TLDAX Fees and Costs — Thornburg Ultra Short Income Fund, Class A
Data updated: 2026-08-24
The net expense ratio is 0.60%: a 0.25% management fee, a 0.20% 12b-1 fee plus 0.41% other expenses, less a 0.26% fee waiver. This share class carries a maximum front-end sales load of 2.25%. Portfolio turnover was 58%.
TLDAX Fees and Expenses
Annual operating expenses and sales charges of TLDAX. Prospectus, as of January 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.20% |
| Other expenses | 0.41% |
| Gross expense ratio | 0.86% |
| Fee waiver | −0.26% |
| Net expense ratio | 0.60% |
| Sales charges | |
|---|---|
| Max front load | 2.25% |
| 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 |
TLDAX Costs Over Time
On $10,000 invested in TLDAX, assuming 5% a year before costs, total costs come to $657 over 5 years, cutting the return by 1.10% 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 | $225 | $225 | $225 |
| Fund expenses (net expense ratio 0.60%) | $62 | $193 | $336 |
| Lost growth on money paid in costs | $11 | $45 | $96 |
| Total costs | $298 | $463 | $657 |
| Value after costs | $10,202 | $11,113 | $12,106 |
| Impact on return, per year | 2.98% | 1.42% | 1.10% |
TLDAX 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): 58%
- Securities lending: none during the year
TLDAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $612.2M | 70.25% |
| Goldman Sachs & Co. LLC | $45.2M | 5.19% |
| BNY Capital Markets, LLC | $42.5M | 4.88% |
| Wells Fargo Securities, LLC | $28.3M | 3.25% |
| BofA Securities, Inc. | $27.6M | 3.17% |
| BNP Paribas Securities Corp. | $27.4M | 3.15% |
| J.P. Morgan Securities LLC | $26.1M | 3.00% |
| BMO Capital Markets Corp. | $21.9M | 2.51% |
| Stonex Financial Inc. | $20.2M | 2.32% |
| Barclays Capital Inc. | $19.9M | 2.28% |
Thornburg Ultra Short Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TLDIX | Class I | 0.35% | none |
| TLDAX | Class A | 0.60% | 2.25% |
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.