Thornburg Investment Income Builder Fund

SYMBOL: TIBIX

Morningstar Rating • Info

Overall Morningstar Rating among 193 Global Moderately Aggressive Allocation funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and 4 stars among 193, 177 and 148 funds, as of 31 May 2025.

As of 31 May 2025

Fund Assets

$15.6 B

As of 31 May 2025

NAV

$30.55

As of 3 Jul 2025

Change

$0.10

As of 3 Jul 2025

YTD NAV Performance

20.81%

As of 3 Jul 2025

Asset Category:

Multi-Asset

Fund Benchmark:

Investment Income Builder Blended Index

Portfolio Managers

Matt Burdett

Head of Equities and Managing Director

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director

Christian Hoffmann, CFA

Head of Fixed Income and Managing Director

Globally Diversified Income

Cultivating the growth of dividends for almost two decades

The Investment Income Builder Fund has been able to deliver a consistent income stream to clients while continuing to grow their principal.

We believe that the power of dividends combined with our active approach can serve two goals:

Help meet short-term funding needs, such as retirement income or foundation distributions.
Contribute significantly to long-term growth to help make a future income stream last.

To learn more, download our client-approved brochure or continue to explore the rest of the page.

Download

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Global, diversified multi-asset portfolio of income-producing stocks and bonds that seeks to deliver an attractive and growing income stream.
Proven bottom-up fundamental research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time.
Highly active, flexible approach that allows us to go anywhere in the world to seek income.

Investment Objective

The fund’s goal is to provide investors with a level of current income which exceeds the average yield on U.S. stocks generally, and which will grow, subject to periodic fluctuations, over the years on a per share basis.

Investment Approach

The strategy is a multi-asset portfolio of global dividend-paying stocks selected via a bottom-up, fundamentals and valuation-sensitive process. The strategy seeks to generate an attractive and growing income stream, with capital appreciation over time by building a portfolio of companies that have the ability and willingness to generate cash flow and distribute dividends to its shareholders.

Returns

(As of 30 Jun 2025)

YTD

10y

Inception

Total Return (%)

19.63

24.99

18.05

15.74

8.73

9.96

Investment Income Builder Blended Index (%)

8.17

13.73

14.30

10.70

8.56

8.12

Morningstar Category Avg. (%)

2.12

5.31

3.49

9.33

4.61

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

197

193

177

148

—

YTD

10y

Inception

Total Return (%)

19.63

24.99

18.05

15.74

8.73

9.96

Investment Income Builder Blended Index (%)

8.17

13.73

14.30

10.70

8.56

8.12

Morningstar Category Avg. (%)

5.15

9.83

8.01

10.14

6.87

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

197

193

177

148

—

YTD

10y

Inception

Total Return (%)

19.63

24.99

64.49

107.68

131.03

748.28

Investment Income Builder Blended Index (%)

8.17

13.73

49.31

66.27

127.44

479.94

YTD

10y

Inception

Total Return (%)

19.63

24.99

64.49

107.68

131.03

748.28

Investment Income Builder Blended Index (%)

8.17

13.73

49.31

66.27

127.44

479.94

2019

2020

2021

2022

2023

2024

Total Return (%)

17.95

-0.39

20.29

-8.03

18.17

13.38

Investment Income Builder Blended Index (%)

22.87

14.41

15.64

-16.67

19.05

14.12

Source: Confluence

Periods less than one year are not annualized.

Thornburg Investment Income Builder Fund's Blended Index is composed of 25% Bloomberg U.S. Aggregate Total Return Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

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.

Morningstar quartile ranking for Global Moderately Aggressive Allocation category is based on total returns before sales charges.

Prior to inception of I and 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 shares, 24 Dec 2002; C shares, 24 Dec 2002; I shares, 3 Nov 2003; R3 shares, 1 Feb 2005; R4 shares, 1 Feb 2008; R5 shares, 1 Feb 2007; R6 shares, 10 Apr 2017.

Fund Fees

(As of 1 Feb 2025)

Gross Expense Ratio (%)

0.93

Net Expense Ratio (%)

0.93

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.

For more detailed information on fund expenses, please see the fund's prospectus.

Hypothetical Growth of $10,000

            Categories,I Shares,Investment Income Builder Blended Index
            2002-12-24,10000,10000
2002-12-31,9993,9966
2003-01-31,9855,9740
2003-02-28,9783,9646
2003-03-31,9923,9620
2003-04-30,10587,10280
2003-05-31,11268,10766
2003-06-30,11562,10900
2003-07-31,11670,10973
2003-08-31,11589,11168
2003-09-30,11871,11293
2003-10-31,12411,11768
2003-11-30,12497,11909
2003-12-31,13226,12498
2004-01-31,13435,12674
2004-02-29,13644,12867
2004-03-31,13711,12828
2004-04-30,13351,12547
2004-05-31,13377,12620
2004-06-30,13690,12832
2004-07-31,13433,12550
2004-08-31,13707,12651
2004-09-30,13982,12839
2004-10-31,14134,13102
2004-11-30,14671,13592
2004-12-31,15544,14012
2005-01-31,15372,13798
2005-02-28,15889,14105
2005-03-31,15767,13882
2005-04-30,15585,13702
2005-05-31,15703,13921
2005-06-30,16088,14031
2005-07-31,16493,14366
2005-08-31,16437,14494
2005-09-30,16741,14739
2005-10-31,16262,14441
2005-11-30,16626,14818
2005-12-31,16975,15100
2006-01-31,17810,15605
2006-02-28,17988,15601
2006-03-31,18571,15820
2006-04-30,19149,16173
2006-05-31,18655,15754
2006-06-30,18646,15759
2006-07-31,19026,15886
2006-08-31,19362,16256
2006-09-30,19512,16437
2006-10-31,20066,16917
2006-11-30,20656,17277
2006-12-31,21173,17515
2007-01-31,21386,17669
2007-02-28,21294,17668
2007-03-31,21961,17910
2007-04-30,22788,18527
2007-05-31,23631,18881
2007-06-30,23622,18758
2007-07-31,23368,18486
2007-08-31,23716,18532
2007-09-30,24933,19228
2007-10-31,26039,19713
2007-11-30,25209,19198
2007-12-31,25115,19025
2008-01-31,23280,18015
2008-02-29,23309,17943
2008-03-31,22970,17829
2008-04-30,23587,18523
2008-05-31,23654,18700
2008-06-30,21912,17578
2008-07-31,21583,17252
2008-08-31,21218,17112
2008-09-30,19397,15528
2008-10-31,16432,13228
2008-11-30,15788,12693
2008-12-31,16473,13117
2009-01-31,15494,12226
2009-02-28,14493,11276
2009-03-31,15136,11953
2009-04-30,16460,12973
2009-05-31,18230,13878
2009-06-30,18690,13851
2009-07-31,19875,14787
2009-08-31,20713,15283
2009-09-30,21590,15780
2009-10-31,21621,15589
2009-11-30,22153,16117
2009-12-31,22577,16271
2010-01-31,22279,15829
2010-02-28,22567,16011
2010-03-31,23522,16749
2010-04-30,23595,16795
2010-05-31,22087,15624
2010-06-30,21886,15283
2010-07-31,23295,16253
2010-08-31,23103,15850
2010-09-30,24263,16963
2010-10-31,25127,17452
2010-11-30,24620,17145
2010-12-31,25690,18044
2011-01-31,26147,18355
2011-02-28,26780,18848
2011-03-31,26804,18712
2011-04-30,27781,19367
2011-05-31,27505,19129
2011-06-30,27140,18888
2011-07-31,26790,18706
2011-08-31,25791,17786
2011-09-30,24446,16666
2011-10-31,25888,17964
2011-11-30,25609,17631
2011-12-31,25901,17672
2012-01-31,26632,18376
2012-02-29,27244,19048
2012-03-31,27268,19205
2012-04-30,27207,19095
2012-05-31,25778,17902
2012-06-30,26999,18588
2012-07-31,27619,18831
2012-08-31,27974,19192
2012-09-30,28506,19594
2012-10-31,28649,19505
2012-11-30,28549,19700
2012-12-31,28936,19971
2013-01-31,30356,20699
2013-02-28,30469,20750
2013-03-31,31258,21119
2013-04-30,32408,21671
2013-05-31,31765,21581
2013-06-30,30993,21098
2013-07-31,31592,21939
2013-08-31,30892,21560
2013-09-30,32193,22420
2013-10-31,33388,23124
2013-11-30,33341,23410
2013-12-31,33812,23749
2014-01-31,33040,23177
2014-02-28,34560,24078
2014-03-31,34908,24093
2014-04-30,35313,24329
2014-05-31,35952,24758
2014-06-30,36424,25093
2014-07-31,36371,24777
2014-08-31,37041,25255
2014-09-30,35901,24698
2014-10-31,35955,24878
2014-11-30,36276,25296
2014-12-31,35471,24996
2015-01-31,35684,24788
2015-02-28,37052,25819
2015-03-31,36709,25546
2015-04-30,37884,25972
2015-05-31,37625,26023
2015-06-30,36715,25499
2015-07-31,37226,25886
2015-08-31,34963,24592
2015-09-30,33428,23954
2015-10-31,35014,25378
2015-11-30,34707,25267
2015-12-31,33662,24913
2016-01-31,32624,23881
2016-02-29,32399,23790
2016-03-31,34201,25055
2016-04-30,34734,25377
2016-05-31,35142,25485
2016-06-30,35091,25386
2016-07-31,36008,26230
2016-08-31,36333,26239
2016-09-30,36340,26340
2016-10-31,35781,25907
2016-11-30,36199,26033
2016-12-31,36982,26510
2017-01-31,37134,27003
2017-02-28,37794,27610
2017-03-31,38376,27827
2017-04-30,38602,28189
2017-05-31,39482,28691
2017-06-30,39516,28766
2017-07-31,40374,29314
2017-08-31,40339,29410
2017-09-30,41172,29870
2017-10-31,41199,30298
2017-11-30,42227,30781
2017-12-31,42593,31128
2018-01-31,44018,32271
2018-02-28,41921,31192
2018-03-31,41577,30732
2018-04-30,42442,30940
2018-05-31,41929,31141
2018-06-30,41937,31120
2018-07-31,43672,31851
2018-08-31,43014,32198
2018-09-30,43682,32280
2018-10-31,41902,30439
2018-11-30,42660,30744
2018-12-31,40719,29131
2019-01-31,42559,30909
2019-02-28,43174,31601
2019-03-31,43644,32064
2019-04-30,45002,32919
2019-05-31,42673,31641
2019-06-30,44746,33304
2019-07-31,44523,33446
2019-08-31,44189,33149
2019-09-30,45606,33634
2019-10-31,46469,34301
2019-11-30,46795,35014
2019-12-31,48029,35794
2020-01-31,47303,35803
2020-02-29,44035,33694
2020-03-31,35589,30300
2020-04-30,38597,32918
2020-05-31,40005,34149
2020-06-30,40849,34880
2020-07-31,41818,36262
2020-08-31,42681,38006
2020-09-30,41250,37017
2020-10-31,40524,36124
2020-11-30,46217,39677
2020-12-31,47844,40952
2021-01-31,48600,40573
2021-02-28,50278,41207
2021-03-31,51969,42106
2021-04-30,52863,43659
2021-05-31,54129,44167
2021-06-30,53550,44738
2021-07-31,53624,45464
2021-08-31,54724,46291
2021-09-30,53276,44749
2021-10-31,55436,46647
2021-11-30,54827,45915
2021-12-31,57551,47358
2022-01-31,57893,45223
2022-02-28,56207,44239
2022-03-31,56401,44843
2022-04-30,53829,41623
2022-05-31,55798,41714
2022-06-30,51568,38840
2022-07-31,52603,41390
2022-08-31,51172,39800
2022-09-30,47086,36595
2022-10-31,50027,38448
2022-11-30,54218,40806
2022-12-31,52928,39461
2023-01-31,56175,41858
2023-02-28,55942,40833
2023-03-31,55865,42039
2023-04-30,57324,42655
2023-05-31,55713,42219
2023-06-30,57816,44097
2023-07-31,59444,45200
2023-08-31,58616,44318
2023-09-30,57714,42603
2023-10-31,56672,41508
2023-11-30,60047,44896
2023-12-31,62542,46979
2024-01-31,62792,47369
2024-02-29,62923,48708
2024-03-31,66130,49995
2024-04-30,65289,48286
2024-05-31,67863,50108
2024-06-30,67873,50991
2024-07-31,70455,51963
2024-08-31,72120,53180
2024-09-30,72201,54088
2024-10-31,71042,52948
2024-11-30,70804,54910
2024-12-31,70908,53612
2025-01-31,74015,55102
2025-02-28,76596,55108
2025-03-31,77179,53273
2025-04-30,78181,53681
2025-05-31,81891,55968
2025-06-30,84828,57994

Hypothetical Growth of $10,000

(As of 30 Jun 2025)

(Hypothetical Growth of $10,000 vs Investment Income Builder Blended Index)

                        Categories,I Shares,Investment Income Builder Blended Index
                        2024-06-30,10000,10000
2024-07-31,10381,10191
2024-08-31,10626,10429
2024-09-30,10638,10607
2024-10-31,10468,10384
2024-11-30,10433,10769
2024-12-31,10448,10514
2025-01-31,10906,10806
2025-02-28,11286,10807
2025-03-31,11372,10448
2025-04-30,11520,10527
2025-05-31,12066,10976
2025-06-30,12499,11373

                        Categories,I Shares,Investment Income Builder Blended Index
                        2022-06-30,10000,10000
2022-07-31,10201,10657
2022-08-31,9923,10247
2022-09-30,9131,9422
2022-10-31,9701,9899
2022-11-30,10514,10506
2022-12-31,10263,10160
2023-01-31,10893,10777
2023-02-28,10848,10513
2023-03-31,10833,10823
2023-04-30,11116,10982
2023-05-31,10803,10870
2023-06-30,11211,11353
2023-07-31,11527,11637
2023-08-31,11366,11410
2023-09-30,11192,10969
2023-10-31,10990,10687
2023-11-30,11644,11559
2023-12-31,12128,12095
2024-01-31,12176,12196
2024-02-29,12202,12541
2024-03-31,12823,12872
2024-04-30,12660,12432
2024-05-31,13160,12901
2024-06-30,13162,13128
2024-07-31,13662,13379
2024-08-31,13985,13692
2024-09-30,14001,13926
2024-10-31,13776,13632
2024-11-30,13730,14137
2024-12-31,13750,13803
2025-01-31,14353,14187
2025-02-28,14853,14188
2025-03-31,14966,13716
2025-04-30,15160,13821
2025-05-31,15880,14410
2025-06-30,16449,14931

                        Categories,I Shares,Investment Income Builder Blended Index
                        2020-06-30,10000,10000
2020-07-31,10238,10396
2020-08-31,10449,10896
2020-09-30,10099,10613
2020-10-31,9921,10357
2020-11-30,11315,11375
2020-12-31,11713,11741
2021-01-31,11898,11632
2021-02-28,12309,11814
2021-03-31,12723,12072
2021-04-30,12942,12517
2021-05-31,13252,12662
2021-06-30,13110,12826
2021-07-31,13128,13034
2021-08-31,13398,13272
2021-09-30,13043,12830
2021-10-31,13572,13374
2021-11-30,13423,13164
2021-12-31,14090,13577
2022-01-31,14174,12965
2022-02-28,13761,12683
2022-03-31,13808,12856
2022-04-30,13179,11933
2022-05-31,13661,11959
2022-06-30,12625,11135
2022-07-31,12879,11867
2022-08-31,12528,11411
2022-09-30,11528,10492
2022-10-31,12248,11023
2022-11-30,13274,11699
2022-12-31,12958,11313
2023-01-31,13753,12001
2023-02-28,13696,11707
2023-03-31,13677,12052
2023-04-30,14034,12229
2023-05-31,13640,12104
2023-06-30,14155,12642
2023-07-31,14553,12959
2023-08-31,14350,12706
2023-09-30,14130,12214
2023-10-31,13875,11900
2023-11-30,14701,12872
2023-12-31,15312,13469
2024-01-31,15373,13581
2024-02-29,15405,13965
2024-03-31,16190,14333
2024-04-30,15984,13844
2024-05-31,16614,14366
2024-06-30,16617,14619
2024-07-31,17249,14898
2024-08-31,17657,15247
2024-09-30,17676,15507
2024-10-31,17393,15180
2024-11-30,17334,15743
2024-12-31,17360,15371
2025-01-31,18121,15798
2025-02-28,18752,15799
2025-03-31,18895,15273
2025-04-30,19141,15390
2025-05-31,20049,16046
2025-06-30,20768,16627

                        Categories,I Shares,Investment Income Builder Blended Index
                        2015-06-30,10000,10000
2015-07-31,10139,10152
2015-08-31,9522,9645
2015-09-30,9104,9394
2015-10-31,9536,9953
2015-11-30,9452,9909
2015-12-31,9168,9770
2016-01-31,8885,9366
2016-02-29,8824,9330
2016-03-31,9315,9826
2016-04-30,9460,9952
2016-05-31,9571,9995
2016-06-30,9557,9956
2016-07-31,9807,10287
2016-08-31,9895,10290
2016-09-30,9897,10330
2016-10-31,9745,10160
2016-11-30,9859,10210
2016-12-31,10072,10396
2017-01-31,10113,10590
2017-02-28,10293,10828
2017-03-31,10452,10913
2017-04-30,10513,11055
2017-05-31,10753,11252
2017-06-30,10762,11282
2017-07-31,10996,11496
2017-08-31,10986,11534
2017-09-30,11213,11715
2017-10-31,11221,11882
2017-11-30,11501,12072
2017-12-31,11600,12208
2018-01-31,11988,12656
2018-02-28,11417,12233
2018-03-31,11324,12053
2018-04-30,11559,12134
2018-05-31,11420,12213
2018-06-30,11422,12205
2018-07-31,11894,12491
2018-08-31,11715,12627
2018-09-30,11897,12660
2018-10-31,11412,11937
2018-11-30,11619,12057
2018-12-31,11090,11425
2019-01-31,11591,12122
2019-02-28,11759,12393
2019-03-31,11887,12575
2019-04-30,12257,12910
2019-05-31,11622,12409
2019-06-30,12187,13061
2019-07-31,12126,13117
2019-08-31,12035,13000
2019-09-30,12421,13191
2019-10-31,12656,13452
2019-11-30,12745,13732
2019-12-31,13081,14038
2020-01-31,12883,14041
2020-02-29,11993,13214
2020-03-31,9693,11883
2020-04-30,10512,12910
2020-05-31,10896,13392
2020-06-30,11125,13679
2020-07-31,11389,14221
2020-08-31,11624,14905
2020-09-30,11235,14517
2020-10-31,11037,14167
2020-11-30,12587,15560
2020-12-31,13030,16060
2021-01-31,13236,15912
2021-02-28,13693,16160
2021-03-31,14154,16513
2021-04-30,14397,17122
2021-05-31,14742,17321
2021-06-30,14584,17545
2021-07-31,14605,17830
2021-08-31,14904,18154
2021-09-30,14510,17550
2021-10-31,15098,18294
2021-11-30,14932,18007
2021-12-31,15674,18573
2022-01-31,15767,17735
2022-02-28,15308,17350
2022-03-31,15361,17586
2022-04-30,14660,16324
2022-05-31,15197,16359
2022-06-30,14045,15232
2022-07-31,14327,16232
2022-08-31,13937,15609
2022-09-30,12824,14352
2022-10-31,13625,15078
2022-11-30,14766,16003
2022-12-31,14415,15476
2023-01-31,15299,16416
2023-02-28,15236,16014
2023-03-31,15215,16487
2023-04-30,15612,16728
2023-05-31,15173,16557
2023-06-30,15746,17294
2023-07-31,16190,17726
2023-08-31,15964,17381
2023-09-30,15719,16708
2023-10-31,15435,16278
2023-11-30,16354,17607
2023-12-31,17034,18424
2024-01-31,17102,18577
2024-02-29,17137,19102
2024-03-31,18011,19607
2024-04-30,17782,18937
2024-05-31,18483,19651
2024-06-30,18485,19998
2024-07-31,19188,20379
2024-08-31,19642,20856
2024-09-30,19664,21212
2024-10-31,19348,20765
2024-11-30,19284,21535
2024-12-31,19312,21026
2025-01-31,20158,21610
2025-02-28,20861,21612
2025-03-31,21020,20893
2025-04-30,21293,21052
2025-05-31,22303,21949
2025-06-30,23103,22744

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 ($)
            2003-03-31,0
2003-06-30,0
2003-09-30,0
2003-12-31,0.14500
2004-03-31,0.11700
2004-06-30,0.13600
2004-09-30,0.16000
2004-11-17,0.00073
2004-12-31,0.22700
2005-03-31,0.11589
2005-06-30,0.14193
2005-09-30,0.18030
2005-11-17,0.33324
2005-12-31,0.29711
2006-03-31,0.14446
2006-06-30,0.17964
2006-09-30,0.21220
2006-11-17,0.51623
2006-12-31,0.35020
2007-03-31,0.16190
2007-06-30,0.20630
2007-09-30,0.23570
2007-11-19,0.46552
2007-12-31,0.39029
2008-03-31,0.19754
2008-06-30,0.23790
2008-09-30,0.27987
2008-12-31,0.38343
2009-03-31,0.19159
2009-06-30,0.25623
2009-09-30,0.29438
2009-12-31,0.36189
2010-03-31,0.21267
2010-06-30,0.26686
2010-09-30,0.33574
2010-12-31,0.37783
2011-03-31,0.22726
2011-06-30,0.27880
2011-09-30,0.33844
2011-12-31,0.39262
2012-03-31,0.23093
2012-06-30,0.27509
2012-09-30,0.30097
2012-12-31,0.37770
2013-03-31,0.23086
2013-06-30,0.27152
2013-09-30,0.26844
2013-12-31,0.26418
2014-03-31,0.24253
2014-06-30,0.25914
2014-09-30,0.28921
2014-12-31,0.27963
2015-03-31,0.18176
2015-06-30,0.21845
2015-09-30,0.21839
2015-12-31,0.27008
2016-03-31,0.18533
2016-06-30,0.20181
2016-09-30,0.21226
2016-12-31,0.23274
2017-03-31,0.18636
2017-06-30,0.21816
2017-09-30,0.27894
2017-12-31,0.31589
2018-03-31,0.19613
2018-06-30,0.21571
2018-09-30,0.25558
2018-12-31,0.29593
2019-03-31,0.20347
2019-06-30,0.22974
2019-09-30,0.26420
2019-12-31,0.31688
2020-03-31,0.20303
2020-06-30,0.20124
2020-09-30,0.22194
2020-12-31,0.30316
2021-03-31,0.23677
2021-06-30,0.29033
2021-09-30,0.32854
2021-12-31,0.38840
2022-01-31,0.06563
2022-03-31,0.21420
2022-06-30,0.26605
2022-09-30,0.30538
2022-12-31,0.40490
2023-03-31,0.22265
2023-06-30,0.26537
2023-09-30,0.30469
2023-12-31,0.38383
2024-03-31,0.23996
2024-06-30,0.27226
2024-09-30,0.30793
2024-11-21,0.22099
2024-12-31,0.42058
2025-03-31,0.24077
2025-06-30,0.27311

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2003-03-31,1049068800,0,0,0,0
2003-06-30,1056931200,0,0,0,0
2003-09-30,1064880000,0,0,0,0
2003-12-31,1072828800,0.14500,0.14500,0,0
2004-03-31,1080691200,0.11700,0.11700,0,0
2004-06-30,1088553600,0.13600,0.13600,0,0
2004-09-30,1096502400,0.16000,0.16000,0,0
2004-11-17,1100649600,0.00073,0,0.00063,0.00010
2004-12-31,1104451200,0.22700,0.22700,0,0
2005-03-31,1112227200,0.11589,0.11589,0,0
2005-06-30,1120089600,0.14193,0.14193,0,0
2005-09-30,1128038400,0.18030,0.18030,0,0
2005-11-17,1132185600,0.33324,0,0.04834,0.28490
2005-12-31,1135987200,0.29711,0.29711,0,0
2006-03-31,1143763200,0.14446,0.14446,0,0
2006-06-28,1151625600,0.17964,0.17964,0,0
2006-09-27,1159574400,0.21220,0.21220,0,0
2006-11-17,1163721600,0.51623,0,0.19367,0.32256
2006-12-26,1167523200,0.35020,0.35020,0,0
2007-03-26,1175299200,0.16190,0.16190,0,0
2007-06-26,1183161600,0.20630,0.20630,0,0
2007-09-26,1191110400,0.23570,0.23570,0,0
2007-11-19,1195430400,0.46552,0,0.24776,0.21776
2007-12-26,1199059200,0.39029,0.39029,0,0
2008-03-26,1206921600,0.19754,0.19754,0,0
2008-06-26,1214784000,0.23790,0.23790,0,0
2008-09-26,1222732800,0.27987,0.27987,0,0
2008-12-26,1230681600,0.38343,0.38343,0,0
2009-03-26,1238457600,0.19159,0.19159,0,0
2009-06-26,1246320000,0.25623,0.25623,0,0
2009-09-25,1254268800,0.29438,0.29438,0,0
2009-12-24,1262217600,0.36189,0.36189,0,0
2010-03-26,1269993600,0.21267,0.21267,0,0
2010-06-25,1277856000,0.26686,0.26686,0,0
2010-09-24,1285804800,0.33574,0.33574,0,0
2010-12-27,1293753600,0.37783,0.37783,0,0
2011-03-25,1301529600,0.22726,0.22726,0,0
2011-06-24,1309392000,0.27880,0.27880,0,0
2011-09-26,1317340800,0.33844,0.33844,0,0
2011-12-23,1325289600,0.39262,0.39262,0,0
2012-03-26,1333152000,0.23093,0.23093,0,0
2012-06-25,1341014400,0.27509,0.27509,0,0
2012-09-24,1348963200,0.30097,0.30097,0,0
2012-12-24,1356912000,0.37770,0.37770,0,0
2013-03-22,1364688000,0.23086,0.23086,0,0
2013-06-24,1372550400,0.27152,0.27152,0,0
2013-09-24,1380499200,0.26844,0.26844,0,0
2013-12-24,1388448000,0.26418,0.26418,0,0
2014-03-25,1396224000,0.24253,0.24253,0,0
2014-06-24,1404086400,0.25914,0.25914,0,0
2014-09-24,1412035200,0.28921,0.28921,0,0
2014-12-24,1419984000,0.27963,0.27963,0,0
2015-03-25,1427760000,0.18176,0.18176,0,0
2015-06-24,1435622400,0.21845,0.21845,0,0
2015-09-24,1443571200,0.21839,0.21839,0,0
2015-12-24,1451520000,0.27008,0.27008,0,0
2016-03-24,1459382400,0.18533,0.18533,0,0
2016-06-24,1467244800,0.20181,0.20181,0,0
2016-09-26,1475193600,0.21226,0.21226,0,0
2016-12-23,1483142400,0.23274,0.23274,0,0
2017-03-24,1490918400,0.18636,0.18636,0,0
2017-06-23,1498780800,0.21816,0.21816,0,0
2017-09-22,1506729600,0.27894,0.27894,0,0
2017-12-27,1514678400,0.31589,0.31589,0,0
2018-03-23,1522454400,0.19613,0.19613,0,0
2018-06-22,1530316800,0.21571,0.21571,0,0
2018-09-21,1538265600,0.25558,0.25558,0,0
2018-12-26,1546214400,0.29593,0.29593,0,0
2019-03-22,1553990400,0.20347,0.20347,0,0
2019-06-21,1561852800,0.22974,0.22974,0,0
2019-09-20,1569801600,0.26420,0.26420,0,0
2019-12-27,1577750400,0.31688,0.31688,0,0
2020-03-19,1585612800,0.20303,0.20303,0,0
2020-06-18,1593475200,0.20124,0.20124,0,0
2020-09-17,1601424000,0.22194,0.22194,0,0
2020-12-28,1609372800,0.30316,0.30316,0,0
2021-03-18,1617148800,0.23677,0.23677,0,0
2021-06-17,1625011200,0.29033,0.29033,0,0
2021-09-16,1632960000,0.32854,0.32854,0,0
2021-12-27,1640908800,0.38840,0.38840,0,0
2022-01-06,1643587200,0.06563,0.06563,0,0
2022-03-17,1648684800,0.21420,0.21420,0,0
2022-06-16,1656547200,0.26605,0.26605,0,0
2022-09-15,1664496000,0.30538,0.30538,0,0
2022-12-27,1672444800,0.40490,0.40490,0,0
2023-03-16,1680220800,0.22265,0.22265,0,0
2023-06-15,1688083200,0.26537,0.26537,0,0
2023-09-14,1696032000,0.30469,0.30469,0,0
2023-12-26,1703980800,0.38383,0.38383,0,0
2024-03-21,1711843200,0.23996,0.23996,0,0
2024-06-20,1719705600,0.27226,0.27226,0,0
2024-09-19,1727654400,0.30793,0.30793,0,0
2024-11-21,1732147200,0.22099,0,0.05531,0.16568
2024-12-26,1735603200,0.42058,0.42058,0,0
2025-03-20,1743379200,0.24077,0.24077,0,0
2025-06-17,1751241600,0.27311,0.27311,0,0

Distributions

(As of 17 Jun 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Mar 2003

—

30 Jun 2003

—

30 Sep 2003

—

31 Dec 2003

0.14500

—

31 Mar 2004

0.11700

—

30 Jun 2004

0.13600

—

30 Sep 2004

0.16000

—

17 Nov 2004

0.00073

—

0.00063

0.00010

31 Dec 2004

0.22700

—

31 Mar 2005

0.11589

—

30 Jun 2005

0.14193

—

30 Sep 2005

0.18030

—

17 Nov 2005

0.33324

—

0.04834

0.28490

31 Dec 2005

0.29711

—

31 Mar 2006

0.14446

—

28 Jun 2006

30 Jun 2006

0.17964

—

27 Sep 2006

30 Sep 2006

0.21220

—

17 Nov 2006

0.51623

—

0.19367

0.32256

26 Dec 2006

31 Dec 2006

0.35020

—

26 Mar 2007

31 Mar 2007

0.16190

—

26 Jun 2007

30 Jun 2007

0.20630

—

26 Sep 2007

30 Sep 2007

0.23570

—

19 Nov 2007

0.46552

—

0.24776

0.21776

26 Dec 2007

31 Dec 2007

0.39029

—

26 Mar 2008

31 Mar 2008

0.19754

—

26 Jun 2008

30 Jun 2008

0.23790

—

26 Sep 2008

30 Sep 2008

0.27987

—

26 Dec 2008

31 Dec 2008

0.38343

—

26 Mar 2009

31 Mar 2009

0.19159

—

26 Jun 2009

30 Jun 2009

0.25623

—

25 Sep 2009

30 Sep 2009

0.29438

—

24 Dec 2009

31 Dec 2009

0.36189

—

26 Mar 2010

31 Mar 2010

0.21267

—

25 Jun 2010

30 Jun 2010

0.26686

—

24 Sep 2010

30 Sep 2010

0.33574

—

27 Dec 2010

31 Dec 2010

0.37783

—

25 Mar 2011

31 Mar 2011

0.22726

—

24 Jun 2011

30 Jun 2011

0.27880

—

26 Sep 2011

30 Sep 2011

0.33844

—

23 Dec 2011

31 Dec 2011

0.39262

—

26 Mar 2012

31 Mar 2012

0.23093

—

25 Jun 2012

30 Jun 2012

0.27509

—

24 Sep 2012

30 Sep 2012

0.30097

—

24 Dec 2012

31 Dec 2012

0.37770

—

22 Mar 2013

31 Mar 2013

0.23086

—

24 Jun 2013

30 Jun 2013

0.27152

—

24 Sep 2013

30 Sep 2013

0.26844

—

24 Dec 2013

31 Dec 2013

0.26418

—

25 Mar 2014

31 Mar 2014

0.24253

—

24 Jun 2014

30 Jun 2014

0.25914

—

24 Sep 2014

30 Sep 2014

0.28921

—

24 Dec 2014

31 Dec 2014

0.27963

—

25 Mar 2015

31 Mar 2015

0.18176

—

24 Jun 2015

30 Jun 2015

0.21845

—

24 Sep 2015

30 Sep 2015

0.21839

—

24 Dec 2015

31 Dec 2015

0.27008

—

24 Mar 2016

31 Mar 2016

0.18533

—

24 Jun 2016

30 Jun 2016

0.20181

—

26 Sep 2016

30 Sep 2016

0.21226

—

23 Dec 2016

31 Dec 2016

0.23274

—

24 Mar 2017

31 Mar 2017

0.18636

—

23 Jun 2017

30 Jun 2017

0.21816

—

22 Sep 2017

30 Sep 2017

0.27894

—

27 Dec 2017

31 Dec 2017

0.31589

—

23 Mar 2018

31 Mar 2018

0.19613

—

22 Jun 2018

30 Jun 2018

0.21571

—

21 Sep 2018

30 Sep 2018

0.25558

—

26 Dec 2018

31 Dec 2018

0.29593

—

22 Mar 2019

31 Mar 2019

0.20347

—

21 Jun 2019

30 Jun 2019

0.22974

—

20 Sep 2019

30 Sep 2019

0.26420

—

27 Dec 2019

31 Dec 2019

0.31688

—

19 Mar 2020

31 Mar 2020

0.20303

—

18 Jun 2020

30 Jun 2020

0.20124

—

17 Sep 2020

30 Sep 2020

0.22194

—

28 Dec 2020

31 Dec 2020

0.30316

—

18 Mar 2021

31 Mar 2021

0.23677

—

17 Jun 2021

30 Jun 2021

0.29033

—

16 Sep 2021

30 Sep 2021

0.32854

—

27 Dec 2021

31 Dec 2021

0.38840

—

6 Jan 2022

31 Jan 2022

0.06563

—

17 Mar 2022

31 Mar 2022

0.21420

—

16 Jun 2022

30 Jun 2022

0.26605

—

15 Sep 2022

30 Sep 2022

0.30538

—

27 Dec 2022

31 Dec 2022

0.40490

—

16 Mar 2023

31 Mar 2023

0.22265

—

15 Jun 2023

30 Jun 2023

0.26537

—

14 Sep 2023

30 Sep 2023

0.30469

—

26 Dec 2023

31 Dec 2023

0.38383

—

21 Mar 2024

31 Mar 2024

0.23996

—

20 Jun 2024

30 Jun 2024

0.27226

—

19 Sep 2024

30 Sep 2024

0.30793

—

21 Nov 2024

0.22099

—

0.05531

0.16568

26 Dec 2024

31 Dec 2024

0.42058

—

20 Mar 2025

31 Mar 2025

0.24077

—

17 Jun 2025

30 Jun 2025

0.27311

—

Fund Facts

(As of 31 May 2025)

Net Fund Assets

$15.6 B

Benchmark

Investment Income Builder Blended Index

Morningstar Category

Global Moderately Aggressive Allocation

Fund Symbol

TIBIX

Share Class

Share Class Inception Date

3 Nov 2003

Number of Holdings

334

Portfolio Turnover

25%

Distribution Frequency

Quarterly

30-Day SEC Yield (Subsidized)

3.03%

30-Day SEC Yield (Unsubsidized)

3.03%

Characteristics

Portfolio

(As of 31 May 2025)

Portfolio

Benchmark

Weighted Average Market Cap

$183.5 B

$733.3 B

Median Market Cap

$52.3 B

$24.4 B

Price to Earnings - Forward 1YR

11.7x

20.4x

Price to Earnings - Trailing 12 Months

13.4x

23.5x

Price to Cash Flow

5.2x

13.9x

Price to Book Value

1.5x

3.5x

Return on Assets - 5 YR

4.3%

13.5%

Portfolio

Benchmark

Return on Equity - 5 YR

14.8%

81.9%

Historical 3YR Sales Growth

5.8%

15.7%

Active Share

92.8%

—

Effective Duration

4.2 Yrs

6.1 Yrs

Average Effective Maturity

6.5 Yrs

8.3 Yrs

Weighted Average Coupon

2.9%

3.5%

Yield to Worst

7.8%

4.7%

Risk & Return profile

(As of 31 May 2025)

10y

Annualized Alpha (%)

5.17

6.49

0.53

Beta

0.81

0.83

0.97

R-Squared (%)

74.03

72.58

77.37

Standard Deviation (%)

12.41

12.54

13.14

Sharpe Ratio

0.73

1.01

0.47

Information Ratio

0.50

0.74

0.02

Up Capture (%)

92.51

97.59

96.04

Down Capture (%)

68.58

64.78

92.80

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 %

Orange S.A.

ORA

Communication Services

6.7

AT&T, Inc.

Communication Services

4.3

Broadcom, Inc.

AVGO

Information Technology

4.2

BNP Paribas S.A.

BNP

Financials

4.2

NN Group N.V.

Financials

3.8

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

3.6

Enel SpA

ENEL

Utilities

3.4

Citigroup, Inc.

Financials

3.4

TotalEnergies SE

TTE

Energy

3.1

Tesco plc

TSCO

Consumer Staples

2.8

Name

Ticker/Symbol

Sector

Weight %

Telefonica Emisiones S.A.

87938WAC7

SE_CORPORATE_BOND

0.6

Digicel Intermediate Holdings Ltd. / Digicel International Finance Ltd. / Difl US

ZF7746216

SE_CORPORATE_BOND

0.2

Transcontinental Gas Pipe Line Co., LLC

893574AH6

SE_CORPORATE_BOND

0.2

Deutsche Telekom International Finance BV

25156PAC7

SE_CORPORATE_BOND

0.2

The Glebe Funding Trust 2024-1

37735RAA2

SE_COLLAT_MORTGAGE_OBLIGATION

0.2

KeHE Distributors, LLC/ KeHE Finance Corp. / NextWave Distribution, Inc.

487526AC9

SE_CORPORATE_BOND

0.2

PRET 2025-NPL3, LLC

74143HAA3

SE_COLLAT_MORTGAGE_OBLIGATION

0.2

Kinder Morgan, Inc.

49456BAG6

SE_CORPORATE_BOND

0.1

Imagefirst Holdings, LLC

45249TAR3

SE_LOAN_PARTICIPATION

0.1

College Ave Student Loans 2023-A, LLC

193938107

Asset Backed Securities

0.1

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%

Financials

24.3

17.2

Communication Services

21.7

8.2

Information Technology

13.3

25.0

Health Care

9.0

9.8

Utilities

9.0

2.7

Energy

8.7

3.5

Industrials

4.9

11.5

Consumer Staples

3.7

6.4

Consumer Discretionary

3.0

10.4

Materials

2.1

3.3

Real Estate

0.3

2.1

Sector Allocation

Fund (%)

Financials

24.3

Communication Services

21.7

Information Technology

13.3

Health Care

9.0

Utilities

9.0

Energy

8.7

Industrials

4.9

Consumer Staples

3.7

Consumer Discretionary

3.0

Materials

2.1

Real Estate

0.3

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Telecommunication Services

21.5

1.5

Banks

12.0

6.5

Semiconductors & Semiconductor Equipment

9.5

8.7

Utilities

8.9

2.7

Energy

8.8

3.5

Pharmaceuticals, Biotechnology & Life Sciences

7.7

6.3

Insurance

7.4

3.4

Financial Services

5.5

7.2

Consumer Staples Distribution & Retail

3.7

1.9

Technology Hardware & Equipment

3.3

5.9

Top 10 Industries

Fund (%)

Telecommunication Services

21.5

Banks

12.0

Semiconductors & Semiconductor Equipment

9.5

Utilities

8.9

Energy

8.8

Pharmaceuticals, Biotechnology & Life Sciences

7.7

Insurance

7.4

Financial Services

5.5

Consumer Staples Distribution & Retail

3.7

Technology Hardware & Equipment

3.3

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

United States

31.5

76.9

North America

France

15.4

2.1

Europe ex UK

United Kingdom

11.4

3.0

Netherlands

5.6

0.9

Europe ex UK

Italy

5.4

0.6

Europe ex UK

Germany

4.6

2.0

Europe ex UK

Taiwan

3.6

—

Asia Pacific ex Japan

Spain

2.7

0.7

Europe ex UK

Canada

2.6

2.7

North America

Korea, Republic of (South Korea)

1.8

0.0

Asia Pacific ex Japan

Top 10 Countries

Fund (%)

United States

31.5

France

15.4

United Kingdom

11.4

Netherlands

5.6

Italy

5.4

Germany

4.6

Taiwan

3.6

Spain

2.7

Canada

2.6

Korea, Republic of (South Korea)

1.8

Composition

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Equity

82.6

75.0

Cash & Cash Equivalents

9.2

—

Fixed Income

9.0

25.0

Currency Forward

-0.8

—

Composition

Fund (%)

Equity

82.6

Cash & Cash Equivalents

9.2

Fixed Income

9.0

Currency Forward

-0.8

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Unassigned

0.0

—

Large Cap (> $12 B)

95.5

97.2

Mid Cap ($2.5 to $12 B)

2.7

2.8

Small Cap (< $2.5 B)

1.8

—

Capitalization

Fund (%)

Unassigned

0.0

Large Cap (> $12 B)

95.5

Mid Cap ($2.5 to $12 B)

2.7

Small Cap (< $2.5 B)

1.8

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

AAA

5.4

3.1

3.5

3.2

11.3

BBB

34.7

11.2

22.4

—

13.5

—

CCC

0.1

—

Not Rated

17.3

1.0

Credit Quality

Fund (%)

AAA

5.4

3.5

3.2

BBB

34.7

22.4

13.5

CCC

0.1

Not Rated

17.3

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Year 1

12.8

0.1

Year 2

12.0

12.4

Year 3

10.9

10.5

Year 4

12.2

8.8

Year 5

7.2

10.4

Year 6

7.8

6.5

Year 7

9.9

7.0

Year 8

3.3

5.8

Year 9

2.5

7.3

Year 10+

21.4

31.2

Maturity

Fund (%)

Year 1

12.8

Year 2

12.0

Year 3

10.9

Year 4

12.2

Year 5

7.2

Year 6

7.8

Year 7

9.9

Year 8

3.3

Year 9

2.5

Year 10+

21.4

Sector, Industry, and Market Capitalization are based on the portfolio's equity holdings. Credit Quality and Maturity are based on the portfolio’s fixed income holdings. Geography and Asset Class are based on the full portfolio.

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

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

Matt Burdett

Head of Equities and Managing Director

Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…

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Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director

Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…

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Christian Hoffmann, CFA

Head of Fixed Income and Managing Director

Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…

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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

This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

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. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. 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.

Neither the payment of, or increase in, dividends is guaranteed.

A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.

Credit quality ratings for Thornburg Investment Income Builder used ratings from Moody's Investors Service. Where Moody's ratings are not available, we have used S&P Global Ratings. Where neither rating is available, we have used ratings from other nationally recognized statistical rating organizations (NRSROs).

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.

“Bloomberg®” and the Bloomberg index(es) mentioned in this piece are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Thornburg Investment Management. Bloomberg is not affiliated with Thornburg, and Bloomberg does not approve, endorse, review, or recommend Thornburg. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Thornburg.

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Thornburg Investment Income Builder Fund

Portfolio Managers

Globally Diversified Income

Cultivating the growth of dividends for almost two decades

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

Matt Burdett

Brian McMahon

Christian Hoffmann, CFA

Literature

Important Information

More Insights

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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

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Thornburg Investment Income Builder Fund

Portfolio Managers

Globally Diversified Income

Cultivating the growth of dividends for almost two decades

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

Matt Burdett

Brian McMahon

Christian Hoffmann, 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