Thornburg Small/Mid Cap Core Fund

SYMBOL: TVAFX

Morningstar Rating • Info

Overall Morningstar Rating among 588 Small Blend funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 1 star and 3 stars among 588, 569 and 437 funds, as of 31 Dec 2025.

As of 31 Dec 2025

Fund Assets

$463.8 M

As of 31 Dec 2025

NAV

$84.51

As of 16 Jan 2026

Change

$-0.40

As of 16 Jan 2026

YTD NAV Performance

7.18%

As of 16 Jan 2026

Asset Category:

U.S. Equity

Fund Benchmark:

Russell 2500 Index

Portfolio Managers

Steven Klopukh, CFA

Portfolio Manager and Managing Director

Tim McCarthy, CFA

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Flexible, diversified and focused equity portfolio that invests primary in U.S. small- and mid-capitalization companies across the style spectrum.
Proven bottom-up fundamental research process that aims to identify companies with attractive business models and promising growth prospects that exhibit growing, or stable, revenues and earnings; and are trading at a reasonable valuation.
Actively managed strategy that seeks to deliver attractive risk-adjusted returns and outperform the benchmark over a full market cycle

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 typically invests in a diversified selection of common stocks that we believe will have growing or stable revenues or earnings. The portfolio is diversified to include basic value stocks, but also includes stocks of companies with consistent earning characteristics and growing emerging franchises.

Returns

(As of 31 Dec 2025)

YTD

10y

Inception

Total Return with Sales Charge (%)

-5.39

8.52

3.20

7.18

8.84

Total Return without Sales Charge (%)

-0.93

10.21

4.15

7.68

9.00

Russell 2500 Index (%)

11.91

13.75

7.26

10.40

9.87

Morningstar Category Avg. (%)

7.89

11.84

7.63

9.42

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

624

588

569

437

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-5.39

8.52

3.20

7.18

8.84

Total Return without Sales Charge (%)

-0.93

10.21

4.15

7.68

9.00

Russell 2500 Index (%)

11.91

13.75

7.26

10.40

9.87

Morningstar Category Avg. (%)

7.89

11.84

7.63

9.42

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

624

588

569

437

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-5.39

27.82

17.05

100.09

1195.69

Total Return without Sales Charge (%)

-0.93

33.85

22.57

109.51

1256.45

Russell 2500 Index (%)

11.91

47.17

41.98

169.07

1621.41

YTD

10y

Inception

Total Return with Sales Charge (%)

-5.39

27.82

17.05

100.09

1195.69

Total Return without Sales Charge (%)

-0.93

33.85

22.57

109.51

1256.45

Russell 2500 Index (%)

11.91

47.17

41.98

169.07

1621.41

2020

2021

2022

2023

2024

2025

Total Return with Sales Charge (%)

6.68

8.70

-23.17

8.04

14.04

-5.39

Russell 2500 Index (%)

19.99

18.18

-18.37

17.42

12.00

11.91

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.

Effective December 18, 2020, Thornburg Value Fund's name changed to Thornburg Small/Mid Cap Core Fund, and the Fund adopted a policy, under normal conditions, to invest at least 80% of its net assets in small- and mid-capitalization companies. As a result, the Fund's investment benchmark changed from S&P 500 Total Return Index to the Russel 2500 Index (Total Return).

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

Prior to inception of I or 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, 2 Oct 1995; I shares, 2 Nov 1998; R3, 1 Jul 2003; R4 shares, 1 Feb 2007; R5 shares, 1 Feb 2005.

Fund Fees

(As of 1 Feb 2025)

Gross Expense Ratio (%)

1.38

Net Expense Ratio (%)

1.38

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,A Shares,Russell 2500 Index
            1995-10-02,9552,10000
1995-10-31,9112,9777
1995-11-30,9504,10195
1995-12-31,9502,10369
1996-01-31,9791,10442
1996-02-29,10152,10757
1996-03-31,10490,10976
1996-04-30,10594,11484
1996-05-31,10869,11795
1996-06-30,10806,11433
1996-07-31,10830,10596
1996-08-31,11171,11205
1996-09-30,11846,11691
1996-10-31,12206,11614
1996-11-30,13086,12176
1996-12-31,13095,12342
1997-01-31,13658,12683
1997-02-28,13616,12495
1997-03-31,13092,11929
1997-04-30,13369,12080
1997-05-31,14380,13192
1997-06-30,15034,13731
1997-07-31,16124,14536
1997-08-31,15947,14738
1997-09-30,17296,15702
1997-10-31,16619,14996
1997-11-30,17235,15064
1997-12-31,17509,15349
1998-01-31,17572,15114
1998-02-28,19056,16211
1998-03-31,20552,16923
1998-04-30,20470,16986
1998-05-31,20324,16198
1998-06-30,20647,16217
1998-07-31,20208,15103
1998-08-31,16580,12254
1998-09-30,17841,13124
1998-10-31,19545,13842
1998-11-30,20471,14527
1998-12-31,21405,15408
1999-01-31,22578,15381
1999-02-28,21644,14371
1999-03-31,23261,14678
1999-04-30,24558,15991
1999-05-31,24356,16240
1999-06-30,25589,17085
1999-07-31,25533,16749
1999-08-31,24749,16225
1999-09-30,24186,15983
1999-10-31,25765,16333
1999-11-30,26647,17256
1999-12-31,29419,19128
2000-01-31,28424,18688
2000-02-29,29634,21387
2000-03-31,31606,21059
2000-04-30,31644,19927
2000-05-31,31268,18971
2000-06-30,32122,20217
2000-07-31,31693,19702
2000-08-31,31855,21399
2000-09-30,31679,20702
2000-10-31,31679,20134
2000-11-30,29884,18363
2000-12-31,30584,19944
2001-01-31,31870,20599
2001-02-28,29688,19273
2001-03-31,28623,18216
2001-04-30,30830,19824
2001-05-31,30517,20421
2001-06-30,29776,20711
2001-07-31,28768,19970
2001-08-31,27174,19316
2001-09-30,25472,16816
2001-10-31,25198,17685
2001-11-30,27272,19116
2001-12-31,28103,20187
2002-01-31,27428,19937
2002-02-28,26294,19588
2002-03-31,27663,20942
2002-04-30,26587,20889
2002-05-31,26431,20276
2002-06-30,24171,19134
2002-07-31,21999,16850
2002-08-31,22029,16901
2002-09-30,20278,15562
2002-10-31,21540,16069
2002-11-30,22508,17381
2002-12-31,21119,16595
2003-01-31,20904,16154
2003-02-28,20444,15766
2003-03-31,20806,15916
2003-04-30,22850,17335
2003-05-31,24650,19039
2003-06-30,25257,19403
2003-07-31,25609,20446
2003-08-31,26070,21392
2003-09-30,25756,21101
2003-10-31,27118,22769
2003-11-30,27363,23626
2003-12-31,28509,24147
2004-01-31,29234,25028
2004-02-29,29362,25415
2004-03-31,29146,25568
2004-04-30,28037,24340
2004-05-31,28096,24837
2004-06-30,28440,25654
2004-07-31,27309,24161
2004-08-31,27329,24099
2004-09-30,27717,25008
2004-10-31,28338,25579
2004-11-30,29354,27488
2004-12-31,30565,28565
2005-01-31,29843,27605
2005-02-28,30358,28230
2005-03-31,30061,27668
2005-04-30,29089,26423
2005-05-31,30279,28022
2005-06-30,30864,28919
2005-07-31,32145,30628
2005-08-31,31996,30171
2005-09-30,32621,30332
2005-10-31,32114,29390
2005-11-30,33417,30809
2005-12-31,33474,30881
2006-01-31,34890,33065
2006-02-28,34870,33038
2006-03-31,35747,34322
2006-04-30,36396,34442
2006-05-31,35188,32816
2006-06-30,35320,32832
2006-07-31,35620,31799
2006-08-31,36469,32605
2006-09-30,37719,33002
2006-10-31,39295,34588
2006-11-30,40640,35716
2006-12-31,40829,35873
2007-01-31,42356,36841
2007-02-28,41473,36789
2007-03-31,41982,37147
2007-04-30,42897,38104
2007-05-31,44771,39695
2007-06-30,44781,38983
2007-07-31,43417,36743
2007-08-31,43917,37133
2007-09-30,46104,38007
2007-10-31,46595,38984
2007-11-30,44391,36594
2007-12-31,43335,36366
2008-01-31,40217,34145
2008-02-29,38659,33207
2008-03-31,38306,32960
2008-04-30,39612,34735
2008-05-31,40501,36384
2008-06-30,37255,33417
2008-07-31,36664,33649
2008-08-31,36398,34610
2008-09-30,32495,31171
2008-10-31,26267,24456
2008-11-30,24400,21804
2008-12-31,25323,22988
2009-01-31,23400,20919
2009-02-28,21279,18657
2009-03-31,23222,20360
2009-04-30,26956,23497
2009-05-31,29461,24213
2009-06-30,30199,24488
2009-07-31,32266,26697
2009-08-31,33840,27788
2009-09-30,34980,29400
2009-10-31,33943,27698
2009-11-30,35629,28815
2009-12-31,36784,30893
2010-01-31,35707,29859
2010-02-28,36452,31343
2010-03-31,38553,33739
2010-04-30,38861,35337
2010-05-31,35401,32705
2010-06-30,33375,30371
2010-07-31,35390,32508
2010-08-31,33375,30583
2010-09-30,36104,34081
2010-10-31,37504,35388
2010-11-30,36911,36383
2010-12-31,40149,39144
2011-01-31,42094,39669
2011-02-28,44146,41604
2011-03-31,43778,42550
2011-04-30,43885,43778
2011-05-31,43327,43253
2011-06-30,42402,42301
2011-07-31,41264,40690
2011-08-31,36448,37359
2011-09-30,32866,33324
2011-10-31,36721,38208
2011-11-30,35333,38076
2011-12-31,34752,38162
2012-01-31,37148,40698
2012-02-29,39556,42209
2012-03-31,40350,43117
2012-04-30,38678,42804
2012-05-31,33696,39878
2012-06-30,34954,41331
2012-07-31,34539,41049
2012-08-31,35867,42524
2012-09-30,37373,43632
2012-10-31,36733,43175
2012-11-30,37361,43838
2012-12-31,38452,44984
2013-01-31,40659,48059
2013-02-28,40753,48611
2013-03-31,42675,50764
2013-04-30,43553,50920
2013-05-31,44893,52493
2013-06-30,43647,51918
2013-07-31,46316,55310
2013-08-31,45960,53562
2013-09-30,48439,56630
2013-10-31,50171,58461
2013-11-30,51677,60015
2013-12-31,53636,61536
2014-01-31,52092,60132
2014-02-28,55026,63180
2014-03-31,54990,62952
2014-04-30,55239,61499
2014-05-31,56237,62221
2014-06-30,57698,65196
2014-07-31,56772,61990
2014-08-31,58458,65052
2014-09-30,57350,61711
2014-10-31,57982,64442
2014-11-30,59962,65002
2014-12-31,59805,65887
2015-01-31,58696,64537
2015-02-28,62215,68385
2015-03-31,61881,69293
2015-04-30,63253,68079
2015-05-31,64398,69538
2015-06-30,63957,69055
2015-07-31,64804,68927
2015-08-31,61428,64846
2015-09-30,58660,61945
2015-10-31,62167,65407
2015-11-30,62597,66691
2015-12-31,61845,63975
2016-01-31,57980,58874
2016-02-29,56692,59288
2016-03-31,60306,64227
2016-04-30,60497,65174
2016-05-31,61822,66548
2016-06-30,61380,66521
2016-07-31,63814,69991
2016-08-31,63993,70549
2016-09-30,64720,70887
2016-10-31,63571,68010
2016-11-30,65354,73795
2016-12-31,65930,75228
2017-01-31,67414,76272
2017-02-28,69964,78109
2017-03-31,71066,78054
2017-04-30,73113,78656
2017-05-31,74466,77777
2017-06-30,75459,79720
2017-07-31,76740,80545
2017-08-31,77255,79877
2017-09-30,78129,83500
2017-10-31,79386,84794
2017-11-30,81146,87580
2017-12-31,81311,87874
2018-01-31,85800,90554
2018-02-28,81732,86831
2018-03-31,79867,87664
2018-04-30,80865,87872
2018-05-31,83164,92004
2018-06-30,83176,92669
2018-07-31,86065,94462
2018-08-31,87413,98513
2018-09-30,87208,97021
2018-10-31,80191,87171
2018-11-30,81563,88817
2018-12-31,73434,79085
2019-01-31,80328,88190
2019-02-28,82009,92355
2019-03-31,83653,91594
2019-04-30,86943,94804
2019-05-31,79505,88059
2019-06-30,84911,94306
2019-07-31,86520,95287
2019-08-31,84899,91476
2019-09-30,86846,93097
2019-10-31,88539,94879
2019-11-30,91321,98952
2019-12-31,94632,101044
2020-01-31,92256,98992
2020-02-29,85868,90692
2020-03-31,69747,71012
2020-04-30,78935,81345
2020-05-31,81808,87353
2020-06-30,82923,89876
2020-07-31,87468,93457
2020-08-31,93590,97689
2020-09-30,90681,95163
2020-10-31,92281,96886
2020-11-30,101251,112669
2020-12-31,105711,121246
2021-01-31,103614,124217
2021-02-28,111639,132321
2021-03-31,112584,134497
2021-04-30,118560,139870
2021-05-31,116754,140160
2021-06-30,117518,141816
2021-07-31,117724,139332
2021-08-31,120754,142495
2021-09-30,118305,138013
2021-10-31,122742,144780
2021-11-30,115150,138740
2021-12-31,120329,143291
2022-01-31,111525,131364
2022-02-28,114383,132844
2022-03-31,116058,134956
2022-04-30,106400,123457
2022-05-31,106614,123874
2022-06-30,96858,112039
2022-07-31,104429,123631
2022-08-31,100241,120345
2022-09-30,90912,108882
2022-10-31,98057,119329
2022-11-30,102935,124366
2022-12-31,96803,116970
2023-01-31,104411,128665
2023-02-28,100681,125645
2023-03-31,97213,120935
2023-04-30,97066,119357
2023-05-31,93220,117265
2023-06-30,101634,127254
2023-07-31,104460,133581
2023-08-31,103441,128336
2023-09-30,99711,121169
2023-10-31,94420,113809
2023-11-30,101749,124054
2023-12-31,109521,137349
2024-01-31,107862,133757
2024-02-29,114829,141033
2024-03-31,120843,146853
2024-04-30,114172,137015
2024-05-31,118773,142715
2024-06-30,116998,140576
2024-07-31,122848,151020
2024-08-31,124951,150632
2024-09-30,126775,152874
2024-10-31,126216,151456
2024-11-30,140036,166362
2024-12-31,130785,153825
2025-01-31,133299,159277
2025-02-28,125230,151801
2025-03-31,115782,142286
2025-04-30,115157,139349
2025-05-31,123144,147689
2025-06-30,127843,154502
2025-07-31,130620,157488
2025-08-31,131606,165752
2025-09-30,130932,168407
2025-10-31,128566,169536
2025-11-30,129536,171997
2025-12-31,129569,172141

Hypothetical Growth of $10,000

(As of 31 Dec 2025)

(Hypothetical Growth of $10,000 vs Russell 2500 Index)

                        Categories,A Shares,Russell 2500 Index
                        2024-12-31,9550,10000
2025-01-31,9734,10354
2025-02-28,9144,9868
2025-03-31,8454,9250
2025-04-30,8409,9059
2025-05-31,8992,9601
2025-06-30,9335,10044
2025-07-31,9538,10238
2025-08-31,9610,10775
2025-09-30,9561,10948
2025-10-31,9388,11021
2025-11-30,9459,11181
2025-12-31,9461,11191

                        Categories,A Shares,Russell 2500 Index
                        2022-12-31,9549,10000
2023-01-31,10300,11000
2023-02-28,9932,10742
2023-03-31,9590,10339
2023-04-30,9575,10204
2023-05-31,9196,10025
2023-06-30,10026,10879
2023-07-31,10305,11420
2023-08-31,10204,10972
2023-09-30,9836,10359
2023-10-31,9314,9730
2023-11-30,10037,10606
2023-12-31,10804,11742
2024-01-31,10640,11435
2024-02-29,11328,12057
2024-03-31,11921,12555
2024-04-30,11263,11714
2024-05-31,11717,12201
2024-06-30,11542,12018
2024-07-31,12119,12911
2024-08-31,12326,12878
2024-09-30,12506,13070
2024-10-31,12451,12948
2024-11-30,13814,14223
2024-12-31,12902,13151
2025-01-31,13150,13617
2025-02-28,12354,12978
2025-03-31,11422,12164
2025-04-30,11360,11913
2025-05-31,12148,12626
2025-06-30,12611,13209
2025-07-31,12885,13464
2025-08-31,12983,14171
2025-09-30,12916,14397
2025-10-31,12683,14494
2025-11-30,12778,14704
2025-12-31,12782,14717

                        Categories,A Shares,Russell 2500 Index
                        2020-12-31,9550,10000
2021-01-31,9360,10245
2021-02-28,10085,10913
2021-03-31,10171,11093
2021-04-30,10711,11536
2021-05-31,10548,11560
2021-06-30,10617,11697
2021-07-31,10635,11492
2021-08-31,10909,11753
2021-09-30,10688,11383
2021-10-31,11088,11941
2021-11-30,10403,11443
2021-12-31,10870,11818
2022-01-31,10075,10835
2022-02-28,10333,10957
2022-03-31,10485,11131
2022-04-30,9612,10182
2022-05-31,9631,10217
2022-06-30,8750,9241
2022-07-31,9434,10197
2022-08-31,9056,9926
2022-09-30,8213,8980
2022-10-31,8858,9842
2022-11-30,9299,10257
2022-12-31,8745,9647
2023-01-31,9432,10612
2023-02-28,9095,10363
2023-03-31,8782,9974
2023-04-30,8769,9844
2023-05-31,8422,9672
2023-06-30,9182,10496
2023-07-31,9437,11017
2023-08-31,9345,10585
2023-09-30,9008,9994
2023-10-31,8530,9387
2023-11-30,9192,10232
2023-12-31,9894,11328
2024-01-31,9744,11032
2024-02-29,10374,11632
2024-03-31,10917,12112
2024-04-30,10314,11301
2024-05-31,10730,11771
2024-06-30,10570,11594
2024-07-31,11098,12456
2024-08-31,11288,12424
2024-09-30,11453,12609
2024-10-31,11402,12492
2024-11-30,12651,13721
2024-12-31,11815,12687
2025-01-31,12042,13137
2025-02-28,11313,12520
2025-03-31,10460,11735
2025-04-30,10403,11493
2025-05-31,11125,12181
2025-06-30,11549,12743
2025-07-31,11800,12989
2025-08-31,11889,13671
2025-09-30,11828,13890
2025-10-31,11615,13983
2025-11-30,11702,14186
2025-12-31,11705,14198

                        Categories,A Shares,Russell 2500 Index
                        2015-12-31,9550,10000
2016-01-31,8954,9203
2016-02-29,8755,9267
2016-03-31,9313,10039
2016-04-30,9342,10187
2016-05-31,9547,10402
2016-06-30,9479,10398
2016-07-31,9854,10940
2016-08-31,9882,11027
2016-09-30,9994,11080
2016-10-31,9817,10631
2016-11-30,10092,11535
2016-12-31,10181,11759
2017-01-31,10410,11922
2017-02-28,10804,12209
2017-03-31,10974,12201
2017-04-30,11290,12295
2017-05-31,11499,12157
2017-06-30,11653,12461
2017-07-31,11851,12590
2017-08-31,11930,12486
2017-09-30,12065,13052
2017-10-31,12259,13254
2017-11-30,12531,13690
2017-12-31,12556,13736
2018-01-31,13250,14155
2018-02-28,12622,13573
2018-03-31,12333,13703
2018-04-30,12488,13735
2018-05-31,12843,14381
2018-06-30,12845,14485
2018-07-31,13291,14765
2018-08-31,13499,15399
2018-09-30,13467,15165
2018-10-31,12384,13626
2018-11-30,12596,13883
2018-12-31,11340,12362
2019-01-31,12405,13785
2019-02-28,12664,14436
2019-03-31,12918,14317
2019-04-30,13426,14819
2019-05-31,12278,13765
2019-06-30,13112,14741
2019-07-31,13361,14894
2019-08-31,13111,14299
2019-09-30,13411,14552
2019-10-31,13673,14831
2019-11-30,14102,15467
2019-12-31,14614,15794
2020-01-31,14247,15474
2020-02-29,13260,14176
2020-03-31,10771,11100
2020-04-30,12190,12715
2020-05-31,12633,13654
2020-06-30,12805,14049
2020-07-31,13507,14608
2020-08-31,14453,15270
2020-09-30,14003,14875
2020-10-31,14251,15144
2020-11-30,15636,17611
2020-12-31,16325,18952
2021-01-31,16001,19416
2021-02-28,17240,20683
2021-03-31,17386,21023
2021-04-30,18309,21863
2021-05-31,18030,21908
2021-06-30,18148,22167
2021-07-31,18180,21779
2021-08-31,18648,22273
2021-09-30,18269,21573
2021-10-31,18955,22631
2021-11-30,17782,21687
2021-12-31,18582,22398
2022-01-31,17222,20534
2022-02-28,17664,20765
2022-03-31,17922,21095
2022-04-30,16431,19298
2022-05-31,16464,19363
2022-06-30,14957,17513
2022-07-31,16127,19325
2022-08-31,15480,18811
2022-09-30,14039,17019
2022-10-31,15142,18652
2022-11-30,15896,19440
2022-12-31,14949,18284
2023-01-31,16124,20112
2023-02-28,15548,19640
2023-03-31,15012,18903
2023-04-30,14989,18657
2023-05-31,14396,18330
2023-06-30,15695,19891
2023-07-31,16131,20880
2023-08-31,15974,20060
2023-09-30,15398,18940
2023-10-31,14581,17790
2023-11-30,15713,19391
2023-12-31,16913,21469
2024-01-31,16657,20908
2024-02-29,17733,22045
2024-03-31,18661,22955
2024-04-30,17631,21417
2024-05-31,18342,22308
2024-06-30,18067,21973
2024-07-31,18971,23606
2024-08-31,19296,23545
2024-09-30,19577,23896
2024-10-31,19491,23674
2024-11-30,21625,26004
2024-12-31,20197,24044
2025-01-31,20585,24897
2025-02-28,19339,23728
2025-03-31,17880,22241
2025-04-30,17783,21782
2025-05-31,19017,23085
2025-06-30,19742,24150
2025-07-31,20171,24617
2025-08-31,20323,25909
2025-09-30,20219,26324
2025-10-31,19854,26500
2025-11-30,20004,26885
2025-12-31,20009,26907

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 ($)
            1995-12-31,0.04700
1996-03-31,0.06000
1996-06-30,0.08200
1996-09-30,0.09100
1996-11-08,0.37000
1996-12-31,0.05100
1997-03-31,0.03700
1997-06-30,0.06700
1997-09-30,0.04700
1997-11-07,1.35000
1997-12-31,0.03000
1998-03-31,0.04400
1998-06-30,0.05400
1998-09-30,0.05000
1999-03-31,0.10500
1999-06-30,0.08000
1999-09-30,0.01000
1999-11-01,0.39000
1999-12-31,0.05000
2000-03-31,0.10300
2000-06-30,0.45800
2000-09-30,0.24500
2000-11-07,0.25000
2000-12-31,0.20400
2001-03-31,0.07600
2001-06-30,0.05100
2003-06-30,0.04000
2004-03-31,0.05000
2004-06-30,0.04000
2004-09-30,0.09455
2004-12-31,0.11900
2005-03-31,0.05000
2005-06-30,0.05000
2005-09-30,0.06000
2005-12-31,0.06750
2006-03-31,0.05000
2006-06-30,0.05000
2006-09-30,0.14000
2006-11-17,1.30207
2006-12-31,0.08144
2007-03-31,0.06000
2007-06-30,0.03000
2007-09-30,0.10000
2007-11-19,3.93397
2007-12-31,0.00575
2008-03-31,0.01500
2008-06-30,0.06000
2008-09-30,0.06000
2008-12-31,0.10200
2009-03-31,0.09000
2009-06-30,0.09000
2009-09-30,0.12000
2009-12-31,0.12000
2010-03-31,0.02400
2010-06-30,0.01000
2010-09-30,0.02300
2013-12-31,0.06100
2014-09-30,0.20000
2014-12-31,0.01850
2016-09-30,0.16750
2016-12-31,0.02100
2017-12-31,0.35931
2018-12-31,0.28688
2019-12-31,0.17720
2021-11-18,26.35024
2021-12-31,0.30107
2022-12-31,0.02668

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
1995-12-29,820368000,0.04700,0.04700,0,0
1996-03-29,828230400,0.06000,0.06000,0,0
1996-06-28,836092800,0.08200,0.08200,0,0
1996-09-24,844041600,0.09100,0.09100,0,0
1996-11-08,847411200,0.37000,0,0.37000,0.00000
1996-12-24,851990400,0.05100,0.05100,0,0
1997-03-24,859766400,0.03700,0.03700,0,0
1997-06-24,867628800,0.06700,0.06700,0,0
1997-09-24,875577600,0.04700,0.04700,0,0
1997-11-07,878860800,1.35000,0,0.95000,0.40000
1997-12-24,883526400,0.03000,0.03000,0,0
1998-03-31,891302400,0.04400,0.04400,0,0
1998-06-30,899164800,0.05400,0.05400,0,0
1998-09-30,907113600,0.05000,0.05000,0,0
1999-03-31,922838400,0.10500,0.10500,0,0
1999-06-30,930700800,0.08000,0.08000,0,0
1999-09-30,938649600,0.01000,0.01000,0,0
1999-11-01,941414400,0.39000,0,0.00000,0.39000
1999-12-31,946598400,0.05000,0.05000,0,0
2000-03-31,954460800,0.10300,0.10300,0,0
2000-06-30,962323200,0.45800,0.45800,0,0
2000-09-29,970272000,0.24500,0.24500,0,0
2000-11-07,973555200,0.25000,0,0.00000,0.25000
2000-12-29,978220800,0.20400,0.20400,0,0
2001-03-30,985996800,0.07600,0.07600,0,0
2001-06-29,993859200,0.05100,0.05100,0,0
2003-06-30,1056931200,0.04000,0.04000,0,0
2004-03-31,1080691200,0.05000,0.05000,0,0
2004-06-30,1088553600,0.04000,0.04000,0,0
2004-09-30,1096502400,0.09455,0.09455,0,0
2004-12-31,1104451200,0.11900,0.11900,0,0
2005-03-31,1112227200,0.05000,0.05000,0,0
2005-06-30,1120089600,0.05000,0.05000,0,0
2005-09-30,1128038400,0.06000,0.06000,0,0
2005-12-30,1135987200,0.06750,0.06750,0,0
2006-03-30,1143763200,0.05000,0.05000,0,0
2006-06-28,1151625600,0.05000,0.05000,0,0
2006-09-27,1159574400,0.14000,0.14000,0,0
2006-11-17,1163721600,1.30207,0,0.04610,1.25597
2006-12-26,1167523200,0.08144,0.08144,0,0
2007-03-26,1175299200,0.06000,0.06000,0,0
2007-06-26,1183161600,0.03000,0.03000,0,0
2007-09-26,1191110400,0.10000,0.10000,0,0
2007-11-19,1195430400,3.93397,0,0.88171,3.05226
2007-12-26,1199059200,0.00575,0.00575,0,0
2008-03-26,1206921600,0.01500,0.01500,0,0
2008-06-26,1214784000,0.06000,0.06000,0,0
2008-09-26,1222732800,0.06000,0.06000,0,0
2008-12-26,1230681600,0.10200,0.10200,0,0
2009-03-26,1238457600,0.09000,0.09000,0,0
2009-06-26,1246320000,0.09000,0.09000,0,0
2009-09-25,1254268800,0.12000,0.12000,0,0
2009-12-24,1262217600,0.12000,0.12000,0,0
2010-03-26,1269993600,0.02400,0.02400,0,0
2010-06-25,1277856000,0.01000,0.01000,0,0
2010-09-24,1285804800,0.02300,0.02300,0,0
2013-12-24,1388448000,0.06100,0.06100,0,0
2014-09-24,1412035200,0.20000,0.20000,0,0
2014-12-24,1419984000,0.01850,0.01850,0,0
2016-09-26,1475193600,0.16750,0.16750,0,0
2016-12-23,1483142400,0.02100,0.02100,0,0
2017-12-22,1514678400,0.35931,0.35931,0,0
2018-12-21,1546214400,0.28688,0.28688,0,0
2019-12-20,1577750400,0.17720,0.17720,0,0
2021-11-18,1637193600,26.35024,0,7.96715,18.38309
2021-12-16,1640908800,0.30107,0.30107,0,0
2022-12-15,1672444800,0.02668,0.02668,0,0

Distributions

(As of 15 Dec 2022)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

29 Dec 1995

31 Dec 1995

0.04700

—

29 Mar 1996

31 Mar 1996

0.06000

—

28 Jun 1996

30 Jun 1996

0.08200

—

24 Sep 1996

30 Sep 1996

0.09100

—

8 Nov 1996

0.37000

—

0.37000

0.00000

24 Dec 1996

31 Dec 1996

0.05100

—

24 Mar 1997

31 Mar 1997

0.03700

—

24 Jun 1997

30 Jun 1997

0.06700

—

24 Sep 1997

30 Sep 1997

0.04700

—

7 Nov 1997

1.35000

—

0.95000

0.40000

24 Dec 1997

31 Dec 1997

0.03000

—

31 Mar 1998

0.04400

—

30 Jun 1998

0.05400

—

30 Sep 1998

0.05000

—

31 Mar 1999

0.10500

—

30 Jun 1999

0.08000

—

30 Sep 1999

0.01000

—

1 Nov 1999

0.39000

—

0.00000

0.39000

31 Dec 1999

0.05000

—

31 Mar 2000

0.10300

—

30 Jun 2000

0.45800

—

29 Sep 2000

30 Sep 2000

0.24500

—

7 Nov 2000

0.25000

—

0.00000

0.25000

29 Dec 2000

31 Dec 2000

0.20400

—

30 Mar 2001

31 Mar 2001

0.07600

—

29 Jun 2001

30 Jun 2001

0.05100

—

30 Jun 2003

0.04000

—

31 Mar 2004

0.05000

—

30 Jun 2004

0.04000

—

30 Sep 2004

0.09455

—

31 Dec 2004

0.11900

—

31 Mar 2005

0.05000

—

30 Jun 2005

0.05000

—

30 Sep 2005

0.06000

—

30 Dec 2005

31 Dec 2005

0.06750

—

30 Mar 2006

31 Mar 2006

0.05000

—

28 Jun 2006

30 Jun 2006

0.05000

—

27 Sep 2006

30 Sep 2006

0.14000

—

17 Nov 2006

1.30207

—

0.04610

1.25597

26 Dec 2006

31 Dec 2006

0.08144

—

26 Mar 2007

31 Mar 2007

0.06000

—

26 Jun 2007

30 Jun 2007

0.03000

—

26 Sep 2007

30 Sep 2007

0.10000

—

19 Nov 2007

3.93397

—

0.88171

3.05226

26 Dec 2007

31 Dec 2007

0.00575

—

26 Mar 2008

31 Mar 2008

0.01500

—

26 Jun 2008

30 Jun 2008

0.06000

—

26 Sep 2008

30 Sep 2008

0.06000

—

26 Dec 2008

31 Dec 2008

0.10200

—

26 Mar 2009

31 Mar 2009

0.09000

—

26 Jun 2009

30 Jun 2009

0.09000

—

25 Sep 2009

30 Sep 2009

0.12000

—

24 Dec 2009

31 Dec 2009

0.12000

—

26 Mar 2010

31 Mar 2010

0.02400

—

25 Jun 2010

30 Jun 2010

0.01000

—

24 Sep 2010

30 Sep 2010

0.02300

—

24 Dec 2013

31 Dec 2013

0.06100

—

24 Sep 2014

30 Sep 2014

0.20000

—

24 Dec 2014

31 Dec 2014

0.01850

—

26 Sep 2016

30 Sep 2016

0.16750

—

23 Dec 2016

31 Dec 2016

0.02100

—

22 Dec 2017

31 Dec 2017

0.35931

—

21 Dec 2018

31 Dec 2018

0.28688

—

20 Dec 2019

31 Dec 2019

0.17720

—

18 Nov 2021

26.35024

—

7.96715

18.38309

16 Dec 2021

31 Dec 2021

0.30107

—

15 Dec 2022

31 Dec 2022

0.02668

—

Fund Facts

(As of 31 Dec 2025)

Net Fund Assets

$463.8 M

Benchmark

Russell 2500 Index

Morningstar Category

Small Blend

Fund Symbol

TVAFX

Share Class

Share Class Inception Date

2 Oct 1995

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Dec 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$12.3 B

$9.3 B

Median Market Cap

$10.0 B

$1.5 B

Annual Portfolio Turnover

23%

—

Price to Earnings - Forward 1YR

20.2x

17.0x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

22.1x

20.1x

Price to Cash Flow

15.2x

10.6x

Price to Book Value

3.2x

2.5x

Active Share

95.2%

—

Risk & Return Profile

(As of 31 Dec 2025)

10y

Annualized Alpha (%)

-1.71

-2.19

-0.82

Beta

0.86

0.89

0.84

R-Squared (%)

90.06

91.28

89.65

Standard Deviation (%)

16.20

17.23

17.09

Sharpe Ratio

0.32

0.05

0.33

Information Ratio

-0.67

-0.57

-0.40

Up Capture (%)

80.06

82.74

81.50

Down Capture (%)

85.15

90.83

84.60

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Nov 2025)

Name

Ticker/Symbol

Sector

Weight %

Coherent Corp.

COHR

Information Technology

3.9

MACOM Technology Solutions Holdings, Inc.

MTSI

Information Technology

3.4

Casella Waste Systems, Inc.

CWST

Industrials

3.2

Vertiv Holdings Co.

VRT

Industrials

3.2

Talen Energy Corp.

TLN

Utilities

3.0

TechnipFMC plc

FTI

Energy

3.0

Applied Industrial Technologies, Inc.

AIT

Industrials

3.0

Agilysys, Inc.

AGYS

Information Technology

2.9

Marex Group plc

MRX

Financials

2.9

ITT, Inc.

ITT

Industrials

2.9

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Dec 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Industrials

30.2

20.5

Information Technology

19.0

14.3

Financials

17.2

17.0

Consumer Discretionary

9.2

10.8

Energy

6.3

3.8

Consumer Staples

5.5

2.9

Health Care

5.2

13.4

Materials

3.6

5.1

Utilities

2.9

Cash & Equivalents

0.8

—

Real Estate

0.0

6.3

Communication Services

0.0

2.9

Sector Allocation

Fund (%)

Industrials

30.2

Information Technology

19.0

Financials

17.2

Consumer Discretionary

9.2

Energy

6.3

Consumer Staples

5.5

Health Care

5.2

Materials

3.6

Utilities

2.9

Cash & Equivalents

0.8

Real Estate

0.0

Communication Services

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

17.5

15.7

Commercial & Professional Services

10.3

2.8

Financial Services

9.2

7.4

Software & Services

7.6

5.7

Technology Hardware & Equipment

7.2

5.7

Energy

6.3

3.8

Banks

5.7

6.4

Semiconductors & Semiconductor Equipment

4.2

2.9

Consumer Durables & Apparel

4.0

3.3

Consumer Staples Distribution & Retail

3.9

1.4

Top 10 Industries

Fund (%)

Capital Goods

17.5

Commercial & Professional Services

10.3

Financial Services

9.2

Software & Services

7.6

Technology Hardware & Equipment

7.2

Energy

6.3

Banks

5.7

Semiconductors & Semiconductor Equipment

4.2

Consumer Durables & Apparel

4.0

Consumer Staples Distribution & Retail

3.9

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

Large Cap (> $12 B)

45.9

28.5

Mid Cap ($2.5 to $12 B)

47.8

56.2

Small Cap (< $2.5 B)

6.3

15.3

Capitalization

Fund (%)

Large Cap (> $12 B)

45.9

Mid Cap ($2.5 to $12 B)

47.8

Small Cap (< $2.5 B)

6.3

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

Steven Klopukh, CFA

Portfolio Manager and Managing Director

Steven Klopukh is a portfolio manager at Thornburg Investment Management. He joined the firm in 2020 to lead Thornburg’s small- and mid-cap investment strategies. Prior to Thornburg, Steven worked at Allianz Global Investors, where he spent 18 years, most recently as a director and lead portfolio manager U.S. Small- & Mid-Cap Growth team. While at Allianz Global Investors, Steven managed…

Learn More

Tim McCarthy, CFA

Portfolio Manager and Managing Director

Tim McCarthy is a portfolio manager at Thornburg Investment Management. He joined the firm in 2020 to co-manage Thornburg’s small- and mid-cap investment growth strategies. Prior to Thornburg, Tim spent 17 years at Allianz Global Investors, where he was senior portfolio manager and director and performed research responsibilities for the U.S. Small- & Mid-Cap Growth team. He was also a…

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.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

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.

© 2025 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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Thornburg Small/Mid Cap Core Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Steven Klopukh, CFA

Tim McCarthy, CFA

Literature

Important Information

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Thornburg Small/Mid Cap Core Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Steven Klopukh, CFA

Tim McCarthy, CFA

Literature

Important Information

More Insights

2026 Fixed Income Outlook: Flexibility Over Forecasts

An Active Investment Guide to Navigate the AI Hype

Ferrari’s Electric Future and the Evolution of Luxury Investing

FOMC Update: Fed Approves Third Consecutive Rate Cut, Projects Slower Pace

Luxury Brands Navigate China Slowdown and Tariff Pressures

Investment Perspectives from the Road: European Luxury Goods