LTCIX Fees and Costs — Thornburg California Limited Term Municipal Fund, Class I
Data updated: 2026-08-24
The net expense ratio is 0.49%: a 0.50% management fee plus 0.23% other expenses, less a 0.24% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 44%.
LTCIX Fees and Expenses
Annual operating expenses and sales charges of LTCIX. Prospectus, as of January 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 0.73% |
| Fee waiver | −0.24% |
| Net expense ratio | 0.49% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
LTCIX Costs Over Time
On $10,000 invested in LTCIX, assuming 5% a year before costs, total costs come to $310 over 5 years, cutting the return by 0.51% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.49%) | $51 | $161 | $281 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $51 | $169 | $310 |
| Value after costs | $10,449 | $11,407 | $12,453 |
| Impact on return, per year | 0.51% | 0.51% | 0.51% |
LTCIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.0B
- Portfolio turnover (prospectus): 44%
- Securities lending: none during the year
LTCIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $229.0M | 24.96% |
| Barclays Capital Inc. | $208.6M | 22.74% |
| J.P. Morgan Securities LLC | $125.0M | 13.62% |
| BMO Capital Markets Corp. | $105.1M | 11.45% |
| RBC Capital Markets, LLC | $63.0M | 6.87% |
| Goldman Sachs & Co. LLC | $53.5M | 5.84% |
| Nomura Securities International, Inc. | $40.5M | 4.41% |
| Wells Fargo Securities, LLC | $35.3M | 3.84% |
| BofA Securities, Inc. | $31.9M | 3.47% |
| Morgan Stanley & Co. LLC | $25.7M | 2.80% |
Thornburg California Limited Term Municipal Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| LTCIX | Class I | 0.49% | none |
| LTCAX | Class A | 0.74% | 2.25% |
| LTCCX | Class C | 0.99% | none |
| LTCQX | Class C2 | 1.14% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.