| Nasdaq: LTCAX
The Fund offers California investors double tax-free yields (income is exempt from regular federal and California state income tax but may be subject to alternative minimum tax) in a laddered municipal bond portfolio with an average maturity of less than five years. Investments with shorter average maturities, such as the Thornburg California Limited Term Municipal Fund, are less exposed to interest rate risk than investments with longer average maturities.
Obtain as high a level of current income exempt from federal and California state individual income taxes as is consistent, in the view of the Fund's investment advisor, with preservation of capital. A secondary objective is to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios. There is no guarantee that the Fund will meet its investment objectives. A portion of the Fund's dividends could be subject to the federal Alternative Minimum Tax.