Thornburg Limited Term Municipal Fund Class A is an actively managed municipal bond mutual fund designed to deliver federally tax‑exempt income while emphasizing capital preservation and lower price volatility. The fund primarily invests in a laddered portfolio of short‑ to intermediate‑maturity municipal obligations issued by states, local governments, and U.S. territories, seeking diversified exposure across issuers and sectors of the municipal market. Its strategy targets the Muni National Short category and references the ICE BofA 1–10 Year U.S. Municipal Securities Index for context on interest‑rate risk and duration positioning. By focusing on limited term maturities, the fund aims to reduce sensitivity to rate changes relative to longer‑dated municipal strategies, while maintaining consistent income through monthly distributions. With a long operating history and broad holdings, it serves investors who prioritize tax‑advantaged income and measured risk within the high‑quality U.S. municipal bond universe, including essential‑service revenue bonds and general obligation debt. Expense structure, yield metrics, and risk statistics are monitored against peers, and the portfolio’s laddering framework is used to manage reinvestment and duration risk across changing market conditions.
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