TBWAX Fees and Costs — Thornburg Better World International Fund, Class A
Data updated: 2026-08-24
The net expense ratio is 1.42%: a 0.97% management fee, a 0.25% 12b-1 fee plus 0.34% other expenses, less a 0.14% fee waiver. This share class carries a maximum front-end sales load of 4.50%. In fiscal 2025 the fund paid $496K in broker commissions, 0.0981% of average net assets, and portfolio turnover was 39%.
TBWAX Fees and Expenses
Annual operating expenses and sales charges of TBWAX. Prospectus, as of January 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.97% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.34% |
| Gross expense ratio | 1.56% |
| Fee waiver | −0.14% |
| Net expense ratio | 1.42% |
| Sales charges | |
|---|---|
| Max front load | 4.50% |
| 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 |
TBWAX Costs Over Time
On $10,000 invested in TBWAX, assuming 5% a year before costs, total costs come to $1,472 over 5 years, cutting the return by 2.54% 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 |
| Sales charges | $450 | $450 | $450 |
| Fund expenses (net expense ratio 1.42%) | $142 | $442 | $762 |
| Trading costs (broker commissions) | $10 | $31 | $53 |
| Lost growth on money paid in costs | $23 | $94 | $207 |
| Total costs | $625 | $1,017 | $1,472 |
| Value after costs | $9,875 | $10,559 | $11,291 |
| Impact on return, per year | 6.25% | 3.17% | 2.54% |
TBWAX 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): 0.0981%
- Total broker commissions: $496K
- Bought from dealers (principal trades, not a cost): $359.4M
- Portfolio turnover (prospectus): 39%
- Securities lending: none during the year
TBWAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $105K | 30.70% |
| SG Americas Securities, LLC | $50K | 14.57% |
| J.P. Morgan Securities LLC | $45K | 13.28% |
| BNP Paribas Securities Corp. | $37K | 10.86% |
| Goldman Sachs & Co. LLC | $24K | 7.01% |
| UBS Securities LLC | $18K | 5.36% |
| Nomura Securities International, Inc. | $18K | 5.30% |
| Jefferies LLC | $16K | 4.74% |
| Citigroup Global Markets Inc. | $15K | 4.39% |
| BNY Capital Markets, LLC | $13K | 3.80% |
TBWAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $356.9M | 99.32% |
| Oddo BHF SCA | $2.5M | 0.68% |
Thornburg Better World International Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TBWIX | Class I | 0.90% | none |
| TBWAX | Class A | 1.42% | 4.50% |
| TBWCX | Class C | 1.95% | 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.