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Welcome to Thornburg

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The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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Thornburg California Limited Term Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 38 Muni Single State Short funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 3 stars and 3 stars among 38, 37 and 29 funds, as of 30 Sep 2024.

As of 30 Sep 2024
Fund Assets
$273.4 M
As of 30 Sep 2024
NAV
$12.88
As of 8 Nov 2024
Change
$0.05
As of 8 Nov 2024
YTD NAV Performance
1.44%
As of 8 Nov 2024
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 1-10 Year U.S. Municipal Securities Index

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

 

  • Actively managed diversified portfolio of municipal bonds issued by the state of California and U.S. territories with an average maturity of less than five years and average duration between two to four years.
  • Flexible investment approach that employs a relative value framework operating across sectors, issuers and revenue streams.
  • Tax-efficient fund seeks to minimize changes in its share value while providing California investors with income that is tax-exempt at the state and federal level.

Investment Objective

The investment goal of the fund is to provide investors with as high a level of current income exempt from federal and California state individual income taxes as is consistent with preservation of capital. The fund also seeks to reduce share price volatility compared to longer-term bond portfolios.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds issued by the state of California. The investment team aims to match municipal market structure and deal flow through a relative value framework that operates across geography, sectors, issuers and revenue streams. Operating as generalists, team members participate in all key aspects of investment management: credit research, trading, portfolio construction and risk oversight.

Performance

Performance

Returns

(As of 30 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.00
4.30
-0.18
0.44
0.85
3.57
Total Return without Sales Charge (%)
2.31
6.71
0.57
0.75
1.00
3.61
ICE BofA 1-10 Year U.S. Municipal Securities Index (%)
2.38
7.43
0.67
1.37
1.82
Morningstar Category Avg. (%)
2.37
6.09
0.59
0.99
1.27
Morningstar Quartile
2
2
3
3
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-1.06
3.35
-0.47
0.19
0.70
3.53
Total Return without Sales Charge (%)
1.22
5.74
0.28
0.49
0.86
3.58
ICE BofA 1-10 Year U.S. Municipal Securities Index (%)
1.35
6.61
0.39
1.11
1.69
Morningstar Category Avg. (%)
2.37
6.09
0.59
0.99
1.27
Morningstar Quartile
2
2
3
3
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.00
4.30
-0.53
2.22
8.79
274.23
Total Return without Sales Charge (%)
2.31
6.71
1.72
3.78
10.44
280.08
ICE BofA 1-10 Year U.S. Municipal Securities Index (%)
2.38
7.43
2.02
7.06
19.82
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-1.06
3.35
-1.40
0.94
7.26
270.24
Total Return without Sales Charge (%)
1.22
5.74
0.84
2.48
8.89
276.02
ICE BofA 1-10 Year U.S. Municipal Securities Index (%)
1.35
6.61
1.17
5.67
18.25
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
-1.00
1.62
0.38
-2.66
-6.59
1.86
ICE BofA 1-10 Year U.S. Municipal Securities Index (%)
1.69
5.28
3.81
0.48
-4.61
4.29
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
0.96
Net Expense Ratio (%)
0.74
Distributions

Distributions

(As of 31 Oct 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 1987
31 Jan 1987
0
27 Feb 1987
28 Feb 1987
0.01947
0.01947
31 Mar 1987
31 Mar 1987
0.05484
0.05484
30 Apr 1987
30 Apr 1987
0.05936
0.05936
29 May 1987
31 May 1987
0.06638
0.06638
30 Jun 1987
30 Jun 1987
0.06022
0.06022
31 Jul 1987
31 Jul 1987
0.06073
0.06073
31 Aug 1987
31 Aug 1987
0.06053
0.06053
30 Sep 1987
30 Sep 1987
0.06082
0.06082
30 Oct 1987
31 Oct 1987
0.06466
0.06466
30 Nov 1987
30 Nov 1987
0.06757
0.06757
31 Dec 1987
31 Dec 1987
0.06803
0.06803
29 Jan 1988
31 Jan 1988
0.06682
0.06682
29 Feb 1988
29 Feb 1988
0.06030
0.06030
31 Mar 1988
31 Mar 1988
0.06726
0.06726
29 Apr 1988
30 Apr 1988
0.06835
0.06835
31 May 1988
31 May 1988
0.06960
0.06960
30 Jun 1988
30 Jun 1988
0.06226
0.06226
29 Jul 1988
31 Jul 1988
0.06358
0.06358
31 Aug 1988
31 Aug 1988
0.06447
0.06447
30 Sep 1988
30 Sep 1988
0.06241
0.06241
31 Oct 1988
31 Oct 1988
0.06407
0.06407
30 Nov 1988
30 Nov 1988
0.06181
0.06181
30 Dec 1988
31 Dec 1988
0.06441
0.06441
31 Jan 1989
31 Jan 1989
0.06551
0.06551
28 Feb 1989
28 Feb 1989
0.05830
0.05830
31 Mar 1989
31 Mar 1989
0.06715
0.06715
28 Apr 1989
30 Apr 1989
0.06429
0.06429
31 May 1989
31 May 1989
0.06662
0.06662
30 Jun 1989
30 Jun 1989
0.06574
0.06574
31 Jul 1989
31 Jul 1989
0.06535
0.06535
31 Aug 1989
31 Aug 1989
0.06643
0.06643
29 Sep 1989
30 Sep 1989
0.06460
0.06460
31 Oct 1989
31 Oct 1989
0.06640
0.06640
30 Nov 1989
30 Nov 1989
0.06348
0.06348
29 Dec 1989
31 Dec 1989
0.06627
0.06627
31 Jan 1990
31 Jan 1990
0.06319
0.06319
28 Feb 1990
28 Feb 1990
0.05602
0.05602
30 Mar 1990
31 Mar 1990
0.06497
0.06497
30 Apr 1990
30 Apr 1990
0.06255
0.06255
31 May 1990
31 May 1990
0.06503
0.06503
29 Jun 1990
30 Jun 1990
0.06140
0.06140
31 Jul 1990
31 Jul 1990
0.06279
0.06279
31 Aug 1990
31 Aug 1990
0.06418
0.06418
28 Sep 1990
30 Sep 1990
0.06408
0.06408
31 Oct 1990
31 Oct 1990
0.06487
0.06487
30 Nov 1990
30 Nov 1990
0.06272
0.06272
31 Dec 1990
31 Dec 1990
0.06455
0.06455
31 Jan 1991
31 Jan 1991
0.06439
0.06439
28 Feb 1991
28 Feb 1991
0.05811
0.05811
28 Mar 1991
31 Mar 1991
0.06240
0.06240
30 Apr 1991
30 Apr 1991
0.05961
0.05961
31 May 1991
31 May 1991
0.06083
0.06083
28 Jun 1991
30 Jun 1991
0.05884
0.05884
31 Jul 1991
31 Jul 1991
0.06134
0.06134
30 Aug 1991
31 Aug 1991
0.06168
0.06168
30 Sep 1991
30 Sep 1991
0.06104
0.06104
31 Oct 1991
31 Oct 1991
0.06236
0.06236
29 Nov 1991
30 Nov 1991
0.05971
0.05971
31 Dec 1991
31 Dec 1991
0.06089
0.06089
31 Jan 1992
31 Jan 1992
0.06242
0.06242
28 Feb 1992
29 Feb 1992
0.05757
0.05757
31 Mar 1992
31 Mar 1992
0.05926
0.05926
30 Apr 1992
30 Apr 1992
0.05956
0.05956
29 May 1992
31 May 1992
0.05947
0.05947
30 Jun 1992
30 Jun 1992
0.05736
0.05736
31 Jul 1992
31 Jul 1992
0.05642
0.05642
31 Aug 1992
31 Aug 1992
0.05552
0.05552
30 Sep 1992
30 Sep 1992
0.05635
0.05635
30 Oct 1992
31 Oct 1992
0.05552
0.05552
30 Nov 1992
30 Nov 1992
0.05424
0.05424
31 Dec 1992
31 Dec 1992
0.05386
0.05386
29 Jan 1993
31 Jan 1993
0.05315
0.05315
26 Feb 1993
28 Feb 1993
0.05236
0.05236
31 Mar 1993
31 Mar 1993
0.05236
0.05236
30 Apr 1993
30 Apr 1993
0.05286
0.05286
28 May 1993
31 May 1993
0.05302
0.05302
30 Jun 1993
30 Jun 1993
0.05307
0.05307
30 Jul 1993
31 Jul 1993
0.05248
0.05248
31 Aug 1993
31 Aug 1993
0.05081
0.05081
30 Sep 1993
30 Sep 1993
0.04832
0.04832
29 Oct 1993
31 Oct 1993
0.04896
0.04896
30 Nov 1993
30 Nov 1993
0.04800
0.04800
31 Dec 1993
31 Dec 1993
0.04722
0.04722
31 Jan 1994
31 Jan 1994
0.04678
0.04678
28 Feb 1994
28 Feb 1994
0.04680
0.04680
31 Mar 1994
31 Mar 1994
0.04779
0.04779
29 Apr 1994
30 Apr 1994
0.04827
0.04827
31 May 1994
31 May 1994
0.04832
0.04832
30 Jun 1994
30 Jun 1994
0.04956
0.04956
29 Jul 1994
31 Jul 1994
0.04811
0.04811
31 Aug 1994
31 Aug 1994
0.04996
0.04996
30 Sep 1994
30 Sep 1994
0.04892
0.04892
31 Oct 1994
31 Oct 1994
0.04735
0.04735
30 Nov 1994
30 Nov 1994
0.04829
0.04829
30 Dec 1994
31 Dec 1994
0.04844
0.04844
31 Jan 1995
31 Jan 1995
0.04943
0.04943
28 Feb 1995
28 Feb 1995
0.04922
0.04922
31 Mar 1995
31 Mar 1995
0.04725
0.04725
28 Apr 1995
30 Apr 1995
0.04827
0.04827
31 May 1995
31 May 1995
0.04807
0.04807
30 Jun 1995
30 Jun 1995
0.04830
0.04830
31 Jul 1995
31 Jul 1995
0.04907
0.04907
31 Aug 1995
31 Aug 1995
0.04937
0.04937
29 Sep 1995
30 Sep 1995
0.04974
0.04974
31 Oct 1995
31 Oct 1995
0.04926
0.04926
30 Nov 1995
30 Nov 1995
0.04903
0.04903
29 Dec 1995
31 Dec 1995
0.04752
0.04752
31 Jan 1996
31 Jan 1996
0.04671
0.04671
29 Feb 1996
29 Feb 1996
0.04778
0.04778
29 Mar 1996
31 Mar 1996
0.04857
0.04857
30 Apr 1996
30 Apr 1996
0.04879
0.04879
31 May 1996
31 May 1996
0.04829
0.04829
28 Jun 1996
30 Jun 1996
0.04917
0.04917
31 Jul 1996
31 Jul 1996
0.04828
0.04828
30 Aug 1996
31 Aug 1996
0.04759
0.04759
30 Sep 1996
30 Sep 1996
0.04770
0.04770
31 Oct 1996
31 Oct 1996
0.04771
0.04771
29 Nov 1996
30 Nov 1996
0.04853
0.04853
31 Dec 1996
31 Dec 1996
0.04759
0.04759
31 Jan 1997
31 Jan 1997
0.04756
0.04756
28 Feb 1997
28 Feb 1997
0.04769
0.04769
31 Mar 1997
31 Mar 1997
0.04666
0.04666
30 Apr 1997
30 Apr 1997
0.04607
0.04607
30 May 1997
31 May 1997
0.04601
0.04601
30 Jun 1997
30 Jun 1997
0.04678
0.04678
31 Jul 1997
31 Jul 1997
0.04651
0.04651
29 Aug 1997
31 Aug 1997
0.04590
0.04590
30 Sep 1997
30 Sep 1997
0.04624
0.04624
31 Oct 1997
31 Oct 1997
0.04583
0.04583
28 Nov 1997
30 Nov 1997
0.04584
0.04584
31 Dec 1997
31 Dec 1997
0.04568
0.04568
30 Jan 1998
31 Jan 1998
0.04516
0.04516
27 Feb 1998
28 Feb 1998
0.04613
0.04613
31 Mar 1998
31 Mar 1998
0.04496
0.04496
30 Apr 1998
30 Apr 1998
0.04530
0.04530
29 May 1998
31 May 1998
0.04492
0.04492
30 Jun 1998
30 Jun 1998
0.04533
0.04533
31 Jul 1998
31 Jul 1998
0.04469
0.04469
31 Aug 1998
31 Aug 1998
0.04502
0.04502
30 Sep 1998
30 Sep 1998
0.04462
0.04462
30 Oct 1998
31 Oct 1998
0.04421
0.04421
30 Nov 1998
30 Nov 1998
0.04460
0.04460
31 Dec 1998
31 Dec 1998
0.04377
0.04377
29 Jan 1999
31 Jan 1999
0.04418
0.04418
26 Feb 1999
28 Feb 1999
0.04563
0.04563
31 Mar 1999
31 Mar 1999
0.04376
0.04376
30 Apr 1999
30 Apr 1999
0.04386
0.04386
28 May 1999
31 May 1999
0.04393
0.04393
30 Jun 1999
30 Jun 1999
0.04413
0.04413
30 Jul 1999
31 Jul 1999
0.04440
0.04440
31 Aug 1999
31 Aug 1999
0.04403
0.04403
30 Sep 1999
30 Sep 1999
0.04467
0.04467
29 Oct 1999
31 Oct 1999
0.04443
0.04443
30 Nov 1999
30 Nov 1999
0.04511
0.04511
31 Dec 1999
31 Dec 1999
0.04456
0.04456
31 Jan 2000
31 Jan 2000
0.04487
0.04487
29 Feb 2000
29 Feb 2000
0.04550
0.04550
31 Mar 2000
31 Mar 2000
0.04520
0.04520
28 Apr 2000
30 Apr 2000
0.04571
0.04571
31 May 2000
31 May 2000
0.04563
0.04563
30 Jun 2000
30 Jun 2000
0.04622
0.04622
31 Jul 2000
31 Jul 2000
0.04586
0.04586
31 Aug 2000
31 Aug 2000
0.04566
0.04566
29 Sep 2000
30 Sep 2000
0.04570
0.04570
31 Oct 2000
31 Oct 2000
0.04566
0.04566
30 Nov 2000
30 Nov 2000
0.04591
0.04591
29 Dec 2000
31 Dec 2000
0.04547
0.04547
31 Jan 2001
31 Jan 2001
0.04516
0.04516
28 Feb 2001
28 Feb 2001
0.04525
0.04525
30 Mar 2001
31 Mar 2001
0.04334
0.04334
30 Apr 2001
30 Apr 2001
0.04515
0.04515
31 May 2001
31 May 2001
0.04435
0.04435
29 Jun 2001
30 Jun 2001
0.04433
0.04433
31 Jul 2001
31 Jul 2001
0.04241
0.04241
31 Aug 2001
31 Aug 2001
0.04081
0.04081
28 Sep 2001
30 Sep 2001
0.04097
0.04097
31 Oct 2001
31 Oct 2001
0.03850
0.03850
30 Nov 2001
30 Nov 2001
0.03891
0.03891
31 Dec 2001
31 Dec 2001
0.03806
0.03806
31 Jan 2002
31 Jan 2002
0.03886
0.03886
28 Feb 2002
28 Feb 2002
0.03851
0.03851
28 Mar 2002
31 Mar 2002
0.03590
0.03590
30 Apr 2002
30 Apr 2002
0.03678
0.03678
31 May 2002
31 May 2002
0.03740
0.03740
28 Jun 2002
30 Jun 2002
0.03623
0.03623
31 Jul 2002
31 Jul 2002
0.03421
0.03421
30 Aug 2002
31 Aug 2002
0.03328
0.03328
30 Sep 2002
30 Sep 2002
0.03332
0.03332
31 Oct 2002
31 Oct 2002
0.03270
0.03270
29 Nov 2002
30 Nov 2002
0.03379
0.03379
31 Dec 2002
31 Dec 2002
0.03199
0.03199
31 Jan 2003
31 Jan 2003
0.03103
0.03103
28 Feb 2003
28 Feb 2003
0.03177
0.03177
31 Mar 2003
31 Mar 2003
0.02884
0.02884
30 Apr 2003
30 Apr 2003
0.02836
0.02836
30 May 2003
31 May 2003
0.02969
0.02969
30 Jun 2003
30 Jun 2003
0.02989
0.02989
31 Jul 2003
31 Jul 2003
0.02746
0.02746
29 Aug 2003
31 Aug 2003
0.02893
0.02893
30 Sep 2003
30 Sep 2003
0.02874
0.02874
31 Oct 2003
31 Oct 2003
0.02751
0.02751
28 Nov 2003
30 Nov 2003
0.02863
0.02863
31 Dec 2003
31 Dec 2003
0.02907
0.02907
30 Jan 2004
31 Jan 2004
0.02939
0.02939
27 Feb 2004
29 Feb 2004
0.03106
0.03106
31 Mar 2004
31 Mar 2004
0.02925
0.02925
30 Apr 2004
30 Apr 2004
0.02915
0.02915
28 May 2004
31 May 2004
0.02910
0.02910
30 Jun 2004
30 Jun 2004
0.02965
0.02965
30 Jul 2004
31 Jul 2004
0.02739
0.02739
31 Aug 2004
31 Aug 2004
0.02731
0.02731
30 Sep 2004
30 Sep 2004
0.02811
0.02811
29 Oct 2004
31 Oct 2004
0.02752
0.02752
30 Nov 2004
30 Nov 2004
0.02873
0.02873
31 Dec 2004
31 Dec 2004
0.02817
0.02817
31 Jan 2005
31 Jan 2005
0.02805
0.02805
28 Feb 2005
28 Feb 2005
0.03084
0.03084
31 Mar 2005
31 Mar 2005
0.02896
0.02896
29 Apr 2005
30 Apr 2005
0.03019
0.03019
31 May 2005
31 May 2005
0.02954
0.02954
30 Jun 2005
30 Jun 2005
0.03108
0.03108
29 Jul 2005
31 Jul 2005
0.03019
0.03019
31 Aug 2005
31 Aug 2005
0.03075
0.03075
30 Sep 2005
30 Sep 2005
0.03178
0.03178
31 Oct 2005
31 Oct 2005
0.03083
0.03083
30 Nov 2005
30 Nov 2005
0.03226
0.03226
30 Dec 2005
31 Dec 2005
0.03324
0.03324
31 Jan 2006
31 Jan 2006
0.03314
0.03314
28 Feb 2006
28 Feb 2006
0.03307
0.03307
31 Mar 2006
31 Mar 2006
0.03353
0.03353
28 Apr 2006
30 Apr 2006
0.03447
0.03447
31 May 2006
31 May 2006
0.03389
0.03389
30 Jun 2006
30 Jun 2006
0.03423
0.03423
31 Jul 2006
31 Jul 2006
0.03460
0.03460
31 Aug 2006
31 Aug 2006
0.03461
0.03461
29 Sep 2006
30 Sep 2006
0.03580
0.03580
31 Oct 2006
31 Oct 2006
0.03470
0.03470
30 Nov 2006
30 Nov 2006
0.03543
0.03543
29 Dec 2006
31 Dec 2006
0.03513
0.03513
31 Jan 2007
31 Jan 2007
0.03526
0.03526
28 Feb 2007
28 Feb 2007
0.03690
0.03690
30 Mar 2007
31 Mar 2007
0.03533
0.03533
30 Apr 2007
30 Apr 2007
0.03608
0.03608
31 May 2007
31 May 2007
0.03587
0.03587
29 Jun 2007
30 Jun 2007
0.03630
0.03630
31 Jul 2007
31 Jul 2007
0.03544
0.03544
31 Aug 2007
31 Aug 2007
0.03582
0.03582
28 Sep 2007
30 Sep 2007
0.03628
0.03628
31 Oct 2007
31 Oct 2007
0.03528
0.03528
30 Nov 2007
30 Nov 2007
0.03541
0.03541
31 Dec 2007
31 Dec 2007
0.03494
0.03494
31 Jan 2008
31 Jan 2008
0.03381
0.03381
29 Feb 2008
29 Feb 2008
0.03603
0.03603
31 Mar 2008
31 Mar 2008
0.03554
0.03554
30 Apr 2008
30 Apr 2008
0.03532
0.03532
30 May 2008
31 May 2008
0.03495
0.03495
30 Jun 2008
30 Jun 2008
0.03394
0.03394
31 Jul 2008
31 Jul 2008
0.03514
0.03514
29 Aug 2008
31 Aug 2008
0.03511
0.03511
30 Sep 2008
30 Sep 2008
0.03667
0.03667
31 Oct 2008
31 Oct 2008
0.03674
0.03674
28 Nov 2008
30 Nov 2008
0.03577
0.03577
31 Dec 2008
31 Dec 2008
0.03579
0.03579
30 Jan 2009
31 Jan 2009
0.03482
0.03482
27 Feb 2009
28 Feb 2009
0.03584
0.03584
31 Mar 2009
31 Mar 2009
0.03424
0.03424
30 Apr 2009
30 Apr 2009
0.03782
0.03782
29 May 2009
31 May 2009
0.03824
0.03824
30 Jun 2009
30 Jun 2009
0.03757
0.03757
31 Jul 2009
31 Jul 2009
0.03828
0.03828
31 Aug 2009
31 Aug 2009
0.03864
0.03864
30 Sep 2009
30 Sep 2009
0.03606
0.03606
30 Oct 2009
31 Oct 2009
0.03387
0.03387
30 Nov 2009
30 Nov 2009
0.03479
0.03479
31 Dec 2009
31 Dec 2009
0.03397
0.03397
29 Jan 2010
31 Jan 2010
0.03431
0.03431
26 Feb 2010
28 Feb 2010
0.03499
0.03499
31 Mar 2010
31 Mar 2010
0.03225
0.03225
30 Apr 2010
30 Apr 2010
0.03325
0.03325
28 May 2010
31 May 2010
0.03202
0.03202
30 Jun 2010
30 Jun 2010
0.03141
0.03141
30 Jul 2010
31 Jul 2010
0.03050
0.03050
31 Aug 2010
31 Aug 2010
0.02883
0.02883
30 Sep 2010
30 Sep 2010
0.02901
0.02901
29 Oct 2010
31 Oct 2010
0.02834
0.02834
30 Nov 2010
30 Nov 2010
0.02858
0.02858
31 Dec 2010
31 Dec 2010
0.02949
0.02949
31 Jan 2011
31 Jan 2011
0.03012
0.03012
28 Feb 2011
28 Feb 2011
0.03259
0.03259
31 Mar 2011
31 Mar 2011
0.03113
0.03113
29 Apr 2011
30 Apr 2011
0.03142
0.03142
31 May 2011
31 May 2011
0.03040
0.03040
30 Jun 2011
30 Jun 2011
0.03064
0.03064
29 Jul 2011
31 Jul 2011
0.02829
0.02829
31 Aug 2011
31 Aug 2011
0.02795
0.02795
30 Sep 2011
30 Sep 2011
0.02856
0.02856
31 Oct 2011
31 Oct 2011
0.02828
0.02828
30 Nov 2011
30 Nov 2011
0.02893
0.02893
30 Dec 2011
31 Dec 2011
0.02731
0.02731
31 Jan 2012
31 Jan 2012
0.02646
0.02646
29 Feb 2012
29 Feb 2012
0.02650
0.02650
30 Mar 2012
31 Mar 2012
0.02340
0.02340
30 Apr 2012
30 Apr 2012
0.02335
0.02335
31 May 2012
31 May 2012
0.02186
0.02186
29 Jun 2012
30 Jun 2012
0.02345
0.02345
31 Jul 2012
31 Jul 2012
0.02173
0.02173
31 Aug 2012
31 Aug 2012
0.02149
0.02149
28 Sep 2012
30 Sep 2012
0.02195
0.02195
31 Oct 2012
31 Oct 2012
0.02096
0.02096
20 Nov 2012
20 Nov 2012
0.00972
0.00000
0.00972
30 Nov 2012
30 Nov 2012
0.02138
0.02138
31 Dec 2012
31 Dec 2012
0.02086
0.02086
31 Jan 2013
31 Jan 2013
0.02015
0.02015
28 Feb 2013
28 Feb 2013
0.02128
0.02128
28 Mar 2013
31 Mar 2013
0.01965
0.01965
30 Apr 2013
30 Apr 2013
0.01982
0.01982
31 May 2013
31 May 2013
0.01851
0.01851
28 Jun 2013
30 Jun 2013
0.01864
0.01864
31 Jul 2013
31 Jul 2013
0.01825
0.01825
30 Aug 2013
31 Aug 2013
0.01966
0.01966
30 Sep 2013
30 Sep 2013
0.02059
0.02059
31 Oct 2013
31 Oct 2013
0.01939
0.01939
29 Nov 2013
30 Nov 2013
0.01929
0.01929
31 Dec 2013
31 Dec 2013
0.01928
0.01928
31 Jan 2014
31 Jan 2014
0.01921
0.01921
28 Feb 2014
28 Feb 2014
0.02098
0.02098
31 Mar 2014
31 Mar 2014
0.01871
0.01871
30 Apr 2014
30 Apr 2014
0.01990
0.01990
30 May 2014
31 May 2014
0.01881
0.01881
30 Jun 2014
30 Jun 2014
0.01937
0.01937
31 Jul 2014
31 Jul 2014
0.01880
0.01880
29 Aug 2014
31 Aug 2014
0.01769
0.01769
30 Sep 2014
30 Sep 2014
0.01672
0.01672
31 Oct 2014
31 Oct 2014
0.01727
0.01727
28 Nov 2014
30 Nov 2014
0.01639
0.01639
31 Dec 2014
31 Dec 2014
0.01596
0.01596
30 Jan 2015
31 Jan 2015
0.01511
0.01511
27 Feb 2015
28 Feb 2015
0.01735
0.01735
31 Mar 2015
31 Mar 2015
0.01547
0.01547
30 Apr 2015
30 Apr 2015
0.01576
0.01576
29 May 2015
31 May 2015
0.01497
0.01497
30 Jun 2015
30 Jun 2015
0.01600
0.01600
31 Jul 2015
31 Jul 2015
0.01451
0.01451
31 Aug 2015
31 Aug 2015
0.01697
0.01697
30 Sep 2015
30 Sep 2015
0.01614
0.01614
30 Oct 2015
31 Oct 2015
0.01530
0.01530
30 Nov 2015
30 Nov 2015
0.01572
0.01572
31 Dec 2015
31 Dec 2015
0.01489
0.01489
29 Jan 2016
31 Jan 2016
0.01482
0.01482
29 Feb 2016
29 Feb 2016
0.01659
0.01659
31 Mar 2016
31 Mar 2016
0.01440
0.01440
29 Apr 2016
30 Apr 2016
0.01507
0.01507
31 May 2016
31 May 2016
0.01413
0.01413
30 Jun 2016
30 Jun 2016
0.01530
0.01530
29 Jul 2016
31 Jul 2016
0.01405
0.01405
31 Aug 2016
31 Aug 2016
0.01383
0.01383
30 Sep 2016
30 Sep 2016
0.01511
0.01511
31 Oct 2016
31 Oct 2016
0.01390
0.01390
30 Nov 2016
30 Nov 2016
0.01464
0.01464
30 Dec 2016
31 Dec 2016
0.01393
0.01393
31 Jan 2017
31 Jan 2017
0.01498
0.01498
28 Feb 2017
28 Feb 2017
0.01664
0.01664
31 Mar 2017
31 Mar 2017
0.01484
0.01484
28 Apr 2017
30 Apr 2017
0.01618
0.01618
31 May 2017
31 May 2017
0.01552
0.01552
30 Jun 2017
30 Jun 2017
0.01606
0.01606
31 Jul 2017
31 Jul 2017
0.01537
0.01537
31 Aug 2017
31 Aug 2017
0.01515
0.01515
29 Sep 2017
30 Sep 2017
0.01578
0.01578
31 Oct 2017
31 Oct 2017
0.01517
0.01517
30 Nov 2017
30 Nov 2017
0.01601
0.01601
29 Dec 2017
31 Dec 2017
0.01586
0.01586
31 Jan 2018
31 Jan 2018
0.01609
0.01609
28 Feb 2018
28 Feb 2018
0.01898
0.01898
29 Mar 2018
31 Mar 2018
0.01715
0.01715
30 Apr 2018
30 Apr 2018
0.01866
0.01866
31 May 2018
31 May 2018
0.01715
0.01715
29 Jun 2018
30 Jun 2018
0.01781
0.01781
31 Jul 2018
31 Jul 2018
0.01661
0.01661
31 Aug 2018
31 Aug 2018
0.01709
0.01709
28 Sep 2018
30 Sep 2018
0.01718
0.01718
31 Oct 2018
31 Oct 2018
0.01735
0.01735
30 Nov 2018
30 Nov 2018
0.01830
0.01830
31 Dec 2018
31 Dec 2018
0.01747
0.01747
31 Jan 2019
31 Jan 2019
0.01782
0.01782
28 Feb 2019
28 Feb 2019
0.01991
0.01991
29 Mar 2019
31 Mar 2019
0.01787
0.01787
30 Apr 2019
30 Apr 2019
0.01849
0.01849
31 May 2019
31 May 2019
0.01791
0.01791
28 Jun 2019
30 Jun 2019
0.01844
0.01844
31 Jul 2019
31 Jul 2019
0.01735
0.01735
31 Aug 2019
31 Aug 2019
0.01710
0.01710
30 Sep 2019
30 Sep 2019
0.01717
0.01717
31 Oct 2019
31 Oct 2019
0.01583
0.01583
30 Nov 2019
30 Nov 2019
0.01643
0.01643
31 Dec 2019
31 Dec 2019
0.01556
0.01556
31 Jan 2020
31 Jan 2020
0.01501
0.01501
29 Feb 2020
29 Feb 2020
0.01827
0.01827
31 Mar 2020
31 Mar 2020
0.01772
0.01772
30 Apr 2020
30 Apr 2020
0.01703
0.01703
31 May 2020
31 May 2020
0.01557
0.01557
30 Jun 2020
30 Jun 2020
0.01427
0.01427
31 Jul 2020
31 Jul 2020
0.01260
0.01260
31 Aug 2020
31 Aug 2020
0.01208
0.01208
30 Sep 2020
30 Sep 2020
0.01229
0.01229
30 Oct 2020
31 Oct 2020
0.01150
0.01150
30 Nov 2020
30 Nov 2020
0.01234
0.01234
31 Dec 2020
31 Dec 2020
0.01212
0.01212
29 Jan 2021
31 Jan 2021
0.01157
0.01157
26 Feb 2021
28 Feb 2021
0.01531
0.01531
31 Mar 2021
31 Mar 2021
0.01191
0.01191
30 Apr 2021
30 Apr 2021
0.01309
0.01309
28 May 2021
31 May 2021
0.01319
0.01319
30 Jun 2021
30 Jun 2021
0.01420
0.01420
30 Jul 2021
31 Jul 2021
0.01306
0.01306
31 Aug 2021
31 Aug 2021
0.01221
0.01221
30 Sep 2021
30 Sep 2021
0.01281
0.01281
29 Oct 2021
31 Oct 2021
0.01190
0.01190
30 Nov 2021
30 Nov 2021
0.01279
0.01279
31 Dec 2021
31 Dec 2021
0.01184
0.01184
31 Jan 2022
31 Jan 2022
0.01227
0.01227
28 Feb 2022
28 Feb 2022
0.01433
0.01433
31 Mar 2022
31 Mar 2022
0.01151
0.01151
29 Apr 2022
30 Apr 2022
0.01568
0.01568
31 May 2022
31 May 2022
0.01541
0.01541
30 Jun 2022
30 Jun 2022
0.01574
0.01574
29 Jul 2022
31 Jul 2022
0.01660
0.01660
31 Aug 2022
31 Aug 2022
0.01825
0.01825
30 Sep 2022
30 Sep 2022
0.01910
0.01910
31 Oct 2022
31 Oct 2022
0.01980
0.01980
30 Nov 2022
30 Nov 2022
0.02199
0.02199
30 Dec 2022
31 Dec 2022
0.02191
0.02191
31 Jan 2023
31 Jan 2023
0.02236
0.02236
28 Feb 2023
28 Feb 2023
0.02550
0.02550
31 Mar 2023
31 Mar 2023
0.02357
0.02357
28 Apr 2023
30 Apr 2023
0.02450
0.02450
31 May 2023
31 May 2023
0.02464
0.02464
30 Jun 2023
30 Jun 2023
0.02631
0.02631
31 Jul 2023
31 Jul 2023
0.02653
0.02653
31 Aug 2023
31 Aug 2023
0.02571
0.02571
29 Sep 2023
30 Sep 2023
0.02747
0.02747
31 Oct 2023
31 Oct 2023
0.02930
0.02930
30 Nov 2023
30 Nov 2023
0.02961
0.02961
29 Dec 2023
31 Dec 2023
0.02936
0.02936
31 Jan 2024
31 Jan 2024
0.02983
0.02983
29 Feb 2024
29 Feb 2024
0.03048
0.03048
28 Mar 2024
31 Mar 2024
0.03006
0.03006
30 Apr 2024
30 Apr 2024
0.03054
0.03054
31 May 2024
31 May 2024
0.03006
0.03006
28 Jun 2024
30 Jun 2024
0.03072
0.03072
31 Jul 2024
31 Jul 2024
0.03122
0.03122
30 Aug 2024
31 Aug 2024
0.03077
0.03077
30 Sep 2024
30 Sep 2024
0.03122
0.03122
31 Oct 2024
31 Oct 2024
0.03092
0.03092
Fund Facts

Fund Facts

(As of 30 Sep 2024)
Net Fund Assets
$273.4 M
Benchmark
ICE BofA 1-10 Year U.S. Municipal Securities Index
Morningstar Category
Muni Single State Short
Fund Symbol
LTCAX
Share Class
A
Share Class Inception Date
19 Feb 1987
Number of Holdings
198
Portfolio Turnover
46%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.49%
30-Day SEC Yield (Unsubsidized)
2.27%
Annualized Distribution Yield
2.73%
Characteristics

Characteristics

Portfolio

(As of 30 Sep 2024)
Portfolio
Benchmark
Effective Duration
3.6 Yrs
3.6 Yrs
Average Effective Maturity
5.0 Yrs
5.0 Yrs
Weighted Average Coupon
4.5%
4.6%
Portfolio
Benchmark
Yield to Worst
3.0%
2.8%
Subject to Alternative Minimum Tax
22.1%
Risk & Return Profile

Risk & Return Profile

(As of 30 Sep 2024)
3y
5y
10y
Annualized Alpha (%)
0.31
-0.08
-0.22
Standard Deviation (%)
3.80
3.25
2.67
Sharpe Ratio
-0.73
-0.42
-0.15
Up Capture (%)
83.09
77.53
78.76
Down Capture (%)
78.00
78.58
83.73
Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2024)
Name
Ticker/Symbol
Weight %
California Community Choice Financing Authority
13013JDB9
2.8
City of Los Angeles Department of Airports
544445R84
2.2
Bay Area Toll Authority
072024UJ9
2.0
California Community Choice Financing Authority
13013JCM6
2.0
California Statewide Communities Development Authority
13080SYB4
2.0
Poway Redevelopment Agency Successor Agency
738798AN7
1.7
California Community Choice Financing Authority
13013JAP1
1.7
California Health Facilities Financing Authority
13032UUW6
1.7
California State University
13077DSZ6
1.5
California Housing Finance Agency
13034DAC8
1.5
Exposure Breakdown

Exposure Breakdown

(As of 30 Sep 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Airport
13.3
3.3
Industrial Development/Pollution Control
10.6
Incremental Tax
9.2
Multi Family Mortgage
8.3
2.6
Hospital
6.8
5.7
Prepaid Utility
6.6
Appropriation
5.1
4.1
Local General Obligation
4.5
10.5
Student Housing
4.0
Special Tax
3.8
Cash & Cash Equivalents
1.1
Sector Allocation
Fund (%)
Airport
13.3
Industrial Development/Pollution Control
10.6
Incremental Tax
9.2
Multi Family Mortgage
8.3
Hospital
6.8
Prepaid Utility
6.6
Appropriation
5.1
Local General Obligation
4.5
Student Housing
4.0
Special Tax
3.8
Cash & Cash Equivalents
1.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
13.0
14.1
AA
51.6
56.1
A
24.8
25.4
BBB
8.6
4.4
Not Rated
0.9
Cash & Cash Equivalents
1.1
Credit Quality
Fund (%)
AAA
13.0
AA
51.6
A
24.8
BBB
8.6
Not Rated
0.9
Cash & Cash Equivalents
1.1
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Year 1
17.5
1.0
Year 2
9.3
14.0
Year 3
7.4
13.0
Year 4
5.7
12.0
Year 5
5.9
11.0
Year 6
9.8
11.5
Year 7
9.0
10.4
Year 8
10.4
10.7
Year 9
12.7
8.9
Year 10+
11.3
7.6
Cash
1.1
Maturity
Fund (%)
Year 1
17.5
Year 2
9.3
Year 3
7.4
Year 4
5.7
Year 5
5.9
Year 6
9.8
Year 7
9.0
Year 8
10.4
Year 9
12.7
Year 10+
11.3
Cash
1.1
Portfolio Managers

Portfolio Managers

David Ashley, CFA

David Ashley, CFA

Portfolio Manager and Managing Director
David Ashley is portfolio manager for Thornburg Investment Management. He joined Thornburg as associate portfolio manager in 2011 and was named portfolio manager in 2019. Dave earned a BS in finance and MBA from the University of Delaware in 2001. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Dave was a credit analyst for Wilmington Trust…
Learn More
John Bonnell, CFA

John Bonnell, CFA

Portfolio Manager and Managing Director
John Bonnell, CFA, is portfolio manager and managing director for Thornburg Investment Management. He joined Thornburg’s municipal team in 2021. John has over 30 years of municipal bond investing experience. He spent 25 years of his career at USAA where he was most recently a senior portfolio manager and, in 2010, took on responsibility for co-leading municipal bond strategies. Earlier…
Learn More
Eve Lando, JD

Eve Lando, JD

Portfolio Manager and Managing Director
Eve Lando is portfolio manager for Thornburg Investment Management. She joined Thornburg's municipal team in 2019 as associate portfolio manager and was named portfolio manager in 2020. Eve holds a BA in urban studies from Columbia University and a JD from Brooklyn Law School, with a concentration in business law studies. She has extensive experience in municipal bond research and…
Learn More

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