TLMIX Fees and Costs — Thornburg Short Duration Municipal Fund, Class I
Data updated: 2026-08-24
The net expense ratio is 0.50%: a 0.40% management fee plus 0.24% other expenses, less a 0.14% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 55%.
TLMIX Fees and Expenses
Annual operating expenses and sales charges of TLMIX. Prospectus, as of January 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.24% |
| Gross expense ratio | 0.64% |
| Fee waiver | −0.14% |
| Net expense ratio | 0.50% |
| 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 |
TLMIX Costs Over Time
On $10,000 invested in TLMIX, assuming 5% a year before costs, total costs come to $316 over 5 years, cutting the return by 0.52% 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 0.50%) | $52 | $165 | $287 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $52 | $173 | $316 |
| Value after costs | $10,448 | $11,403 | $12,447 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
TLMIX 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): $517.7M
- Portfolio turnover (prospectus): 55%
- Securities lending: none during the year
TLMIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $169.5M | 35.69% |
| State Street Bank and Trust Company | $92.8M | 19.53% |
| Barclays Capital Inc. | $69.4M | 14.60% |
| Nomura Securities International, Inc. | $35.4M | 7.45% |
| BMO Capital Markets Corp. | $30.6M | 6.44% |
| RBC Capital Markets, LLC | $22.8M | 4.80% |
| Wells Fargo Securities, LLC | $20.0M | 4.20% |
| Morgan Stanley & Co. LLC | $18.2M | 3.83% |
| BofA Securities, Inc. | $8.9M | 1.88% |
| Goldman Sachs & Co. LLC | $7.5M | 1.58% |
Thornburg Short Duration Municipal Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TLMIX | Class I | 0.50% | none |
| TLMAX | Class A | 0.70% | 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.