2060 | 0.012607 | | | TX PRIVATE ACTIVITY | 0.012579 | | | N ESTRN PA HOSP & EDU AUTH | 0.012577 | | | OWEN CO-VAR-REF-REMK | 0.012553 | | | Northeastern Illinois University | 0.012522 | | | COLORADO EDUCTNL & CULTURAL AUTH REVENUE | 0.012513 | | | Chandler Industrial Development Authority, Series 2007 | 0.012459 | | | SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH | 0.012419 | | | NORTON HEALTHCARE OBLIGATED GROUP 5.0% 10-01-33 | 0.012362 | | | PHX CVC APT REV 5% 7/1/2048 @ | 0.012336 | | | UNITED METHODIST RETIREMENT HOMES INC OBLIGATED GROUP 4.25% 10-01-28 | 0.012329 | | | CHATTANOOGA TN HLTH EDUCTNL &HSG FAC BRD REVENUE | 0.012301 | | | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE | 0.012299 | | ## Invesco AMT-Free Municipal Income Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 0.012120 | | | California (State of) County Tobacco Securitization Agency, Series 2006 B, RB | 0.011490 | | | ILL ST TOLL 5% 1/1/45 | 0.010576 | | | Illinois (State of) Regional Transportation Authority, Series 2018 B, RB | 0.009918 | | | OH BUCGEN 5 06/01/2055 | 0.008578 | ✓ | | Inland Empire Tobacco Securitization Corp., Series 2007 F, RB | 0.008420 | | | Indianapolis Local Public Improvement Bond Bank, Series 2025, Ref. RB | 0.008081 | | | District of Columbia Tobacco Settlement Financing Corp., Series 2006 B, RB | 0.007991 | | | Water Works Board of the City of Birmingham (The), Series 2016B | 0.007906 | | | MIAMI-DADE WTSW 4% 10/1/49 | 0.007847 | | | SALT RIVER-SER B | 0.007769 | | | County of Broward Tourist Development Tax Revenue | 0.007726 | | | State of Hawaii Airports System, Series 2025B | 0.007693 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2022A-1 | 0.007435 | | | TX GPTTRN 4 10/01/2045 | 0.006996 | | | LOUISIANA STADIUM & EXPOSITION REGD B/E 5.00000000 | 0.006600 | | | TOBACCO SETTLEMENT FING CORP N TOBACCO SETTLEMENT FINANCING CORP | 0.006505 | | | PENNSYLVANIA ST REGD B/E 4.00000000 | 0.006144 | | | TSASC, Inc., Series B | 0.006131 | | | TOBACCO SETTLEMENT FING CORP NJ | 0.006056 | | | Aurora (City of), CO (Pipeline/Interceptor), Series 2023, RB | 0.006055 | | | NY ST DORM AUTH PIT 20D SF 4.0% 02-15-47 | 0.006010 | | | MSR Energy Authority, Series B | 0.005942 | | | M-S-R Energy Authority, Series 2009 B, RB | 0.005883 | | | LOWER AL GAS DIST GAS PROJ REV LWRUTL 09/46 FIXED 5 | 0.005847 | | | NYC HSG 4.80% 2/1/2053 | 0.005776 | | | Tender Option Bond Trust Receipts/Certificates | 0.005718 | | | PHILADELPHIA PA AUTH FOR INDL DEV HOSP REVENUE | 0.005693 | | | PUERTO RICO SALES TAX FING COR REGD ZCP OID B/E 0.00000000 | 0.005606 | | | Miami-Dade (County of), FL Transit System, Series 2020 A, RB | 0.005453 | | | FORNEY TX INDEP SCH DIST | 0.005337 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024A-1 | 0.005263 | ✓ | | El Paso (City of), TX, Series 2022 A, RB | 0.005227 | | | NEW YORK NY | 0.005224 | | | San Antonio, TX Electric and Gas Systems Rev. A | 0.005207 | | | LOS ANGELES DEPT WTR | 0.005204 | | | San Diego (County of), CA Regional Airport Authority, Series 2025, RB | 0.005194 | | | Tender Option Bond Trust Receipts/Certificates | 0.005175 | | | BLACK BELT ENERGY GAS VAR | 0.005119 | | | NEW YORK NY REGD B/E 5.25000000 | 0.005112 | | | ST LOUIS MO AIR 5.25% 7/1/2049 | 0.005108 | | | NJ HLTH CARE FACS-A | 0.005092 | | | Pennsylvania Housing Finance Agency | 0.005088 | | | Chicago O'Hare International Airport, Series 2018B | 0.005081 | | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.005018 | | | Port of Houston Authority, Harris County, Texas, Revenue Bonds, First Lien Series 2023 | 0.004985 | | | Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2021A | 0.004984 | | | Chicago Midway International Airport, Series 2025, RB | 0.004959 | | | DALLAS-FORT WORTH TX INTERNATI REGD B/E 5.00000000 | 0.004953 | | | MET TRANS AUTH-A-A2 | 0.004928 | | ## Sources - N-PORT (fund A) — accession `0001410368-26-051186` (as of 2026-03-31) - N-PORT (fund B) — accession `0000909466-26-000151` (as of 2026-02-28) --- _Informational only — not investment advice. 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