Thornburg Investment Income Builder Fund

SYMBOL: TIBGX

Morningstar Rating • Info

Overall Morningstar Rating among 177 Global Moderately Aggressive Allocation funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and 5 stars among 177, 173 and 142 funds, as of 30 Nov 2025.

As of 30 Nov 2025

Fund Assets

$18.4 B

As of 30 Nov 2025

NAV

$32.36

As of 19 Dec 2025

Change

$0.13

As of 19 Dec 2025

YTD NAV Performance

33.76%

As of 19 Dec 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 Sep 2025)

YTD

10y

Inception

Total Return (%)

27.81

25.39

23.94

16.56

9.97

9.62

Investment Income Builder Blended Index (%)

14.60

13.59

18.85

10.67

9.88

8.30

Morningstar Category Avg. (%)

15.56

12.97

17.1

10.55

8.86

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

176

172

165

134

—

YTD

10y

Inception

Total Return (%)

33.49

33.65

19.99

14.95

10.04

9.75

Investment Income Builder Blended Index (%)

16.93

14.17

15.39

9.58

9.51

8.33

Morningstar Category Avg. (%)

17.3

13.33

13.1

8.98

8.53

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

181

177

173

142

—

YTD

10y

Inception

Total Return (%)

27.81

25.39

90.38

115.17

158.61

709.36

Investment Income Builder Blended Index (%)

14.60

13.59

67.89

65.98

156.50

514.41

YTD

10y

Inception

Total Return (%)

33.49

33.65

72.76

100.69

160.30

745.33

Investment Income Builder Blended Index (%)

16.93

14.17

53.63

58.00

148.11

526.90

2019

2020

2021

2022

2023

2024

Total Return (%)

17.35

-0.90

19.69

-8.47

17.53

12.84

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 (%)

1.61

Net Expense Ratio (%)

1.44

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,R4 Shares,Investment Income Builder Blended Index
            2002-12-24,10000,10000
2002-12-31,9991,9966
2003-01-31,9848,9740
2003-02-28,9771,9646
2003-03-31,9906,9620
2003-04-30,10562,10280
2003-05-31,11236,10766
2003-06-30,11523,10900
2003-07-31,11624,10973
2003-08-31,11537,11168
2003-09-30,11811,11293
2003-10-31,12341,11768
2003-11-30,12417,11909
2003-12-31,13174,12498
2004-01-31,13372,12674
2004-02-29,13579,12867
2004-03-31,13631,12828
2004-04-30,13271,12547
2004-05-31,13287,12620
2004-06-30,13586,12832
2004-07-31,13321,12550
2004-08-31,13592,12651
2004-09-30,13845,12839
2004-10-31,13994,13102
2004-11-30,14525,13592
2004-12-31,15374,14012
2005-01-31,15201,13798
2005-02-28,15702,14105
2005-03-31,15565,13882
2005-04-30,15383,13702
2005-05-31,15498,13921
2005-06-30,15863,14031
2005-07-31,16253,14366
2005-08-31,16196,14494
2005-09-30,16480,14739
2005-10-31,16001,14441
2005-11-30,16357,14818
2005-12-31,16689,15100
2006-01-31,17497,15605
2006-02-28,17665,15601
2006-03-31,18224,15820
2006-04-30,18787,16173
2006-05-31,18300,15754
2006-06-30,18281,15759
2006-07-31,18647,15886
2006-08-31,18970,16256
2006-09-30,19100,16437
2006-10-31,19636,16917
2006-11-30,20208,17277
2006-12-31,20709,17515
2007-01-31,20909,17669
2007-02-28,20800,17668
2007-03-31,21445,17910
2007-04-30,22249,18527
2007-05-31,23056,18881
2007-06-30,23048,18758
2007-07-31,22788,18486
2007-08-31,23109,18532
2007-09-30,24294,19228
2007-10-31,25368,19713
2007-11-30,24544,19198
2007-12-31,24441,19025
2008-01-31,22655,18015
2008-02-29,22669,17943
2008-03-31,22370,17829
2008-04-30,22966,18523
2008-05-31,23022,18700
2008-06-30,21312,17578
2008-07-31,20994,17252
2008-08-31,20629,17112
2008-09-30,18858,15528
2008-10-31,15973,13228
2008-11-30,15329,12693
2008-12-31,15990,13117
2009-01-31,15044,12226
2009-02-28,14065,11276
2009-03-31,14675,11953
2009-04-30,15956,12973
2009-05-31,17670,13878
2009-06-30,18110,13851
2009-07-31,19254,14787
2009-08-31,20059,15283
2009-09-30,20903,15780
2009-10-31,20864,15589
2009-11-30,21359,16117
2009-12-31,21763,16271
2010-01-31,21464,15829
2010-02-28,21735,16011
2010-03-31,22650,16749
2010-04-30,22711,16795
2010-05-31,21254,15624
2010-06-30,21051,15283
2010-07-31,22392,16253
2010-08-31,22209,15850
2010-09-30,23311,16963
2010-10-31,24123,17452
2010-11-30,23635,17145
2010-12-31,24657,18044
2011-01-31,25073,18355
2011-02-28,25672,18848
2011-03-31,25682,18712
2011-04-30,26611,19367
2011-05-31,26332,19129
2011-06-30,25968,18888
2011-07-31,25620,18706
2011-08-31,24650,17786
2011-09-30,23358,16666
2011-10-31,24731,17964
2011-11-30,24452,17631
2011-12-31,24724,17672
2012-01-31,25399,18376
2012-02-29,25975,19048
2012-03-31,25987,19205
2012-04-30,25931,19095
2012-05-31,24550,17902
2012-06-30,25709,18588
2012-07-31,26291,18831
2012-08-31,26619,19192
2012-09-30,27117,19594
2012-10-31,27228,19505
2012-11-30,27135,19700
2012-12-31,27495,19971
2013-01-31,28823,20699
2013-02-28,28920,20750
2013-03-31,29659,21119
2013-04-30,30726,21671
2013-05-31,30099,21581
2013-06-30,29363,21098
2013-07-31,29920,21939
2013-08-31,29240,21560
2013-09-30,30464,22420
2013-10-31,31570,23124
2013-11-30,31514,23410
2013-12-31,31952,23749
2014-01-31,31205,23177
2014-02-28,32637,24078
2014-03-31,32953,24093
2014-04-30,33323,24329
2014-05-31,33913,24758
2014-06-30,34330,25093
2014-07-31,34280,24777
2014-08-31,34884,25255
2014-09-30,33807,24698
2014-10-31,33844,24878
2014-11-30,34133,25296
2014-12-31,33357,24996
2015-01-31,33545,24788
2015-02-28,34808,25819
2015-03-31,34483,25546
2015-04-30,35562,25972
2015-05-31,35316,26023
2015-06-30,34442,25499
2015-07-31,34907,25886
2015-08-31,32757,24592
2015-09-30,31296,23954
2015-10-31,32775,25378
2015-11-30,32470,25267
2015-12-31,31474,24913
2016-01-31,30501,23881
2016-02-29,30260,23790
2016-03-31,31956,25055
2016-04-30,32425,25377
2016-05-31,32793,25485
2016-06-30,32729,25386
2016-07-31,33574,26230
2016-08-31,33863,26239
2016-09-30,33836,26340
2016-10-31,33316,25907
2016-11-30,33692,26033
2016-12-31,34395,26510
2017-01-31,34521,27003
2017-02-28,35124,27610
2017-03-31,35652,27827
2017-04-30,35847,28189
2017-05-31,36634,28691
2017-06-30,36666,28766
2017-07-31,37431,29314
2017-08-31,37381,29410
2017-09-30,38141,29870
2017-10-31,38147,30298
2017-11-30,39088,30781
2017-12-31,39411,31128
2018-01-31,40700,32271
2018-02-28,38754,31192
2018-03-31,38416,30732
2018-04-30,39203,30940
2018-05-31,38708,31141
2018-06-30,38697,31120
2018-07-31,40290,31851
2018-08-31,39660,32198
2018-09-30,40262,32280
2018-10-31,38594,30439
2018-11-30,39279,30744
2018-12-31,37482,29131
2019-01-31,39150,30909
2019-02-28,39685,31601
2019-03-31,40101,32064
2019-04-30,41341,32919
2019-05-31,39188,31641
2019-06-30,41087,33304
2019-07-31,40862,33446
2019-08-31,40535,33149
2019-09-30,41807,33634
2019-10-31,42583,34301
2019-11-30,42864,35014
2019-12-31,43983,35794
2020-01-31,43293,35803
2020-02-29,40281,33694
2020-03-31,32536,30300
2020-04-30,35271,32918
2020-05-31,36534,34149
2020-06-30,37317,34880
2020-07-31,38172,36262
2020-08-31,38949,38006
2020-09-30,37621,37017
2020-10-31,36959,36124
2020-11-30,42130,39677
2020-12-31,43587,40952
2021-01-31,44261,40573
2021-02-28,45781,41207
2021-03-31,47291,42106
2021-04-30,48089,43659
2021-05-31,49226,44167
2021-06-30,48695,44738
2021-07-31,48718,45464
2021-08-31,49678,46291
2021-09-30,48373,44749
2021-10-31,50282,46647
2021-11-30,49723,45915
2021-12-31,52169,47358
2022-01-31,52456,45223
2022-02-28,50917,44239
2022-03-31,51070,44843
2022-04-30,48725,41623
2022-05-31,50475,41714
2022-06-30,46619,38840
2022-07-31,47562,41390
2022-08-31,46237,39800
2022-09-30,42524,36595
2022-10-31,45155,38448
2022-11-30,48922,40806
2022-12-31,47751,39461
2023-01-31,50654,41858
2023-02-28,50421,40833
2023-03-31,50304,42039
2023-04-30,51604,42655
2023-05-31,50142,42219
2023-06-30,52004,44097
2023-07-31,53461,45200
2023-08-31,52686,44318
2023-09-30,51848,42603
2023-10-31,50880,41508
2023-11-30,53887,44896
2023-12-31,56121,46979
2024-01-31,56320,47369
2024-02-29,56414,48708
2024-03-31,59283,49995
2024-04-30,58474,48286
2024-05-31,60769,50108
2024-06-30,60752,50991
2024-07-31,63027,51963
2024-08-31,64499,53180
2024-09-30,64544,54088
2024-10-31,63495,52948
2024-11-30,63254,54910
2024-12-31,63326,53612
2025-01-31,66070,55102
2025-02-28,68342,55108
2025-03-31,68866,53273
2025-04-30,69741,53681
2025-05-31,73022,55968
2025-06-30,75605,57994
2025-07-31,76713,58516
2025-08-31,79174,59836
2025-09-30,80936,61441
2025-10-31,81783,62460
2025-11-30,84533,62690

Hypothetical Growth of $10,000

(As of 30 Nov 2025)

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

                        Categories,R4 Shares,Investment Income Builder Blended Index
                        2024-11-30,10000,10000
2024-12-31,10012,9764
2025-01-31,10446,10035
2025-02-28,10805,10036
2025-03-31,10888,9702
2025-04-30,11026,9776
2025-05-31,11545,10193
2025-06-30,11953,10562
2025-07-31,12128,10657
2025-08-31,12517,10897
2025-09-30,12796,11189
2025-10-31,12930,11375
2025-11-30,13365,11417

                        Categories,R4 Shares,Investment Income Builder Blended Index
                        2022-11-30,10000,10000
2022-12-31,9759,9670
2023-01-31,10352,10258
2023-02-28,10305,10007
2023-03-31,10281,10302
2023-04-30,10546,10453
2023-05-31,10248,10346
2023-06-30,10628,10806
2023-07-31,10926,11077
2023-08-31,10768,10861
2023-09-30,10596,10440
2023-10-31,10398,10172
2023-11-30,11013,11002
2023-12-31,11469,11513
2024-01-31,11510,11608
2024-02-29,11529,11936
2024-03-31,12116,12252
2024-04-30,11950,11833
2024-05-31,12419,12279
2024-06-30,12416,12496
2024-07-31,12881,12734
2024-08-31,13182,13032
2024-09-30,13191,13255
2024-10-31,12976,12975
2024-11-30,12927,13456
2024-12-31,12942,13138
2025-01-31,13503,13503
2025-02-28,13967,13505
2025-03-31,14074,13055
2025-04-30,14253,13155
2025-05-31,14923,13715
2025-06-30,15451,14212
2025-07-31,15678,14340
2025-08-31,16181,14663
2025-09-30,16541,15057
2025-10-31,16714,15306
2025-11-30,17276,15363

                        Categories,R4 Shares,Investment Income Builder Blended Index
                        2020-11-30,10000,10000
2020-12-31,10348,10321
2021-01-31,10508,10226
2021-02-28,10869,10386
2021-03-31,11227,10612
2021-04-30,11417,11004
2021-05-31,11687,11132
2021-06-30,11561,11276
2021-07-31,11566,11459
2021-08-31,11794,11667
2021-09-30,11484,11278
2021-10-31,11937,11757
2021-11-30,11805,11572
2021-12-31,12385,11936
2022-01-31,12454,11398
2022-02-28,12088,11150
2022-03-31,12125,11302
2022-04-30,11568,10491
2022-05-31,11983,10513
2022-06-30,11068,9789
2022-07-31,11292,10432
2022-08-31,10977,10031
2022-09-30,10096,9223
2022-10-31,10720,9690
2022-11-30,11614,10285
2022-12-31,11337,9946
2023-01-31,12026,10550
2023-02-28,11970,10291
2023-03-31,11943,10595
2023-04-30,12251,10751
2023-05-31,11904,10641
2023-06-30,12346,11114
2023-07-31,12692,11392
2023-08-31,12508,11170
2023-09-30,12309,10737
2023-10-31,12079,10461
2023-11-30,12793,11315
2023-12-31,13324,11840
2024-01-31,13371,11939
2024-02-29,13393,12276
2024-03-31,14074,12600
2024-04-30,13882,12170
2024-05-31,14427,12629
2024-06-30,14423,12852
2024-07-31,14963,13097
2024-08-31,15313,13403
2024-09-30,15323,13632
2024-10-31,15074,13345
2024-11-30,15017,13839
2024-12-31,15034,13512
2025-01-31,15686,13888
2025-02-28,16225,13889
2025-03-31,16349,13427
2025-04-30,16557,13529
2025-05-31,17336,14106
2025-06-30,17949,14617
2025-07-31,18212,14748
2025-08-31,18797,15081
2025-09-30,19215,15485
2025-10-31,19416,15742
2025-11-30,20069,15800

                        Categories,R4 Shares,Investment Income Builder Blended Index
                        2015-11-30,10000,10000
2015-12-31,9692,9860
2016-01-31,9392,9452
2016-02-29,9318,9416
2016-03-31,9840,9916
2016-04-30,9985,10044
2016-05-31,10098,10087
2016-06-30,10078,10047
2016-07-31,10338,10381
2016-08-31,10427,10385
2016-09-30,10419,10425
2016-10-31,10259,10253
2016-11-30,10375,10303
2016-12-31,10591,10492
2017-01-31,10630,10687
2017-02-28,10816,10927
2017-03-31,10978,11013
2017-04-30,11038,11157
2017-05-31,11281,11355
2017-06-30,11291,11385
2017-07-31,11526,11602
2017-08-31,11511,11640
2017-09-30,11745,11822
2017-10-31,11747,11991
2017-11-30,12036,12182
2017-12-31,12136,12320
2018-01-31,12533,12772
2018-02-28,11934,12345
2018-03-31,11829,12163
2018-04-30,12072,12245
2018-05-31,11919,12325
2018-06-30,11916,12317
2018-07-31,12406,12606
2018-08-31,12212,12743
2018-09-30,12398,12776
2018-10-31,11884,12047
2018-11-30,12095,12168
2018-12-31,11542,11530
2019-01-31,12055,12233
2019-02-28,12220,12507
2019-03-31,12348,12690
2019-04-30,12730,13029
2019-05-31,12067,12523
2019-06-30,12652,13181
2019-07-31,12583,13237
2019-08-31,12482,13120
2019-09-30,12874,13312
2019-10-31,13113,13576
2019-11-30,13199,13858
2019-12-31,13544,14167
2020-01-31,13331,14170
2020-02-29,12404,13336
2020-03-31,10019,11992
2020-04-30,10861,13028
2020-05-31,11250,13515
2020-06-30,11491,13805
2020-07-31,11754,14352
2020-08-31,11993,15042
2020-09-30,11585,14651
2020-10-31,11381,14297
2020-11-30,12973,15703
2020-12-31,13422,16208
2021-01-31,13629,16058
2021-02-28,14097,16309
2021-03-31,14562,16665
2021-04-30,14808,17279
2021-05-31,15158,17480
2021-06-30,14994,17706
2021-07-31,15002,17994
2021-08-31,15297,18321
2021-09-30,14895,17711
2021-10-31,15483,18462
2021-11-30,15311,18172
2021-12-31,16064,18743
2022-01-31,16153,17898
2022-02-28,15679,17509
2022-03-31,15726,17748
2022-04-30,15004,16474
2022-05-31,15543,16509
2022-06-30,14355,15372
2022-07-31,14646,16381
2022-08-31,14238,15752
2022-09-30,13094,14484
2022-10-31,13904,15217
2022-11-30,15064,16150
2022-12-31,14704,15618
2023-01-31,15598,16567
2023-02-28,15526,16161
2023-03-31,15490,16638
2023-04-30,15890,16882
2023-05-31,15440,16710
2023-06-30,16013,17453
2023-07-31,16462,17889
2023-08-31,16224,17540
2023-09-30,15965,16861
2023-10-31,15667,16428
2023-11-30,16593,17769
2023-12-31,17281,18593
2024-01-31,17343,18748
2024-02-29,17371,19278
2024-03-31,18255,19787
2024-04-30,18006,19111
2024-05-31,18713,19832
2024-06-30,18707,20181
2024-07-31,19408,20566
2024-08-31,19861,21047
2024-09-30,19875,21407
2024-10-31,19552,20956
2024-11-30,19478,21732
2024-12-31,19500,21219
2025-01-31,20345,21808
2025-02-28,21044,21811
2025-03-31,21206,21084
2025-04-30,21475,21246
2025-05-31,22485,22151
2025-06-30,23281,22953
2025-07-31,23622,23159
2025-08-31,24380,23682
2025-09-30,24922,24317
2025-10-31,25183,24720
2025-11-30,26030,24811

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 ($)
            2008-03-31,0.06801
2008-06-30,0.22020
2008-09-30,0.25534
2008-12-31,0.36674
2009-03-31,0.17889
2009-06-30,0.24019
2009-09-30,0.27521
2009-12-31,0.33959
2010-03-31,0.19067
2010-06-30,0.24320
2010-09-30,0.31534
2010-12-31,0.35276
2011-03-31,0.20032
2011-06-30,0.25062
2011-09-30,0.31416
2011-12-31,0.36797
2012-03-31,0.20653
2012-06-30,0.25164
2012-09-30,0.27684
2012-12-31,0.35323
2013-03-31,0.20643
2013-06-30,0.24235
2013-09-30,0.24101
2013-12-31,0.23768
2014-03-31,0.21814
2014-06-30,0.22947
2014-09-30,0.26185
2014-12-31,0.25084
2015-03-31,0.15564
2015-06-30,0.18803
2015-09-30,0.18989
2015-12-31,0.24239
2016-03-31,0.16168
2016-06-30,0.17492
2016-09-30,0.18453
2016-12-31,0.20666
2017-03-31,0.16018
2017-06-30,0.18879
2017-09-30,0.24924
2017-12-31,0.28329
2018-03-31,0.17101
2018-06-30,0.18628
2018-09-30,0.22513
2018-12-31,0.26601
2019-03-31,0.17798
2019-06-30,0.20207
2019-09-30,0.23533
2019-12-31,0.28320
2020-03-31,0.17658
2020-06-30,0.18083
2020-09-30,0.19897
2020-12-31,0.27680
2021-03-31,0.21227
2021-06-30,0.25875
2021-09-30,0.29411
2021-12-31,0.35217
2022-01-31,0.06487
2022-03-31,0.18610
2022-06-30,0.23420
2022-09-30,0.27621
2022-12-31,0.37225
2023-03-31,0.19771
2023-06-30,0.23532
2023-09-30,0.27682
2023-12-31,0.34766
2024-03-31,0.21055
2024-06-30,0.23832
2024-09-30,0.27283
2024-11-21,0.22099
2024-12-31,0.38394
2025-03-31,0.21482
2025-06-30,0.24198
2025-09-30,0.29768
2025-11-20,0.66183

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2008-03-26,1206921600,0.06801,0.06801,0,0
2008-06-26,1214784000,0.22020,0.22020,0,0
2008-09-26,1222732800,0.25534,0.25534,0,0
2008-12-26,1230681600,0.36674,0.36674,0,0
2009-03-26,1238457600,0.17889,0.17889,0,0
2009-06-26,1246320000,0.24019,0.24019,0,0
2009-09-25,1254268800,0.27521,0.27521,0,0
2009-12-24,1262217600,0.33959,0.33959,0,0
2010-03-26,1269993600,0.19067,0.19067,0,0
2010-06-25,1277856000,0.24320,0.24320,0,0
2010-09-24,1285804800,0.31534,0.31534,0,0
2010-12-27,1293753600,0.35276,0.35276,0,0
2011-03-25,1301529600,0.20032,0.20032,0,0
2011-06-24,1309392000,0.25062,0.25062,0,0
2011-09-26,1317340800,0.31416,0.31416,0,0
2011-12-23,1325289600,0.36797,0.36797,0,0
2012-03-26,1333152000,0.20653,0.20653,0,0
2012-06-25,1341014400,0.25164,0.25164,0,0
2012-09-24,1348963200,0.27684,0.27684,0,0
2012-12-24,1356912000,0.35323,0.35323,0,0
2013-03-22,1364688000,0.20643,0.20643,0,0
2013-06-24,1372550400,0.24235,0.24235,0,0
2013-09-24,1380499200,0.24101,0.24101,0,0
2013-12-24,1388448000,0.23768,0.23768,0,0
2014-03-25,1396224000,0.21814,0.21814,0,0
2014-06-24,1404086400,0.22947,0.22947,0,0
2014-09-24,1412035200,0.26185,0.26185,0,0
2014-12-24,1419984000,0.25084,0.25084,0,0
2015-03-25,1427760000,0.15564,0.15564,0,0
2015-06-24,1435622400,0.18803,0.18803,0,0
2015-09-24,1443571200,0.18989,0.18989,0,0
2015-12-24,1451520000,0.24239,0.24239,0,0
2016-03-24,1459382400,0.16168,0.16168,0,0
2016-06-24,1467244800,0.17492,0.17492,0,0
2016-09-26,1475193600,0.18453,0.18453,0,0
2016-12-23,1483142400,0.20666,0.20666,0,0
2017-03-24,1490918400,0.16018,0.16018,0,0
2017-06-23,1498780800,0.18879,0.18879,0,0
2017-09-22,1506729600,0.24924,0.24924,0,0
2017-12-27,1514678400,0.28329,0.28329,0,0
2018-03-23,1522454400,0.17101,0.17101,0,0
2018-06-22,1530316800,0.18628,0.18628,0,0
2018-09-21,1538265600,0.22513,0.22513,0,0
2018-12-26,1546214400,0.26601,0.26601,0,0
2019-03-22,1553990400,0.17798,0.17798,0,0
2019-06-21,1561852800,0.20207,0.20207,0,0
2019-09-20,1569801600,0.23533,0.23533,0,0
2019-12-27,1577750400,0.28320,0.28320,0,0
2020-03-19,1585612800,0.17658,0.17658,0,0
2020-06-18,1593475200,0.18083,0.18083,0,0
2020-09-17,1601424000,0.19897,0.19897,0,0
2020-12-28,1609372800,0.27680,0.27680,0,0
2021-03-18,1617148800,0.21227,0.21227,0,0
2021-06-17,1625011200,0.25875,0.25875,0,0
2021-09-16,1632960000,0.29411,0.29411,0,0
2021-12-27,1640908800,0.35217,0.35217,0,0
2022-01-06,1643587200,0.06487,0.06487,0,0
2022-03-17,1648684800,0.18610,0.18610,0,0
2022-06-16,1656547200,0.23420,0.23420,0,0
2022-09-15,1664496000,0.27621,0.27621,0,0
2022-12-27,1672444800,0.37225,0.37225,0,0
2023-03-16,1680220800,0.19771,0.19771,0,0
2023-06-15,1688083200,0.23532,0.23532,0,0
2023-09-14,1696032000,0.27682,0.27682,0,0
2023-12-26,1703980800,0.34766,0.34766,0,0
2024-03-21,1711843200,0.21055,0.21055,0,0
2024-06-20,1719705600,0.23832,0.23832,0,0
2024-09-19,1727654400,0.27283,0.27283,0,0
2024-11-21,1732147200,0.22099,0,0.05531,0.16568
2024-12-26,1735603200,0.38394,0.38394,0,0
2025-03-20,1743379200,0.21482,0.21482,0,0
2025-06-17,1751241600,0.24198,0.24198,0,0
2025-09-18,1759190400,0.29768,0.29768,0,0
2025-11-20,1763596800,0.66183,0,0.00000,0.66183

Distributions

(As of 20 Nov 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

26 Mar 2008

31 Mar 2008

0.06801

—

26 Jun 2008

30 Jun 2008

0.22020

—

26 Sep 2008

30 Sep 2008

0.25534

—

26 Dec 2008

31 Dec 2008

0.36674

—

26 Mar 2009

31 Mar 2009

0.17889

—

26 Jun 2009

30 Jun 2009

0.24019

—

25 Sep 2009

30 Sep 2009

0.27521

—

24 Dec 2009

31 Dec 2009

0.33959

—

26 Mar 2010

31 Mar 2010

0.19067

—

25 Jun 2010

30 Jun 2010

0.24320

—

24 Sep 2010

30 Sep 2010

0.31534

—

27 Dec 2010

31 Dec 2010

0.35276

—

25 Mar 2011

31 Mar 2011

0.20032

—

24 Jun 2011

30 Jun 2011

0.25062

—

26 Sep 2011

30 Sep 2011

0.31416

—

23 Dec 2011

31 Dec 2011

0.36797

—

26 Mar 2012

31 Mar 2012

0.20653

—

25 Jun 2012

30 Jun 2012

0.25164

—

24 Sep 2012

30 Sep 2012

0.27684

—

24 Dec 2012

31 Dec 2012

0.35323

—

22 Mar 2013

31 Mar 2013

0.20643

—

24 Jun 2013

30 Jun 2013

0.24235

—

24 Sep 2013

30 Sep 2013

0.24101

—

24 Dec 2013

31 Dec 2013

0.23768

—

25 Mar 2014

31 Mar 2014

0.21814

—

24 Jun 2014

30 Jun 2014

0.22947

—

24 Sep 2014

30 Sep 2014

0.26185

—

24 Dec 2014

31 Dec 2014

0.25084

—

25 Mar 2015

31 Mar 2015

0.15564

—

24 Jun 2015

30 Jun 2015

0.18803

—

24 Sep 2015

30 Sep 2015

0.18989

—

24 Dec 2015

31 Dec 2015

0.24239

—

24 Mar 2016

31 Mar 2016

0.16168

—

24 Jun 2016

30 Jun 2016

0.17492

—

26 Sep 2016

30 Sep 2016

0.18453

—

23 Dec 2016

31 Dec 2016

0.20666

—

24 Mar 2017

31 Mar 2017

0.16018

—

23 Jun 2017

30 Jun 2017

0.18879

—

22 Sep 2017

30 Sep 2017

0.24924

—

27 Dec 2017

31 Dec 2017

0.28329

—

23 Mar 2018

31 Mar 2018

0.17101

—

22 Jun 2018

30 Jun 2018

0.18628

—

21 Sep 2018

30 Sep 2018

0.22513

—

26 Dec 2018

31 Dec 2018

0.26601

—

22 Mar 2019

31 Mar 2019

0.17798

—

21 Jun 2019

30 Jun 2019

0.20207

—

20 Sep 2019

30 Sep 2019

0.23533

—

27 Dec 2019

31 Dec 2019

0.28320

—

19 Mar 2020

31 Mar 2020

0.17658

—

18 Jun 2020

30 Jun 2020

0.18083

—

17 Sep 2020

30 Sep 2020

0.19897

—

28 Dec 2020

31 Dec 2020

0.27680

—

18 Mar 2021

31 Mar 2021

0.21227

—

17 Jun 2021

30 Jun 2021

0.25875

—

16 Sep 2021

30 Sep 2021

0.29411

—

27 Dec 2021

31 Dec 2021

0.35217

—

6 Jan 2022

31 Jan 2022

0.06487

—

17 Mar 2022

31 Mar 2022

0.18610

—

16 Jun 2022

30 Jun 2022

0.23420

—

15 Sep 2022

30 Sep 2022

0.27621

—

27 Dec 2022

31 Dec 2022

0.37225

—

16 Mar 2023

31 Mar 2023

0.19771

—

15 Jun 2023

30 Jun 2023

0.23532

—

14 Sep 2023

30 Sep 2023

0.27682

—

26 Dec 2023

31 Dec 2023

0.34766

—

21 Mar 2024

31 Mar 2024

0.21055

—

20 Jun 2024

30 Jun 2024

0.23832

—

19 Sep 2024

30 Sep 2024

0.27283

—

21 Nov 2024

0.22099

—

0.05531

0.16568

26 Dec 2024

31 Dec 2024

0.38394

—

20 Mar 2025

31 Mar 2025

0.21482

—

17 Jun 2025

30 Jun 2025

0.24198

—

18 Sep 2025

30 Sep 2025

0.29768

—

20 Nov 2025

0.66183

—

0.00000

0.66183

Fund Facts

(As of 30 Nov 2025)

Net Fund Assets

$18.4 B

Benchmark

Investment Income Builder Blended Index

Morningstar Category

Global Moderately Aggressive Allocation

Fund Symbol

TIBGX

Share Class

Share Class Inception Date

1 Feb 2008

Distribution Frequency

Quarterly

30-Day SEC Yield (Subsidized)

2.00%

30-Day SEC Yield (Unsubsidized)

1.99%

Characteristics

Portfolio

(As of 30 Nov 2025)

Portfolio

Benchmark

Number of Holdings

323

—

Weighted Average Market Cap

$268.5 B

$1,040.6 B

Median Market Cap

$61.0 B

$26.1 B

Annual Portfolio Turnover

28%

—

Price to Earnings - Forward 1YR

13.5x

22.1x

Price to Earnings - Trailing 12 Months

15.3x

25.8x

Price to Cash Flow

6.0x

15.7x

Portfolio

Benchmark

Price to Book Value

1.8x

3.9x

Active Share

92.2%

—

Effective Duration

3.8 Yrs

6.0 Yrs

Average Effective Maturity

6.2 Yrs

8.2 Yrs

Weighted Average Coupon

2.8%

3.6%

Yield to Worst

6.7%

4.3%

Risk & Return profile

(As of 30 Nov 2025)

10y

Annualized Alpha (%)

9.71

7.75

1.47

Beta

0.67

0.78

0.97

R-Squared (%)

60.85

70.21

76.19

Standard Deviation (%)

8.60

11.05

12.87

Sharpe Ratio

1.85

1.12

0.65

Information Ratio

0.85

0.92

0.17

Up Capture (%)

99.54

101.53

98.66

Down Capture (%)

48.56

62.68

89.47

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Oct 2025)

Name

Ticker/Symbol

Sector

Weight %

Orange S.A.

ORA

Communication Services

6.4

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

4.8

Broadcom, Inc.

AVGO

Information Technology

4.5

Citigroup, Inc.

Financials

4.0

NN Group N.V.

Financials

3.7

AT&T, Inc.

Communication Services

3.5

Enel SpA

ENEL

Utilities

3.5

BNP Paribas S.A.

BNP

Financials

3.3

Samsung Electronics Co. Ltd.

005930

Information Technology

2.9

TotalEnergies SE

TTE

Energy

2.9

Name

Ticker/Symbol

Sector

Weight %

Telefonica Emisiones S.A.

87938WAC7

Corporate Bond

0.5

Citigroup, Inc.

172967MV0

Corporate Bond

0.2

Transcontinental Gas Pipe Line Co., LLC

893574AH6

Corporate Bond

0.2

Deutsche Telekom International Finance BV

25156PAC7

Corporate Bond

0.2

The Bank of New York Mellon Corp.

064058AL4

Corporate Bond

0.2

The Glebe Funding Trust 2024-1

37735RAA2

Collateralized Mortgage Obligation

0.1

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

487526AC9

Corporate Bond

0.1

PRET 2025-NPL3, LLC

74143HAA3

Collateralized Mortgage Obligation

0.1

Kinder Morgan, Inc.

49456BAG6

Corporate Bond

0.1

ASP WHCO Participation 2025-2 L.P.

00218YAA1

Asset Backed Securities

0.1

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Nov 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Financials

23.7

16.4

Communication Services

23.1

8.9

Information Technology

15.1

27.3

Health Care

9.2

9.9

Utilities

8.8

2.7

Energy

7.7

3.4

Industrials

4.7

10.9

Consumer Staples

3.6

5.4

Materials

2.2

3.1

Consumer Discretionary

1.7

10.0

Real Estate

0.0

1.9

Unassigned

0.1

—

Sector Allocation

Fund (%)

Financials

23.7

Communication Services

23.1

Information Technology

15.1

Health Care

9.2

Utilities

8.8

Energy

7.7

Industrials

4.7

Consumer Staples

3.6

Materials

2.2

Consumer Discretionary

1.7

Real Estate

0.0

Unassigned

0.1

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Telecommunication Services

23.1

1.3

Banks

12.4

6.8

Semiconductors & Semiconductor Equipment

10.6

11.0

Utilities

8.8

2.7

Pharmaceuticals, Biotechnology & Life Sciences

7.9

6.7

Energy

7.7

3.4

Insurance

6.8

3.0

Financial Services

4.6

6.7

Technology Hardware & Equipment

4.3

7.1

Consumer Staples Distribution & Retail

3.6

1.7

Top 10 Industries

Fund (%)

Telecommunication Services

23.1

Banks

12.4

Semiconductors & Semiconductor Equipment

10.6

Utilities

8.8

Pharmaceuticals, Biotechnology & Life Sciences

7.9

Energy

7.7

Insurance

6.8

Financial Services

4.6

Technology Hardware & Equipment

4.3

Consumer Staples Distribution & Retail

3.6

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

United States

29.0

77.9

North America

France

13.9

2.0

Europe ex UK

United Kingdom

12.1

2.9

Italy

5.4

0.6

Europe ex UK

Netherlands

5.3

0.9

Europe ex UK

Taiwan

4.4

—

Asia Pacific ex Japan

Germany

4.3

1.8

Europe ex UK

Spain

2.8

0.7

Europe ex UK

Korea, Republic of (South Korea)

2.6

0.0

Asia Pacific ex Japan

Canada

2.5

2.8

North America

Top 10 Countries

Fund (%)

United States

29.0

France

13.9

United Kingdom

12.1

Italy

5.4

Netherlands

5.3

Taiwan

4.4

Germany

4.3

Spain

2.8

Korea, Republic of (South Korea)

2.6

Canada

2.5

Composition

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Equity

83.4

75.0

Cash & Equivalents

8.9

—

Fixed Income

7.7

25.0

Composition

Fund (%)

Equity

83.4

Cash & Equivalents

8.9

Fixed Income

7.7

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

97.8

98.0

Mid Cap ($2.5 to $12 B)

0.8

2.0

Small Cap (< $2.5 B)

1.3

—

Unassigned

0.1

—

Capitalization

Fund (%)

Large Cap (> $12 B)

97.8

Mid Cap ($2.5 to $12 B)

0.8

Small Cap (< $2.5 B)

1.3

Unassigned

0.1

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

AAA

5.4

2.5

3.1

3.4

5.3

11.4

BBB

33.4

10.9

24.0

—

9.7

—

CCC

0.1

—

Not Rated

18.9

0.9

Credit Quality

Fund (%)

AAA

5.4

3.1

5.3

BBB

33.4

24.0

9.7

CCC

0.1

Not Rated

18.9

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Year 1

17.5

0.2

Year 2

11.6

12.2

Year 3

10.6

12.0

Year 4

10.4

9.6

Year 5

12.7

11.1

Year 6

6.6

5.8

Year 7

4.3

7.3

Year 8

4.2

5.8

Year 9

1.3

7.3

Year 10+

20.8

28.6

Maturity

Fund (%)

Year 1

17.5

Year 2

11.6

Year 3

10.6

Year 4

10.4

Year 5

12.7

Year 6

6.6

Year 7

4.3

Year 8

4.2

Year 9

1.3

Year 10+

20.8

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.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

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

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

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Create an account to save this article or product.

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

Ferrari’s Electric Future and the Evolution of Luxury Investing

FOMC Update: Fed Approves Third Consecutive Rate Cut, Projects Slower Pace

Luxury Brands Navigate China Slowdown and Tariff Pressures

Investment Perspectives from the Road: European Luxury Goods

Turn Cash Into Opportunities With Active Management

The High-Quality Case for Investing in Global Luxury Goods