# Portfolio overlap — SMB vs LTCAX Comparing **VanEck Short Muni ETF** (2026-01-31) and **Thornburg California Limited Term Municipal Fund** (2026-03-31). - Shared positions: 7 - VanEck Short Muni ETF covered by Thornburg California Limited Term Municipal Fund: 0.03452742641241250061326511472 - Thornburg California Limited Term Municipal Fund covered by VanEck Short Muni ETF: 0.03452742641241250061326511472 ## VanEck Short Muni ETF — top positions | Security | Weight | Shared | |----------|--------|--------| | CALIFORNIA COMMUNITY VAR | 0.016986 | ✓ | | State of California | 0.010916 | | | MASSACHUSETTS ST | 0.010180 | | | State of New Jersey | 0.009670 | | | KS ST DEV FIN 5% 11/15/2054 | 0.009191 | | | NYC HSG DEV CORP-B-2 | 0.008607 | | | SOUTHERN CALIFORNIA EDISON CO 1.75% 09-01-29 | 0.007948 | ✓ | | MA WTR RES REF-BEN-B | 0.007606 | | | MUNIBOND | 0.007462 | | | MA WTR RES AUTH-C-REF | 0.007382 | | | King (County of), WA, Series 2017, Ref. GO Bonds | 0.007220 | | | TN ENERGY ACQ CORP-A | 0.007206 | | | MAIN STR NAT GA 5% MT | 0.007193 | | | Honolulu (City & County of), HI (Honolulu Rail Transit), Series 2020, Ref. GO Bonds | 0.007170 | | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 D, RB | 0.007090 | | | CHICAGO IL-A-REF | 0.007058 | | | ORLANDO FL TOURIST DEV TAX REVENUE | 0.006976 | | | FORT BEND TX INDEP SCH DIST | 0.006972 | | | CONROE TX INDEP SCH DIST | 0.006901 | | | LOS ANGELES UNIF SD-A | 0.006359 | | | State of Connecticut Special Tax Revenue | 0.006271 | | | S E ENERGY COOP DT | 0.006260 | | | NJ NJSEDU 07/01/2064 | 0.005638 | | | Maryland (State of) (Bidding Group 1), Series 2020 A, GO Bonds | 0.005565 | | | State of California, Series 2019 | 0.005545 | | | State of North Carolina, Series 2019 | 0.005433 | | | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE | 0.005398 | | | OHIO VALLEY ELECTRIC CORP 4.25% 11-01-30 | 0.005367 | | | CURATORS OF THE UNIV OF MISSOURI MO SYS FACS REVENUE | 0.005270 | | | MESA UTL SYS-REF | 0.005224 | | | NY MTA TRANSP 5% 11/15/2031 | 0.005103 | | | CA ST UNIV-A | 0.005102 | | | PEFA INC VAR | 0.005092 | | | KERN CA HIGH SCH DIST | 0.005089 | | | MAIN STR NAT GA 4% 3/1/2050 | 0.005061 | | | NYC TRANSITIONL-S-1 | 0.004789 | | | Allen (County of), OH (Mercy Health), Series 2020, Ref. RB | 0.004574 | | | State of California, Series C | 0.004572 | ✓ | | COLUMBUS OH | 0.004523 | | | NY DORM-A-SCH DISTS | 0.004517 | | | CTR PLN ENG GAS 5% 9/1/2031 | 0.004468 | | | NY TRANS CORP 5% 12/1/2030 | 0.004267 | | | MAIN STR NAT GA 4% 07/01/2052 MT | 0.004261 | | | CENTRL FL EXPRESSWAY AUTH SR LIEN REVENUE | 0.004214 | | | JACKSON CNTY OR SCH DIST #549C | 0.004199 | | | North Carolina (State of), Series 2020 A, GO Bonds | 0.004106 | | | NYC TRANS FIN-A-E-1 | 0.004093 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2022A-1 | 0.004060 | | | Jefferson County School District R-1, Series 2018, GO Bonds | 0.004007 | | | STATE OF CALIFORNIA 5.0% 10-01-31 | 0.003871 | | ## 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 `0001410368-26-033187` (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 _