Thornburg Investment Income Builder Fund

Sector Allocation as of

Financials
23.2%
Communication Services
22.3%
Information Technology
14.2%
Health Care
13.0%
Energy
6.9%
Utilities
5.1%
Real Estate
4.0%
Materials
3.6%
Consumer Discretionary
3.5%
Consumer Staples
3.5%
Industrials
0.5%
Unassigned
0.2%
Percent of equities.

Top Ten Industry Groups as of

Telecommunication Services
22.3%
Pharma, Biotech & Life Sciences
13.0%
Diversified Financials
12.0%
Semiconductors & Equipment
10.3%
Energy
6.9%
Insurance
6.4%
Utilities
5.1%
Banks
4.9%
Real Estate
4.0%
Technology Hardware & Equipment
3.9%
Percent of equities.

Top Ten Equity Positions as of

% OF PORTFOLIO
Orange S.A. 4.7%
Deutsche Telekom AG 4.4%
China Mobile Ltd. 3.9%
Taiwan Semiconductor Manufacturing Co. Ltd. 3.4%
The Home Depot, Inc. 3.2%
Roche Holding AG 3.1%
Vodafone Group plc 3.1%
CME Group, Inc. 2.9%
Enel SpA 2.8%
Broadcom, Inc. 2.7%

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 $10.5 B
Equity Statistics
Portfolio P/E Forecast 12 Months* 12.6x
Portfolio P/E Trailing 12 Months* 10.2x
Median Market Capitalization* $37.3 B
Number of Equities 63
7-Year Beta* (A Shares vs. Investment Income Builder Blend) 1.13
7-Year Beta* (A Shares vs. MSCI World NTR) 0.85
Active Share* (vs. MSCI World NTR) 91.1%
Fixed-Income Statistics
Number of Bonds 154
Yield to Worst 6.8%
Average Effective Maturity 7.4 Yrs
Effective Duration 4.1 Yrs
* Source: FactSet

Portfolio Composition as of

Domestic Equity
34.2%
Foreign Equity
51.0%
Domestic Corporate Bonds
6.3%
Domestic Other Bonds
3.1%
Foreign Bonds
3.7%
Cash & Cash Equivalents
1.7%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
84.7%
Mid Cap ($2.5 to $12 B)
10.8%
Small Cap (< $2.5 B)
4.5%
Percent of common stock. The percentages may not add up to 100 due to rounding.

Credit Quality Ratings as of

Investment Grade
43.4%
Below Investment Grade
50.7%
Not Rated
6.0%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.

Credit Quality Breakdown as of

AAA
1.0%
AA
0.1%
A
0.8%
BBB
41.4%
BB
19.8%
B
23.0%
CCC
7.5%
CC
0.4%
D
0.2%
Not Rated
6.0%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.
Important Information