Thornburg Small/Mid Cap Core Fund

SYMBOL: TVRRX

Morningstar Rating • Info

Overall Morningstar Rating among 588 Small Blend funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 2 stars and 3 stars among 588, 567 and 442 funds, as of 31 Jan 2026.

As of 31 Jan 2026

Fund Assets

$476.2 M

As of 31 Jan 2026

NAV

$91.62

As of 20 Feb 2026

Change

$0.57

As of 20 Feb 2026

YTD NAV Performance

10.08%

As of 20 Feb 2026

Asset Category:

U.S. Equity

Fund Benchmark:

Russell 2500 Index

Portfolio Managers

Miguel Oleaga

Portfolio Manager and Managing Director

Neal BasuMullick, 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 (%)

-0.50

10.67

4.57

8.09

9.40

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 (%)

4.10

1.58

9.35

5.84

9.22

9.52

Russell 2500 Index (%)

4.98

13.46

11.99

7.79

11.87

10.01

Morningstar Category Avg. (%)

4.92

9.96

10.42

8.03

10.79

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

622

588

567

442

—

YTD

10y

Inception

Total Return (%)

-0.50

35.53

25.05

117.61

1414.31

Russell 2500 Index (%)

11.91

47.17

41.98

169.07

1621.41

YTD

10y

Inception

Total Return (%)

4.10

1.58

30.76

32.79

141.59

1476.36

Russell 2500 Index (%)

4.98

13.46

40.46

45.49

206.96

1707.21

2020

2021

2022

2023

2024

2025

Total Return (%)

12.09

14.19

-19.20

13.60

19.91

-0.50

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 2026)

Gross Expense Ratio (%)

1.87

Net Expense Ratio (%)

0.95

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

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

Hypothetical Growth of $10,000

            Categories,R5 Shares,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
1996-10-31,12783,11614
1996-11-30,13709,12176
1996-12-31,13723,12342
1997-01-31,14317,12683
1997-02-28,14278,12495
1997-03-31,13733,11929
1997-04-30,14029,12080
1997-05-31,15094,13192
1997-06-30,15786,13731
1997-07-31,16936,14536
1997-08-31,16755,14738
1997-09-30,18179,15702
1997-10-31,17473,14996
1997-11-30,18127,15064
1997-12-31,18421,15349
1998-01-31,18494,15114
1998-02-28,20061,16211
1998-03-31,21643,16923
1998-04-30,21564,16986
1998-05-31,21418,16198
1998-06-30,21765,16217
1998-07-31,21310,15103
1998-08-31,17490,12254
1998-09-30,18827,13124
1998-10-31,20632,13842
1998-11-30,21616,14527
1998-12-31,22611,15408
1999-01-31,23857,15381
1999-02-28,22877,14371
1999-03-31,24594,14678
1999-04-30,25975,15991
1999-05-31,25769,16240
1999-06-30,27083,17085
1999-07-31,27033,16749
1999-08-31,26212,16225
1999-09-30,25624,15983
1999-10-31,27306,16333
1999-11-30,28250,17256
1999-12-31,31198,19128
2000-01-31,30155,18688
2000-02-29,31448,21387
2000-03-31,33552,21059
2000-04-30,33603,19927
2000-05-31,33214,18971
2000-06-30,34133,20217
2000-07-31,33689,19702
2000-08-31,33872,21399
2000-09-30,33696,20702
2000-10-31,33707,20134
2000-11-30,31808,18363
2000-12-31,32565,19944
2001-01-31,33945,20599
2001-02-28,31631,19273
2001-03-31,30506,18216
2001-04-30,32869,19824
2001-05-31,32547,20421
2001-06-30,31767,20711
2001-07-31,30702,19970
2001-08-31,29011,19316
2001-09-30,27203,16816
2001-10-31,26920,17685
2001-11-30,29144,19116
2001-12-31,30043,20187
2002-01-31,29332,19937
2002-02-28,28127,19588
2002-03-31,29602,20942
2002-04-30,28460,20889
2002-05-31,28302,20276
2002-06-30,25891,19134
2002-07-31,23573,16850
2002-08-31,23613,16901
2002-09-30,21743,15562
2002-10-31,23104,16069
2002-11-30,24150,17381
2002-12-31,22668,16595
2003-01-31,22445,16154
2003-02-28,21958,15766
2003-03-31,22354,15916
2003-04-30,24558,17335
2003-05-31,26501,19039
2003-06-30,27162,19403
2003-07-31,27551,20446
2003-08-31,28056,21392
2003-09-30,27728,21101
2003-10-31,29203,22769
2003-11-30,29477,23626
2003-12-31,30722,24147
2004-01-31,31514,25028
2004-02-29,31661,25415
2004-03-31,31439,25568
2004-04-30,30253,24340
2004-05-31,30327,24837
2004-06-30,30707,25654
2004-07-31,29497,24161
2004-08-31,29528,24099
2004-09-30,29957,25008
2004-10-31,30639,25579
2004-11-30,31747,27488
2004-12-31,33069,28565
2005-01-31,32298,27605
2005-02-28,32872,28230
2005-03-31,32562,27668
2005-04-30,31513,26423
2005-05-31,32816,28022
2005-06-30,33461,28919
2005-07-31,34863,30628
2005-08-31,34704,30171
2005-09-30,35393,30332
2005-10-31,34860,29390
2005-11-30,36288,30809
2005-12-31,36362,30881
2006-01-31,37911,33065
2006-02-28,37900,33038
2006-03-31,38856,34322
2006-04-30,39574,34442
2006-05-31,38278,32816
2006-06-30,38430,32832
2006-07-31,38774,31799
2006-08-31,39707,32605
2006-09-30,41080,33002
2006-10-31,42817,34588
2006-11-30,44284,35716
2006-12-31,44496,35873
2007-01-31,46172,36841
2007-02-28,45222,36789
2007-03-31,45787,37147
2007-04-30,46794,38104
2007-05-31,48854,39695
2007-06-30,48877,38983
2007-07-31,47408,36743
2007-08-31,47969,37133
2007-09-30,50375,38007
2007-10-31,50926,38984
2007-11-30,48529,36594
2007-12-31,47395,36366
2008-01-31,44000,34145
2008-02-29,42296,33207
2008-03-31,41924,32960
2008-04-30,43356,34735
2008-05-31,44340,36384
2008-06-30,40799,33417
2008-07-31,40175,33649
2008-08-31,39875,34610
2008-09-30,35617,31171
2008-10-31,28794,24456
2008-11-30,26754,21804
2008-12-31,27789,22988
2009-01-31,25673,20919
2009-02-28,23356,18657
2009-03-31,25509,20360
2009-04-30,29623,23497
2009-05-31,32370,24213
2009-06-30,33194,24488
2009-07-31,35470,26697
2009-08-31,37225,27788
2009-09-30,38484,29400
2009-10-31,37347,27698
2009-11-30,39212,28815
2009-12-31,40492,30893
2010-01-31,39311,29859
2010-02-28,40145,31343
2010-03-31,42475,33739
2010-04-30,42822,35337
2010-05-31,39019,32705
2010-06-30,36789,30371
2010-07-31,39027,32508
2010-08-31,36815,30583
2010-09-30,39845,34081
2010-10-31,41405,35388
2010-11-30,40760,36383
2010-12-31,44356,39144
2011-01-31,46508,39669
2011-02-28,48776,41604
2011-03-31,48380,42550
2011-04-30,48522,43778
2011-05-31,47903,43253
2011-06-30,46897,42301
2011-07-31,45647,40690
2011-08-31,40336,37359
2011-09-30,36378,33324
2011-10-31,40658,38208
2011-11-30,39137,38076
2011-12-31,38504,38162
2012-01-31,41161,40698
2012-02-29,43843,42209
2012-03-31,44732,43117
2012-04-30,42889,42804
2012-05-31,37382,39878
2012-06-30,38788,41331
2012-07-31,38337,41049
2012-08-31,39820,42524
2012-09-30,41509,43632
2012-10-31,40812,43175
2012-11-30,41522,43838
2012-12-31,42760,44984
2013-01-31,45222,48059
2013-02-28,45339,48611
2013-03-31,47505,50764
2013-04-30,48498,50920
2013-05-31,49994,52493
2013-06-30,48627,51918
2013-07-31,51618,55310
2013-08-31,51232,53562
2013-09-30,54017,56630
2013-10-31,55964,58461
2013-11-30,57666,60015
2013-12-31,59879,61536
2014-01-31,58169,60132
2014-02-28,61460,63180
2014-03-31,61434,62952
2014-04-30,61745,61499
2014-05-31,62886,62221
2014-06-30,64531,65196
2014-07-31,63508,61990
2014-08-31,65425,65052
2014-09-30,64213,61711
2014-10-31,64930,64442
2014-11-30,67175,65002
2014-12-31,67014,65887
2015-01-31,65799,64537
2015-02-28,69758,68385
2015-03-31,69405,69293
2015-04-30,70973,68079
2015-05-31,72279,69538
2015-06-30,71809,69055
2015-07-31,72776,68927
2015-08-31,69026,64846
2015-09-30,65916,61945
2015-10-31,69888,65407
2015-11-30,70398,66691
2015-12-31,69588,63975
2016-01-31,65250,58874
2016-02-29,63826,59288
2016-03-31,67902,64227
2016-04-30,68138,65174
2016-05-31,69666,66548
2016-06-30,69183,66521
2016-07-31,71966,69991
2016-08-31,72188,70549
2016-09-30,73022,70887
2016-10-31,71746,68010
2016-11-30,73785,73795
2016-12-31,74470,75228
2017-01-31,76183,76272
2017-02-28,79081,78109
2017-03-31,80360,78054
2017-04-30,82692,78656
2017-05-31,84246,77777
2017-06-30,85396,79720
2017-07-31,86874,80545
2017-08-31,87494,79877
2017-09-30,88512,83500
2017-10-31,89952,84794
2017-11-30,91973,87580
2017-12-31,92200,87874
2018-01-31,97330,90554
2018-02-28,92732,86831
2018-03-31,90645,87664
2018-04-30,91801,87872
2018-05-31,94433,92004
2018-06-30,94472,92669
2018-07-31,97768,94462
2018-08-31,99336,98513
2018-09-30,99137,97021
2018-10-31,91190,87171
2018-11-30,92758,88817
2018-12-31,83539,79085
2019-01-31,91417,88190
2019-02-28,93359,92355
2019-03-31,95262,91594
2019-04-30,99027,94804
2019-05-31,90586,88059
2019-06-30,96763,94306
2019-07-31,98638,95287
2019-08-31,96816,91476
2019-09-30,99067,93097
2019-10-31,101010,94879
2019-11-30,104212,98952
2019-12-31,108030,101044
2020-01-31,105323,98992
2020-02-29,98062,90692
2020-03-31,79676,71012
2020-04-30,90209,81345
2020-05-31,93523,87353
2020-06-30,94816,89876
2020-07-31,100056,93457
2020-08-31,107087,97689
2020-09-30,103787,95163
2020-10-31,105646,96886
2020-11-30,115950,112669
2020-12-31,121096,121246
2021-01-31,118712,124217
2021-02-28,127939,132321
2021-03-31,129070,134497
2021-04-30,135940,139870
2021-05-31,133906,140160
2021-06-30,134822,141816
2021-07-31,135091,139332
2021-08-31,138607,142495
2021-09-30,135832,138013
2021-10-31,140964,144780
2021-11-30,132272,138740
2021-12-31,138280,143291
2022-01-31,128196,131364
2022-02-28,131527,132844
2022-03-31,133501,134956
2022-04-30,122439,123457
2022-05-31,122729,123874
2022-06-30,111540,112039
2022-07-31,120321,123631
2022-08-31,115523,120345
2022-09-30,104823,108882
2022-10-31,113097,119329
2022-11-30,118746,124366
2022-12-31,111731,116970
2023-01-31,120556,128665
2023-02-28,116280,125645
2023-03-31,112314,120935
2023-04-30,112186,119357
2023-05-31,107783,117265
2023-06-30,117535,127254
2023-07-31,120847,133581
2023-08-31,119719,128336
2023-09-30,115443,121169
2023-10-31,109348,113809
2023-11-30,117881,124054
2023-12-31,126924,137349
2024-01-31,125050,133757
2024-02-29,133164,141033
2024-03-31,140187,146853
2024-04-30,132509,137015
2024-05-31,137895,142715
2024-06-30,135875,140576
2024-07-31,142735,151020
2024-08-31,145227,150632
2024-09-30,147392,152874
2024-10-31,146792,151456
2024-11-30,162930,166362
2024-12-31,152196,153825
2025-01-31,155180,159277
2025-02-28,145828,151801
2025-03-31,134875,142286
2025-04-30,134201,139349
2025-05-31,143572,147689
2025-06-30,149084,154502
2025-07-31,152396,157488
2025-08-31,153597,165752
2025-09-30,152887,168407
2025-10-31,150158,169536
2025-11-30,151341,171997
2025-12-31,151431,172141
2026-01-31,157636,180721

Hypothetical Growth of $10,000

(As of 31 Jan 2026)

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

                        Categories,R5 Shares,Russell 2500 Index
                        2025-01-31,10000,10000
2025-02-28,9397,9531
2025-03-31,8692,8933
2025-04-30,8648,8749
2025-05-31,9252,9272
2025-06-30,9607,9700
2025-07-31,9821,9888
2025-08-31,9898,10407
2025-09-30,9852,10573
2025-10-31,9676,10644
2025-11-30,9753,10799
2025-12-31,9758,10808
2026-01-31,10158,11346

                        Categories,R5 Shares,Russell 2500 Index
                        2023-01-31,10000,10000
2023-02-28,9645,9765
2023-03-31,9316,9399
2023-04-30,9306,9277
2023-05-31,8941,9114
2023-06-30,9749,9890
2023-07-31,10024,10382
2023-08-31,9931,9974
2023-09-30,9576,9417
2023-10-31,9070,8845
2023-11-30,9778,9642
2023-12-31,10528,10675
2024-01-31,10373,10396
2024-02-29,11046,10961
2024-03-31,11628,11414
2024-04-30,10992,10649
2024-05-31,11438,11092
2024-06-30,11271,10926
2024-07-31,11840,11737
2024-08-31,12047,11707
2024-09-30,12226,11882
2024-10-31,12176,11771
2024-11-30,13515,12930
2024-12-31,12625,11955
2025-01-31,12872,12379
2025-02-28,12096,11798
2025-03-31,11188,11059
2025-04-30,11132,10830
2025-05-31,11909,11479
2025-06-30,12366,12008
2025-07-31,12641,12240
2025-08-31,12741,12883
2025-09-30,12682,13089
2025-10-31,12456,13177
2025-11-30,12554,13368
2025-12-31,12561,13379
2026-01-31,13076,14046

                        Categories,R5 Shares,Russell 2500 Index
                        2021-01-31,10000,10000
2021-02-28,10777,10652
2021-03-31,10873,10828
2021-04-30,11451,11260
2021-05-31,11280,11283
2021-06-30,11357,11417
2021-07-31,11380,11217
2021-08-31,11676,11471
2021-09-30,11442,11111
2021-10-31,11875,11655
2021-11-30,11142,11169
2021-12-31,11648,11536
2022-01-31,10799,10575
2022-02-28,11080,10694
2022-03-31,11246,10865
2022-04-30,10314,9939
2022-05-31,10338,9972
2022-06-30,9396,9020
2022-07-31,10136,9953
2022-08-31,9731,9688
2022-09-30,8830,8765
2022-10-31,9527,9606
2022-11-30,10003,10012
2022-12-31,9412,9417
2023-01-31,10155,10358
2023-02-28,9795,10115
2023-03-31,9461,9736
2023-04-30,9450,9609
2023-05-31,9079,9440
2023-06-30,9901,10244
2023-07-31,10180,10754
2023-08-31,10085,10332
2023-09-30,9725,9755
2023-10-31,9211,9162
2023-11-30,9930,9987
2023-12-31,10692,11057
2024-01-31,10534,10768
2024-02-29,11217,11354
2024-03-31,11809,11822
2024-04-30,11162,11030
2024-05-31,11616,11489
2024-06-30,11446,11317
2024-07-31,12024,12158
2024-08-31,12234,12127
2024-09-30,12416,12307
2024-10-31,12365,12193
2024-11-30,13725,13393
2024-12-31,12821,12384
2025-01-31,13072,12823
2025-02-28,12284,12221
2025-03-31,11362,11455
2025-04-30,11305,11218
2025-05-31,12094,11890
2025-06-30,12559,12438
2025-07-31,12837,12678
2025-08-31,12939,13344
2025-09-30,12879,13557
2025-10-31,12649,13648
2025-11-30,12749,13846
2025-12-31,12756,13858
2026-01-31,13279,14549

                        Categories,R5 Shares,Russell 2500 Index
                        2016-01-31,10000,10000
2016-02-29,9782,10070
2016-03-31,10406,10909
2016-04-30,10443,11070
2016-05-31,10677,11303
2016-06-30,10603,11299
2016-07-31,11029,11888
2016-08-31,11063,11983
2016-09-30,11191,12040
2016-10-31,10996,11552
2016-11-30,11308,12534
2016-12-31,11413,12778
2017-01-31,11675,12955
2017-02-28,12120,13267
2017-03-31,12316,13258
2017-04-30,12673,13360
2017-05-31,12911,13211
2017-06-30,13087,13541
2017-07-31,13314,13681
2017-08-31,13409,13567
2017-09-30,13565,14183
2017-10-31,13786,14403
2017-11-30,14095,14876
2017-12-31,14130,14926
2018-01-31,14916,15381
2018-02-28,14212,14749
2018-03-31,13892,14890
2018-04-30,14069,14925
2018-05-31,14472,15627
2018-06-30,14479,15740
2018-07-31,14984,16045
2018-08-31,15224,16733
2018-09-30,15193,16479
2018-10-31,13975,14806
2018-11-30,14216,15086
2018-12-31,12803,13433
2019-01-31,14010,14979
2019-02-28,14308,15687
2019-03-31,14600,15558
2019-04-30,15177,16103
2019-05-31,13883,14957
2019-06-30,14830,16018
2019-07-31,15117,16185
2019-08-31,14838,15537
2019-09-30,15183,15813
2019-10-31,15480,16116
2019-11-30,15971,16807
2019-12-31,16556,17163
2020-01-31,16141,16814
2020-02-29,15029,15404
2020-03-31,12211,12062
2020-04-30,13825,13817
2020-05-31,14333,14837
2020-06-30,14531,15266
2020-07-31,15334,15874
2020-08-31,16412,16593
2020-09-30,15906,16164
2020-10-31,16191,16456
2020-11-30,17770,19137
2020-12-31,18559,20594
2021-01-31,18193,21099
2021-02-28,19607,22475
2021-03-31,19781,22845
2021-04-30,20834,23757
2021-05-31,20522,23807
2021-06-30,20662,24088
2021-07-31,20704,23666
2021-08-31,21242,24203
2021-09-30,20817,23442
2021-10-31,21604,24591
2021-11-30,20272,23566
2021-12-31,21192,24338
2022-01-31,19647,22313
2022-02-28,20157,22564
2022-03-31,20460,22923
2022-04-30,18765,20970
2022-05-31,18809,21040
2022-06-30,17094,19030
2022-07-31,18440,20999
2022-08-31,17705,20441
2022-09-30,16065,18494
2022-10-31,17333,20268
2022-11-30,18199,21124
2022-12-31,17124,19868
2023-01-31,18476,21854
2023-02-28,17821,21341
2023-03-31,17213,20541
2023-04-30,17193,20273
2023-05-31,16519,19918
2023-06-30,18013,21615
2023-07-31,18521,22689
2023-08-31,18348,21798
2023-09-30,17692,20581
2023-10-31,16758,19331
2023-11-30,18066,21071
2023-12-31,19452,23329
2024-01-31,19165,22719
2024-02-29,20408,23955
2024-03-31,21485,24944
2024-04-30,20308,23273
2024-05-31,21133,24241
2024-06-30,20824,23877
2024-07-31,21875,25651
2024-08-31,22257,25585
2024-09-30,22589,25966
2024-10-31,22497,25725
2024-11-30,24970,28257
2024-12-31,23325,26128
2025-01-31,23782,27054
2025-02-28,22349,25784
2025-03-31,20670,24168
2025-04-30,20567,23669
2025-05-31,22003,25086
2025-06-30,22848,26243
2025-07-31,23356,26750
2025-08-31,23540,28154
2025-09-30,23431,28604
2025-10-31,23013,28796
2025-11-30,23194,29214
2025-12-31,23208,29239
2026-01-31,24159,30696

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

Distributions

            Categories,Total ($)
            2005-03-31,0.07680
2005-06-30,0.08905
2005-09-30,0.09860
2005-12-31,0.09906
2006-03-31,0.08499
2006-06-30,0.07938
2006-09-30,0.17815
2006-11-17,1.30207
2006-12-31,0.10967
2007-03-31,0.08620
2007-06-30,0.07023
2007-09-30,0.14496
2007-11-19,3.93397
2007-12-31,0.03787
2008-03-31,0.04112
2008-06-30,0.08697
2008-09-30,0.08330
2008-12-31,0.12179
2009-03-31,0.11271
2009-06-30,0.11074
2009-09-30,0.13972
2009-12-31,0.14290
2010-03-31,0.04572
2010-06-30,0.03566
2010-09-30,0.05622
2011-03-31,0.01275
2011-12-31,0.00923
2013-12-31,0.22426
2014-09-30,0.34882
2014-12-31,0.06665
2016-09-30,0.38392
2016-12-31,0.08099
2017-06-30,0.10258
2017-09-30,0.06146
2017-12-31,0.42373
2018-12-31,0.49761
2019-12-31,0.42748
2021-11-18,26.35024
2021-12-31,0.54555
2022-12-31,0.30673

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2005-03-31,1112227200,0.07680,0.07680,0,0
2005-06-30,1120089600,0.08905,0.08905,0,0
2005-09-30,1128038400,0.09860,0.09860,0,0
2005-12-30,1135987200,0.09906,0.09906,0,0
2006-03-30,1143763200,0.08499,0.08499,0,0
2006-06-28,1151625600,0.07938,0.07938,0,0
2006-09-27,1159574400,0.17815,0.17815,0,0
2006-11-17,1163721600,1.30207,0,0.04610,1.25597
2006-12-26,1167523200,0.10967,0.10967,0,0
2007-03-26,1175299200,0.08620,0.08620,0,0
2007-06-26,1183161600,0.07023,0.07023,0,0
2007-09-26,1191110400,0.14496,0.14496,0,0
2007-11-19,1195430400,3.93397,0,0.88171,3.05226
2007-12-26,1199059200,0.03787,0.03787,0,0
2008-03-26,1206921600,0.04112,0.04112,0,0
2008-06-26,1214784000,0.08697,0.08697,0,0
2008-09-26,1222732800,0.08330,0.08330,0,0
2008-12-26,1230681600,0.12179,0.12179,0,0
2009-03-26,1238457600,0.11271,0.11271,0,0
2009-06-26,1246320000,0.11074,0.11074,0,0
2009-09-25,1254268800,0.13972,0.13972,0,0
2009-12-24,1262217600,0.14290,0.14290,0,0
2010-03-26,1269993600,0.04572,0.04572,0,0
2010-06-25,1277856000,0.03566,0.03566,0,0
2010-09-24,1285804800,0.05622,0.05622,0,0
2011-03-25,1301529600,0.01275,0.01275,0,0
2011-12-23,1325289600,0.00923,0.00923,0,0
2013-12-24,1388448000,0.22426,0.22426,0,0
2014-09-24,1412035200,0.34882,0.34882,0,0
2014-12-24,1419984000,0.06665,0.06665,0,0
2016-09-26,1475193600,0.38392,0.38392,0,0
2016-12-23,1483142400,0.08099,0.08099,0,0
2017-06-23,1498780800,0.10258,0.10258,0,0
2017-09-22,1506729600,0.06146,0.06146,0,0
2017-12-22,1514678400,0.42373,0.42373,0,0
2018-12-21,1546214400,0.49761,0.49761,0,0
2019-12-20,1577750400,0.42748,0.42748,0,0
2021-11-18,1637193600,26.35024,0,7.96715,18.38309
2021-12-16,1640908800,0.54555,0.54555,0,0
2022-12-15,1672444800,0.30673,0.30673,0,0

Distributions

(As of 15 Dec 2022)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Mar 2005

0.07680

—

30 Jun 2005

0.08905

—

30 Sep 2005

0.09860

—

30 Dec 2005

31 Dec 2005

0.09906

—

30 Mar 2006

31 Mar 2006

0.08499

—

28 Jun 2006

30 Jun 2006

0.07938

—

27 Sep 2006

30 Sep 2006

0.17815

—

17 Nov 2006

1.30207

—

0.04610

1.25597

26 Dec 2006

31 Dec 2006

0.10967

—

26 Mar 2007

31 Mar 2007

0.08620

—

26 Jun 2007

30 Jun 2007

0.07023

—

26 Sep 2007

30 Sep 2007

0.14496

—

19 Nov 2007

3.93397

—

0.88171

3.05226

26 Dec 2007

31 Dec 2007

0.03787

—

26 Mar 2008

31 Mar 2008

0.04112

—

26 Jun 2008

30 Jun 2008

0.08697

—

26 Sep 2008

30 Sep 2008

0.08330

—

26 Dec 2008

31 Dec 2008

0.12179

—

26 Mar 2009

31 Mar 2009

0.11271

—

26 Jun 2009

30 Jun 2009

0.11074

—

25 Sep 2009

30 Sep 2009

0.13972

—

24 Dec 2009

31 Dec 2009

0.14290

—

26 Mar 2010

31 Mar 2010

0.04572

—

25 Jun 2010

30 Jun 2010

0.03566

—

24 Sep 2010

30 Sep 2010

0.05622

—

25 Mar 2011

31 Mar 2011

0.01275

—

23 Dec 2011

31 Dec 2011

0.00923

—

24 Dec 2013

31 Dec 2013

0.22426

—

24 Sep 2014

30 Sep 2014

0.34882

—

24 Dec 2014

31 Dec 2014

0.06665

—

26 Sep 2016

30 Sep 2016

0.38392

—

23 Dec 2016

31 Dec 2016

0.08099

—

23 Jun 2017

30 Jun 2017

0.10258

—

22 Sep 2017

30 Sep 2017

0.06146

—

22 Dec 2017

31 Dec 2017

0.42373

—

21 Dec 2018

31 Dec 2018

0.49761

—

20 Dec 2019

31 Dec 2019

0.42748

—

18 Nov 2021

26.35024

—

7.96715

18.38309

16 Dec 2021

31 Dec 2021

0.54555

—

15 Dec 2022

31 Dec 2022

0.30673

—

Fund Facts

(As of 31 Jan 2026)

Net Fund Assets

$476.2 M

Benchmark

Russell 2500 Index

Morningstar Category

Small Blend

Fund Symbol

TVRRX

Share Class

Share Class Inception Date

1 Feb 2005

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Jan 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$13.7 B

$10.7 B

Median Market Cap

$9.8 B

$1.6 B

Annual Portfolio Turnover

23%

—

Price to Earnings - Forward 1YR

19.9x

17.1x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

23.0x

20.2x

Price to Cash Flow

15.8x

11.2x

Price to Book Value

3.3x

2.6x

Active Share

95.1%

—

Risk & Return Profile

(As of 31 Jan 2026)

10y

Annualized Alpha (%)

-1.60

-1.48

-0.89

Beta

0.87

0.90

0.84

R-Squared (%)

89.60

92.39

89.52

Standard Deviation (%)

15.80

17.27

16.98

Sharpe Ratio

0.24

0.12

0.40

Information Ratio

-0.60

-0.46

-0.45

Up Capture (%)

80.27

85.38

81.51

Down Capture (%)

85.15

90.83

84.89

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Dec 2025)

Name

Ticker/Symbol

Sector

Weight %

Coherent Corp.

COHR

Information Technology

4.1

Casella Waste Systems, Inc.

CWST

Industrials

3.3

MACOM Technology Solutions Holdings, Inc.

MTSI

Information Technology

3.3

Marex Group plc

MRX

Financials

3.2

Applied Industrial Technologies, Inc.

AIT

Industrials

3.0

Clean Harbors, Inc.

CLH

Industrials

2.9

Vertiv Holdings Co.

VRT

Industrials

2.9

Talen Energy Corp.

TLN

Utilities

2.9

Agilysys, Inc.

AGYS

Information Technology

2.9

Western Alliance Bancorp

WAL

Financials

2.9

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Jan 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Industrials

31.3

21.8

Information Technology

18.7

14.4

Financials

17.2

16.3

Consumer Discretionary

8.7

10.6

Energy

7.0

4.1

Health Care

5.3

12.8

Consumer Staples

4.9

3.0

Materials

4.1

5.3

Utilities

2.6

2.9

Cash & Equivalents

0.1

—

Real Estate

0.0

6.1

Communication Services

0.0

2.7

Sector Allocation

Fund (%)

Industrials

31.3

Information Technology

18.7

Financials

17.2

Consumer Discretionary

8.7

Energy

7.0

Health Care

5.3

Consumer Staples

4.9

Materials

4.1

Utilities

2.6

Cash & Equivalents

0.1

Real Estate

0.0

Communication Services

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

18.8

17.0

Commercial & Professional Services

10.0

2.8

Financial Services

9.3

7.0

Technology Hardware & Equipment

7.4

6.5

Energy

7.0

4.1

Software & Services

5.8

4.9

Banks

5.7

6.2

Semiconductors & Semiconductor Equipment

5.5

3.0

Materials

4.1

5.3

Consumer Durables & Apparel

3.9

3.3

Top 10 Industries

Fund (%)

Capital Goods

18.8

Commercial & Professional Services

10.0

Financial Services

9.3

Technology Hardware & Equipment

7.4

Energy

7.0

Software & Services

5.8

Banks

5.7

Semiconductors & Semiconductor Equipment

5.5

Materials

4.1

Consumer Durables & Apparel

3.9

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

Large Cap (> $12 B)

49.4

31.1

Mid Cap ($2.5 to $12 B)

41.5

54.2

Small Cap (< $2.5 B)

9.1

14.7

Capitalization

Fund (%)

Large Cap (> $12 B)

49.4

Mid Cap ($2.5 to $12 B)

41.5

Small Cap (< $2.5 B)

9.1

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

Miguel Oleaga

Portfolio Manager and Managing Director

Miguel Oleaga is a portfolio manager for Thornburg Investment Management. He joined the firm in 2014 as an equity research analyst, was promoted to associate portfolio manager in 2017, and was named portfolio manager in 2018. Miguel holds a BS in business administration (finance and management specialties) from the University of Massachusetts. Prior to his joining Thornburg, Miguel worked at…

Learn More

Neal BasuMullick, CFA

Portfolio Manager and Managing Director

Neal BasuMullick is a portfolio manager at Thornburg Investment Management. He joined the firm in 2020 as an equity research analyst, was promoted to senior equity analyst then associate portfolio manager in 2022 and to portfolio manager in 2024. Prior to joining Thornburg, Neal worked in equity research at Columbia Threadneedle Investments where he covered the business services and consumer…

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.

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

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

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

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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

Miguel Oleaga

Neal BasuMullick, CFA

Literature

Important Information

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

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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

Miguel Oleaga

Neal BasuMullick, CFA

Literature

Important Information

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts