TGVRX Fees and Costs — Thornburg International Equity Fund, Class R3
Data updated: 2026-08-24
The net expense ratio is 1.40%: a 0.75% management fee, a 0.50% 12b-1 fee plus 0.38% other expenses, less a 0.23% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2.8M in broker commissions, 0.0839% of average net assets, and portfolio turnover was 28%.
TGVRX Fees and Expenses
Annual operating expenses and sales charges of TGVRX. Prospectus, as of January 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.38% |
| Gross expense ratio | 1.63% |
| Fee waiver | −0.23% |
| Net expense ratio | 1.40% |
| 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 |
TGVRX Costs Over Time
On $10,000 invested in TGVRX, assuming 5% a year before costs, total costs come to $919 over 5 years, cutting the return by 1.56% 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 1.40%) | $147 | $456 | $787 |
| Trading costs (broker commissions) | $9 | $27 | $47 |
| Lost growth on money paid in costs | $0 | $24 | $85 |
| Total costs | $156 | $508 | $919 |
| Value after costs | $10,344 | $11,069 | $11,844 |
| Impact on return, per year | 1.56% | 1.56% | 1.56% |
TGVRX 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): 0.0839%
- Total broker commissions: $2.8M
- Bought from dealers (principal trades, not a cost): $2.0B
- Portfolio turnover (prospectus): 28%
- Securities lending: none during the year
TGVRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $327K | 16.79% |
| Goldman Sachs & Co. LLC | $261K | 13.40% |
| SG Americas Securities, LLC | $211K | 10.85% |
| J.P. Morgan Securities LLC | $199K | 10.20% |
| BNP Paribas Securities Corp. | $186K | 9.58% |
| Jefferies LLC | $172K | 8.84% |
| Morgan Stanley & Co. LLC | $168K | 8.62% |
| UBS Securities LLC | $144K | 7.42% |
| Citigroup Global Markets Inc. | $142K | 7.28% |
| HSBC Securities (USA) Inc. | $136K | 7.01% |
TGVRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $2.0B | 100.00% |
Thornburg International Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TGIRX | Class R6 | 0.72% | none |
| TGVIX | Class I | 0.90% | none |
| TIVRX | Class R5 | 0.90% | none |
| TGVAX | Class A | 1.15% | 4.50% |
| THVRX | Class R4 | 1.15% | none |
| TGVRX | Class R3 | 1.40% | none |
| THGCX | Class C | 1.90% | 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.