TSAMX Fees and Costs — Thornburg Summit Fund, Class A
Data updated: 2026-08-24
The net expense ratio is 0.95%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.82% other expenses, less a 0.88% fee waiver. This share class carries a maximum front-end sales load of 4.50%. In fiscal 2025 the fund paid $21K in broker commissions, 0.0206% of average net assets, and portfolio turnover was 33%.
TSAMX Fees and Expenses
Annual operating expenses and sales charges of TSAMX. Prospectus, as of August 20, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.82% |
| Gross expense ratio | 1.83% |
| Fee waiver | −0.88% |
| Net expense ratio | 0.95% |
| Sales charges | |
|---|---|
| Max front load | 4.50% |
| 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 |
TSAMX Costs Over Time
On $10,000 invested in TSAMX, assuming 5% a year before costs, total costs come to $1,154 over 5 years, cutting the return by 1.97% 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 | $450 | $450 | $450 |
| Fund expenses (net expense ratio 0.95%) | $95 | $297 | $516 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $22 | $86 | $178 |
| Total costs | $570 | $840 | $1,154 |
| Value after costs | $9,930 | $10,737 | $11,608 |
| Impact on return, per year | 5.70% | 2.60% | 1.97% |
TSAMX 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): 0.0206%
- Total broker commissions: $21K
- Bought from dealers (principal trades, not a cost): $120.4M
- Portfolio turnover (prospectus): 33%
- Securities lending: none during the year
TSAMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $4K | 19.95% |
| BofA Securities, Inc. | $3K | 17.10% |
| Jefferies LLC | $2K | 12.34% |
| Sanford C. Bernstein & Co., LLC | $2K | 12.18% |
| SG Americas Securities, LLC | $2K | 10.06% |
| Goldman Sachs & Co. LLC | $2K | 8.49% |
| Nomura Securities International, Inc. | $1K | 7.97% |
| RBC Capital Markets, LLC | $894 | 4.97% |
| BNP Paribas Securities Corp. | $804 | 4.47% |
| William Blair & Company, L.L.C. | $444 | 2.47% |
TSAMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $80.9M | 74.82% |
| Barclays Capital Inc. | $5.7M | 5.28% |
| BMO Capital Markets Corp. | $5.5M | 5.06% |
| Stonex Financial Inc. | $3.0M | 2.80% |
| Citadel Securities LLC | $2.4M | 2.26% |
| BNP Paribas Securities Corp. | $2.4M | 2.24% |
| Goldman Sachs & Co. LLC | $2.4M | 2.21% |
| J.P. Morgan Securities LLC | $2.0M | 1.89% |
| BofA Securities, Inc. | $1.9M | 1.80% |
| Citigroup Global Markets Inc. | $1.8M | 1.65% |
Thornburg Summit Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TSUMX | Class I | 0.70% | none |
| TSAMX | Class A | 0.95% | 4.50% |
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.