THORNBURG LIMITED TERM MUNICIPAL FUND INC
497K3B, 2000-02-23
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THORNBURG                                           Rule 497(k)(1)(iii)(B)
LIMITED TERM
MUNICIPAL
FUND-CALIFORNIA
PORTFOLIO


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Fund Profile
February 18, 2000

This Profile summarizes key information about the Fund that is included in
the Fund's prospectus.  The Fund's prospectus includes additional
information about the Fund, including a more detailed description of the
risks associated with investing in the Fund that you may want to consider
before you invest.  You may obtain the prospectus and other information
about the Fund at no cost by calling 800-847-0200.

<PAGE>
Investment Goal

The Fund's primary goal is providing as high a level of current income
exempt from federal income tax and California individual income taxes as is
consistent, in the view of the Fund's investment adviser, with preservation
of capital.  Its secondary goal is to reduce expected fluctuations in its
share price relative to longer intermediate and long-term bond portfolios.
No assurance can be given that these goals will be achieved.

Principal Investment Strategy of the Fund

The Fund pursues its primary goal by investing in a laddered maturity
portfolio of municipal obligations which are issued by the State of
California and its agencies, and by California local governments and their
agencies. The Fund invests in obligations which are rated as investment
grade or, if unrated, which are issued by obligors which have comparable
investment grade obligations outstanding or which are deemed by the Fund's
investment adviser to be comparable to obligors with outstanding investment
grade obligations.  The Fund's portfolio is "laddered" by investing so that
some obligations mature during each of the coming years.  The Fund pursues
its secondary goal of reducing share price fluctuations by maintaining a
dollar-weighted average portfolio maturity normally five years or less.

Thornburg Investment Management, Inc. actively manages the Fund's
portfolio.  Investment decisions are based upon outlooks for interest rates
and securities markets, the supply of debt securities, and analysis of
specific securities.  The Fund ordinarily acquires securities for
investment rather than for realization of gains on market fluctuations.
However, it may dispose of any security prior to its scheduled maturity to
enhance income or reduce loss, to change the portfolio's average maturity,
or to otherwise respond to current market conditions.  The objective of
preserving capital may prevent the Fund from obtaining the highest yields
available.

Additional information about the Fund's investments is available in the
Fund's Annual and Semiannual Reports to Shareholders.  In the Fund's Annual
Report you will find a discussion of the market conditions and investment
strategies which significantly affected the Fund's performance during the
last fiscal year.  You may obtain copies of the Fund's most recent Annual
and Semiannual Reports and Prospectus at no cost by calling the Fund's
Distributor, Thornburg Securities Corporation, at (800) 847-0200.

Principal Risks

The value of the Fund's shares and its dividends will fluctuate in response
to changes in interest rates.  When interest rates increase, the value of
the Fund's investments declines and the Fund's share value is reduced.  The
effect is more pronounced for intermediate and longer term obligations
owned by the Fund.  During periods of declining interest rates the Fund's
dividends decline.  The value of Fund shares also could be reduced if
municipal obligations held by the Fund were downgraded by rating agencies,
or went into default, or if legislation or other government action reduces
the ability of issuers to pay principal and interest when due or changes
the tax treatment of interest on municipal obligations.  Because the Fund
invests primarily in obligations originating in California, the Fund's
share value may be more sensitive to adverse economic or political
developments in that state.  A portion of the Fund's dividends could be
subject to the federal alternative minimum tax.  The loss of money is a
risk of investing in the Fund, and when you sell your shares they may be
worth less than what you paid for them.

An investment in a Fund is not a deposit in any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.

Past Performance of Fund

The following information provides some indication of the risks of
investing in the Fund by showing how the Fund's investment results vary
from year to year.  The bar chart shows how the annual total returns for
Class A shares have been different in each full year shown.  The average
annual total return figures compare Class A and Class C share performance
to the Lehman Five-Year General Obligation Bond Index, a broad measure of
market performance.  Performance in the past is not necessarily an
indication of how the Fund will perform in the future.

<The following are presented as bar graphs in the Profile>
Limited Term California Fund Annual Total Returns Class A Shares
- ---------------------------------------------------------------------
15%

10%                          8.21         10.27
              7.52   7.53
 5%    6.77                                             5.84
                                                 4.81         4.97
 0%

- -5                                 (2.13)                           0.48
        '90    '91    '92    '93    '94    '95    '96    '97   '98   '99

Highest quarterly results for time period shown: 3.77% (quarter ended
3/31/95).
Lowest quarterly results for time period shown: (2.08)% (quarter ended
3/31/94).



The sales charge for Class A shares is not reflected in the returns shown
in the bar chart above, and the returns would be less if the charge was
taken into account.

Limited Term California Fund Average Annual Total Returns
- ----------------------------------------------------------
(periods ended 12/31/99)

                        One Year   Five Years   Ten Years     Since
                                                            Inception
                        --------   ----------   ----------  ----------
    Class A Shares       1.05%       4.82%         5.15%    5.47% (2/19/84)
    Lehman Index         0.74%       5.71%         6.23%    6.04%

    Class C Shares       0.07%       4.65%          N/A     3.99% (9/1/94)
    Lehman Index         0.74%       5.71%          N/A     5.26%

Fees and Expenses of the Fund

Shareholder Fees (Fees Paid Directly From Your Investment)

                                             Limited Term Municipal Funds
                                                 Class A     Class C
                                                 -------     -------
     Maximum Sales Charge (Load) on Purchases     1.50%      none
     (as a percentage of offering price)
     Maximum Deferred Sales Charge (Load)
      on Redemptions                              0.50%*     0.50%**
     (as a percentage of redemption proceeds or
      original purchase price, whichever is lower)
 * Imposed only on redemptions of purchases greater than $1 million in
   the event of a redemption within 12 months of purchase.
** Imposed only on redemptions of Class C shares within 12 months
   of purchase.

Annual Fund Operating Expenses (Expenses That Are Deducted
- ------------------------------  From Fund Assets)

Thornburg Limited Term Municipal Fund-California Portfolio
                                              Class A    Class C
                                              -------    -------
     Management Fee                             .50%       .50%
     Distribution and Service (12b-1) Fees      .25%      1.00%
     Other Expenses                             .27%       .42%
                                                ----      -----
         Total Annual Fund Operating Expenses  1.02%*     1.92%*

*Thornburg Investment Management, Inc. Thornburg Securities Corporation
intend to waive fees and reimburse expenses so that actual Class A expenses
are .99% and actual Class C expenses are 1.40%.  Waiver of fees and
reimbursement of expenses may be terminated at any time.

Example.  This Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and redeem all of your shares at the end of these
periods.  The Example also assumes that your investment has a 5% return
each year, dividends and distributions are reinvested, and that the Fund's
operating expenses remain the same.  Although your actual costs may be
higher or lower, based on these assumptions your costs would be:

                       1 Year  3 Years  5 Years  10 Years
                       ------  -------  -------  --------
     Class A Shares     $253     $472     $709    $1,391
     Class C Shares      247      610    1,049     2,273

You would pay the following expenses if you did not redeem your Class C
shares:

                       1 Year  3 Years  5 Years  10 Years
                       ------  -------  -------  --------
     Class C Shares     $197     $610   $1,049    $2,273

Investment Adviser and Portfolio Managers

The Fund's investment adviser is Thornburg Investment Management, Inc.
(Thornburg), which provides investment management and administrative
services.  Brian J. McMahon and George T. Strickland, both of whom are
managing directors of Thornburg, are the portfolio managers for the Fund.
Mr. McMahon has managed municipal bond portfolios for Thornburg since 1984,
and Mr. Strickland has performed municipal bond credit analysis and
management since joining Thornburg in 1991.  Mr. McMahon and Mr. Strickland
are assisted by other employees of Thornburg in managing the Fund's
portfolio.

Purchase of Fund Shares

The Fund offers multiple classes of shares.  Purchases of Class A and
Class C shares are described below.

Class A Shares

Class A shares are sold subject to a sales charge deducted at the time you
purchase your shares.

                                Sales Charge
                    as a percentage      as a percentage
Purchase Amount     of Offering Price   of Net Asset Value
- ---------------     -----------------   ------------------
[S]                        [C]                [C]
Less than $250,000         1.50%              1.52%
$250,000 to 499,999.99     1.25%              1.27%
$500,000 to 999,999.99     1.00%              1.01%
$1,000,000 and up          0.00%*             0.00%*

  *No sales charge will be payable at the time of purchase on investments of
   $1 million or more made by a purchaser, but a contingent deferred sales
   charge will be imposed on shares redeemed within one year following
purchase at the rate of 1/2 of 1% of the value of the shares redeemed.

Shareholders who sign a letter of intent to purchase more than $250,000
over 13 months may buy Class A shares at a reduced sales charge. Certain
shareholders may buy Class A shares at no sales charge:

     Shareholders who purchase shares within 24 months of redeeming
     Class A shares;

     Customers of trust companies or bank trust departments;

     Customers of fee for service broker dealers and financial advisors;

     Shareholders investing through a broker dealer's wrap program;

     Shareholders whose orders are placed through certain broker dealers
     maintaining omnibus accounts.

Class C Shares

Class C shares are sold at net asset value, but are subject to higher
annual expenses.  Class C shares are subject to a 1/2 of 1% contingent
deferred sales charge if redeemed within one year of purchase.

The minimum purchase to open an account is $5,000 for Class A and Class C
shares.  Minimum additional purchase for any account is $100.  Minimum
account size is $1,000, and accounts falling below that amount may be
subject to mandatory redemption.  Purchases may be made by mail, through
your financial advisor or by telephone.

Redeeming Fund Shares

You can withdraw money from your Fund account on any Fund business day by
redeeming some or all of your shares (selling them back to the Fund either
directly or through your financial advisor).  Your shares will be redeemed
by the Fund at the net asset value next computed after your order is
received in proper form.  If your purchase was subject to a contingent
deferred sales charge within one year of purchase, the charge will be
deducted. You may redeem Fund shares by mail, through your financial
advisor, or by telephone if you have previously signed up for the telephone
redemption feature.

Distributions and Taxes

The Fund distributes substantially all of its net income and realized
capital gains to shareholders each year.  The Fund declares its net
investment income daily and distributes it monthly.  The Fund will
distribute any net realized capital gains at least annually.  Distributions
are reinvested automatically in additional shares unless you elect to
receive them in cash.  Income dividends attributable to tax exempt
municipal obligations owned by the Fund are exempt from federal personal
income tax, but some portion of these dividends could be subject to the
alternative minimum tax.  Dividends attributable to market discount on
portfolio securities and distributions of net short-term capital gains are
taxable as ordinary income.  Any distributions of long-term capital gains
are taxed as long-term capital gains for federal income tax purposes.
Income dividends attributable to interest on municipal obligations
originating in California are not subject to the California state
individual income tax.

Other Fund Services

* Thornburg Funds telephone representatives:  Monday through Friday from
  7:30 a.m. to 4:30 p.m. Mountain Time, at 1-800-847-0200.

* Thornburg Funds Audio Response System: 24 hours a day, 7 days a week.
  Call 1-800-847-0200.

* The Automatic Investment Plan: transfer as little as $100 from your bank
  account on a weekly, monthly or quarterly basis.

* Exchange Class A shares of any other Thornburg Fund for Class A
  shares of the Fund without paying any additional sales charge.

* Website: Contact Thornburg on the Internet at www.Thornburg.com

Contact your financial advisor or the Fund for more information on these and
other services available to you.

Please call 1-800-847-0200 or your financial advisor for an application to
purchase shares of the Fund.  A copy of the Fund's prospectus will be sent
to you with the application.


                                 <LOGO>

              Thornburg Securities Corporation, Distributor
            119 East Marcy Street, Santa Fe, New Mexico 87501
                               800-847-0200
          www.thornburg.com    e-mail: [email protected]



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