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Thornburg International Equity Fund

SYMBOL: TIVRX

Morningstar Rating • Info

Overall Morningstar Rating among 654 Foreign Large Blend funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 4 stars and 4 stars among 654, 617 and 484 funds, as of 28 Feb 2026.

As of 28 Feb 2026

Fund Assets

$5.5 B

As of 28 Feb 2026

NAV

$33.93

As of 30 Mar 2026

Change

$-0.08

As of 30 Mar 2026

YTD NAV Performance

0.62%

As of 30 Mar 2026

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex-U.S. Index

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Matt Burdett

Head of Equities, Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Overview

Why Invest in This Fund?

Focused, diversified international core equity portfolio that includes promising companies from both developed markets and emerging markets outside the U.S.
Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals trading at a discount to intrinsic value and with a defined path to success.
Three-basket portfolio construction process that seeks to provide style diversification, reduce volatility and deliver superior risk-adjusted performance over time.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation by investing in equity and debt securities of all types.

Investment Approach

The fund uses a fundamental, bottom-up investment approach to uncover promising businesses with sound fundamentals in primarily the developed international markets of Europe and the Asia Pacific region. The resulting portfolio is diversified by sector, country and market capitalization. The portfolio is constructed with three types of stocks (basic value, consistent earners and emerging franchises) which provides the opportunity for our portfolio to produce attractive risk-adjusted returns across market cycles with less volatility over time.

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Performance

Performance

Returns

(As of 31 Dec 2025)

YTD

1y

3y

5y

10y

Inception

Total Return (%)

34.15

34.15

20.18

9.23

9.21

8.45

MSCI ACWI ex-U.S. Index (%)

32.39

32.39

17.33

7.91

8.41

5.61

Morningstar Category Avg. (%)

30.4

30.4

16.73

8.12

8.05

—

Morningstar Quartile

—

1

1

1

1

—

Morningstar Quartile # of Funds

—

680

644

610

479

—

YTD

1y

3y

5y

10y

Inception

Total Return (%)

12.22

40.47

23.25

11.00

11.60

8.85

MSCI ACWI ex-U.S. Index (%)

11.30

39.71

19.90

9.76

10.48

5.98

Morningstar Category Avg. (%)

9.93

34.39

18.5

9.85

9.98

—

Morningstar Quartile

—

1

1

2

1

—

Morningstar Quartile # of Funds

—

685

654

617

484

—

YTD

1y

3y

5y

10y

Inception

Total Return (%)

34.15

34.15

73.57

55.47

141.24

837.51

MSCI ACWI ex-U.S. Index (%)

32.39

32.39

61.53

46.30

124.32

350.80

YTD

1y

3y

5y

10y

Inception

Total Return (%)

12.22

40.47

87.23

68.51

199.57

952.06

MSCI ACWI ex-U.S. Index (%)

11.30

39.71

72.35

59.33

171.00

401.75

2020

2021

2022

2023

2024

2025

Total Return (%)

22.67

7.57

-16.73

15.99

11.54

34.15

MSCI ACWI ex-U.S. Index (%)

10.65

7.82

-16.00

15.62

5.53

32.39

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for Foreign Large Blend category is based on total returns before sales charges.

Prior to inception of I and R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A and C shares, 28 May 1998; I shares, 30 Mar 2001; R3 shares, 1 Jul 2003; R4 shares, 1 Feb 2007; R5 shares, 1 Feb 2005; R6 shares, 1 May 2012.

Fund Fees

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.17

Net Expense Ratio (%)

0.90

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

            Categories,R5 Shares,MSCI ACWI ex-U.S. Index
            1998-05-28,10000,10000
1998-05-31,9975,9819
1998-06-30,10054,9782
1998-07-31,10000,9875
1998-08-31,8369,8482
1998-09-30,8233,8303
1998-10-31,8766,9173
1998-11-30,9165,9666
1998-12-31,9092,9999
1999-01-31,8793,9988
1999-02-28,8947,9764
1999-03-31,9488,10236
1999-04-30,10093,10748
1999-05-31,10300,10243
1999-06-30,10786,10714
1999-07-31,11063,10965
1999-08-31,11085,11003
1999-09-30,11063,11077
1999-10-31,11349,11490
1999-11-30,12584,11949
1999-12-31,14921,13089
2000-01-31,14417,12379
2000-02-29,15303,12713
2000-03-31,15586,13191
2000-04-30,15071,12455
2000-05-31,14868,12136
2000-06-30,15430,12653
2000-07-31,15094,12154
2000-08-31,15696,12304
2000-09-30,14936,11621
2000-10-31,14555,11252
2000-11-30,14192,10747
2000-12-31,14751,11114
2001-01-31,15200,11280
2001-02-28,14280,10387
2001-03-31,13822,9648
2001-04-30,14593,10299
2001-05-31,14693,10007
2001-06-30,14227,9619
2001-07-31,13822,9404
2001-08-31,13169,9168
2001-09-30,11809,8194
2001-10-31,12147,8423
2001-11-30,12773,8808
2001-12-31,13255,8921
2002-01-31,13260,8538
2002-02-28,13523,8599
2002-03-31,14159,9062
2002-04-30,14585,9116
2002-05-31,14275,9208
2002-06-30,13686,8807
2002-07-31,12599,7948
2002-08-31,12566,7946
2002-09-30,11391,7102
2002-10-31,11856,7483
2002-11-30,12234,7842
2002-12-31,11922,7588
2003-01-31,11264,7320
2003-02-28,10989,7171
2003-03-31,10811,7027
2003-04-30,12026,7697
2003-05-31,12588,8180
2003-06-30,13093,8402
2003-07-31,13502,8625
2003-08-31,14171,8880
2003-09-30,14398,9127
2003-10-31,15232,9718
2003-11-30,15680,9928
2003-12-31,16766,10686
2004-01-31,17119,10856
2004-02-29,17328,11130
2004-03-31,17614,11194
2004-04-30,16935,10838
2004-05-31,16932,10862
2004-06-30,17344,11093
2004-07-31,16857,10768
2004-08-31,17009,10851
2004-09-30,17585,11199
2004-10-31,17940,11587
2004-11-30,18944,12389
2004-12-31,19823,12920
2005-01-31,19441,12695
2005-02-28,20236,13318
2005-03-31,19834,12952
2005-04-30,19337,12620
2005-05-31,19834,12687
2005-06-30,20159,12920
2005-07-31,21144,13395
2005-08-31,21412,13733
2005-09-30,22347,14439
2005-10-31,21827,13912
2005-11-30,22460,14376
2005-12-31,23431,15067
2006-01-31,25158,16115
2006-02-28,25031,16065
2006-03-31,25750,16525
2006-04-30,26971,17367
2006-05-31,25730,16548
2006-06-30,25779,16525
2006-07-31,26075,16691
2006-08-31,26725,17158
2006-09-30,26752,17166
2006-10-31,27734,17863
2006-11-30,28427,18507
2006-12-31,29538,19082
2007-01-31,29650,19151
2007-02-28,29466,19265
2007-03-31,30465,19799
2007-04-30,32207,20702
2007-05-31,33440,21246
2007-06-30,34229,21419
2007-07-31,34618,21354
2007-08-31,35324,21021
2007-09-30,37756,22409
2007-10-31,39749,23657
2007-11-30,38114,22588
2007-12-31,37848,22260
2008-01-31,33946,20102
2008-02-29,34505,20678
2008-03-31,33823,20224
2008-04-30,35690,21448
2008-05-31,35712,21788
2008-06-30,32969,19997
2008-07-31,32158,19277
2008-08-31,30614,18375
2008-09-30,27357,15615
2008-10-31,22234,12177
2008-11-30,21214,11472
2008-12-31,22067,12126
2009-01-31,20009,11054
2009-02-28,18668,10023
2009-03-31,19748,10827
2009-04-30,21817,12303
2009-05-31,24421,13968
2009-06-30,24253,13814
2009-07-31,26488,15165
2009-08-31,26798,15726
2009-09-30,28014,16534
2009-10-31,28014,16329
2009-11-30,28750,16797
2009-12-31,29106,17152
2010-01-31,27796,16314
2010-02-28,27888,16314
2010-03-31,29652,17424
2010-04-30,29548,17270
2010-05-31,27062,15453
2010-06-30,26930,15255
2010-07-31,28907,16632
2010-08-31,28086,16175
2010-09-30,30776,17784
2010-10-31,32086,18390
2010-11-30,31182,17680
2010-12-31,33203,19065
2011-01-31,33435,19252
2011-02-28,34631,19760
2011-03-31,34647,19714
2011-04-30,36577,20677
2011-05-31,35682,20081
2011-06-30,35048,19790
2011-07-31,34346,19520
2011-08-31,30918,17847
2011-09-30,27734,15861
2011-10-31,30659,17532
2011-11-30,29579,16637
2011-12-31,28870,16452
2012-01-31,30576,17568
2012-02-29,32187,18555
2012-03-31,32101,18299
2012-04-30,31995,18011
2012-05-31,28787,15966
2012-06-30,29890,16907
2012-07-31,30614,17146
2012-08-31,30792,17505
2012-09-30,31709,18159
2012-10-31,32007,18229
2012-11-30,32531,18577
2012-12-31,33413,19220
2013-01-31,34950,20002
2013-02-28,34104,19790
2013-03-31,34235,19830
2013-04-30,35335,20559
2013-05-31,35239,20083
2013-06-30,33718,19212
2013-07-31,35462,20053
2013-08-31,34789,19777
2013-09-30,37037,21151
2013-10-31,37362,21927
2013-11-30,38195,21965
2013-12-31,38635,22159
2014-01-31,36113,21152
2014-02-28,37512,22214
2014-03-31,36837,22271
2014-04-30,36837,22565
2014-05-31,37199,23004
2014-06-30,37639,23391
2014-07-31,37044,23159
2014-08-31,37506,23287
2014-09-30,37100,22159
2014-10-31,37161,21940
2014-11-30,38112,22099
2014-12-31,36459,21302
2015-01-31,37231,21270
2015-02-28,39294,22408
2015-03-31,39201,22045
2015-04-30,41889,23159
2015-05-31,42329,22797
2015-06-30,41160,22161
2015-07-31,41963,22100
2015-08-31,39205,20411
2015-09-30,37681,19464
2015-10-31,39778,20913
2015-11-30,39296,20482
2015-12-31,38863,20096
2016-01-31,36110,18729
2016-02-29,35119,18515
2016-03-31,37195,20020
2016-04-30,38092,20547
2016-05-31,37872,20200
2016-06-30,36107,19891
2016-07-31,37571,20875
2016-08-31,38048,21007
2016-09-30,38507,21266
2016-10-31,37865,20960
2016-11-30,37176,20475
2016-12-31,37913,20999
2017-01-31,38635,21743
2017-02-28,38635,22090
2017-03-31,40546,22650
2017-04-30,41831,23135
2017-05-31,43420,23885
2017-06-30,44170,23959
2017-07-31,45524,24843
2017-08-31,44638,24973
2017-09-30,45887,25436
2017-10-31,46421,25915
2017-11-30,46831,26125
2017-12-31,47536,26709
2018-01-31,50528,28197
2018-02-28,47517,26867
2018-03-31,46425,26393
2018-04-30,46802,26815
2018-05-31,45842,26196
2018-06-30,44280,25703
2018-07-31,45560,26318
2018-08-31,44167,25767
2018-09-30,44111,25884
2018-10-31,40215,23779
2018-11-30,40874,24004
2018-12-31,38100,22918
2019-01-31,41508,24649
2019-02-28,43078,25131
2019-03-31,44074,25281
2019-04-30,46582,25948
2019-05-31,43595,24556
2019-06-30,46007,26034
2019-07-31,45624,25719
2019-08-31,44839,24925
2019-09-30,45318,25566
2019-10-31,46773,26458
2019-11-30,47487,26692
2019-12-31,49160,27848
2020-01-31,48547,27099
2020-02-29,45871,24957
2020-03-31,39581,21344
2020-04-30,42175,22961
2020-05-31,44932,23713
2020-06-30,46913,24784
2020-07-31,50120,25889
2020-08-31,53551,26997
2020-09-30,52407,26334
2020-10-31,51672,25768
2020-11-30,57871,29234
2020-12-31,60303,30814
2021-01-31,60746,30881
2021-02-28,62431,31492
2021-03-31,62831,31890
2021-04-30,64496,32829
2021-05-31,67488,33856
2021-06-30,65507,33637
2021-07-31,63864,33082
2021-08-31,64749,33711
2021-09-30,62874,32632
2021-10-31,65086,33411
2021-11-30,62695,31906
2021-12-31,64868,33225
2022-01-31,62707,32000
2022-02-28,58938,31367
2022-03-31,57857,31417
2022-04-30,54112,29444
2022-05-31,54977,29656
2022-06-30,50967,27104
2022-07-31,52696,28032
2022-08-31,50271,27131
2022-09-30,45518,24419
2022-10-31,46670,25149
2022-11-30,54040,28118
2022-12-31,54013,27908
2023-01-31,58861,30171
2023-02-28,56192,29112
2023-03-31,58346,29824
2023-04-30,59473,30342
2023-05-31,57489,29239
2023-06-30,59938,30551
2023-07-31,62141,31793
2023-08-31,59987,30357
2023-09-30,57367,29398
2023-10-31,56118,28185
2023-11-30,60475,30722
2023-12-31,62651,32266
2024-01-31,62776,31945
2024-02-29,64757,32754
2024-03-31,67489,33778
2024-04-30,66712,33171
2024-05-31,70322,34134
2024-06-30,69620,34102
2024-07-31,71977,34891
2024-08-31,73732,35885
2024-09-30,75888,36852
2024-10-31,72278,35043
2024-11-30,71504,34726
2024-12-31,69883,34051
2025-01-31,73179,35423
2025-02-28,74894,35915
2025-03-31,76823,35834
2025-04-30,79021,37127
2025-05-31,83067,38828
2025-06-30,85130,40145
2025-07-31,85103,40031
2025-08-31,87247,41419
2025-09-30,89766,42912
2025-10-31,90596,43779
2025-11-30,91526,43768
2025-12-31,93751,45080
2026-01-31,98811,47776
2026-02-28,105206,50175

Hypothetical Growth of $10,000

(As of 28 Feb 2026)

(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Index)

                        Categories,R5 Shares,MSCI ACWI ex-U.S. Index
                        2025-02-28,10000,10000
2025-03-31,10258,9977
2025-04-30,10551,10338
2025-05-31,11091,10811
2025-06-30,11367,11178
2025-07-31,11363,11146
2025-08-31,11649,11533
2025-09-30,11986,11948
2025-10-31,12097,12190
2025-11-30,12221,12186
2025-12-31,12518,12552
2026-01-31,13193,13303
2026-02-28,14047,13971

                        Categories,R5 Shares,MSCI ACWI ex-U.S. Index
                        2023-02-28,10000,10000
2023-03-31,10383,10244
2023-04-30,10584,10422
2023-05-31,10231,10043
2023-06-30,10667,10494
2023-07-31,11059,10921
2023-08-31,10675,10428
2023-09-30,10209,10098
2023-10-31,9987,9682
2023-11-30,10762,10553
2023-12-31,11149,11083
2024-01-31,11172,10973
2024-02-29,11524,11251
2024-03-31,12011,11603
2024-04-30,11872,11394
2024-05-31,12515,11725
2024-06-30,12390,11714
2024-07-31,12809,11985
2024-08-31,13121,12326
2024-09-30,13505,12658
2024-10-31,12863,12037
2024-11-30,12725,11928
2024-12-31,12437,11697
2025-01-31,13023,12168
2025-02-28,13328,12337
2025-03-31,13672,12309
2025-04-30,14063,12753
2025-05-31,14783,13337
2025-06-30,15150,13790
2025-07-31,15145,13750
2025-08-31,15527,14227
2025-09-30,15975,14740
2025-10-31,16123,15038
2025-11-30,16288,15034
2025-12-31,16684,15485
2026-01-31,17585,16411
2026-02-28,18723,17235

                        Categories,R5 Shares,MSCI ACWI ex-U.S. Index
                        2021-02-28,10000,10000
2021-03-31,10064,10126
2021-04-30,10331,10425
2021-05-31,10810,10751
2021-06-30,10493,10681
2021-07-31,10230,10505
2021-08-31,10371,10705
2021-09-30,10071,10362
2021-10-31,10425,10609
2021-11-30,10042,10131
2021-12-31,10390,10550
2022-01-31,10044,10161
2022-02-28,9440,9960
2022-03-31,9267,9976
2022-04-30,8668,9350
2022-05-31,8806,9417
2022-06-30,8164,8607
2022-07-31,8441,8901
2022-08-31,8052,8615
2022-09-30,7291,7754
2022-10-31,7475,7986
2022-11-30,8656,8929
2022-12-31,8652,8862
2023-01-31,9428,9581
2023-02-28,9001,9244
2023-03-31,9346,9470
2023-04-30,9526,9635
2023-05-31,9208,9284
2023-06-30,9601,9701
2023-07-31,9954,10095
2023-08-31,9608,9640
2023-09-30,9189,9335
2023-10-31,8989,8950
2023-11-30,9687,9756
2023-12-31,10035,10246
2024-01-31,10055,10144
2024-02-29,10373,10401
2024-03-31,10810,10726
2024-04-30,10686,10533
2024-05-31,11264,10839
2024-06-30,11152,10829
2024-07-31,11529,11079
2024-08-31,11810,11395
2024-09-30,12155,11702
2024-10-31,11577,11128
2024-11-30,11453,11027
2024-12-31,11194,10813
2025-01-31,11722,11248
2025-02-28,11996,11404
2025-03-31,12305,11379
2025-04-30,12657,11789
2025-05-31,13305,12329
2025-06-30,13636,12748
2025-07-31,13632,12711
2025-08-31,13975,13152
2025-09-30,14378,13626
2025-10-31,14511,13902
2025-11-30,14660,13898
2025-12-31,15017,14315
2026-01-31,15827,15171
2026-02-28,16851,15933

                        Categories,R5 Shares,MSCI ACWI ex-U.S. Index
                        2016-02-29,10000,10000
2016-03-31,10591,10813
2016-04-30,10846,11098
2016-05-31,10784,10910
2016-06-30,10281,10743
2016-07-31,10698,11275
2016-08-31,10834,11346
2016-09-30,10965,11486
2016-10-31,10782,11321
2016-11-30,10586,11059
2016-12-31,10796,11342
2017-01-31,11001,11744
2017-02-28,11001,11931
2017-03-31,11545,12233
2017-04-30,11911,12495
2017-05-31,12363,12901
2017-06-30,12577,12941
2017-07-31,12963,13418
2017-08-31,12710,13488
2017-09-30,13066,13738
2017-10-31,13218,13997
2017-11-30,13335,14110
2017-12-31,13535,14426
2018-01-31,14387,15229
2018-02-28,13530,14511
2018-03-31,13219,14255
2018-04-30,13327,14483
2018-05-31,13053,14148
2018-06-30,12608,13883
2018-07-31,12973,14215
2018-08-31,12576,13917
2018-09-30,12560,13980
2018-10-31,11451,12843
2018-11-30,11639,12965
2018-12-31,10849,12378
2019-01-31,11819,13313
2019-02-28,12266,13573
2019-03-31,12550,13654
2019-04-30,13264,14015
2019-05-31,12413,13263
2019-06-30,13100,14061
2019-07-31,12991,13891
2019-08-31,12768,13462
2019-09-30,12904,13809
2019-10-31,13318,14290
2019-11-30,13522,14416
2019-12-31,13998,15041
2020-01-31,13823,14637
2020-02-29,13062,13480
2020-03-31,11270,11528
2020-04-30,12009,12402
2020-05-31,12794,12807
2020-06-30,13358,13386
2020-07-31,14271,13983
2020-08-31,15248,14582
2020-09-30,14923,14223
2020-10-31,14713,13917
2020-11-30,16478,15789
2020-12-31,17171,16643
2021-01-31,17297,16679
2021-02-28,17777,17009
2021-03-31,17891,17224
2021-04-30,18365,17731
2021-05-31,19217,18286
2021-06-30,18653,18167
2021-07-31,18185,17868
2021-08-31,18437,18208
2021-09-30,17903,17625
2021-10-31,18533,18045
2021-11-30,17852,17233
2021-12-31,18471,17945
2022-01-31,17855,17284
2022-02-28,16782,16942
2022-03-31,16474,16969
2022-04-30,15408,15903
2022-05-31,15654,16017
2022-06-30,14513,14639
2022-07-31,15005,15140
2022-08-31,14314,14654
2022-09-30,12961,13189
2022-10-31,13289,13583
2022-11-30,15388,15187
2022-12-31,15380,15073
2023-01-31,16760,16296
2023-02-28,16000,15724
2023-03-31,16614,16108
2023-04-30,16934,16388
2023-05-31,16370,15792
2023-06-30,17067,16501
2023-07-31,17694,17172
2023-08-31,17081,16396
2023-09-30,16335,15878
2023-10-31,15979,15223
2023-11-30,17220,16593
2023-12-31,17839,17427
2024-01-31,17875,17254
2024-02-29,18439,17691
2024-03-31,19217,18244
2024-04-30,18996,17916
2024-05-31,20024,18436
2024-06-30,19824,18419
2024-07-31,20495,18845
2024-08-31,20995,19382
2024-09-30,21609,19904
2024-10-31,20581,18927
2024-11-30,20360,18756
2024-12-31,19899,18392
2025-01-31,20837,19133
2025-02-28,21326,19398
2025-03-31,21875,19354
2025-04-30,22501,20053
2025-05-31,23653,20971
2025-06-30,24240,21683
2025-07-31,24233,21621
2025-08-31,24843,22371
2025-09-30,25560,23177
2025-10-31,25797,23646
2025-11-30,26061,23639
2025-12-31,26695,24348
2026-01-31,28136,25804
2026-02-28,29957,27100

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2005-09-30,0.18791
2005-11-17,0.40477
2006-03-31,0.09297
2006-09-30,0.19801
2006-11-17,0.64859
2006-12-31,0.10222
2007-06-30,0.15263
2007-09-30,0.14282
2007-11-19,2.87886
2007-12-31,0.04180
2008-06-30,0.23550
2008-09-30,0.13717
2008-12-31,0.06053
2009-06-30,0.17295
2009-09-30,0.06116
2010-03-31,0.04434
2010-06-30,0.10916
2010-09-30,0.08600
2010-12-31,0.02262
2011-03-31,0.04291
2011-06-30,0.17804
2011-09-30,0.09819
2011-12-31,0.03632
2012-03-31,0.06763
2012-06-30,0.16929
2012-09-30,0.09293
2013-03-31,0.08005
2013-06-30,0.17181
2013-09-30,0.09029
2013-12-31,0.01457
2014-06-30,0.19477
2014-09-30,0.14738
2014-11-19,2.52021
2014-12-31,0.04667
2015-06-30,0.17859
2015-09-30,0.12032
2015-11-19,4.25368
2015-12-31,0.01404
2016-06-30,0.25080
2016-09-30,0.19799
2017-03-31,0.02167
2017-06-30,0.11718
2017-09-30,0.11528
2017-11-17,4.02883
2017-12-31,0.00432
2018-12-31,0.33820
2019-11-14,1.28372
2019-12-31,0.27655
2020-11-19,0.76614
2020-12-31,0.09755
2021-11-18,3.43433
2021-12-31,0.39526
2022-12-31,0.43967
2023-11-16,0.09820
2023-12-31,0.48956
2024-11-21,1.30833
2024-12-31,0.49084
2025-11-20,0.74682
2025-12-31,0.46593

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2005-09-30,1128038400,0.18791,0.18791,0,0
2005-11-17,1132185600,0.40477,0,0.08666,0.31811
2006-03-30,1143763200,0.09297,0.09297,0,0
2006-09-27,1159574400,0.19801,0.19801,0,0
2006-11-17,1163721600,0.64859,0,0.05849,0.59010
2006-12-26,1167523200,0.10222,0.10222,0,0
2007-06-26,1183161600,0.15263,0.15263,0,0
2007-09-26,1191110400,0.14282,0.14282,0,0
2007-11-19,1195430400,2.87886,0,1.40945,1.46941
2007-12-26,1199059200,0.04180,0.04180,0,0
2008-06-26,1214784000,0.23550,0.23550,0,0
2008-09-26,1222732800,0.13717,0.13717,0,0
2008-12-26,1230681600,0.06053,0.06053,0,0
2009-06-26,1246320000,0.17295,0.17295,0,0
2009-09-25,1254268800,0.06116,0.06116,0,0
2010-03-26,1269993600,0.04434,0.04434,0,0
2010-06-25,1277856000,0.10916,0.10916,0,0
2010-09-24,1285804800,0.08600,0.08600,0,0
2010-12-27,1293753600,0.02262,0.02262,0,0
2011-03-25,1301529600,0.04291,0.04291,0,0
2011-06-24,1309392000,0.17804,0.17804,0,0
2011-09-26,1317340800,0.09819,0.09819,0,0
2011-12-23,1325289600,0.03632,0.03632,0,0
2012-03-26,1333152000,0.06763,0.06763,0,0
2012-06-25,1341014400,0.16929,0.16929,0,0
2012-09-24,1348963200,0.09293,0.09293,0,0
2013-03-22,1364688000,0.08005,0.08005,0,0
2013-06-24,1372550400,0.17181,0.17181,0,0
2013-09-24,1380499200,0.09029,0.09029,0,0
2013-12-24,1388448000,0.01457,0.01457,0,0
2014-06-24,1404086400,0.19477,0.19477,0,0
2014-09-24,1412035200,0.14738,0.14738,0,0
2014-11-19,1416355200,2.52021,0,0.00000,2.52021
2014-12-24,1419984000,0.04667,0.04667,0,0
2015-06-24,1435622400,0.17859,0.17859,0,0
2015-09-24,1443571200,0.12032,0.12032,0,0
2015-11-19,1447891200,4.25368,0,0.00000,4.25368
2015-12-24,1451520000,0.01404,0.01404,0,0
2016-06-24,1467244800,0.25080,0.25080,0,0
2016-09-26,1475193600,0.19799,0.19799,0,0
2017-03-24,1490918400,0.02167,0.02167,0,0
2017-06-23,1498780800,0.11718,0.11718,0,0
2017-09-22,1506729600,0.11528,0.11528,0,0
2017-11-17,1510876800,4.02883,0,0.64275,3.38608
2017-12-22,1514678400,0.00432,0.00432,0,0
2018-12-21,1546214400,0.33820,0.33820,0,0
2019-11-14,1573689600,1.28372,0,0.00000,1.28372
2019-12-20,1577750400,0.27655,0.27655,0,0
2020-11-19,1605744000,0.76614,0,0.38436,0.38178
2020-12-17,1609372800,0.09755,0.09755,0,0
2021-11-18,1637193600,3.43433,0,1.31246,2.12187
2021-12-16,1640908800,0.39526,0.39526,0,0
2022-12-15,1672444800,0.43967,0.43967,0,0
2023-11-16,1700092800,0.09820,0,0.00000,0.09820
2023-12-14,1703980800,0.48956,0.48956,0,0
2024-11-21,1732147200,1.30833,0,0.08089,1.22744
2024-12-19,1735603200,0.49084,0.49084,0,0
2025-11-20,1763596800,0.74682,0,0.00000,0.74682
2025-12-18,1767139200,0.46593,0.46593,0,0

Distributions

(As of 18 Dec 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

30 Sep 2005

30 Sep 2005

0.18791

0.18791

—

—

17 Nov 2005

17 Nov 2005

0.40477

—

0.08666

0.31811

30 Mar 2006

31 Mar 2006

0.09297

0.09297

—

—

27 Sep 2006

30 Sep 2006

0.19801

0.19801

—

—

17 Nov 2006

17 Nov 2006

0.64859

—

0.05849

0.59010

26 Dec 2006

31 Dec 2006

0.10222

0.10222

—

—

26 Jun 2007

30 Jun 2007

0.15263

0.15263

—

—

26 Sep 2007

30 Sep 2007

0.14282

0.14282

—

—

19 Nov 2007

19 Nov 2007

2.87886

—

1.40945

1.46941

26 Dec 2007

31 Dec 2007

0.04180

0.04180

—

—

26 Jun 2008

30 Jun 2008

0.23550

0.23550

—

—

26 Sep 2008

30 Sep 2008

0.13717

0.13717

—

—

26 Dec 2008

31 Dec 2008

0.06053

0.06053

—

—

26 Jun 2009

30 Jun 2009

0.17295

0.17295

—

—

25 Sep 2009

30 Sep 2009

0.06116

0.06116

—

—

26 Mar 2010

31 Mar 2010

0.04434

0.04434

—

—

25 Jun 2010

30 Jun 2010

0.10916

0.10916

—

—

24 Sep 2010

30 Sep 2010

0.08600

0.08600

—

—

27 Dec 2010

31 Dec 2010

0.02262

0.02262

—

—

25 Mar 2011

31 Mar 2011

0.04291

0.04291

—

—

24 Jun 2011

30 Jun 2011

0.17804

0.17804

—

—

26 Sep 2011

30 Sep 2011

0.09819

0.09819

—

—

23 Dec 2011

31 Dec 2011

0.03632

0.03632

—

—

26 Mar 2012

31 Mar 2012

0.06763

0.06763

—

—

25 Jun 2012

30 Jun 2012

0.16929

0.16929

—

—

24 Sep 2012

30 Sep 2012

0.09293

0.09293

—

—

22 Mar 2013

31 Mar 2013

0.08005

0.08005

—

—

24 Jun 2013

30 Jun 2013

0.17181

0.17181

—

—

24 Sep 2013

30 Sep 2013

0.09029

0.09029

—

—

24 Dec 2013

31 Dec 2013

0.01457

0.01457

—

—

24 Jun 2014

30 Jun 2014

0.19477

0.19477

—

—

24 Sep 2014

30 Sep 2014

0.14738

0.14738

—

—

19 Nov 2014

19 Nov 2014

2.52021

—

0.00000

2.52021

24 Dec 2014

31 Dec 2014

0.04667

0.04667

—

—

24 Jun 2015

30 Jun 2015

0.17859

0.17859

—

—

24 Sep 2015

30 Sep 2015

0.12032

0.12032

—

—

19 Nov 2015

19 Nov 2015

4.25368

—

0.00000

4.25368

24 Dec 2015

31 Dec 2015

0.01404

0.01404

—

—

24 Jun 2016

30 Jun 2016

0.25080

0.25080

—

—

26 Sep 2016

30 Sep 2016

0.19799

0.19799

—

—

24 Mar 2017

31 Mar 2017

0.02167

0.02167

—

—

23 Jun 2017

30 Jun 2017

0.11718

0.11718

—

—

22 Sep 2017

30 Sep 2017

0.11528

0.11528

—

—

17 Nov 2017

17 Nov 2017

4.02883

—

0.64275

3.38608

22 Dec 2017

31 Dec 2017

0.00432

0.00432

—

—

21 Dec 2018

31 Dec 2018

0.33820

0.33820

—

—

14 Nov 2019

14 Nov 2019

1.28372

—

0.00000

1.28372

20 Dec 2019

31 Dec 2019

0.27655

0.27655

—

—

19 Nov 2020

19 Nov 2020

0.76614

—

0.38436

0.38178

17 Dec 2020

31 Dec 2020

0.09755

0.09755

—

—

18 Nov 2021

18 Nov 2021

3.43433

—

1.31246

2.12187

16 Dec 2021

31 Dec 2021

0.39526

0.39526

—

—

15 Dec 2022

31 Dec 2022

0.43967

0.43967

—

—

16 Nov 2023

16 Nov 2023

0.09820

—

0.00000

0.09820

14 Dec 2023

31 Dec 2023

0.48956

0.48956

—

—

21 Nov 2024

21 Nov 2024

1.30833

—

0.08089

1.22744

19 Dec 2024

31 Dec 2024

0.49084

0.49084

—

—

20 Nov 2025

20 Nov 2025

0.74682

—

0.00000

0.74682

18 Dec 2025

31 Dec 2025

0.46593

0.46593

—

—

Fund Facts

Fund Facts

(As of 28 Feb 2026)

Net Fund Assets

$5.5 B

Benchmark

MSCI ACWI ex-U.S. Index

Morningstar Category

Foreign Large Blend

Fund Symbol

TIVRX

Share Class

R5

Share Class Inception Date

1 Feb 2005

Distribution Frequency

Annually

Characteristics

Characteristics

Portfolio

(As of 28 Feb 2026)

Portfolio

Benchmark

Number of Holdings

49

—

Weighted Average Market Cap

$217.0 B

$197.9 B

Median Market Cap

$100.2 B

$15.4 B

Annual Portfolio Turnover

28%

—

Price to Earnings - Forward 1YR

17.1x

16.0x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

21.6x

18.9x

Price to Cash Flow

11.3x

10.7x

Price to Book Value

2.7x

2.4x

Active Share

83.2%

—

Risk & Return Profile

Risk & Return Profile

(As of 28 Feb 2026)

3y

5y

10y

Annualized Alpha (%)

4.63

1.03

1.14

Beta

0.91

1.03

1.00

R-Squared (%)

88.75

91.40

90.79

Standard Deviation (%)

10.64

14.98

15.15

Sharpe Ratio

1.74

0.51

0.62

Information Ratio

0.93

0.29

0.25

Up Capture (%)

102.23

104.19

104.87

Down Capture (%)

75.51

98.98

100.94

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2026)

Name

Ticker/Symbol

Sector

Weight %

Samsung Electronics Co. Ltd.

005930

Information Technology

3.8

BNP Paribas S.A.

BNP

Financials

3.4

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

3.0

AstraZeneca plc

AZN

Health Care

3.0

TotalEnergies SE

TTE

Energy

2.8

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

2.8

Roche Holding AG

ROG

Health Care

2.7

Orange S.A.

ORA

Communication Services

2.6

Schneider Electric SE

SU

Industrials

2.6

Glencore plc

GLEN

Materials

2.6

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 28 Feb 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Industrials

22.6

15.2

Financials

16.5

24.3

Information Technology

10.8

16.3

Utilities

9.2

3.2

Health Care

7.5

7.6

Materials

7.0

7.5

Consumer Staples

6.6

5.8

Consumer Discretionary

6.0

8.9

Cash & Equivalents

5.6

—

Communication Services

4.4

4.9

Energy

3.7

4.6

Real Estate

0.0

1.6

Sector Allocation

Fund (%)

Industrials

22.6

Financials

16.5

Information Technology

10.8

Utilities

9.2

Health Care

7.5

Materials

7.0

Consumer Staples

6.6

Consumer Discretionary

6.0

Cash & Equivalents

5.6

Communication Services

4.4

Energy

3.7

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

Capital Goods

15.4

12.2

Banks

9.5

15.9

Utilities

9.2

3.2

Technology Hardware & Equipment

7.4

5.0

Materials

7.0

7.5

Pharmaceuticals, Biotechnology & Life Sciences

5.7

6.3

Transportation

4.5

2.0

Insurance

4.1

4.8

Energy

3.7

4.6

Financial Services

3.0

3.6

Top 10 Industries

Fund (%)

Capital Goods

15.4

Banks

9.5

Utilities

9.2

Technology Hardware & Equipment

7.4

Materials

7.0

Pharmaceuticals, Biotechnology & Life Sciences

5.7

Transportation

4.5

Insurance

4.1

Energy

3.7

Financial Services

3.0

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

0%

5%

10%

15%

20%

France

17.2

6.2

Europe ex UK

Japan

15.7

14.1

Japan

China

8.0

7.3

Asia Pacific ex Japan

Germany

7.1

5.6

Europe ex UK

Spain

6.6

2.3

Europe ex UK

United Kingdom

6.3

9.2

UK

United States

6.1

0.0

North America

Canada

5.1

8.1

North America

Netherlands

4.8

3.2

Europe ex UK

Switzerland

4.6

5.7

Europe ex UK

Top 10 Countries

Fund (%)

France

17.2

Japan

15.7

China

8.0

Germany

7.1

Spain

6.6

United Kingdom

6.3

United States

6.1

Canada

5.1

Netherlands

4.8

Switzerland

4.6

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

98.5

92.6

Mid Cap ($2.5 to $12 B)

1.5

7.4

Small Cap (< $2.5 B)

0.0

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

98.5

Mid Cap ($2.5 to $12 B)

1.5

Small Cap (< $2.5 B)

0.0

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Lei Wang is a portfolio manager for Thornburg Investment Management. He joined Thornburg Investment Management in 2004 as associate portfolio manager and was promoted to portfolio manager in 2006. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder. Prior to joining Thornburg, he served as…

Learn More

Matt Burdett

Head of Equities, Portfolio Manager and Managing Director

Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Class R shares are limited to retirement platforms only.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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