# Portfolio overlap — TSSCX vs THMMX Comparing **Thornburg Strategic Municipal Income Fund** (2026-03-31) and **Thornburg Municipal Managed Account Fund** (2026-03-31). - Shared positions: 42 - Thornburg Strategic Municipal Income Fund covered by Thornburg Municipal Managed Account Fund: 0.1487139497126008596602573636 - Thornburg Municipal Managed Account Fund covered by Thornburg Strategic Municipal Income Fund: 0.1487139497126008596602573636 ## 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 | ✓ | ## 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 | ✓ | ## Sources - N-PORT (fund A) — accession `0001410368-26-051184` (as of 2026-03-31) - N-PORT (fund B) — accession `0001410368-26-051186` (as of 2026-03-31) --- _Informational only — not investment advice. 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