# Portfolio overlap — TSSCX vs IORAX Comparing **Thornburg Strategic Municipal Income Fund** (2026-03-31) and **Invesco AMT-Free Municipal Income Fund** (2026-02-28). - Shared positions: 15 - Thornburg Strategic Municipal Income Fund covered by Invesco AMT-Free Municipal Income Fund: 0.04500587994328163742088255344 - Invesco AMT-Free Municipal Income Fund covered by Thornburg Strategic Municipal Income Fund: 0.04500587994328163742088255344 ## Thornburg Strategic Municipal Income Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2022A-1 | 0.013768 | ✓ | | PATRIOTS EN GRP 5.25% MT | 0.013271 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024A-1 | 0.013205 | ✓ | | MO H/E-ST LOUIS-B-1 | 0.010995 | | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB | 0.010985 | ✓ | | TARRANT COUNTY HOUSING FINANCE TARMFH 03/43 FIXED 4.6 | 0.009987 | | | Main Street Natural Gas, Inc., Series 2019A | 0.009619 | | | OH BUCGEN 5 06/01/2055 | 0.008925 | ✓ | | S ANTONIO TEX 4.55% 3/1/2043 | 0.008621 | | | MUNIBOND | 0.008457 | | | GO Refunding Bonds Series 2017A | 0.008336 | | | INDIANA ST FIN AUTH REVENUE | 0.008241 | | | MAIN STR NAT GA 5% MT | 0.007851 | | | SLT LAKE U 5.50% 7/1/2050@ | 0.007787 | | | State of Illinois, Series D | 0.007655 | | | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE | 0.007547 | | | WEST VIRGINIA ST HOSP FIN AUTH | 0.007442 | | | Maricopa County Pollution Control Corp., Series A | 0.007348 | | | ILLINOIS ST SALES TAX REVENUE | 0.006432 | | | DENVER CO ARPT 5% 12/1/48@ | 0.006224 | | | FLORIDA ST LOCAL GOVT FIN COMMISSION EDUCTNL FACS REVENUE | 0.006148 | | | STATE OF ILLINOIS MCCORMICK PLACE EXPANSION PROJECT FUND 5.0% 06-15-50 | 0.006129 | | | ENERGY SOUTHEAST A COOPERATIVE ESDPWR 11/35 FIXED 5 | 0.005923 | | | KIPP NYC PUBLIC CHARTER SCHOOLS 5.0% 07-01-42 | 0.005852 | | | PREREF IOWA ST FIN AUTH MIDWSTRN DISA REGD V/R B/E PREREFUNDED 12/01/32 @ 100 5.00000000 | 0.005820 | ✓ | | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE | 0.005638 | | | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE | 0.005488 | | | TEXAS ST MUNI GAS ACQUISITION& TEXAS MUNICIPAL GAS ACQUISITION & SUPPLY CORP IV | 0.005411 | | | BLACK BELT ENERGY GAS DISTRICT (MPT) 5.0% 03-01-55 | 0.005238 | | | PRESBYTERIAN HOMES OBLIGATED GROUP 5.25% 07-01-48 | 0.005234 | | | AUSTIN TX ARPT SYS REVENUE | 0.005225 | | | Main Street Natural Gas, Inc., Series 2025B | 0.005196 | | | NJ TRANSPRTN TRUST-A | 0.005182 | | | ILLINOIS ST SALES TAX REVENUE | 0.005177 | | | OREGON ST HLTH & SCIENCE UNIV REVENUE | 0.005116 | | | NY ST TWY AUTH-A | 0.005075 | | | WI PUBTRN 5.75 06/30/2060 | 0.005071 | | | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | 0.005067 | | | ALABAMA CMNTY CLG SYS BRD OF TRUSTEES REVENUE | 0.005065 | | | ILLINOIS ST SALES TAX REVENUE | 0.005022 | | | Tarrant County Cultural Education Facilities Finance Corp., Series 2025, RB | 0.005020 | | | ORANGE CNTY FL PRESBYTERIAN RETIREMENT SF 5.0% 08-01-40 | 0.005012 | | | Chicago O'Hare International Airport | 0.005003 | | | NJ TRANSP 5% 6/15/27 | 0.004983 | | | PENNSYLVANIA ST ECON DEV FING REGD V/R B/E AMT 4.00000000 | 0.004960 | | | UT BLDFAC 5.62 12/01/2053 | 0.004942 | ✓ | | TARRANT TX EDFC 5% 10/1/2049 | 0.004884 | | | MI GRADEV 6.12 11/01/2060 | 0.004780 | | | MAIN STR NAT GA 5% 5/15/2043 | 0.004777 | ✓ | | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE | 0.004577 | | ## 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 `0001410368-26-051184` (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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