Thornburg Limited Term Municipal Fund is an actively managed municipal bond mutual fund focused on delivering a high level of income that is exempt from regular federal individual income tax while emphasizing preservation of capital. The strategy invests primarily in a diversified, laddered portfolio of short- to intermediate-maturity municipal obligations issued by states, territories, and local governments, seeking to balance income generation with interest rate and credit risk management typical of the muni national short category. The fund references the ICE BofA 1–10 Year U.S. Municipal Securities Index for context and maintains a limited-term profile to reduce duration sensitivity versus longer-dated municipal funds. It distributes income monthly, aligning with its tax-exempt income objective, and holds a broad set of positions to diversify issuer and sector exposure across essential-services revenue bonds and general obligation debt. Within the municipal market, the fund serves investors seeking federally tax-exempt cash flow and lower volatility compared to long-duration munis, aiming to provide a core short-duration tax-exempt allocation within fixed income portfolios managed by Thornburg’s dedicated municipal team.
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