# Portfolio overlap — PCMFX vs LTCAX Comparing **California Municipal Fund** (2026-01-31) and **Thornburg California Limited Term Municipal Fund** (2026-03-31). - Shared positions: 7 - California Municipal Fund covered by Thornburg California Limited Term Municipal Fund: 0.05744627995118127402971047934 - Thornburg California Limited Term Municipal Fund covered by California Municipal Fund: 0.05744627995118127402971047934 ## California Municipal Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | P3 IRVINE SL HOLDINGS LLC OBLIGATED GROUP 6.5% 06-01-54 | 0.025107 | | | CALIFORNIA ST POLL CONTROL FIN REGD B/E AMT 5.00000000 | 0.018809 | | | California (State of) Housing Finance Agency (Social Certificates), Series 2021-2A, Revenue Ctfs. | 0.018271 | | | CALIFORNIA ST EDU FAC | 0.016999 | | | San Diego County Regional Airport Authority, Series 2019A | 0.016625 | | | California (State of) Educational Facilities Authority (Stanford University), Series 2014 U-6, RB | 0.016543 | | | KAISER FOUNDATION HOSPITALS (MPT) 5.0% 06-01-41 | 0.016470 | ✓ | | Los Angeles County Public Works Financing Authority, Series J | 0.016436 | | | Sacramento (County of), CA, Series 2024, RB | 0.015945 | | | California Municipal Finance Authority | 0.015941 | | | San Francisco City & County Airport Comm-San Francisco International Airport, Series 2025D | 0.015883 | | | GOLDEN ST TOBACCO SECURITIZATI REGD B/E 5.00000000 | 0.015638 | | | State of California, Series 2025, GO Bonds | 0.015598 | | | Los Angeles Department of Water & Power Water System Revenue | 0.015283 | | | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE | 0.015247 | ✓ | | California (State of) Housing Finance Agency, Series 2021-1A, Revenue Ctfs. | 0.013694 | | | CA PCFA WTR FUR 5% 7/1/2039 | 0.013154 | | | UNITED AIRLINES INC 4.0% 07-15-29 | 0.012796 | ✓ | | SACRAMENTO USD-C | 0.012507 | | | CALIFORNIA ST MUNI FIN AUTH REVENUE | 0.012293 | | | GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS REVENUE | 0.012013 | | | Compton Public Finance Authority | 0.011995 | | | California (State of) Housing Finance Agency, Series 2019 A, RB | 0.011717 | | | LAX INTEGRATED EXPRESS SOLUTIONS LLC 5.0% 12-31-34 | 0.011669 | | | CALIFORNIA STWD CMNTYS DEV AUTH REVENUE | 0.010537 | | | CA MUNI FIN AUTH-A | 0.009915 | | | STATE OF CALIFORNIA | 0.009887 | | | KAISER FOUNDATION HOSPITALS 5.0% 11-01-47 | 0.009790 | | | DESERTXPRESS ENTERPRISES LLC (MPT) 12.0% 01-01-65 | 0.009729 | | | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2023 A-1 | 0.009425 | | | PUERTO RICO SALES TAX FING COR REGD OID B/E 5.00000000 | 0.009236 | | | State of California, Series 2025, GO Bonds | 0.009081 | | | San Jose (City of), CA, Series 2017 A, Ref. RB | 0.009000 | | | State of California, Series 2007 | 0.008663 | | | Toll Road Sr Lien Refunding RB Series 2021A | 0.008508 | | | California (State of) Educational Facilities Authority (Stanford University), Series 2013 U-3, RB | 0.008272 | | | STHRN CA MET WTR DT-C | 0.008145 | | | California Community Choice Financing Authority, Series F | 0.008101 | ✓ | | CALIFORNIA COMMUNITY VAR | 0.008035 | | | California Community Choice Financing Authority, Series 2023 E-1 | 0.008004 | ✓ | | Alameda Corridor Transportation Authority, Series 2016B | 0.007998 | | | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE | 0.007922 | | | UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.25000000 | 0.007919 | | | Santa Monica-Malibu Unified School District, Series A | 0.007881 | | | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT | 0.007785 | | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.007766 | | | California Municipal Finance Authority | 0.007689 | | | STHRN CA | 0.007596 | | | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE | 0.007356 | | | Tender Option Bond Trust Receipts/Certificates | 0.007108 | | ## Thornburg California Limited Term Municipal Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | Regents of the University of California Medical Center Pooled Revenue | 0.038940 | | | CALIFORNIA COMMUNITY VAR | 0.028508 | | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB | 0.025270 | | | California Community Choice Financing Authority, Series 2023 E-1 | 0.025171 | ✓ | | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE | 0.020231 | | | California Community Choice Financing Authority, Series F | 0.019740 | ✓ | | SAN JOAQUIN VLY CLEAN ENERGY AUTH CA CLEAN ENERGY REVENUE | 0.017846 | ✓ | | LOS ANGELES HSG -A | 0.016954 | | | KAISER FOUNDATION HOSPITALS (MPT) 5.0% 06-01-41 | 0.016318 | ✓ | | CALIFORNIA COMMUNITY VAR | 0.015554 | | | CA ST UNIV REV 3.125% 11/1/2051 MT | 0.014354 | | | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE | 0.014317 | | | REPUBLIC SERVICES INC (MPT) 4.375% 09-01-53 | 0.014150 | ✓ | | California Community Choice Financing Authority, Series B | 0.014115 | | | DEL SUR FAMILY HOUSING LP (MPT) 5.0% 05-01-54 | 0.013365 | | | California Community Choice Financing Authority, Series 2025G | 0.012955 | | | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE | 0.012440 | | | SOUTHERN CALIFORNIA EDISON CO 4.5% 11-01-33 | 0.012153 | | | REPUBLIC SERVICES INC (MPT) 2.875% 07-01-43 | 0.011955 | | | San Francisco City & County Airport Comm-San Francisco International Airport | 0.011440 | | | San Diego County Regional Airport Authority | 0.011327 | | | SAN FRANCISCO CITY & COUNTY AIRPORT COMM-SAN FRANCISCO INTERNATIONAL AIRPORT | 0.011046 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2023, RB | 0.010808 | | | CALIFORNIA STWD CMNTYS DEV AUT REGD V/R B/E 5.00000000 | 0.010442 | | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023, RB | 0.010405 | | | WASTE MANAGEMENT INC (MPT) 4.2% 11-01-38 | 0.010359 | | | Los Angeles Community College District, Series 2024 | 0.010354 | | | State of California | 0.010301 | | | WASTE MANAGEMENT INC (MPT) 3.45% 12-01-44 | 0.010271 | | | UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | 0.009859 | | | SAN JOSE CA MF HSG REVENUE | 0.009490 | | | WASTE MANAGEMENT INC (MPT) 3.45% 10-01-41 | 0.009410 | | | CHF-IRVINE LLC BAM 5.0% 05-15-32 | 0.009086 | | | Los Angeles County Development Authority | 0.008923 | | | Los Angeles County Development Authority, West LA Building 156 and 157 Apartments, Series 2023C | 0.008807 | | | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE | 0.008762 | | | CALIFORNIA HSG FIN AGY AFFORDABLE HSG REVENUE | 0.008557 | | | SOUTHERN CALIFORNIA EDISON CO 1.75% 09-01-29 | 0.008000 | | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.007761 | | | RIVERSIDE CNTY CA PUBLIC FINGAUTH | 0.007627 | | | SAN FRANCISCO CALIF CITY &CNTY ARPTS COMMN INTL ARPT REV | 0.007601 | | | CALIFORNIA ST MUNI FIN AUTH STUDENT HSG REVENUE | 0.007478 | | | CENTRL VLY CA ENERGY AUTH COMM REGD V/R B/E 5.00000000 | 0.007341 | | | FOOTHILL FAMILY PRESERVATION LP (MPT) 2.75% 05-01-44 | 0.007127 | | | PROVIDENCE ST JOSEPH HEALTH OBLIGATED GROUP (MPT) 5.0% 10-01-39 | 0.007056 | | | State of California | 0.007035 | | | SAN JOSE HSG REV-F-2 | 0.006860 | | | California Statewide Communities Development Authority, Series 2026A | 0.006858 | | | CA ST MFA SW 3.85% MT @ | 0.006846 | | | SACRAMENTO CNTY CA ARPT SYS REVENUE | 0.006753 | | ## Sources - N-PORT (fund A) — accession `0000898745-26-000439` (as of 2026-01-31) - N-PORT (fund B) — accession `0001410368-26-051183` (as of 2026-03-31) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _