Thornburg California Limited Term Municipal Fund Class A is an open-end municipal bond fund focused on generating tax-exempt income for California residents while emphasizing capital preservation. The fund invests primarily in a diversified, actively managed portfolio of short- to intermediate-maturity municipal obligations issued by the State of California and its local authorities, using a laddered structure to balance reinvestment opportunities and interest rate sensitivity. Its mandate centers on investment-grade securities, with flexibility to allocate a limited portion to below-investment-grade issues to capture relative value across sectors, issuers, and revenue streams. The strategy seeks to mirror municipal market structure and deal flow through rigorous credit research and a relative value framework spanning geography and revenue types. Benchmarked to a broad U.S. municipal index, the fund targets a shorter effective duration profile consistent with the Muni Single State Short category, aiming to dampen price volatility versus longer-dated bond portfolios. It serves investors seeking federally and California state tax-exempt income from a professionally managed, California-focused municipal bond portfolio.
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