TSSAX Fees and Costs — Thornburg Strategic Municipal Income Fund, Class A
Data updated: 2026-08-24
The net expense ratio is 0.75%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.23% other expenses, less a 0.48% fee waiver. This share class carries a maximum front-end sales load of 2.00%. Portfolio turnover was 59%.
TSSAX Fees and Expenses
Annual operating expenses and sales charges of TSSAX. Prospectus, as of January 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.23% |
| Gross expense ratio | 1.23% |
| Fee waiver | −0.48% |
| Net expense ratio | 0.75% |
| Sales charges | |
|---|---|
| Max front load | 2.00% |
| 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 |
TSSAX Costs Over Time
On $10,000 invested in TSSAX, assuming 5% a year before costs, total costs come to $717 over 5 years, cutting the return by 1.21% 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 | $200 | $200 | $200 |
| Fund expenses (net expense ratio 0.75%) | $77 | $241 | $420 |
| Lost growth on money paid in costs | $10 | $43 | $98 |
| Total costs | $287 | $485 | $717 |
| Value after costs | $10,213 | $11,091 | $12,046 |
| Impact on return, per year | 2.87% | 1.49% | 1.21% |
TSSAX 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): $2.3B
- Portfolio turnover (prospectus): 59%
- Securities lending: none during the year
TSSAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $670.4M | 31.70% |
| State Street Bank and Trust Company | $479.9M | 22.69% |
| Barclays Capital Inc. | $330.4M | 15.62% |
| BMO Capital Markets Corp. | $147.8M | 6.99% |
| Wells Fargo Securities, LLC | $108.4M | 5.13% |
| RBC Capital Markets, LLC | $105.3M | 4.98% |
| Nomura Securities International, Inc. | $86.9M | 4.11% |
| Morgan Stanley & Co. LLC | $65.5M | 3.10% |
| BNY Capital Markets, LLC | $65.3M | 3.09% |
| Goldman Sachs & Co. LLC | $54.6M | 2.58% |
Thornburg Strategic Municipal 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 |
|---|---|---|---|
| TSSIX | Class I | 0.50% | none |
| TSSAX | Class A | 0.75% | 2.00% |
| TSSCX | Class C | 1.10% | 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.