THMMX Fees and Costs — Thornburg Municipal Managed Account Fund, Class SMA
Data updated: 2026-08-24
The net expense ratio is 0.00% (1.20% before fee waivers). There are no sales loads or redemption fees. Portfolio turnover was 51%.
THMMX Fees and Expenses
Annual operating expenses and sales charges of THMMX. Prospectus, as of January 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.20% |
| Gross expense ratio | 1.20% |
| Fee waiver | −1.20% |
| Net expense ratio | 0.00% |
| 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 | No |
THMMX Costs Over Time
On $10,000 invested in THMMX, assuming 5% a year before costs, total costs come to $0 over 5 years, cutting the return by 0.00% 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 0.00%) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $0 | $0 |
| Total costs | $0 | $0 | $0 |
| Value after costs | $10,500 | $11,576 | $12,763 |
| Impact on return, per year | 0.00% | 0.00% | 0.00% |
THMMX 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): $44.6M
- Portfolio turnover (prospectus): 51%
- Securities lending: none during the year
THMMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $10.8M | 26.98% |
| State Street Bank and Trust Company | $10.3M | 25.71% |
| Barclays Capital Inc. | $5.1M | 12.72% |
| RBC Capital Markets, LLC | $3.8M | 9.55% |
| BNY Capital Markets, LLC | $2.5M | 6.28% |
| Morgan Stanley & Co. LLC | $2.0M | 4.86% |
| Wells Fargo Securities, LLC | $1.8M | 4.45% |
| Goldman Sachs & Co. LLC | $1.4M | 3.58% |
| BMO Capital Markets Corp. | $1.3M | 3.18% |
| Stifel, Nicolaus & Company, Incorporated | $1.1M | 2.68% |
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.