TSRIX Fees and Costs — Thornburg Strategic Income Fund, Class R4
Data updated: 2026-08-24
The net expense ratio is 1.25%: a 0.53% management fee, a 0.25% 12b-1 fee plus 1.51% other expenses, less a 1.04% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $10K in broker commissions, 0.0001% of average net assets, and portfolio turnover was 30%.
TSRIX Fees and Expenses
Annual operating expenses and sales charges of TSRIX. Prospectus, as of January 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.53% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.51% |
| Gross expense ratio | 2.29% |
| Fee waiver | −1.04% |
| Net expense ratio | 1.25% |
| 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 |
TSRIX Costs Over Time
On $10,000 invested in TSRIX, assuming 5% a year before costs, total costs come to $778 over 5 years, cutting the return by 1.31% 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 1.25%) | $131 | $408 | $706 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $20 | $72 |
| Total costs | $131 | $429 | $778 |
| Value after costs | $10,369 | $11,148 | $11,985 |
| Impact on return, per year | 1.31% | 1.31% | 1.31% |
TSRIX 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): 0.0001%
- Total broker commissions: $10K
- Bought from dealers (principal trades, not a cost): $11.6B
- Portfolio turnover (prospectus): 30%
- Securities lending: none during the year
TSRIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $6K | 62.15% |
| BTIG, LLC | $4K | 37.85% |
TSRIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $5.0B | 55.30% |
| J.P. Morgan Securities LLC | $617.5M | 6.82% |
| BMO Capital Markets Corp. | $555.7M | 6.14% |
| Citadel Securities LLC | $503.1M | 5.56% |
| Barclays Capital Inc. | $464.1M | 5.13% |
| Nomura Securities International, Inc. | $413.8M | 4.57% |
| Stonex Financial Inc. | $401.1M | 4.43% |
| Goldman Sachs & Co. LLC | $393.7M | 4.35% |
| BNY Capital Markets, LLC | $360.2M | 3.98% |
| Citigroup Global Markets Inc. | $337.1M | 3.72% |
Thornburg Strategic 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 |
|---|---|---|---|
| TSRSX | Class R6 | 0.53% | none |
| TSIIX | Class I | 0.60% | none |
| TSRRX | Class R5 | 0.60% | none |
| TSIAX | Class A | 1.02% | 4.50% |
| TSIRX | Class R3 | 1.25% | none |
| TSRIX | Class R4 | 1.25% | none |
| TSICX | Class C | 1.74% | 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.