Thornburg Small/Mid Cap Core Fund

SYMBOL: TVAFX

Morningstar Rating • Info

Overall Morningstar Rating among 378 Large 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, 2 stars, 1 star and 2 stars among 378, 353 and 245 funds, as of 31 May 2025.

As of 31 May 2025

Fund Assets

$470.9 M

As of 31 May 2025

NAV

$75.83

As of 20 Jun 2025

Change

$0.13

As of 20 Jun 2025

YTD NAV Performance

-4.72%

As of 20 Jun 2025

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 Mar 2025)

YTD

10y

Inception

Total Return with Sales Charge (%)

-15.46

-8.51

-1.60

9.65

5.98

8.66

Total Return without Sales Charge (%)

-11.47

-4.19

-0.08

10.67

6.47

8.83

Russell 2500 Index (%)

-7.50

-3.11

1.78

14.91

7.46

9.42

Morningstar Category Avg. (%)

-4.55

-0.13

4.46

16.02

7.99

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

408

378

353

245

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-10.08

-0.99

3.32

7.53

6.21

8.83

Total Return without Sales Charge (%)

-5.84

3.68

4.92

8.52

6.70

9.00

Russell 2500 Index (%)

-3.99

3.49

6.04

11.07

7.82

9.50

Morningstar Category Avg. (%)

-1.26

5.81

7.93

12.41

8.31

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

408

378

353

245

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-15.46

-8.51

-4.73

58.54

78.70

1057.82

Total Return without Sales Charge (%)

-11.47

-4.19

-0.24

66.00

87.10

1112.12

Russell 2500 Index (%)

-7.50

-3.11

5.43

100.37

105.34

1322.86

YTD

10y

Inception

Total Return with Sales Charge (%)

-10.08

-0.99

10.30

43.76

82.63

1131.44

Total Return without Sales Charge (%)

-5.84

3.68

15.50

50.53

91.22

1189.19

Russell 2500 Index (%)

-3.99

3.49

19.23

69.07

112.39

1376.89

2020

2021

2022

2023

2024

Total Return with Sales Charge (%)

6.68

8.70

-23.17

8.04

14.04

Russell 2500 Index (%)

19.99

18.18

-18.37

17.42

12.00

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 Large 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 February 1, 2026, 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

Hypothetical Growth of $10,000

(As of 31 May 2025)

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

                        Categories,A Shares,Russell 2500 Index
                        2024-05-31,9549,10000
2024-06-30,9407,9850
2024-07-31,9877,10582
2024-08-31,10046,10555
2024-09-30,10193,10712
2024-10-31,10148,10613
2024-11-30,11259,11657
2024-12-31,10515,10778
2025-01-31,10717,11161
2025-02-28,10069,10637
2025-03-31,9309,9970
2025-04-30,9259,9764
2025-05-31,9901,10349

                        Categories,A Shares,Russell 2500 Index
                        2022-05-31,9550,10000
2022-06-30,8676,9045
2022-07-31,9354,9980
2022-08-31,8979,9715
2022-09-30,8143,8790
2022-10-31,8783,9633
2022-11-30,9220,10040
2022-12-31,8671,9443
2023-01-31,9352,10387
2023-02-28,9018,10143
2023-03-31,8708,9763
2023-04-30,8695,9635
2023-05-31,8350,9466
2023-06-30,9104,10273
2023-07-31,9357,10784
2023-08-31,9266,10360
2023-09-30,8931,9782
2023-10-31,8458,9187
2023-11-30,9114,10015
2023-12-31,9810,11088
2024-01-31,9662,10798
2024-02-29,10286,11385
2024-03-31,10824,11855
2024-04-30,10227,11061
2024-05-31,10639,11521
2024-06-30,10480,11348
2024-07-31,11004,12191
2024-08-31,11192,12160
2024-09-30,11356,12341
2024-10-31,11306,12227
2024-11-30,12544,13430
2024-12-31,11715,12418
2025-01-31,11940,12858
2025-02-28,11217,12254
2025-03-31,10371,11486
2025-04-30,10315,11249
2025-05-31,11030,11923

                        Categories,A Shares,Russell 2500 Index
                        2020-05-31,9550,10000
2020-06-30,9680,10289
2020-07-31,10211,10699
2020-08-31,10925,11183
2020-09-30,10586,10894
2020-10-31,10773,11091
2020-11-30,11820,12898
2020-12-31,12340,13880
2021-01-31,12096,14220
2021-02-28,13032,15148
2021-03-31,13143,15397
2021-04-30,13840,16012
2021-05-31,13630,16045
2021-06-30,13719,16235
2021-07-31,13743,15950
2021-08-31,14097,16313
2021-09-30,13811,15799
2021-10-31,14329,16574
2021-11-30,13442,15883
2021-12-31,14047,16404
2022-01-31,13019,15038
2022-02-28,13353,15208
2022-03-31,13548,15449
2022-04-30,12421,14133
2022-05-31,12446,14181
2022-06-30,11307,12826
2022-07-31,12191,14153
2022-08-31,11702,13777
2022-09-30,10613,12465
2022-10-31,11447,13660
2022-11-30,12016,14237
2022-12-31,11301,13390
2023-01-31,12189,14729
2023-02-28,11753,14384
2023-03-31,11348,13844
2023-04-30,11331,13664
2023-05-31,10882,13424
2023-06-30,11864,14568
2023-07-31,12194,15292
2023-08-31,12076,14692
2023-09-30,11640,13871
2023-10-31,11022,13029
2023-11-30,11878,14201
2023-12-31,12785,15723
2024-01-31,12592,15312
2024-02-29,13405,16145
2024-03-31,14107,16811
2024-04-30,13328,15685
2024-05-31,13865,16338
2024-06-30,13658,16093
2024-07-31,14341,17288
2024-08-31,14587,17244
2024-09-30,14799,17501
2024-10-31,14734,17338
2024-11-30,16347,19045
2024-12-31,15268,17609
2025-01-31,15561,18234
2025-02-28,14619,17378
2025-03-31,13516,16289
2025-04-30,13443,15952
2025-05-31,14376,16907

                        Categories,A Shares,Russell 2500 Index
                        2015-05-31,9551,10000
2015-06-30,9485,9931
2015-07-31,9611,9912
2015-08-31,9110,9325
2015-09-30,8700,8908
2015-10-31,9220,9406
2015-11-30,9283,9591
2015-12-31,9172,9200
2016-01-31,8599,8466
2016-02-29,8408,8526
2016-03-31,8944,9236
2016-04-30,8972,9372
2016-05-31,9168,9570
2016-06-30,9103,9566
2016-07-31,9464,10065
2016-08-31,9490,10145
2016-09-30,9598,10194
2016-10-31,9428,9780
2016-11-30,9692,10612
2016-12-31,9778,10818
2017-01-31,9998,10968
2017-02-28,10376,11233
2017-03-31,10539,11225
2017-04-30,10843,11311
2017-05-31,11044,11185
2017-06-30,11191,11464
2017-07-31,11381,11583
2017-08-31,11457,11487
2017-09-30,11587,12008
2017-10-31,11773,12194
2017-11-30,12034,12594
2017-12-31,12059,12637
2018-01-31,12725,13022
2018-02-28,12121,12487
2018-03-31,11845,12607
2018-04-30,11993,12636
2018-05-31,12334,13231
2018-06-30,12336,13326
2018-07-31,12764,13584
2018-08-31,12964,14167
2018-09-30,12933,13952
2018-10-31,11893,12536
2018-11-30,12096,12772
2018-12-31,10891,11373
2019-01-31,11913,12682
2019-02-28,12162,13281
2019-03-31,12406,13172
2019-04-30,12894,13633
2019-05-31,11791,12663
2019-06-30,12593,13562
2019-07-31,12831,13703
2019-08-31,12591,13155
2019-09-30,12880,13388
2019-10-31,13131,13644
2019-11-30,13543,14230
2019-12-31,14034,14531
2020-01-31,13682,14236
2020-02-29,12735,13042
2020-03-31,10344,10212
2020-04-30,11706,11698
2020-05-31,12133,12562
2020-06-30,12298,12925
2020-07-31,12972,13440
2020-08-31,13880,14048
2020-09-30,13448,13685
2020-10-31,13686,13933
2020-11-30,15016,16203
2020-12-31,15678,17436
2021-01-31,15367,17863
2021-02-28,16557,19028
2021-03-31,16697,19341
2021-04-30,17583,20114
2021-05-31,17315,20156
2021-06-30,17429,20394
2021-07-31,17459,20037
2021-08-31,17908,20492
2021-09-30,17545,19847
2021-10-31,18203,20820
2021-11-30,17077,19952
2021-12-31,17845,20606
2022-01-31,16540,18891
2022-02-28,16964,19104
2022-03-31,17212,19407
2022-04-30,15780,17754
2022-05-31,15811,17814
2022-06-30,14365,16112
2022-07-31,15487,17779
2022-08-31,14866,17306
2022-09-30,13483,15658
2022-10-31,14542,17160
2022-11-30,15266,17885
2022-12-31,14356,16821
2023-01-31,15485,18503
2023-02-28,14931,18069
2023-03-31,14417,17391
2023-04-30,14395,17164
2023-05-31,13825,16863
2023-06-30,15073,18300
2023-07-31,15492,19210
2023-08-31,15341,18455
2023-09-30,14788,17425
2023-10-31,14003,16366
2023-11-30,15090,17840
2023-12-31,16243,19752
2024-01-31,15996,19235
2024-02-29,17030,20281
2024-03-31,17922,21118
2024-04-30,16932,19704
2024-05-31,17615,20523
2024-06-30,17351,20216
2024-07-31,18219,21718
2024-08-31,18531,21662
2024-09-30,18801,21984
2024-10-31,18719,21780
2024-11-30,20768,23924
2024-12-31,19396,22121
2025-01-31,19769,22905
2025-02-28,18572,21830
2025-03-31,17171,20462
2025-04-30,17078,20039
2025-05-31,18263,21239

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 May 2025)

Net Fund Assets

$470.9 M

Benchmark

Russell 2500 Index

Morningstar Category

Large Blend

Fund Symbol

TVAFX

Share Class

Share Class Inception Date

2 Oct 1995

Number of Holdings

Portfolio Turnover

33%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 May 2025)

Portfolio

Benchmark

Weighted Average Market Cap

$10.2 B

$8.6 B

Median Market Cap

$8.7 B

$1.3 B

Price to Earnings - Forward 1YR

18.2x

16.3x

Price to Earnings - Trailing 12 Months

20.4x

17.7x

Price to Cash Flow

11.9x

9.7x

Portfolio

Benchmark

Price to Book Value

2.7x

2.2x

Return on Assets - 5 YR

6.1%

4.7%

Return on Equity - 5 YR

16.9%

12.7%

Historical 3YR Sales Growth

13.5%

15.1%

Active Share

95.5%

—

Risk & Return Profile

(As of 31 May 2025)

10y

Annualized Alpha (%)

-0.12

-0.64

0.41

Beta

0.90

0.87

0.84

R-Squared (%)

94.41

90.89

90.23

Standard Deviation (%)

19.75

18.22

17.36

Sharpe Ratio

0.04

0.34

0.30

Information Ratio

-0.13

-0.35

-0.12

Up Capture (%)

89.88

87.94

84.72

Down Capture (%)

90.56

91.33

83.25

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Apr 2025)

Name

Ticker/Symbol

Sector

Weight %

Casella Waste Systems, Inc.

CWST

Industrials

4.5

TXNM Energy, Inc.

TXNM

Utilities

3.3

BJ's Wholesale Club Holdings, Inc.

Consumer Staples

3.2

Clean Harbors, Inc.

CLH

Industrials

3.1

Sensient Technologies Corp.

SXT

Materials

3.0

LPL Financial Holdings, Inc.

LPLA

Financials

3.0

Pinnacle Financial Partners, Inc.

PNFP

Financials

3.0

Applied Industrial Technologies, Inc.

AIT

Industrials

3.0

Marex Group plc

MRX

Financials

2.8

Nutanix, Inc.

NTNX

Information Technology

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 May 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

27.4

19.3

Financials

20.4

18.5

Information Technology

14.1

11.8

Consumer Discretionary

10.5

12.4

Consumer Staples

6.8

3.7

Energy

5.9

5.0

Utilities

5.3

3.1

Health Care

4.5

11.1

Materials

2.8

5.3

Real Estate

1.7

6.7

Cash & Cash Equivalents

0.8

—

Communication Services

0.0

3.0

Sector Allocation

Fund (%)

Industrials

27.4

Financials

20.4

Information Technology

14.1

Consumer Discretionary

10.5

Consumer Staples

6.8

Energy

5.9

Utilities

5.3

Health Care

4.5

Materials

2.8

Real Estate

1.7

Cash & Cash Equivalents

0.8

Communication Services

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

15.7

14.1

Financial Services

10.5

8.4

Commercial & Professional Services

9.6

3.3

Software & Services

7.3

6.0

Energy

5.9

5.0

Banks

5.3

6.4

Utilities

5.3

3.1

Insurance

4.6

3.8

Consumer Durables & Apparel

4.4

3.3

Food, Beverage & Tobacco

4.0

1.4

Top 10 Industries

Fund (%)

Capital Goods

15.7

Financial Services

10.5

Commercial & Professional Services

9.6

Software & Services

7.3

Energy

5.9

Banks

5.3

Utilities

5.3

Insurance

4.6

Consumer Durables & Apparel

4.4

Food, Beverage & Tobacco

4.0

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

Large Cap (> $12 B)

29.5

23.4

Mid Cap ($2.5 to $12 B)

61.6

59.5

Small Cap (< $2.5 B)

8.8

17.1

Capitalization

Fund (%)

Large Cap (> $12 B)

29.5

Mid Cap ($2.5 to $12 B)

61.6

Small Cap (< $2.5 B)

8.8

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

The percentages may not add up to 100 due to rounding.

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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Global Dividends: An All-Weather Investment Strategy

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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

FOMC Update: Fiscal Challenges Taking a Back Seat to Geopolitical Risks

Fixed Income: Finding Income and Playing Defense Through Volatility

Investment Perspectives from the Road: India

Revisiting Our 2025 Outlook: What’s Unfolding and What Lies Ahead

The Global Shift: Why Non-U.S. Equities Are Taking Center Stage

Global Dividends: An All-Weather Investment Strategy