Thornburg Municipal Managed Account Fund Class SMA NMFQS:THMMX

The fund invests principally in a portfolio of municipal obligations issued by states and state agencies, local governments and their agencies, and by United States territories and possessions. The fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal obligations, the income from which is exempt from the regular federal income tax, though the income on those investments may still be subject to the federal alternative minimum tax. The fund is non-diversified.