Thornburg Small/Mid Cap Core Fund

SYMBOL: TVRFX

Morningstar Rating • Info

Overall Morningstar Rating among 378 Large Blend funds, based on risk-adjusted returns for class R3 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

$79.22

As of 3 Jul 2025

Change

$0.84

As of 3 Jul 2025

YTD NAV Performance

0.06%

As of 3 Jul 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 30 Jun 2025)

YTD

10y

Inception

Total Return (%)

-2.21

9.33

9.76

9.08

7.20

9.11

Russell 2500 Index (%)

0.44

9.91

11.31

11.44

8.39

9.64

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 (%)

-2.21

9.33

9.76

9.08

7.20

9.11

Russell 2500 Index (%)

0.44

9.91

11.31

11.44

8.39

9.64

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 (%)

-2.21

9.33

32.24

54.45

100.35

1235.72

Russell 2500 Index (%)

0.44

9.91

37.90

71.91

123.74

1445.02

YTD

10y

Inception

Total Return (%)

-2.21

9.33

32.24

54.45

100.35

1235.72

Russell 2500 Index (%)

0.44

9.91

37.90

71.91

123.74

1445.02

2020

2021

2022

2023

2024

Total Return (%)

11.70

13.78

-19.49

13.19

19.48

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 (%)

1.88

Net Expense Ratio (%)

1.31

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,R3 Shares,Russell 2500 Index
            1995-10-02,10000,10000
1995-10-31,9539,9777
1995-11-30,9950,10195
1995-12-31,9947,10369
1996-01-31,10250,10442
1996-02-29,10628,10757
1996-03-31,10981,10976
1996-04-30,11091,11484
1996-05-31,11378,11795
1996-06-30,11313,11433
1996-07-31,11338,10596
1996-08-31,11695,11205
1996-09-30,12402,11691
1996-10-31,12778,11614
1996-11-30,13699,12176
1996-12-31,13709,12342
1997-01-31,14297,12683
1997-02-28,14253,12495
1997-03-31,13704,11929
1997-04-30,13995,12080
1997-05-31,15052,13192
1997-06-30,15737,13731
1997-07-31,16877,14536
1997-08-31,16691,14738
1997-09-30,18104,15702
1997-10-31,17394,14996
1997-11-30,18039,15064
1997-12-31,18325,15349
1998-01-31,18392,15114
1998-02-28,19944,16211
1998-03-31,21509,16923
1998-04-30,21423,16986
1998-05-31,21270,16198
1998-06-30,21608,16217
1998-07-31,21148,15103
1998-08-31,17350,12254
1998-09-30,18670,13124
1998-10-31,20453,13842
1998-11-30,21421,14527
1998-12-31,22399,15408
1999-01-31,23626,15381
1999-02-28,22648,14371
1999-03-31,24340,14678
1999-04-30,25697,15991
1999-05-31,25484,16240
1999-06-30,26774,17085
1999-07-31,26716,16749
1999-08-31,25895,16225
1999-09-30,25305,15983
1999-10-31,26956,16333
1999-11-30,27879,17256
1999-12-31,30778,19128
2000-01-31,29738,18688
2000-02-29,31003,21387
2000-03-31,33066,21059
2000-04-30,33104,19927
2000-05-31,32710,18971
2000-06-30,33603,20217
2000-07-31,33154,19702
2000-08-31,33323,21399
2000-09-30,33138,20702
2000-10-31,33137,20134
2000-11-30,31259,18363
2000-12-31,31992,19944
2001-01-31,33336,20599
2001-02-28,31053,19273
2001-03-31,29938,18216
2001-04-30,32246,19824
2001-05-31,31919,20421
2001-06-30,31143,20711
2001-07-31,30089,19970
2001-08-31,28421,19316
2001-09-30,26640,16816
2001-10-31,26353,17685
2001-11-30,28521,19116
2001-12-31,29390,20187
2002-01-31,28684,19937
2002-02-28,27497,19588
2002-03-31,28929,20942
2002-04-30,27803,20889
2002-05-31,27639,20276
2002-06-30,25276,19134
2002-07-31,23004,16850
2002-08-31,23035,16901
2002-09-30,21203,15562
2002-10-31,22522,16069
2002-11-30,23535,17381
2002-12-31,22082,16595
2003-01-31,21857,16154
2003-02-28,21375,15766
2003-03-31,21754,15916
2003-04-30,23891,17335
2003-05-31,25772,19039
2003-06-30,26406,19403
2003-07-31,26774,20446
2003-08-31,27235,21392
2003-09-30,26908,21101
2003-10-31,28331,22769
2003-11-30,28587,23626
2003-12-31,29786,24147
2004-01-31,30544,25028
2004-02-29,30677,25415
2004-03-31,30455,25568
2004-04-30,29297,24340
2004-05-31,29359,24837
2004-06-30,29716,25654
2004-07-31,28543,24161
2004-08-31,28553,24099
2004-09-30,28965,25008
2004-10-31,29616,25579
2004-11-30,30690,27488
2004-12-31,31945,28565
2005-01-31,31199,27605
2005-02-28,31738,28230
2005-03-31,31420,27668
2005-04-30,30402,26423
2005-05-31,31648,28022
2005-06-30,32257,28919
2005-07-31,33600,30628
2005-08-31,33433,30171
2005-09-30,34087,30332
2005-10-31,33555,29390
2005-11-30,34921,30809
2005-12-31,34987,30881
2006-01-31,36461,33065
2006-02-28,36451,33038
2006-03-31,37354,34322
2006-04-30,38024,34442
2006-05-31,36768,32816
2006-06-30,36904,32832
2006-07-31,37208,31799
2006-08-31,38089,32605
2006-09-30,39405,33002
2006-10-31,41048,34588
2006-11-30,42448,35716
2006-12-31,42635,35873
2007-01-31,44227,36841
2007-02-28,43311,36789
2007-03-31,43830,37147
2007-04-30,44791,38104
2007-05-31,46746,39695
2007-06-30,46754,38983
2007-07-31,45323,36743
2007-08-31,45836,37133
2007-09-30,48116,38007
2007-10-31,48631,38984
2007-11-30,46329,36594
2007-12-31,45226,36366
2008-01-31,41966,34145
2008-02-29,40330,33207
2008-03-31,39970,32960
2008-04-30,41328,34735
2008-05-31,42250,36384
2008-06-30,38863,33417
2008-07-31,38256,33649
2008-08-31,37964,34610
2008-09-30,33901,31171
2008-10-31,27391,24456
2008-11-30,25444,21804
2008-12-31,26424,22988
2009-01-31,24407,20919
2009-02-28,22193,18657
2009-03-31,24226,20360
2009-04-30,28133,23497
2009-05-31,30737,24213
2009-06-30,31511,24488
2009-07-31,33656,26697
2009-08-31,35295,27788
2009-09-30,36484,29400
2009-10-31,35407,27698
2009-11-30,37152,28815
2009-12-31,38347,30893
2010-01-31,37229,29859
2010-02-28,38011,31343
2010-03-31,40192,33739
2010-04-30,40503,35337
2010-05-31,36898,32705
2010-06-30,34784,30371
2010-07-31,36885,32508
2010-08-31,34784,30583
2010-09-30,37631,34081
2010-10-31,39099,35388
2010-11-30,38477,36383
2010-12-31,41849,39144
2011-01-31,43877,39669
2011-02-28,46005,41604
2011-03-31,45620,42550
2011-04-30,45732,43778
2011-05-31,45147,43253
2011-06-30,44176,42301
2011-07-31,42982,40690
2011-08-31,37967,37359
2011-09-30,34233,33324
2011-10-31,38253,38208
2011-11-30,36809,38076
2011-12-31,36200,38162
2012-01-31,38688,40698
2012-02-29,41202,42209
2012-03-31,42023,43117
2012-04-30,40281,42804
2012-05-31,35104,39878
2012-06-30,36411,41331
2012-07-31,35976,41049
2012-08-31,37357,42524
2012-09-30,38925,43632
2012-10-31,38265,43175
2012-11-30,38912,43838
2012-12-31,40057,44984
2013-01-31,42359,48059
2013-02-28,42459,48611
2013-03-31,44462,50764
2013-04-30,45383,50920
2013-05-31,46777,52493
2013-06-30,45483,51918
2013-07-31,48258,55310
2013-08-31,47884,53562
2013-09-30,50473,56630
2013-10-31,52290,58461
2013-11-30,53858,60015
2013-12-31,55903,61536
2014-01-31,54284,60132
2014-02-28,57348,63180
2014-03-31,57311,62952
2014-04-30,57572,61499
2014-05-31,58619,62221
2014-06-30,60138,65196
2014-07-31,59167,61990
2014-08-31,60923,65052
2014-09-30,59786,61711
2014-10-31,60437,64442
2014-11-30,62513,65002
2014-12-31,62340,65887
2015-01-31,61189,64537
2015-02-28,64856,68385
2015-03-31,64505,69293
2015-04-30,65945,68079
2015-05-31,67134,69538
2015-06-30,66671,69055
2015-07-31,67559,68927
2015-08-31,64042,64846
2015-09-30,61151,61945
2015-10-31,64818,65407
2015-11-30,65269,66691
2015-12-31,64493,63975
2016-01-31,60463,58874
2016-02-29,59124,59288
2016-03-31,62891,64227
2016-04-30,63091,65174
2016-05-31,64480,66548
2016-06-30,64017,66521
2016-07-31,66558,69991
2016-08-31,66746,70549
2016-09-30,67512,70887
2016-10-31,66306,68010
2016-11-30,68177,73795
2016-12-31,68780,75228
2017-01-31,70338,76272
2017-02-28,72989,78109
2017-03-31,74145,78054
2017-04-30,76281,78656
2017-05-31,77689,77777
2017-06-30,78732,79720
2017-07-31,80063,80545
2017-08-31,80604,79877
2017-09-30,81524,83500
2017-10-31,82830,84794
2017-11-30,84665,87580
2017-12-31,84842,87874
2018-01-31,89529,90554
2018-02-28,85285,86831
2018-03-31,83339,87664
2018-04-30,84375,87872
2018-05-31,86775,92004
2018-06-30,86775,92669
2018-07-31,89782,94462
2018-08-31,91197,98513
2018-09-30,90982,97021
2018-10-31,83655,87171
2018-11-30,85082,88817
2018-12-31,76597,79085
2019-01-31,83786,88190
2019-02-28,85548,92355
2019-03-31,87260,91594
2019-04-30,90696,94804
2019-05-31,82936,88059
2019-06-30,88566,94306
2019-07-31,90252,95287
2019-08-31,88553,91476
2019-09-30,90595,93097
2019-10-31,92345,94879
2019-11-30,95235,98952
2019-12-31,98700,101044
2020-01-31,96223,98992
2020-02-29,89554,90692
2020-03-31,72736,71012
2020-04-30,82326,81345
2020-05-31,85324,87353
2020-06-30,86480,89876
2020-07-31,91231,93457
2020-08-31,97620,97689
2020-09-30,94584,95163
2020-10-31,96248,96886
2020-11-30,105598,112669
2020-12-31,110247,121246
2021-01-31,108049,124217
2021-02-28,116420,132321
2021-03-31,117411,134497
2021-04-30,123623,139870
2021-05-31,121743,140160
2021-06-30,122530,141816
2021-07-31,122746,139332
2021-08-31,125897,142495
2021-09-30,123343,138013
2021-10-31,127954,144780
2021-11-30,120034,138740
2021-12-31,125443,143291
2022-01-31,116258,131364
2022-02-28,119256,132844
2022-03-31,121014,134956
2022-04-30,110950,123457
2022-05-31,111174,123874
2022-06-30,101006,112039
2022-07-31,108916,123631
2022-08-31,104556,120345
2022-09-30,94836,108882
2022-10-31,102298,119329
2022-11-30,107382,124366
2022-12-31,100999,116970
2023-01-31,108935,128665
2023-02-28,105036,125645
2023-03-31,101430,120935
2023-04-30,101292,119357
2023-05-31,97272,117265
2023-06-30,106054,127254
2023-07-31,109021,133581
2023-08-31,107969,128336
2023-09-30,104070,121169
2023-10-31,98549,113809
2023-11-30,106209,124054
2023-12-31,114318,137349
2024-01-31,112610,133757
2024-02-29,119873,141033
2024-03-31,126153,146853
2024-04-30,119218,137015
2024-05-31,124014,142715
2024-06-30,122168,140576
2024-07-31,128293,151020
2024-08-31,130501,150632
2024-09-30,132399,152874
2024-10-31,131829,151456
2024-11-30,146270,166362
2024-12-31,136591,153825
2025-01-31,139231,159277
2025-02-28,130812,151801
2025-03-31,120943,142286
2025-04-30,120305,139349
2025-05-31,128655,147689
2025-06-30,133572,154502

Hypothetical Growth of $10,000

(As of 30 Jun 2025)

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

                        Categories,R3 Shares,Russell 2500 Index
                        2024-06-30,10000,10000
2024-07-31,10501,10743
2024-08-31,10682,10715
2024-09-30,10837,10875
2024-10-31,10791,10774
2024-11-30,11973,11834
2024-12-31,11181,10942
2025-01-31,11397,11330
2025-02-28,10708,10798
2025-03-31,9900,10122
2025-04-30,9847,9913
2025-05-31,10531,10506
2025-06-30,10933,10991

                        Categories,R3 Shares,Russell 2500 Index
                        2022-06-30,10000,10000
2022-07-31,10783,11035
2022-08-31,10351,10741
2022-09-30,9389,9718
2022-10-31,10128,10651
2022-11-30,10631,11100
2022-12-31,9999,10440
2023-01-31,10785,11484
2023-02-28,10399,11214
2023-03-31,10042,10794
2023-04-30,10028,10653
2023-05-31,9630,10466
2023-06-30,10500,11358
2023-07-31,10794,11923
2023-08-31,10689,11455
2023-09-30,10303,10815
2023-10-31,9757,10158
2023-11-30,10515,11072
2023-12-31,11318,12259
2024-01-31,11149,11938
2024-02-29,11868,12588
2024-03-31,12490,13107
2024-04-30,11803,12229
2024-05-31,12278,12738
2024-06-30,12095,12547
2024-07-31,12702,13479
2024-08-31,12920,13445
2024-09-30,13108,13645
2024-10-31,13052,13518
2024-11-30,14481,14849
2024-12-31,13523,13730
2025-01-31,13784,14216
2025-02-28,12951,13549
2025-03-31,11974,12700
2025-04-30,11911,12438
2025-05-31,12737,13182
2025-06-30,13224,13790

                        Categories,R3 Shares,Russell 2500 Index
                        2020-06-30,10000,10000
2020-07-31,10549,10398
2020-08-31,11288,10869
2020-09-30,10937,10588
2020-10-31,11130,10780
2020-11-30,12211,12536
2020-12-31,12748,13490
2021-01-31,12494,13821
2021-02-28,13462,14723
2021-03-31,13577,14965
2021-04-30,14295,15563
2021-05-31,14078,15595
2021-06-30,14169,15779
2021-07-31,14194,15503
2021-08-31,14558,15855
2021-09-30,14263,15356
2021-10-31,14796,16109
2021-11-30,13880,15437
2021-12-31,14505,15943
2022-01-31,13443,14616
2022-02-28,13790,14781
2022-03-31,13993,15016
2022-04-30,12830,13736
2022-05-31,12855,13783
2022-06-30,11680,12466
2022-07-31,12594,13756
2022-08-31,12090,13390
2022-09-30,10966,12115
2022-10-31,11829,13277
2022-11-30,12417,13838
2022-12-31,11679,13015
2023-01-31,12597,14316
2023-02-28,12146,13980
2023-03-31,11729,13456
2023-04-30,11713,13280
2023-05-31,11248,13047
2023-06-30,12263,14159
2023-07-31,12607,14863
2023-08-31,12485,14279
2023-09-30,12034,13482
2023-10-31,11396,12663
2023-11-30,12281,13803
2023-12-31,13219,15282
2024-01-31,13021,14882
2024-02-29,13861,15692
2024-03-31,14588,16340
2024-04-30,13786,15245
2024-05-31,14340,15879
2024-06-30,14127,15641
2024-07-31,14835,16803
2024-08-31,15090,16760
2024-09-30,15310,17009
2024-10-31,15244,16852
2024-11-30,16914,18510
2024-12-31,15795,17115
2025-01-31,16100,17722
2025-02-28,15126,16890
2025-03-31,13985,15831
2025-04-30,13911,15505
2025-05-31,14877,16433
2025-06-30,15445,17191

                        Categories,R3 Shares,Russell 2500 Index
                        2015-06-30,10000,10000
2015-07-31,10133,9981
2015-08-31,9606,9390
2015-09-30,9172,8970
2015-10-31,9722,9472
2015-11-30,9790,9658
2015-12-31,9673,9264
2016-01-31,9069,8526
2016-02-29,8868,8586
2016-03-31,9433,9301
2016-04-30,9463,9438
2016-05-31,9671,9637
2016-06-30,9602,9633
2016-07-31,9983,10135
2016-08-31,10011,10216
2016-09-30,10126,10265
2016-10-31,9945,9849
2016-11-30,10226,10686
2016-12-31,10316,10894
2017-01-31,10550,11045
2017-02-28,10948,11311
2017-03-31,11121,11303
2017-04-30,11442,11390
2017-05-31,11653,11263
2017-06-30,11809,11544
2017-07-31,12009,11664
2017-08-31,12090,11567
2017-09-30,12228,12092
2017-10-31,12424,12279
2017-11-30,12699,12683
2017-12-31,12726,12725
2018-01-31,13429,13113
2018-02-28,12792,12574
2018-03-31,12500,12695
2018-04-30,12656,12725
2018-05-31,13016,13323
2018-06-30,13016,13419
2018-07-31,13466,13679
2018-08-31,13679,14266
2018-09-30,13646,14050
2018-10-31,12547,12623
2018-11-30,12762,12862
2018-12-31,11489,11452
2019-01-31,12567,12771
2019-02-28,12832,13374
2019-03-31,13088,13264
2019-04-30,13604,13729
2019-05-31,12440,12752
2019-06-30,13284,13657
2019-07-31,13537,13799
2019-08-31,13282,13247
2019-09-30,13588,13482
2019-10-31,13851,13740
2019-11-30,14284,14329
2019-12-31,14804,14632
2020-01-31,14433,14335
2020-02-29,13432,13133
2020-03-31,10910,10283
2020-04-30,12348,11780
2020-05-31,12798,12650
2020-06-30,12971,13015
2020-07-31,13684,13534
2020-08-31,14642,14146
2020-09-30,14187,13781
2020-10-31,14436,14030
2020-11-30,15839,16316
2020-12-31,16536,17558
2021-01-31,16206,17988
2021-02-28,17462,19162
2021-03-31,17611,19477
2021-04-30,18542,20255
2021-05-31,18260,20297
2021-06-30,18379,20537
2021-07-31,18411,20177
2021-08-31,18883,20635
2021-09-30,18500,19986
2021-10-31,19192,20966
2021-11-30,18004,20091
2021-12-31,18815,20750
2022-01-31,17438,19023
2022-02-28,17887,19237
2022-03-31,18151,19543
2022-04-30,16642,17878
2022-05-31,16675,17938
2022-06-30,15150,16225
2022-07-31,16337,17903
2022-08-31,15683,17427
2022-09-30,14225,15767
2022-10-31,15344,17280
2022-11-30,16106,18010
2022-12-31,15149,16939
2023-01-31,16339,18632
2023-02-28,15754,18195
2023-03-31,15214,17513
2023-04-30,15193,17284
2023-05-31,14590,16981
2023-06-30,15907,18428
2023-07-31,16352,19344
2023-08-31,16194,18585
2023-09-30,15610,17547
2023-10-31,14781,16481
2023-11-30,15930,17964
2023-12-31,17147,19890
2024-01-31,16891,19370
2024-02-29,17980,20423
2024-03-31,18922,21266
2024-04-30,17882,19841
2024-05-31,18601,20667
2024-06-30,18324,20357
2024-07-31,19243,21869
2024-08-31,19574,21813
2024-09-30,19859,22138
2024-10-31,19773,21933
2024-11-30,21939,24091
2024-12-31,20488,22276
2025-01-31,20883,23065
2025-02-28,19621,21982
2025-03-31,18140,20605
2025-04-30,18045,20179
2025-05-31,19297,21387
2025-06-30,20035,22374

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 ($)
            2004-03-31,0.02376
2004-06-30,0.10846
2004-09-30,0.10047
2004-12-31,0.12624
2005-03-31,0.05312
2005-06-30,0.05638
2005-09-30,0.07780
2005-12-31,0.07354
2006-03-31,0.05452
2006-06-30,0.05785
2006-09-30,0.14464
2006-11-17,1.30207
2006-12-31,0.08145
2007-03-31,0.05638
2007-06-30,0.02760
2007-09-30,0.09619
2007-11-19,3.93397
2008-03-31,0.01300
2008-06-30,0.05670
2008-09-30,0.05714
2008-12-31,0.10148
2009-03-31,0.09516
2009-06-30,0.08932
2009-09-30,0.11303
2009-12-31,0.11637
2010-03-31,0.01536
2010-06-30,0.00896
2010-09-30,0.02999
2013-12-31,0.04352
2014-09-30,0.20992
2014-12-31,0.02160
2016-09-30,0.18002
2016-12-31,0.03027
2017-09-30,0.00205
2017-12-31,0.36300
2018-12-31,0.21639
2019-12-31,0.14174
2021-11-18,26.35024
2021-12-31,0.25702
2022-12-31,0.06595

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2004-03-31,1080691200,0.02376,0.02376,0,0
2004-06-30,1088553600,0.10846,0.10846,0,0
2004-09-30,1096502400,0.10047,0.10047,0,0
2004-12-31,1104451200,0.12624,0.12624,0,0
2005-03-31,1112227200,0.05312,0.05312,0,0
2005-06-30,1120089600,0.05638,0.05638,0,0
2005-09-30,1128038400,0.07780,0.07780,0,0
2005-12-30,1135987200,0.07354,0.07354,0,0
2006-03-30,1143763200,0.05452,0.05452,0,0
2006-06-28,1151625600,0.05785,0.05785,0,0
2006-09-27,1159574400,0.14464,0.14464,0,0
2006-11-17,1163721600,1.30207,0,0.04610,1.25597
2006-12-26,1167523200,0.08145,0.08145,0,0
2007-03-26,1175299200,0.05638,0.05638,0,0
2007-06-26,1183161600,0.02760,0.02760,0,0
2007-09-26,1191110400,0.09619,0.09619,0,0
2007-11-19,1195430400,3.93397,0,0.88171,3.05226
2008-03-26,1206921600,0.01300,0.01300,0,0
2008-06-26,1214784000,0.05670,0.05670,0,0
2008-09-26,1222732800,0.05714,0.05714,0,0
2008-12-26,1230681600,0.10148,0.10148,0,0
2009-03-26,1238457600,0.09516,0.09516,0,0
2009-06-26,1246320000,0.08932,0.08932,0,0
2009-09-25,1254268800,0.11303,0.11303,0,0
2009-12-24,1262217600,0.11637,0.11637,0,0
2010-03-26,1269993600,0.01536,0.01536,0,0
2010-06-25,1277856000,0.00896,0.00896,0,0
2010-09-24,1285804800,0.02999,0.02999,0,0
2013-12-24,1388448000,0.04352,0.04352,0,0
2014-09-24,1412035200,0.20992,0.20992,0,0
2014-12-24,1419984000,0.02160,0.02160,0,0
2016-09-26,1475193600,0.18002,0.18002,0,0
2016-12-23,1483142400,0.03027,0.03027,0,0
2017-09-22,1506729600,0.00205,0.00205,0,0
2017-12-22,1514678400,0.36300,0.36300,0,0
2018-12-21,1546214400,0.21639,0.21639,0,0
2019-12-20,1577750400,0.14174,0.14174,0,0
2021-11-18,1637193600,26.35024,0,7.96715,18.38309
2021-12-16,1640908800,0.25702,0.25702,0,0
2022-12-15,1672444800,0.06595,0.06595,0,0

Distributions

(As of 15 Dec 2022)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Mar 2004

0.02376

—

30 Jun 2004

0.10846

—

30 Sep 2004

0.10047

—

31 Dec 2004

0.12624

—

31 Mar 2005

0.05312

—

30 Jun 2005

0.05638

—

30 Sep 2005

0.07780

—

30 Dec 2005

31 Dec 2005

0.07354

—

30 Mar 2006

31 Mar 2006

0.05452

—

28 Jun 2006

30 Jun 2006

0.05785

—

27 Sep 2006

30 Sep 2006

0.14464

—

17 Nov 2006

1.30207

—

0.04610

1.25597

26 Dec 2006

31 Dec 2006

0.08145

—

26 Mar 2007

31 Mar 2007

0.05638

—

26 Jun 2007

30 Jun 2007

0.02760

—

26 Sep 2007

30 Sep 2007

0.09619

—

19 Nov 2007

3.93397

—

0.88171

3.05226

26 Mar 2008

31 Mar 2008

0.01300

—

26 Jun 2008

30 Jun 2008

0.05670

—

26 Sep 2008

30 Sep 2008

0.05714

—

26 Dec 2008

31 Dec 2008

0.10148

—

26 Mar 2009

31 Mar 2009

0.09516

—

26 Jun 2009

30 Jun 2009

0.08932

—

25 Sep 2009

30 Sep 2009

0.11303

—

24 Dec 2009

31 Dec 2009

0.11637

—

26 Mar 2010

31 Mar 2010

0.01536

—

25 Jun 2010

30 Jun 2010

0.00896

—

24 Sep 2010

30 Sep 2010

0.02999

—

24 Dec 2013

31 Dec 2013

0.04352

—

24 Sep 2014

30 Sep 2014

0.20992

—

24 Dec 2014

31 Dec 2014

0.02160

—

26 Sep 2016

30 Sep 2016

0.18002

—

23 Dec 2016

31 Dec 2016

0.03027

—

22 Sep 2017

30 Sep 2017

0.00205

—

22 Dec 2017

31 Dec 2017

0.36300

—

21 Dec 2018

31 Dec 2018

0.21639

—

20 Dec 2019

31 Dec 2019

0.14174

—

18 Nov 2021

26.35024

—

7.96715

18.38309

16 Dec 2021

31 Dec 2021

0.25702

—

15 Dec 2022

31 Dec 2022

0.06595

—

Fund Facts

(As of 31 May 2025)

Net Fund Assets

$470.9 M

Benchmark

Russell 2500 Index

Morningstar Category

Large Blend

Fund Symbol

TVRFX

Share Class

Share Class Inception Date

1 Jul 2003

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 31 May 2025)

Name

Ticker/Symbol

Sector

Weight %

Casella Waste Systems, Inc.

CWST

Industrials

4.1

LPL Financial Holdings, Inc.

LPLA

Financials

3.4

Clean Harbors, Inc.

CLH

Industrials

3.0

TXNM Energy, Inc.

TXNM

Utilities

3.0

Pinnacle Financial Partners, Inc.

PNFP

Financials

3.0

BJ's Wholesale Club Holdings, Inc.

Consumer Staples

2.9

Nutanix, Inc.

NTNX

Information Technology

2.8

Sensient Technologies Corp.

SXT

Materials

2.8

Agilysys, Inc.

AGYS

Information Technology

2.7

TechnipFMC plc

FTI

Energy

2.6

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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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

Investment Perspectives from the Road: The UAE

Investor Update: A Potential Reprieve for the Municipal Bond Tax Exemption

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