Thornburg Investment Income Builder Fund

SYMBOL: TIBCX

Morningstar Rating • Info

Overall Morningstar Rating among 193 Global Moderately Aggressive Allocation funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and 3 stars among 193, 177 and 148 funds, as of 31 May 2025.

As of 31 May 2025

Fund Assets

$14.9 B

As of 30 Apr 2025

NAV

$29.51

As of 11 Jun 2025

Change

$0.09

As of 11 Jun 2025

YTD NAV Performance

17.03%

As of 11 Jun 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 31 Mar 2025)

YTD

10y

Inception

Total Return with Sales Charge (%)

7.58

14.53

9.94

15.62

6.64

8.55

Total Return without Sales Charge (%)

8.58

15.53

9.94

15.62

6.64

8.55

Investment Income Builder Blended Index (%)

-0.63

6.56

5.91

11.95

7.63

7.80

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 with Sales Charge (%)

14.09

18.59

12.55

14.31

7.01

8.77

Total Return without Sales Charge (%)

15.09

19.59

12.55

14.31

7.01

8.77

Investment Income Builder Blended Index (%)

4.39

11.69

10.29

10.39

7.96

7.98

Morningstar Category Avg. (%)

0.97

9.15

6.71

10.01

6.38

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

197

193

177

148

—

YTD

10y

Inception

Total Return with Sales Charge (%)

7.58

14.53

32.87

106.62

90.18

521.69

Total Return without Sales Charge (%)

8.58

15.53

32.87

106.62

90.18

521.69

Investment Income Builder Blended Index (%)

-0.63

6.56

18.80

75.82

108.54

432.73

YTD

10y

Inception

Total Return with Sales Charge (%)

14.09

18.59

42.57

95.15

96.97

558.94

Total Return without Sales Charge (%)

15.09

19.59

42.57

95.15

96.97

558.94

Investment Income Builder Blended Index (%)

4.39

11.69

34.17

63.89

115.07

459.68

2019

2020

2021

2022

2023

2024

Total Return with Sales Charge (%)

15.86

-2.35

18.10

-9.78

16.00

11.27

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 (%)

1.93

Net Expense Ratio (%)

1.93

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,C Shares,Investment Income Builder Blended Index
            2002-12-24,10000,10000
2002-12-31,9992,9966
2003-01-31,9858,9740
2003-02-28,9782,9646
2003-03-31,9911,9620
2003-04-30,10569,10280
2003-05-31,11235,10766
2003-06-30,11526,10900
2003-07-31,11619,10973
2003-08-31,11543,11168
2003-09-30,11801,11293
2003-10-31,12332,11768
2003-11-30,12417,11909
2003-12-31,13152,12498
2004-01-31,13351,12674
2004-02-29,13559,12867
2004-03-31,13589,12828
2004-04-30,13241,12547
2004-05-31,13258,12620
2004-06-30,13544,12832
2004-07-31,13282,12550
2004-08-31,13553,12651
2004-09-30,13796,12839
2004-10-31,13946,13102
2004-11-30,14467,13592
2004-12-31,15309,14012
2005-01-31,15130,13798
2005-02-28,15630,14105
2005-03-31,15488,13882
2005-04-30,15309,13702
2005-05-31,15416,13921
2005-06-30,15764,14031
2005-07-31,16162,14366
2005-08-31,16099,14494
2005-09-30,16376,14739
2005-10-31,15887,14441
2005-11-30,16236,14818
2005-12-31,16561,15100
2006-01-31,17366,15605
2006-02-28,17528,15601
2006-03-31,18077,15820
2006-04-30,18629,16173
2006-05-31,18140,15754
2006-06-30,18106,15759
2006-07-31,18463,15886
2006-08-31,18775,16256
2006-09-30,18907,16437
2006-10-31,19431,16917
2006-11-30,19980,17277
2006-12-31,20470,17515
2007-01-31,20659,17669
2007-02-28,20543,17668
2007-03-31,21173,17910
2007-04-30,21957,18527
2007-05-31,22756,18881
2007-06-30,22729,18758
2007-07-31,22464,18486
2007-08-31,22782,18532
2007-09-30,23942,19228
2007-10-31,24978,19713
2007-11-30,24157,19198
2007-12-31,24047,19025
2008-01-31,22279,18015
2008-02-29,22278,17943
2008-03-31,21942,17829
2008-04-30,22506,18523
2008-05-31,22551,18700
2008-06-30,20869,17578
2008-07-31,20547,17252
2008-08-31,20180,17112
2008-09-30,18431,15528
2008-10-31,15604,13228
2008-11-30,14976,12693
2008-12-31,15608,13117
2009-01-31,14674,12226
2009-02-28,13720,11276
2009-03-31,14301,11953
2009-04-30,15549,12973
2009-05-31,17209,13878
2009-06-30,17632,13851
2009-07-31,18731,14787
2009-08-31,19510,15283
2009-09-30,20326,15780
2009-10-31,20338,15589
2009-11-30,20813,16117
2009-12-31,21212,16271
2010-01-31,20900,15829
2010-02-28,21156,16011
2010-03-31,22039,16749
2010-04-30,22089,16795
2010-05-31,20661,15624
2010-06-30,20454,15283
2010-07-31,21750,16253
2010-08-31,21563,15850
2010-09-30,22626,16963
2010-10-31,23408,17452
2010-11-30,22924,17145
2010-12-31,23896,18044
2011-01-31,24302,18355
2011-02-28,24874,18848
2011-03-31,24873,18712
2011-04-30,25750,19367
2011-05-31,25469,19129
2011-06-30,25105,18888
2011-07-31,24769,18706
2011-08-31,23818,17786
2011-09-30,22570,16666
2011-10-31,23875,17964
2011-11-30,23595,17631
2011-12-31,23837,17672
2012-01-31,24492,18376
2012-02-29,25039,19048
2012-03-31,25039,19205
2012-04-30,24961,19095
2012-05-31,23632,17902
2012-06-30,24726,18588
2012-07-31,25277,18831
2012-08-31,25582,19192
2012-09-30,26051,19594
2012-10-31,26159,19505
2012-11-30,26044,19700
2012-12-31,26381,19971
2013-01-31,27646,20699
2013-02-28,27727,20750
2013-03-31,28425,21119
2013-04-30,29438,21671
2013-05-31,28822,21581
2013-06-30,28102,21098
2013-07-31,28623,21939
2013-08-31,27958,21560
2013-09-30,29121,22420
2013-10-31,30168,23124
2013-11-30,30098,23410
2013-12-31,30504,23749
2014-01-31,29774,23177
2014-02-28,31130,24078
2014-03-31,31402,24093
2014-04-30,31741,24329
2014-05-31,32290,24758
2014-06-30,32689,25093
2014-07-31,32611,24777
2014-08-31,33173,25255
2014-09-30,32132,24698
2014-10-31,32152,24878
2014-11-30,32413,25296
2014-12-31,31663,24996
2015-01-31,31826,24788
2015-02-28,33014,25819
2015-03-31,32691,25546
2015-04-30,33701,25972
2015-05-31,33453,26023
2015-06-30,32609,25499
2015-07-31,33037,25886
2015-08-31,30997,24592
2015-09-30,29598,23954
2015-10-31,30986,25378
2015-11-30,30684,25267
2015-12-31,29747,24913
2016-01-31,28797,23881
2016-02-29,28574,23790
2016-03-31,30150,25055
2016-04-30,30581,25377
2016-05-31,30916,25485
2016-06-30,30841,25386
2016-07-31,31625,26230
2016-08-31,31884,26239
2016-09-30,31846,26340
2016-10-31,31339,25907
2016-11-30,31682,26033
2016-12-31,32333,26510
2017-01-31,32437,27003
2017-02-28,32993,27610
2017-03-31,33475,27827
2017-04-30,33628,28189
2017-05-31,34371,28691
2017-06-30,34387,28766
2017-07-31,35091,29314
2017-08-31,35029,29410
2017-09-30,35727,29870
2017-10-31,35718,30298
2017-11-30,36586,30781
2017-12-31,36858,31128
2018-01-31,38050,32271
2018-02-28,36225,31192
2018-03-31,35891,30732
2018-04-30,36613,30940
2018-05-31,36134,31141
2018-06-30,36110,31120
2018-07-31,37567,31851
2018-08-31,36963,32198
2018-09-30,37511,32280
2018-10-31,35955,30439
2018-11-30,36564,30744
2018-12-31,34872,29131
2019-01-31,36413,30909
2019-02-28,36916,31601
2019-03-31,37288,32064
2019-04-30,38411,32919
2019-05-31,36408,31641
2019-06-30,38145,33304
2019-07-31,37922,33446
2019-08-31,37604,33149
2019-09-30,38775,33634
2019-10-31,39498,34301
2019-11-30,39726,35014
2019-12-31,40752,35794
2020-01-31,40095,35803
2020-02-29,37285,33694
2020-03-31,30094,30300
2020-04-30,32616,32918
2020-05-31,33773,34149
2020-06-30,34466,34880
2020-07-31,35262,36262
2020-08-31,35949,38006
2020-09-30,34725,37017
2020-10-31,34096,36124
2020-11-30,38867,39677
2020-12-31,40181,40952
2021-01-31,40785,40573
2021-02-28,42155,41207
2021-03-31,43550,42106
2021-04-30,44268,43659
2021-05-31,45280,44167
2021-06-30,44770,44738
2021-07-31,44791,45464
2021-08-31,45657,46291
2021-09-30,44416,44749
2021-10-31,46173,46647
2021-11-30,45639,45915
2021-12-31,47853,47358
2022-01-31,48097,45223
2022-02-28,46663,44239
2022-03-31,46784,44843
2022-04-30,44609,41623
2022-05-31,46197,41714
2022-06-30,42656,38840
2022-07-31,43483,41390
2022-08-31,42269,39800
2022-09-30,38849,36595
2022-10-31,41242,38448
2022-11-30,44677,40806
2022-12-31,43589,39461
2023-01-31,46206,41858
2023-02-28,45976,40833
2023-03-31,45870,42039
2023-04-30,47041,42655
2023-05-31,45685,42219
2023-06-30,47369,44097
2023-07-31,48666,45200
2023-08-31,47960,44318
2023-09-30,47178,42603
2023-10-31,46276,41508
2023-11-30,48999,44896
2023-12-31,50998,46979
2024-01-31,51158,47369
2024-02-29,51223,48708
2024-03-31,53813,49995
2024-04-30,53055,48286
2024-05-31,55099,50108
2024-06-30,55083,50991
2024-07-31,57126,51963
2024-08-31,58419,53180
2024-09-30,58436,54088
2024-10-31,57481,52948
2024-11-30,57214,54910
2024-12-31,57255,53612
2025-01-31,59713,55102
2025-02-28,61746,55108
2025-03-31,62169,53273
2025-04-30,62932,53681
2025-05-31,65894,55968

Hypothetical Growth of $10,000

(As of 31 May 2025)

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

                        Categories,C Shares,Investment Income Builder Blended Index
                        2024-05-31,10000,10000
2024-06-30,9997,10176
2024-07-31,10368,10370
2024-08-31,10603,10613
2024-09-30,10606,10794
2024-10-31,10432,10567
2024-11-30,10384,10958
2024-12-31,10392,10699
2025-01-31,10838,10997
2025-02-28,11207,10998
2025-03-31,11283,10632
2025-04-30,11422,10713
2025-05-31,11859,11169

                        Categories,C Shares,Investment Income Builder Blended Index
                        2022-05-31,10000,10000
2022-06-30,9229,9311
2022-07-31,9408,9922
2022-08-31,9145,9541
2022-09-30,8406,8773
2022-10-31,8923,9217
2022-11-30,9666,9782
2022-12-31,9431,9460
2023-01-31,9997,10035
2023-02-28,9948,9789
2023-03-31,9924,10078
2023-04-30,10178,10226
2023-05-31,9885,10121
2023-06-30,10249,10571
2023-07-31,10529,10836
2023-08-31,10377,10624
2023-09-30,10207,10213
2023-10-31,10012,9951
2023-11-30,10602,10763
2023-12-31,11034,11262
2024-01-31,11069,11356
2024-02-29,11083,11677
2024-03-31,11643,11985
2024-04-30,11479,11576
2024-05-31,11921,12012
2024-06-30,11918,12224
2024-07-31,12360,12457
2024-08-31,12640,12749
2024-09-30,12643,12966
2024-10-31,12437,12693
2024-11-30,12379,13164
2024-12-31,12388,12852
2025-01-31,12920,13210
2025-02-28,13360,13211
2025-03-31,13451,12771
2025-04-30,13616,12869
2025-05-31,14257,13417

                        Categories,C Shares,Investment Income Builder Blended Index
                        2020-05-31,10000,10000
2020-06-30,10207,10214
2020-07-31,10443,10619
2020-08-31,10646,11129
2020-09-30,10284,10840
2020-10-31,10098,10578
2020-11-30,11511,11619
2020-12-31,11900,11992
2021-01-31,12079,11881
2021-02-28,12485,12067
2021-03-31,12898,12330
2021-04-30,13110,12785
2021-05-31,13410,12934
2021-06-30,13259,13101
2021-07-31,13265,13314
2021-08-31,13522,13556
2021-09-30,13154,13104
2021-10-31,13675,13660
2021-11-30,13516,13446
2021-12-31,14172,13868
2022-01-31,14244,13243
2022-02-28,13819,12955
2022-03-31,13855,13132
2022-04-30,13211,12189
2022-05-31,13682,12215
2022-06-30,12633,11374
2022-07-31,12878,12121
2022-08-31,12518,11655
2022-09-30,11505,10716
2022-10-31,12214,11259
2022-11-30,13231,11950
2022-12-31,12909,11556
2023-01-31,13684,12258
2023-02-28,13616,11957
2023-03-31,13585,12310
2023-04-30,13931,12491
2023-05-31,13530,12363
2023-06-30,14029,12913
2023-07-31,14413,13236
2023-08-31,14204,12978
2023-09-30,13972,12476
2023-10-31,13705,12155
2023-11-30,14512,13147
2023-12-31,15103,13757
2024-01-31,15151,13872
2024-02-29,15170,14264
2024-03-31,15937,14640
2024-04-30,15713,14140
2024-05-31,16318,14673
2024-06-30,16313,14932
2024-07-31,16918,15217
2024-08-31,17301,15573
2024-09-30,17306,15839
2024-10-31,17023,15505
2024-11-30,16944,16080
2024-12-31,16956,15700
2025-01-31,17685,16136
2025-02-28,18287,16138
2025-03-31,18412,15600
2025-04-30,18638,15720
2025-05-31,19515,16389

                        Categories,C Shares,Investment Income Builder Blended Index
                        2015-05-31,10000,10000
2015-06-30,9748,9798
2015-07-31,9876,9947
2015-08-31,9266,9450
2015-09-30,8848,9205
2015-10-31,9263,9752
2015-11-30,9172,9709
2015-12-31,8892,9573
2016-01-31,8608,9177
2016-02-29,8541,9142
2016-03-31,9013,9628
2016-04-30,9142,9752
2016-05-31,9242,9793
2016-06-30,9219,9755
2016-07-31,9454,10079
2016-08-31,9531,10083
2016-09-30,9520,10122
2016-10-31,9368,9955
2016-11-30,9471,10004
2016-12-31,9665,10187
2017-01-31,9696,10376
2017-02-28,9863,10610
2017-03-31,10007,10693
2017-04-30,10052,10832
2017-05-31,10275,11025
2017-06-30,10279,11054
2017-07-31,10490,11264
2017-08-31,10471,11301
2017-09-30,10680,11478
2017-10-31,10677,11643
2017-11-30,10936,11828
2017-12-31,11018,11962
2018-01-31,11374,12401
2018-02-28,10829,11986
2018-03-31,10729,11809
2018-04-30,10945,11889
2018-05-31,10802,11966
2018-06-30,10794,11958
2018-07-31,11230,12239
2018-08-31,11049,12373
2018-09-30,11213,12404
2018-10-31,10748,11697
2018-11-30,10930,11814
2018-12-31,10424,11194
2019-01-31,10885,11877
2019-02-28,11035,12143
2019-03-31,11146,12321
2019-04-30,11482,12650
2019-05-31,10883,12158
2019-06-30,11403,12798
2019-07-31,11336,12852
2019-08-31,11241,12738
2019-09-30,11591,12925
2019-10-31,11807,13181
2019-11-30,11875,13455
2019-12-31,12182,13755
2020-01-31,11986,13758
2020-02-29,11145,12948
2020-03-31,8996,11643
2020-04-30,9750,12649
2020-05-31,10096,13122
2020-06-30,10303,13403
2020-07-31,10541,13934
2020-08-31,10746,14604
2020-09-30,10380,14224
2020-10-31,10192,13881
2020-11-30,11618,15247
2020-12-31,12011,15737
2021-01-31,12192,15591
2021-02-28,12601,15834
2021-03-31,13018,16180
2021-04-30,13233,16777
2021-05-31,13535,16972
2021-06-30,13383,17191
2021-07-31,13389,17470
2021-08-31,13648,17788
2021-09-30,13277,17196
2021-10-31,13802,17925
2021-11-30,13643,17644
2021-12-31,14305,18198
2022-01-31,14378,17378
2022-02-28,13949,17000
2022-03-31,13985,17232
2022-04-30,13335,15994
2022-05-31,13810,16029
2022-06-30,12751,14925
2022-07-31,12998,15905
2022-08-31,12635,15294
2022-09-30,11613,14062
2022-10-31,12329,14774
2022-11-30,13355,15681
2022-12-31,13030,15163
2023-01-31,13812,16085
2023-02-28,13744,15691
2023-03-31,13712,16154
2023-04-30,14062,16391
2023-05-31,13657,16224
2023-06-30,14160,16945
2023-07-31,14548,17369
2023-08-31,14337,17030
2023-09-30,14103,16371
2023-10-31,13833,15950
2023-11-30,14647,17252
2023-12-31,15245,18053
2024-01-31,15293,18203
2024-02-29,15312,18717
2024-03-31,16086,19211
2024-04-30,15860,18555
2024-05-31,16471,19255
2024-06-30,16466,19594
2024-07-31,17077,19968
2024-08-31,17463,20435
2024-09-30,17468,20784
2024-10-31,17183,20346
2024-11-30,17103,21100
2024-12-31,17115,20602
2025-01-31,17850,21174
2025-02-28,18458,21176
2025-03-31,18584,20471
2025-04-30,18812,20628
2025-05-31,19697,21507

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 ($)
            2003-03-31,0.08300
2003-06-30,0.09500
2003-09-30,0.10400
2003-12-31,0.15900
2004-03-31,0.08400
2004-06-30,0.10900
2004-09-30,0.13600
2004-11-17,0.00073
2004-12-31,0.20240
2005-03-31,0.09110
2005-06-30,0.11690
2005-09-30,0.15620
2005-11-17,0.33324
2005-12-31,0.26841
2006-03-31,0.10230
2006-06-30,0.13527
2006-09-30,0.16530
2006-11-17,0.51623
2006-12-31,0.30160
2007-03-31,0.11190
2007-06-30,0.15105
2007-09-30,0.18076
2007-11-19,0.46552
2007-12-31,0.32985
2008-03-31,0.14461
2008-06-30,0.18460
2008-09-30,0.23070
2008-12-31,0.34814
2009-03-31,0.16407
2009-06-30,0.22087
2009-09-30,0.25368
2009-12-31,0.31774
2010-03-31,0.16906
2010-06-30,0.22063
2010-09-30,0.29281
2010-12-31,0.33014
2011-03-31,0.17718
2011-06-30,0.22540
2011-09-30,0.28921
2011-12-31,0.34532
2012-03-31,0.18446
2012-06-30,0.22875
2012-09-30,0.25327
2012-12-31,0.32694
2013-03-31,0.18229
2013-06-30,0.21561
2013-09-30,0.21477
2013-12-31,0.20739
2014-03-31,0.18957
2014-06-30,0.20036
2014-09-30,0.23195
2014-12-31,0.22172
2015-03-31,0.12890
2015-06-30,0.15973
2015-09-30,0.16298
2015-12-31,0.21759
2016-03-31,0.13946
2016-06-30,0.15061
2016-09-30,0.15901
2016-12-31,0.18046
2017-03-31,0.13647
2017-06-30,0.16250
2017-09-30,0.22225
2017-12-31,0.25492
2018-03-31,0.14267
2018-06-30,0.15984
2018-09-30,0.19893
2018-12-31,0.23923
2019-03-31,0.15513
2019-06-30,0.17672
2019-09-30,0.21241
2019-12-31,0.25558
2020-03-31,0.15584
2020-06-30,0.15721
2020-09-30,0.17549
2020-12-31,0.24957
2021-03-31,0.18801
2021-06-30,0.22902
2021-09-30,0.26420
2021-12-31,0.31829
2022-01-31,0.06438
2022-03-31,0.16037
2022-06-30,0.20454
2022-09-30,0.24901
2022-12-31,0.34323
2023-03-31,0.17615
2023-06-30,0.20906
2023-09-30,0.25259
2023-12-31,0.31648
2024-03-31,0.18377
2024-06-30,0.20695
2024-09-30,0.24040
2024-11-21,0.22099
2024-12-31,0.34542
2025-03-31,0.18125

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2003-03-31,1049068800,0.08300,0.08300,0,0
2003-06-30,1056931200,0.09500,0.09500,0,0
2003-09-30,1064880000,0.10400,0.10400,0,0
2003-12-31,1072828800,0.15900,0.15900,0,0
2004-03-31,1080691200,0.08400,0.08400,0,0
2004-06-30,1088553600,0.10900,0.10900,0,0
2004-09-30,1096502400,0.13600,0.13600,0,0
2004-11-17,1100649600,0.00073,0,0.00063,0.00010
2004-12-31,1104451200,0.20240,0.20240,0,0
2005-03-31,1112227200,0.09110,0.09110,0,0
2005-06-30,1120089600,0.11690,0.11690,0,0
2005-09-30,1128038400,0.15620,0.15620,0,0
2005-11-17,1132185600,0.33324,0,0.04834,0.28490
2005-12-31,1135987200,0.26841,0.26841,0,0
2006-03-31,1143763200,0.10230,0.10230,0,0
2006-06-28,1151625600,0.13527,0.13527,0,0
2006-09-27,1159574400,0.16530,0.16530,0,0
2006-11-17,1163721600,0.51623,0,0.19367,0.32256
2006-12-26,1167523200,0.30160,0.30160,0,0
2007-03-26,1175299200,0.11190,0.11190,0,0
2007-06-26,1183161600,0.15105,0.15105,0,0
2007-09-26,1191110400,0.18076,0.18076,0,0
2007-11-19,1195430400,0.46552,0,0.24776,0.21776
2007-12-26,1199059200,0.32985,0.32985,0,0
2008-03-26,1206921600,0.14461,0.14461,0,0
2008-06-26,1214784000,0.18460,0.18460,0,0
2008-09-26,1222732800,0.23070,0.23070,0,0
2008-12-26,1230681600,0.34814,0.34814,0,0
2009-03-26,1238457600,0.16407,0.16407,0,0
2009-06-26,1246320000,0.22087,0.22087,0,0
2009-09-25,1254268800,0.25368,0.25368,0,0
2009-12-24,1262217600,0.31774,0.31774,0,0
2010-03-26,1269993600,0.16906,0.16906,0,0
2010-06-25,1277856000,0.22063,0.22063,0,0
2010-09-24,1285804800,0.29281,0.29281,0,0
2010-12-27,1293753600,0.33014,0.33014,0,0
2011-03-25,1301529600,0.17718,0.17718,0,0
2011-06-24,1309392000,0.22540,0.22540,0,0
2011-09-26,1317340800,0.28921,0.28921,0,0
2011-12-23,1325289600,0.34532,0.34532,0,0
2012-03-26,1333152000,0.18446,0.18446,0,0
2012-06-25,1341014400,0.22875,0.22875,0,0
2012-09-24,1348963200,0.25327,0.25327,0,0
2012-12-24,1356912000,0.32694,0.32694,0,0
2013-03-22,1364688000,0.18229,0.18229,0,0
2013-06-24,1372550400,0.21561,0.21561,0,0
2013-09-24,1380499200,0.21477,0.21477,0,0
2013-12-24,1388448000,0.20739,0.20739,0,0
2014-03-25,1396224000,0.18957,0.18957,0,0
2014-06-24,1404086400,0.20036,0.20036,0,0
2014-09-24,1412035200,0.23195,0.23195,0,0
2014-12-24,1419984000,0.22172,0.22172,0,0
2015-03-25,1427760000,0.12890,0.12890,0,0
2015-06-24,1435622400,0.15973,0.15973,0,0
2015-09-24,1443571200,0.16298,0.16298,0,0
2015-12-24,1451520000,0.21759,0.21759,0,0
2016-03-24,1459382400,0.13946,0.13946,0,0
2016-06-24,1467244800,0.15061,0.15061,0,0
2016-09-26,1475193600,0.15901,0.15901,0,0
2016-12-23,1483142400,0.18046,0.18046,0,0
2017-03-24,1490918400,0.13647,0.13647,0,0
2017-06-23,1498780800,0.16250,0.16250,0,0
2017-09-22,1506729600,0.22225,0.22225,0,0
2017-12-27,1514678400,0.25492,0.25492,0,0
2018-03-23,1522454400,0.14267,0.14267,0,0
2018-06-22,1530316800,0.15984,0.15984,0,0
2018-09-21,1538265600,0.19893,0.19893,0,0
2018-12-26,1546214400,0.23923,0.23923,0,0
2019-03-22,1553990400,0.15513,0.15513,0,0
2019-06-21,1561852800,0.17672,0.17672,0,0
2019-09-20,1569801600,0.21241,0.21241,0,0
2019-12-27,1577750400,0.25558,0.25558,0,0
2020-03-19,1585612800,0.15584,0.15584,0,0
2020-06-18,1593475200,0.15721,0.15721,0,0
2020-09-17,1601424000,0.17549,0.17549,0,0
2020-12-28,1609372800,0.24957,0.24957,0,0
2021-03-18,1617148800,0.18801,0.18801,0,0
2021-06-17,1625011200,0.22902,0.22902,0,0
2021-09-16,1632960000,0.26420,0.26420,0,0
2021-12-27,1640908800,0.31829,0.31829,0,0
2022-01-06,1643587200,0.06438,0.06438,0,0
2022-03-17,1648684800,0.16037,0.16037,0,0
2022-06-16,1656547200,0.20454,0.20454,0,0
2022-09-15,1664496000,0.24901,0.24901,0,0
2022-12-27,1672444800,0.34323,0.34323,0,0
2023-03-16,1680220800,0.17615,0.17615,0,0
2023-06-15,1688083200,0.20906,0.20906,0,0
2023-09-14,1696032000,0.25259,0.25259,0,0
2023-12-26,1703980800,0.31648,0.31648,0,0
2024-03-21,1711843200,0.18377,0.18377,0,0
2024-06-20,1719705600,0.20695,0.20695,0,0
2024-09-19,1727654400,0.24040,0.24040,0,0
2024-11-21,1732147200,0.22099,0,0.05531,0.16568
2024-12-26,1735603200,0.34542,0.34542,0,0
2025-03-20,1743379200,0.18125,0.18125,0,0

Distributions

(As of 20 Mar 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Mar 2003

0.08300

—

30 Jun 2003

0.09500

—

30 Sep 2003

0.10400

—

31 Dec 2003

0.15900

—

31 Mar 2004

0.08400

—

30 Jun 2004

0.10900

—

30 Sep 2004

0.13600

—

17 Nov 2004

0.00073

—

0.00063

0.00010

31 Dec 2004

0.20240

—

31 Mar 2005

0.09110

—

30 Jun 2005

0.11690

—

30 Sep 2005

0.15620

—

17 Nov 2005

0.33324

—

0.04834

0.28490

31 Dec 2005

0.26841

—

31 Mar 2006

0.10230

—

28 Jun 2006

30 Jun 2006

0.13527

—

27 Sep 2006

30 Sep 2006

0.16530

—

17 Nov 2006

0.51623

—

0.19367

0.32256

26 Dec 2006

31 Dec 2006

0.30160

—

26 Mar 2007

31 Mar 2007

0.11190

—

26 Jun 2007

30 Jun 2007

0.15105

—

26 Sep 2007

30 Sep 2007

0.18076

—

19 Nov 2007

0.46552

—

0.24776

0.21776

26 Dec 2007

31 Dec 2007

0.32985

—

26 Mar 2008

31 Mar 2008

0.14461

—

26 Jun 2008

30 Jun 2008

0.18460

—

26 Sep 2008

30 Sep 2008

0.23070

—

26 Dec 2008

31 Dec 2008

0.34814

—

26 Mar 2009

31 Mar 2009

0.16407

—

26 Jun 2009

30 Jun 2009

0.22087

—

25 Sep 2009

30 Sep 2009

0.25368

—

24 Dec 2009

31 Dec 2009

0.31774

—

26 Mar 2010

31 Mar 2010

0.16906

—

25 Jun 2010

30 Jun 2010

0.22063

—

24 Sep 2010

30 Sep 2010

0.29281

—

27 Dec 2010

31 Dec 2010

0.33014

—

25 Mar 2011

31 Mar 2011

0.17718

—

24 Jun 2011

30 Jun 2011

0.22540

—

26 Sep 2011

30 Sep 2011

0.28921

—

23 Dec 2011

31 Dec 2011

0.34532

—

26 Mar 2012

31 Mar 2012

0.18446

—

25 Jun 2012

30 Jun 2012

0.22875

—

24 Sep 2012

30 Sep 2012

0.25327

—

24 Dec 2012

31 Dec 2012

0.32694

—

22 Mar 2013

31 Mar 2013

0.18229

—

24 Jun 2013

30 Jun 2013

0.21561

—

24 Sep 2013

30 Sep 2013

0.21477

—

24 Dec 2013

31 Dec 2013

0.20739

—

25 Mar 2014

31 Mar 2014

0.18957

—

24 Jun 2014

30 Jun 2014

0.20036

—

24 Sep 2014

30 Sep 2014

0.23195

—

24 Dec 2014

31 Dec 2014

0.22172

—

25 Mar 2015

31 Mar 2015

0.12890

—

24 Jun 2015

30 Jun 2015

0.15973

—

24 Sep 2015

30 Sep 2015

0.16298

—

24 Dec 2015

31 Dec 2015

0.21759

—

24 Mar 2016

31 Mar 2016

0.13946

—

24 Jun 2016

30 Jun 2016

0.15061

—

26 Sep 2016

30 Sep 2016

0.15901

—

23 Dec 2016

31 Dec 2016

0.18046

—

24 Mar 2017

31 Mar 2017

0.13647

—

23 Jun 2017

30 Jun 2017

0.16250

—

22 Sep 2017

30 Sep 2017

0.22225

—

27 Dec 2017

31 Dec 2017

0.25492

—

23 Mar 2018

31 Mar 2018

0.14267

—

22 Jun 2018

30 Jun 2018

0.15984

—

21 Sep 2018

30 Sep 2018

0.19893

—

26 Dec 2018

31 Dec 2018

0.23923

—

22 Mar 2019

31 Mar 2019

0.15513

—

21 Jun 2019

30 Jun 2019

0.17672

—

20 Sep 2019

30 Sep 2019

0.21241

—

27 Dec 2019

31 Dec 2019

0.25558

—

19 Mar 2020

31 Mar 2020

0.15584

—

18 Jun 2020

30 Jun 2020

0.15721

—

17 Sep 2020

30 Sep 2020

0.17549

—

28 Dec 2020

31 Dec 2020

0.24957

—

18 Mar 2021

31 Mar 2021

0.18801

—

17 Jun 2021

30 Jun 2021

0.22902

—

16 Sep 2021

30 Sep 2021

0.26420

—

27 Dec 2021

31 Dec 2021

0.31829

—

6 Jan 2022

31 Jan 2022

0.06438

—

17 Mar 2022

31 Mar 2022

0.16037

—

16 Jun 2022

30 Jun 2022

0.20454

—

15 Sep 2022

30 Sep 2022

0.24901

—

27 Dec 2022

31 Dec 2022

0.34323

—

16 Mar 2023

31 Mar 2023

0.17615

—

15 Jun 2023

30 Jun 2023

0.20906

—

14 Sep 2023

30 Sep 2023

0.25259

—

26 Dec 2023

31 Dec 2023

0.31648

—

21 Mar 2024

31 Mar 2024

0.18377

—

20 Jun 2024

30 Jun 2024

0.20695

—

19 Sep 2024

30 Sep 2024

0.24040

—

21 Nov 2024

0.22099

—

0.05531

0.16568

26 Dec 2024

31 Dec 2024

0.34542

—

20 Mar 2025

31 Mar 2025

0.18125

—

Fund Facts

(As of 30 Apr 2025)

Net Fund Assets

$14.9 B

Benchmark

Investment Income Builder Blended Index

Morningstar Category

Global Moderately Aggressive Allocation

Fund Symbol

TIBCX

Share Class

Share Class Inception Date

24 Dec 2002

Number of Holdings

346

Portfolio Turnover

25%

Distribution Frequency

Quarterly

30-Day SEC Yield (Subsidized)

2.07%

30-Day SEC Yield (Unsubsidized)

2.07%

Characteristics

Portfolio

(As of 30 Apr 2025)

Portfolio

Benchmark

Weighted Average Market Cap

$156.2 B

$645.1 B

Median Market Cap

$50.1 B

$22.6 B

Price to Earnings - Forward 1YR

11.7x

18.9x

Price to Earnings - Trailing 12 Months

13.9x

22.0x

Price to Cash Flow

5.0x

13.2x

Price to Book Value

1.4x

3.3x

Return on Assets - 5 YR

4.3%

10.0%

Portfolio

Benchmark

Return on Equity - 5 YR

14.5%

33.7%

Historical 3YR Sales Growth

5.2%

15.1%

Active Share

91.9%

—

Effective Duration

4.3 Yrs

6.0 Yrs

Average Effective Maturity

7.1 Yrs

8.3 Yrs

Weighted Average Coupon

2.9%

3.5%

Yield to Worst

7.7%

4.5%

Risk & Return profile

(As of 30 Apr 2025)

10y

Annualized Alpha (%)

6.02

6.38

0.39

Beta

0.80

0.83

0.97

R-Squared (%)

71.79

72.42

77.15

Standard Deviation (%)

12.32

12.49

13.09

Sharpe Ratio

0.71

1.00

0.43

Information Ratio

0.63

0.72

0.00

Up Capture (%)

96.22

97.12

95.27

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 30 Apr 2025)

Name

Ticker/Symbol

Sector

Weight %

Orange S.A.

ORA

Communication Services

6.8

AT&T, Inc.

Communication Services

4.5

BNP Paribas S.A.

BNP

Financials

4.2

NN Group N.V.

Financials

3.9

Broadcom, Inc.

AVGO

Information Technology

3.6

Enel SpA

ENEL

Utilities

3.4

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

3.4

Citigroup, Inc.

Financials

3.2

TotalEnergies SE

TTE

Energy

3.2

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

0.3

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

PRET 2025-NPL3, LLC

74143HAA3

SE_COLLAT_MORTGAGE_OBLIGATION

0.2

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

487526AC9

SE_CORPORATE_BOND

0.2

Kinder Morgan, Inc.

49456BAG6

SE_CORPORATE_BOND

0.2

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 30 Apr 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Financials

23.9

17.3

Communication Services

21.2

8.0

Information Technology

11.8

23.9

Utilities

10.6

2.8

Health Care

9.2

10.8

Energy

8.7

3.6

Industrials

4.5

11.2

Consumer Staples

4.1

6.6

Consumer Discretionary

3.0

10.2

Materials

2.8

3.4

Real Estate

0.3

2.2

Sector Allocation

Fund (%)

Financials

23.9

Communication Services

21.2

Information Technology

11.8

Utilities

10.6

Health Care

9.2

Energy

8.7

Industrials

4.5

Consumer Staples

4.1

Consumer Discretionary

3.0

Materials

2.8

Real Estate

0.3

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Telecommunication Services

20.9

1.5

Banks

11.3

6.4

Utilities

10.5

2.8

Energy

8.8

3.6

Semiconductors & Semiconductor Equipment

8.2

7.7

Pharmaceuticals, Biotechnology & Life Sciences

7.9

7.0

Insurance

7.8

3.5

Financial Services

5.3

7.3

Consumer Staples Distribution & Retail

3.5

2.0

Technology Hardware & Equipment

3.2

6.4

Top 10 Industries

Fund (%)

Telecommunication Services

20.9

Banks

11.3

Utilities

10.5

Energy

8.8

Semiconductors & Semiconductor Equipment

8.2

Pharmaceuticals, Biotechnology & Life Sciences

7.9

Insurance

7.8

Financial Services

5.3

Consumer Staples Distribution & Retail

3.5

Technology Hardware & Equipment

3.2

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

United States

31.6

76.7

North America

France

17.1

2.2

Europe ex UK

United Kingdom

11.2

3.1

Germany

6.6

2.1

Europe ex UK

Italy

5.3

0.6

Europe ex UK

Netherlands

5.2

0.9

Europe ex UK

Taiwan

3.4

—

Asia Pacific ex Japan

Spain

2.8

0.7

Europe ex UK

Canada

2.7

North America

Switzerland

2.0

1.9

Europe ex UK

Top 10 Countries

Fund (%)

United States

31.6

France

17.1

United Kingdom

11.2

Germany

6.6

Italy

5.3

Netherlands

5.2

Taiwan

3.4

Spain

2.8

Canada

2.7

Switzerland

2.0

Composition

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Equity

85.7

75.0

Fixed Income

9.7

25.0

Cash & Cash Equivalents

5.5

—

Currency Forward

-0.9

—

Composition

Fund (%)

Equity

85.7

Fixed Income

9.7

Cash & Cash Equivalents

5.5

Currency Forward

-0.9

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Unassigned

0.0

—

Large Cap (> $12 B)

93.5

96.7

Mid Cap ($2.5 to $12 B)

4.8

3.3

Small Cap (< $2.5 B)

1.7

—

Capitalization

Fund (%)

Unassigned

0.0

Large Cap (> $12 B)

93.5

Mid Cap ($2.5 to $12 B)

4.8

Small Cap (< $2.5 B)

1.7

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

AAA

5.3

3.2

4.2

3.7

11.3

BBB

34.6

11.1

22.3

0.0

13.7

—

CCC

0.1

—

Not Rated

17.1

—

Credit Quality

Fund (%)

AAA

5.3

3.2

3.7

BBB

34.6

22.3

13.7

CCC

0.1

Not Rated

17.1

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Year 1

12.6

1.1

Year 2

9.0

12.0

Year 3

9.9

10.3

Year 4

13.7

9.1

Year 5

9.7

10.4

Year 6

7.4

5.7

Year 7

6.4

6.8

Year 8

4.1

6.3

Year 9

3.0

7.1

Year 10+

24.1

31.1

Maturity

Fund (%)

Year 1

12.6

Year 2

9.0

Year 3

9.9

Year 4

13.7

Year 5

9.7

Year 6

7.4

Year 7

6.4

Year 8

4.1

Year 9

3.0

Year 10+

24.1

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

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

The Global Shift: Why Non-U.S. Equities Are Taking Center Stage

Global Dividends: An All-Weather Investment Strategy

5 Reasons to Consider Global ex-US Equities

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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

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

The Global Shift: Why Non-U.S. Equities Are Taking Center Stage

Global Dividends: An All-Weather Investment Strategy

5 Reasons to Consider Global ex-US Equities