Thornburg California Limited Term Municipal Fund is an actively managed mutual fund focused on short- to intermediate‑maturity municipal bonds issued in California. Its primary objective is to provide tax‑efficient income by investing in a laddered portfolio of California municipal obligations, with interest generally exempt from federal and state income taxes for California residents. The strategy emphasizes limited interest‑rate sensitivity through shorter effective duration, aiming to balance income generation with capital preservation in the municipal market. The fund typically benchmarks against broad municipal bond indexes, reflecting its diversified exposure across essential public finance sectors such as general obligation, education, transportation, and utilities. Managed by Thornburg’s municipal team, it targets credit quality and liquidity while maintaining diversification across issuers and revenue streams. Within the muni single‑state short category, it serves investors seeking a dedicated California tax‑exempt income vehicle with disciplined maturity structuring and regular distributions. Performance and ratings data are tracked by third‑party research providers, situating the fund among peers in the single‑state, short‑term municipal segment.
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