Thornburg Investment Income Builder Fund

Sector Allocation as of

Financials
24.0%
Communication Services
19.7%
Information Technology
17.8%
Health Care
11.8%
Energy
5.2%
Consumer Staples
4.8%
Consumer Discretionary
4.0%
Utilities
3.7%
Real Estate
3.2%
Materials
3.2%
Industrials
2.4%
Unassigned
0.3%
Percent of equities.

Top Ten Industry Groups as of

Telecommunication Services
19.7%
Semiconductors & Equipment
13.1%
Diversified Financials
13.0%
Pharma, Biotech & Life Sciences
11.8%
Banks
6.6%
Energy
5.2%
Technology Hardware & Equipment
4.7%
Food & Staples Retailing
4.6%
Insurance
4.5%
Retailing
4.0%
Percent of equities.

Top Ten Equity Positions as of

% OF PORTFOLIO
Taiwan Semiconductor Manufacturing Co. Ltd. 4.7%
China Mobile Ltd. 4.4%
Orange S.A. 4.1%
Deutsche Telekom AG 3.5%
The Home Depot, Inc. 3.3%
Vodafone Group plc 3.0%
Broadcom, Inc. 2.9%
CME Group, Inc. 2.8%
AbbVie, Inc. 2.6%
Enel SpA 2.6%

Top Five Fixed Income Positions as of

% OF PORTFOLIO
Telefonica Emisiones S.A. 1.2%
The Williams Cos, Inc. 0.7%
Vector Group Ltd. 0.4%
QBE Insurance Group Ltd. 0.4%
Transcontinental Gas Pipe Line Co., LLC 0.4%
Portfolio holdings are subject to change.

Key Portfolio Attributes as of

Fund Assets $9.6 B
Equity Statistics
Portfolio P/E Forecast 12 Months* 12.3x
Portfolio P/E Trailing 12 Months* 11.2x
Median Market Capitalization* $32.0 B
Number of Equities 60
7-Year Beta* (A Shares vs. Investment Income Builder Blend) 1.12
7-Year Beta* (A Shares vs. MSCI World NTR) 0.84
Active Share* (vs. MSCI World NTR) 93.3%
Fixed-Income Statistics
Number of Bonds 187
Yield to Worst 5.3%
Average Effective Maturity 6.7 Yrs
Effective Duration 3.5 Yrs
* Source: FactSet

Portfolio Composition as of

Domestic Equity
34.6%
Foreign Equity
47.8%
Domestic Corporate Bonds
6.7%
Domestic Other Bonds
4.9%
Foreign Bonds
4.1%
Cash & Cash Equivalents
1.8%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
88.8%
Mid Cap ($2.5 to $12 B)
6.4%
Small Cap (< $2.5 B)
4.7%
Percent of common stock. The percentages may not add up to 100 due to rounding.

Credit Quality Ratings as of

Investment Grade
40.5%
Below Investment Grade
47.4%
Not Rated
12.1%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.

Credit Quality Breakdown as of

AAA
2.1%
AA
0.1%
A
0.6%
BBB
37.7%
BB
18.1%
B
22.7%
CCC
6.5%
D
0.1%
Not Rated
12.1%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.
Important Information