Thornburg California Limited Term Municipal Fund is an open-end municipal bond fund focused on generating tax-exempt income for California residents while seeking preservation of capital. The fund invests primarily in a laddered portfolio of short- to intermediate-maturity municipal obligations issued by the State of California, its agencies, and local governments, with the goal of providing income exempt from federal and California state individual income taxes. It emphasizes investment-grade securities but can allocate a limited portion to below-investment-grade municipal bonds, allowing flexibility to manage credit and yield opportunities across the state’s diverse issuers. The strategy is actively managed, incorporating views on interest rates, market supply, and security-specific analysis to balance income and interest rate sensitivity. By concentrating on essential-service revenue bonds and general obligation debt across sectors such as transportation, education, utilities, healthcare, and clean energy, the fund plays a role in financing public infrastructure while offering a tax-efficient income stream to individual investors. Its limited-term profile targets reduced price volatility relative to longer-duration municipal portfolios.
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