Thornburg Investment Income Builder Fund

Sector Allocation as of

Financials
24.1%
Communication Services
19.9%
Information Technology
18.5%
Health Care
11.2%
Energy
5.3%
Consumer Staples
5.1%
Utilities
3.8%
Materials
3.5%
Consumer Discretionary
3.5%
Real Estate
3.0%
Industrials
1.9%
Unassigned
0.2%
Percent of equities.

Top Ten Industry Groups as of

Telecommunication Services
19.9%
Diversified Financials
13.6%
Semiconductors & Equipment
13.3%
Pharma, Biotech & Life Sciences
11.2%
Banks
6.2%
Energy
5.3%
Technology Hardware & Equipment
5.1%
Food & Staples Retailing
4.9%
Insurance
4.4%
Utilities
3.8%
Percent of equities.

Top Ten Equity Positions as of

% OF PORTFOLIO
Orange S.A. 4.8%
Taiwan Semiconductor Manufacturing Co. Ltd. 4.7%
Vodafone Group plc 4.2%
Samsung Electronics Co. Ltd. 3.5%
Broadcom, Inc. 3.3%
China Mobile Ltd. 3.2%
Deutsche Telekom AG 3.0%
QUALCOMM, Inc. 3.0%
AbbVie, Inc. 2.9%
The Home Depot, Inc. 2.9%

Top Five Fixed Income Positions as of

% OF PORTFOLIO
Telefonica Emisiones S.A. 1.3%
The Williams Cos, Inc. 0.8%
Vector Group Ltd. 0.5%
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 $10.2 B
Equity Statistics
Portfolio P/E Forecast 12 Months* 13.3x
Portfolio P/E Trailing 12 Months* 13.3x
Median Market Capitalization* $39.9 B
Number of Equities 57
7-Year Beta* (A Shares vs. Investment Income Builder Blend) 1.15
7-Year Beta* (A Shares vs. MSCI World NTR) 0.87
Active Share* (vs. MSCI World NTR) 93.4%
Fixed-Income Statistics
Number of Bonds 198
Yield to Worst 7.4%
Average Effective Maturity 6.6 Yrs
Effective Duration 3.7 Yrs
* Source: FactSet

Portfolio Composition as of

Domestic Equity
35.3%
Foreign Equity
47.3%
Domestic Corporate Bonds
6.3%
Domestic Other Bonds
5.4%
Foreign Bonds
4.0%
Cash & Cash Equivalents
1.7%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
90.8%
Mid Cap ($2.5 to $12 B)
4.4%
Small Cap (< $2.5 B)
4.8%
Percent of common stock. The percentages may not add up to 100 due to rounding.

Credit Quality Ratings as of

Investment Grade
40.0%
Below Investment Grade
45.7%
Not Rated
14.3%
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
37.2%
BB
16.8%
B
22.9%
CCC
6.0%
D
0.1%
Not Rated
14.3%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.
Important Information