TVAFX Fees and Costs — Thornburg Small/Mid Cap Core Fund, Class A
Data updated: 2026-08-24
The net expense ratio is 1.29%: a 0.79% management fee, a 0.25% 12b-1 fee plus 0.25% other expenses. This share class carries a maximum front-end sales load of 4.50%. In fiscal 2025 the fund paid $187K in broker commissions, 0.0361% of average net assets, and portfolio turnover was 23%.
TVAFX Fees and Expenses
Annual operating expenses and sales charges of TVAFX. Prospectus, as of April 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.25% |
| Gross expense ratio | 1.29% |
| Fee waiver | — |
| Net expense ratio | 1.29% |
| 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 |
TVAFX Costs Over Time
On $10,000 invested in TVAFX, assuming 5% a year before costs, total costs come to $1,361 over 5 years, cutting the return by 2.34% 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 1.29%) | $129 | $402 | $695 |
| Trading costs (broker commissions) | $4 | $11 | $19 |
| Lost growth on money paid in costs | $23 | $91 | $197 |
| Total costs | $605 | $955 | $1,361 |
| Value after costs | $9,895 | $10,621 | $11,401 |
| Impact on return, per year | 6.05% | 2.97% | 2.34% |
TVAFX 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): 0.0361%
- Total broker commissions: $187K
- Bought from dealers (principal trades, not a cost): $191.5M
- Portfolio turnover (prospectus): 23%
- Securities lending: none during the year
TVAFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $48K | 29.94% |
| Robert W. Baird & Co. Incorporated | $27K | 17.11% |
| TD Securities (USA) LLC | $25K | 15.83% |
| William Blair & Company, L.L.C. | $12K | 7.75% |
| Stifel, Nicolaus & Company, Incorporated | $11K | 6.78% |
| J.P. Morgan Securities LLC | $8K | 4.98% |
| Raymond James & Associates, Inc. | $8K | 4.79% |
| Liquidnet, Inc. | $7K | 4.68% |
| KeyBanc Capital Markets Inc. | $7K | 4.11% |
| Stephens Inc. | $6K | 4.03% |
TVAFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $190.6M | 99.53% |
| Goldman Sachs & Co. LLC | $900K | 0.47% |
Thornburg Small/Mid Cap Core Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| TAOZ | C000272858 | 0.79% | — |
| TVIFX | Class I | 0.87% | none |
| TVRRX | Class R5 | 0.87% | none |
| TVIRX | Class R4 | 1.12% | none |
| TVAFX | Class A | 1.29% | 4.50% |
| TVRFX | Class R3 | 1.37% | none |
| TVCFX | Class C | 1.87% | 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.