TFGZ Fees and Costs — Thornburg Small/Mid Cap Growth Fund
Data updated: 2026-08-24
The net expense ratio is 0.79%: a 0.79% management fee plus 0.19% other expenses, less a 0.19% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $127K in broker commissions, 0.0528% of average net assets, and portfolio turnover was 34%.
TFGZ Fees and Expenses
Annual operating expenses and sales charges of TFGZ. Prospectus, as of March 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | — |
| Other expenses | 0.19% |
| Gross expense ratio | 0.98% |
| Fee waiver | −0.19% |
| Net expense ratio | 0.79% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
TFGZ Costs Over Time
On $10,000 invested in TFGZ, assuming 5% a year before costs, total costs come to $529 over 5 years, cutting the return by 0.88% 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 0.79%) | $83 | $259 | $450 |
| Trading costs (broker commissions) | $6 | $17 | $30 |
| Lost growth on money paid in costs | $0 | $14 | $48 |
| Total costs | $88 | $290 | $529 |
| Value after costs | $10,412 | $11,286 | $12,234 |
| Impact on return, per year | 0.88% | 0.88% | 0.88% |
TFGZ 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): 0.0528%
- Total broker commissions: $127K
- Bought from dealers (principal trades, not a cost): $114.4M
- Portfolio turnover (prospectus): 34%
- Securities lending: none during the year
TFGZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $24K | 22.20% |
| Robert W. Baird & Co. Incorporated | $21K | 19.76% |
| Stifel, Nicolaus & Company, Incorporated | $18K | 16.40% |
| William Blair & Company, L.L.C. | $12K | 10.93% |
| KeyBanc Capital Markets Inc. | $6K | 5.54% |
| TD Securities (USA) LLC | $6K | 5.47% |
| Raymond James & Associates, Inc. | $6K | 5.28% |
| Liquidnet, Inc. | $6K | 5.16% |
| Morgan Stanley & Co. LLC | $5K | 5.09% |
| BNY Capital Markets, LLC | $4K | 4.17% |
TFGZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $109.5M | 95.75% |
| UBS Securities LLC | $3.2M | 2.80% |
| J.P. Morgan Securities LLC | $1.3M | 1.12% |
| Morgan Stanley & Co. LLC | $285K | 0.25% |
| KeyBanc Capital Markets Inc. | $95K | 0.08% |
Thornburg Small/Mid Cap Growth Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TFGZ | C000272859 | 0.79% | — |
| THGRX | Class R5 | 0.87% | none |
| THIGX | Class I | 0.87% | none |
| TCGRX | Class R4 | 1.12% | none |
| THCGX | Class A | 1.36% | 4.50% |
| THCRX | Class R3 | 1.37% | none |
| TCGCX | Class C | 1.87% | 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.