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TIBRX

Thornburg Investment Income Builder Fund

Morningstar Rating • Info

Overall Morningstar Rating among 171 Global Moderately Aggressive Allocation funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and 5 stars among 171, 168 and 141 funds, as of 31 Aug 2026.

As of 31 Aug 2026

Fund Assets

$23.2 B

As of 31 Aug 2026

NAV

$38.01

As of 25 Sep 2026

Change

$0.23

As of 25 Sep 2026

YTD NAV Performance

17.86%

As of 25 Sep 2026

Asset Category:

Multi-Asset

Fund Benchmark:

Investment Income Builder Blended Index

Portfolio Managers

Matt Burdett

Head of Equities, Portfolio Manager and Managing Director

Brian McMahon

Vice Chairman, Chief Investment Strategist, Portfolio Manager and Managing Director

Christian Hoffmann, CFA

Head of Fixed Income, Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

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.

Overview

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.

Related Content

Markets & Economy

Looking Beyond the Leaders: A Perspective on Global Equities

Markets & Economy

A Disinflationary Paradox of High Oil Prices

Risk Management

When Geopolitics Drive Volatility: An Active Approach to the Iran Conflict

Performance

Performance

Returns

(As of 30 Jun 2026)

YTD

1y

3y

5y

10y

Inception

Total Return (%)

15.81

32.11

24.20

15.36

11.70

10.19

Investment Income Builder Blended Index (%)

7.48

16.84

15.40

8.66

10.32

8.48

Morningstar Category Avg. (%)

10.12

19.63

15.53

8.02

9.51

—

Morningstar Quartile

—

1

1

1

1

—

Morningstar Quartile # of Funds

—

175

171

168

141

—

YTD

1y

3y

5y

10y

Inception

Total Return (%)

19.21

29.89

24.87

15.55

11.65

10.25

Investment Income Builder Blended Index (%)

9.73

15.61

16.00

8.37

10.18

8.51

Morningstar Category Avg. (%)

11.93

17.77

15.97

7.92

9.32

—

Morningstar Quartile

—

1

1

1

1

—

Morningstar Quartile # of Funds

—

175

171

168

141

—

YTD

1y

3y

5y

10y

Inception

Total Return (%)

15.81

32.11

91.60

104.28

202.41

879.65

Investment Income Builder Blended Index (%)

7.48

16.84

53.67

51.46

166.93

577.62

YTD

1y

3y

5y

10y

Inception

Total Return (%)

19.21

29.89

94.71

106.02

201.02

908.37

Investment Income Builder Blended Index (%)

9.73

15.61

56.09

49.44

163.65

591.78

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total Return (%)

9.17

14.49

-5.01

17.28

-1.02

19.59

-8.62

17.49

12.68

36.09

Investment Income Builder Blended Index (%)

6.41

17.42

-6.42

22.87

14.41

15.64

-16.67

19.05

14.12

17.60

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

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.58

Net Expense Ratio (%)

1.52

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

Hypothetical Growth of $10,000

(As of 31 Aug 2026)

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

Categories,R3 Shares,Investment Income Builder Blended Index                        
2025-08-31,10000,10000
2025-09-30,10226,10268
2025-10-31,10332,10439
2025-11-30,10679,10477
2025-12-31,10896,10537
2026-01-31,11599,10716
2026-02-28,12419,10819
2026-03-31,11962,10255
2026-04-30,12522,10995
2026-05-31,12799,11379
2026-06-30,12619,11325
2026-07-31,12981,11331
2026-08-31,12989,11561

Categories,R3 Shares,Investment Income Builder Blended Index                        
2023-08-31,10000,10000
2023-09-30,9841,9613
2023-10-31,9656,9366
2023-11-30,10227,10130
2023-12-31,10651,10600
2024-01-31,10688,10688
2024-02-29,10700,10991
2024-03-31,11244,11281
2024-04-30,11094,10895
2024-05-31,11525,11306
2024-06-30,11525,11506
2024-07-31,11951,11725
2024-08-31,12230,12000
2024-09-30,12238,12204
2024-10-31,12037,11947
2024-11-30,11990,12390
2024-12-31,12002,12097
2025-01-31,12520,12433
2025-02-28,12950,12435
2025-03-31,13042,12021
2025-04-30,13206,12113
2025-05-31,13831,12629
2025-06-30,14319,13086
2025-07-31,14532,13204
2025-08-31,14992,13501
2025-09-30,15329,13864
2025-10-31,15488,14094
2025-11-30,16008,14145
2025-12-31,16333,14226
2026-01-31,17387,14468
2026-02-28,18617,14607
2026-03-31,17931,13845
2026-04-30,18772,14845
2026-05-31,19186,15363
2026-06-30,18916,15290
2026-07-31,19459,15299
2026-08-31,19471,15609

Categories,R3 Shares,Investment Income Builder Blended Index                        
2021-08-31,10000,10000
2021-09-30,9730,9667
2021-10-31,10118,10077
2021-11-30,10005,9919
2021-12-31,10497,10230
2022-01-31,10554,9769
2022-02-28,10238,9557
2022-03-31,10268,9687
2022-04-30,9795,8992
2022-05-31,10151,9011
2022-06-30,9374,8390
2022-07-31,9563,8941
2022-08-31,9295,8598
2022-09-30,8547,7906
2022-10-31,9075,8306
2022-11-30,9833,8815
2022-12-31,9592,8524
2023-01-31,10175,9042
2023-02-28,10128,8821
2023-03-31,10108,9081
2023-04-30,10368,9215
2023-05-31,10073,9120
2023-06-30,10447,9526
2023-07-31,10735,9764
2023-08-31,10583,9574
2023-09-30,10413,9203
2023-10-31,10218,8967
2023-11-30,10821,9699
2023-12-31,11270,10149
2024-01-31,11309,10233
2024-02-29,11322,10522
2024-03-31,11898,10800
2024-04-30,11739,10431
2024-05-31,12195,10825
2024-06-30,12195,11015
2024-07-31,12646,11225
2024-08-31,12941,11488
2024-09-30,12949,11684
2024-10-31,12737,11438
2024-11-30,12687,11862
2024-12-31,12699,11582
2025-01-31,13248,11903
2025-02-28,13702,11905
2025-03-31,13800,11508
2025-04-30,13974,11596
2025-05-31,14635,12090
2025-06-30,15151,12528
2025-07-31,15377,12641
2025-08-31,15864,12926
2025-09-30,16220,13273
2025-10-31,16389,13493
2025-11-30,16939,13542
2025-12-31,17282,13620
2026-01-31,18398,13852
2026-02-28,19699,13985
2026-03-31,18973,13255
2026-04-30,19863,14212
2026-05-31,20301,14708
2026-06-30,20015,14638
2026-07-31,20590,14647
2026-08-31,20602,14944

Categories,R3 Shares,Investment Income Builder Blended Index                        
2016-08-31,10000,10000
2016-09-30,9996,10038
2016-10-31,9835,9873
2016-11-30,9951,9922
2016-12-31,10158,10103
2017-01-31,10189,10291
2017-02-28,10372,10522
2017-03-31,10527,10605
2017-04-30,10578,10743
2017-05-31,10815,10934
2017-06-30,10824,10963
2017-07-31,11049,11172
2017-08-31,11033,11209
2017-09-30,11258,11384
2017-10-31,11259,11547
2017-11-30,11536,11731
2017-12-31,11630,11863
2018-01-31,12010,12299
2018-02-28,11433,11888
2018-03-31,11332,11712
2018-04-30,11564,11792
2018-05-31,11416,11868
2018-06-30,11412,11860
2018-07-31,11882,12139
2018-08-31,11694,12271
2018-09-30,11871,12302
2018-10-31,11383,11601
2018-11-30,11579,11717
2018-12-31,11047,11102
2019-01-31,11539,11780
2019-02-28,11701,12044
2019-03-31,11823,12220
2019-04-30,12182,12546
2019-05-31,11546,12059
2019-06-30,12105,12692
2019-07-31,12038,12747
2019-08-31,11940,12634
2019-09-30,12315,12818
2019-10-31,12549,13073
2019-11-30,12626,13344
2019-12-31,12956,13642
2020-01-31,12752,13645
2020-02-29,11864,12841
2020-03-31,9585,11548
2020-04-30,10389,12545
2020-05-31,10759,13014
2020-06-30,10982,13293
2020-07-31,11239,13820
2020-08-31,11461,14484
2020-09-30,11075,14108
2020-10-31,10873,13767
2020-11-30,12396,15121
2020-12-31,12824,15607
2021-01-31,13022,15463
2021-02-28,13462,15704
2021-03-31,13912,16047
2021-04-30,14146,16639
2021-05-31,14474,16832
2021-06-30,14316,17050
2021-07-31,14327,17327
2021-08-31,14609,17642
2021-09-30,14217,17054
2021-10-31,14784,17778
2021-11-30,14618,17499
2021-12-31,15337,18048
2022-01-31,15420,17235
2022-02-28,14959,16860
2022-03-31,15003,17090
2022-04-30,14312,15863
2022-05-31,14832,15898
2022-06-30,13696,14802
2022-07-31,13972,15774
2022-08-31,13581,15168
2022-09-30,12488,13947
2022-10-31,13260,14653
2022-11-30,14367,15552
2022-12-31,14015,15039
2023-01-31,14867,15953
2023-02-28,14797,15562
2023-03-31,14768,16021
2023-04-30,15149,16256
2023-05-31,14718,16090
2023-06-30,15264,16806
2023-07-31,15685,17226
2023-08-31,15462,16890
2023-09-30,15215,16236
2023-10-31,14929,15819
2023-11-30,15811,17110
2023-12-31,16466,17904
2024-01-31,16524,18053
2024-02-29,16543,18563
2024-03-31,17384,19054
2024-04-30,17152,18402
2024-05-31,17818,19097
2024-06-30,17818,19433
2024-07-31,18477,19804
2024-08-31,18908,20267
2024-09-30,18920,20614
2024-10-31,18610,20179
2024-11-30,18537,20927
2024-12-31,18555,20432
2025-01-31,19357,21000
2025-02-28,20021,21002
2025-03-31,20164,20303
2025-04-30,20417,20458
2025-05-31,21383,21330
2025-06-30,22138,22102
2025-07-31,22467,22301
2025-08-31,23178,22804
2025-09-30,23700,23416
2025-10-31,23945,23804
2025-11-30,24749,23892
2025-12-31,25251,24028
2026-01-31,26882,24437
2026-02-28,28782,24672
2026-03-31,27722,23384
2026-04-30,29022,25073
2026-05-31,29662,25949
2026-06-30,29245,25825
2026-07-31,30084,25840
2026-08-31,30102,26365

Categories,R3 Shares,Investment Income Builder Blended Index                        
2002-12-24,10000,10000
2002-12-31,9992,9966
2003-01-31,9849,9740
2003-02-28,9773,9646
2003-03-31,9909,9620
2003-04-30,10567,10280
2003-05-31,11242,10766
2003-06-30,11530,10900
2003-07-31,11632,10973
2003-08-31,11547,11168
2003-09-30,11822,11293
2003-10-31,12354,11768
2003-11-30,12431,11909
2003-12-31,13190,12498
2004-01-31,13390,12674
2004-02-29,13598,12867
2004-03-31,13651,12828
2004-04-30,13293,12547
2004-05-31,13310,12620
2004-06-30,13611,12832
2004-07-31,13346,12550
2004-08-31,13619,12651
2004-09-30,13874,12839
2004-10-31,14025,13102
2004-11-30,14559,13592
2004-12-31,15411,14012
2005-01-31,15239,13798
2005-02-28,15743,14105
2005-03-31,15552,13882
2005-04-30,15372,13702
2005-05-31,15480,13921
2005-06-30,15845,14031
2005-07-31,16236,14366
2005-08-31,16181,14494
2005-09-30,16466,14739
2005-10-31,15988,14441
2005-11-30,16345,14818
2005-12-31,16677,15100
2006-01-31,17485,15605
2006-02-28,17653,15601
2006-03-31,18203,15820
2006-04-30,18766,16173
2006-05-31,18279,15754
2006-06-30,18261,15759
2006-07-31,18627,15886
2006-08-31,18949,16256
2006-09-30,19089,16437
2006-10-31,19614,16917
2006-11-30,20185,17277
2006-12-31,20686,17515
2007-01-31,20884,17669
2007-02-28,20774,17668
2007-03-31,21419,17910
2007-04-30,22210,18527
2007-05-31,23027,18881
2007-06-30,23007,18758
2007-07-31,22756,18486
2007-08-31,23076,18532
2007-09-30,24260,19228
2007-10-31,25309,19713
2007-11-30,24494,19198
2007-12-31,24379,19025
2008-01-31,22591,18015
2008-02-29,22608,17943
2008-03-31,22264,17829
2008-04-30,22854,18523
2008-05-31,22909,18700
2008-06-30,21206,17578
2008-07-31,20885,17252
2008-08-31,20518,17112
2008-09-30,18755,15528
2008-10-31,15880,13228
2008-11-30,15245,12693
2008-12-31,15905,13117
2009-01-31,14956,12226
2009-02-28,13988,11276
2009-03-31,14596,11953
2009-04-30,15875,12973
2009-05-31,17563,13878
2009-06-30,18001,13851
2009-07-31,19142,14787
2009-08-31,19932,15283
2009-09-30,20773,15780
2009-10-31,20804,15589
2009-11-30,21296,16117
2009-12-31,21698,16271
2010-01-31,21398,15829
2010-02-28,21654,16011
2010-03-31,22578,16749
2010-04-30,22625,16795
2010-05-31,21181,15624
2010-06-30,20976,15283
2010-07-31,22312,16253
2010-08-31,22115,15850
2010-09-30,23213,16963
2010-10-31,24034,17452
2010-11-30,23545,17145
2010-12-31,24550,18044
2011-01-31,24975,18355
2011-02-28,25571,18848
2011-03-31,25579,18712
2011-04-30,26489,19367
2011-05-31,26209,19129
2011-06-30,25843,18888
2011-07-31,25506,18706
2011-08-31,24535,17786
2011-09-30,23245,16666
2011-10-31,24612,17964
2011-11-30,24330,17631
2011-12-31,24585,17672
2012-01-31,25270,18376
2012-02-29,25843,19048
2012-03-31,25852,19205
2012-04-30,25780,19095
2012-05-31,24416,17902
2012-06-30,25554,18588
2012-07-31,26131,18831
2012-08-31,26456,19192
2012-09-30,26949,19594
2012-10-31,27070,19505
2012-11-30,26960,19700
2012-12-31,27316,19971
2013-01-31,28635,20699
2013-02-28,28727,20750
2013-03-31,29460,21119
2013-04-30,30520,21671
2013-05-31,29892,21581
2013-06-30,29156,21098
2013-07-31,29707,21939
2013-08-31,29027,21560
2013-09-30,30245,22420
2013-10-31,31342,23124
2013-11-30,31280,23410
2013-12-31,31711,23749
2014-01-31,30963,23177
2014-02-28,32383,24078
2014-03-31,32677,24093
2014-04-30,33040,24329
2014-05-31,33623,24758
2014-06-30,34049,25093
2014-07-31,33979,24777
2014-08-31,34576,25255
2014-09-30,33503,24698
2014-10-31,33535,24878
2014-11-30,33818,25296
2014-12-31,33061,24996
2015-01-31,33241,24788
2015-02-28,34493,25819
2015-03-31,34166,25546
2015-04-30,35233,25972
2015-05-31,34970,26023
2015-06-30,34099,25499
2015-07-31,34574,25886
2015-08-31,32437,24592
2015-09-30,31000,23954
2015-10-31,32448,25378
2015-11-30,32142,25267
2015-12-31,31169,24913
2016-01-31,30200,23881
2016-02-29,29959,23790
2016-03-31,31622,25055
2016-04-30,32084,25377
2016-05-31,32446,25485
2016-06-30,32396,25386
2016-07-31,33214,26230
2016-08-31,33497,26239
2016-09-30,33484,26340
2016-10-31,32946,25907
2016-11-30,33334,26033
2016-12-31,34028,26510
2017-01-31,34132,27003
2017-02-28,34744,27610
2017-03-31,35263,27827
2017-04-30,35436,28189
2017-05-31,36230,28691
2017-06-30,36258,28766
2017-07-31,37013,29314
2017-08-31,36960,29410
2017-09-30,37712,29870
2017-10-31,37716,30298
2017-11-30,38643,30781
2017-12-31,38960,31128
2018-01-31,40232,32271
2018-02-28,38299,31192
2018-03-31,37960,30732
2018-04-30,38736,30940
2018-05-31,38243,31141
2018-06-30,38229,31120
2018-07-31,39801,31851
2018-08-31,39174,32198
2018-09-30,39767,32280
2018-10-31,38131,30439
2018-11-30,38788,30744
2018-12-31,37007,29131
2019-01-31,38652,30909
2019-02-28,39197,31601
2019-03-31,39604,32064
2019-04-30,40808,32919
2019-05-31,38677,31641
2019-06-30,40551,33304
2019-07-31,40325,33446
2019-08-31,39998,33149
2019-09-30,41252,33634
2019-10-31,42038,34301
2019-11-30,42296,35014
2019-12-31,43402,35794
2020-01-31,42719,35803
2020-02-29,39743,33694
2020-03-31,32108,30300
2020-04-30,34802,32918
2020-05-31,36041,34149
2020-06-30,36786,34880
2020-07-31,37649,36262
2020-08-31,38393,38006
2020-09-30,37099,37017
2020-10-31,36422,36124
2020-11-30,41524,39677
2020-12-31,42959,40952
2021-01-31,43620,40573
2021-02-28,45097,41207
2021-03-31,46603,42106
2021-04-30,47386,43659
2021-05-31,48484,44167
2021-06-30,47955,44738
2021-07-31,47994,45464
2021-08-31,48937,46291
2021-09-30,47625,44749
2021-10-31,49523,46647
2021-11-30,48968,45915
2021-12-31,51376,47358
2022-01-31,51655,45223
2022-02-28,50112,44239
2022-03-31,50259,44843
2022-04-30,47942,41623
2022-05-31,49684,41714
2022-06-30,45879,38840
2022-07-31,46804,41390
2022-08-31,45494,39800
2022-09-30,41831,36595
2022-10-31,44420,38448
2022-11-30,48127,40806
2022-12-31,46948,39461
2023-01-31,49803,41858
2023-02-28,49569,40833
2023-03-31,49471,42039
2023-04-30,50748,42655
2023-05-31,49303,42219
2023-06-30,51133,44097
2023-07-31,52542,45200
2023-08-31,51797,44318
2023-09-30,50967,42603
2023-10-31,50010,41508
2023-11-30,52965,44896
2023-12-31,55160,46979
2024-01-31,55351,47369
2024-02-29,55416,48708
2024-03-31,58234,49995
2024-04-30,57457,48286
2024-05-31,59686,50108
2024-06-30,59688,50991
2024-07-31,61896,51963
2024-08-31,63339,53180
2024-09-30,63378,54088
2024-10-31,62340,52948
2024-11-30,62095,54910
2024-12-31,62156,53612
2025-01-31,64843,55102
2025-02-28,67066,55108
2025-03-31,67546,53273
2025-04-30,68395,53681
2025-05-31,71631,55968
2025-06-30,74158,57994
2025-07-31,75261,58516
2025-08-31,77644,59836
2025-09-30,79390,61441
2025-10-31,80214,62460
2025-11-30,82906,62690
2025-12-31,84588,63046
2026-01-31,90049,64121
2026-02-28,96414,64736
2026-03-31,92865,61358
2026-04-30,97218,65790
2026-05-31,99363,68087
2026-06-30,97965,67762
2026-07-31,100776,67802
2026-08-31,100837,69178

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 ($)
            2005-03-31,0.03800
2005-06-30,0.13400
2005-09-30,0.17300
2005-11-17,0.33324
2005-12-31,0.28600
2006-03-31,0.12017
2006-06-30,0.15397
2006-09-30,0.18500
2006-11-17,0.51623
2006-12-31,0.32050
2007-03-31,0.13231
2007-06-30,0.17337
2007-09-30,0.20372
2007-11-19,0.46552
2007-12-31,0.35230
2008-03-31,0.16445
2008-06-30,0.20520
2008-09-30,0.24943
2008-12-31,0.36142
2009-03-31,0.17498
2009-06-30,0.23535
2009-09-30,0.26980
2009-12-31,0.33458
2010-03-31,0.18613
2010-06-30,0.23836
2010-09-30,0.31035
2010-12-31,0.34746
2011-03-31,0.19536
2011-06-30,0.24497
2011-09-30,0.30778
2011-12-31,0.36229
2012-03-31,0.20226
2012-06-30,0.24667
2012-09-30,0.27166
2012-12-31,0.34561
2013-03-31,0.20028
2013-06-30,0.23607
2013-09-30,0.23506
2013-12-31,0.22932
2014-03-31,0.20981
2014-06-30,0.22188
2014-09-30,0.25402
2014-12-31,0.24300
2015-03-31,0.14849
2015-06-30,0.18155
2015-09-30,0.18392
2015-12-31,0.23710
2016-03-31,0.15683
2016-06-30,0.16977
2016-09-30,0.17891
2016-12-31,0.20005
2017-03-31,0.15516
2017-06-30,0.18311
2017-09-30,0.24341
2017-12-31,0.27959
2018-03-31,0.16320
2018-06-30,0.18066
2018-09-30,0.21939
2018-12-31,0.26034
2019-03-31,0.17287
2019-06-30,0.19678
2019-09-30,0.22973
2019-12-31,0.28228
2020-03-31,0.17583
2020-06-30,0.16930
2020-09-30,0.19381
2020-12-31,0.27105
2021-03-31,0.20723
2021-06-30,0.25257
2021-09-30,0.28792
2021-12-31,0.34505
2022-01-31,0.06471
2022-03-31,0.18078
2022-06-30,0.22804
2022-09-30,0.27047
2022-12-31,0.36585
2023-03-31,0.19289
2023-06-30,0.22951
2023-09-30,0.27110
2023-12-31,0.34070
2024-03-31,0.20496
2024-06-30,0.23175
2024-09-30,0.26600
2024-11-21,0.22099
2024-12-31,0.37311
2025-03-31,0.20311
2025-06-30,0.22868
2025-09-30,0.28537
2025-11-20,0.66183
2025-12-31,0.36721
2026-03-31,0.21103
2026-06-30,0.22940
2026-09-30,0.28684

            Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2005-03-31,0.03800,0.03800,0,0
2005-06-30,0.13400,0.13400,0,0
2005-09-30,0.17300,0.17300,0,0
2005-11-17,0.33324,0,0.04834,0.28490
2005-12-31,0.28600,0.28600,0,0
2006-03-31,0.12017,0.12017,0,0
2006-06-28,0.15397,0.15397,0,0
2006-09-27,0.18500,0.18500,0,0
2006-11-17,0.51623,0,0.19367,0.32256
2006-12-26,0.32050,0.32050,0,0
2007-03-26,0.13231,0.13231,0,0
2007-06-26,0.17337,0.17337,0,0
2007-09-26,0.20372,0.20372,0,0
2007-11-19,0.46552,0,0.24776,0.21776
2007-12-26,0.35230,0.35230,0,0
2008-03-26,0.16445,0.16445,0,0
2008-06-26,0.20520,0.20520,0,0
2008-09-26,0.24943,0.24943,0,0
2008-12-26,0.36142,0.36142,0,0
2009-03-26,0.17498,0.17498,0,0
2009-06-26,0.23535,0.23535,0,0
2009-09-25,0.26980,0.26980,0,0
2009-12-24,0.33458,0.33458,0,0
2010-03-26,0.18613,0.18613,0,0
2010-06-25,0.23836,0.23836,0,0
2010-09-24,0.31035,0.31035,0,0
2010-12-27,0.34746,0.34746,0,0
2011-03-25,0.19536,0.19536,0,0
2011-06-24,0.24497,0.24497,0,0
2011-09-26,0.30778,0.30778,0,0
2011-12-23,0.36229,0.36229,0,0
2012-03-26,0.20226,0.20226,0,0
2012-06-25,0.24667,0.24667,0,0
2012-09-24,0.27166,0.27166,0,0
2012-12-24,0.34561,0.34561,0,0
2013-03-22,0.20028,0.20028,0,0
2013-06-24,0.23607,0.23607,0,0
2013-09-24,0.23506,0.23506,0,0
2013-12-24,0.22932,0.22932,0,0
2014-03-25,0.20981,0.20981,0,0
2014-06-24,0.22188,0.22188,0,0
2014-09-24,0.25402,0.25402,0,0
2014-12-24,0.24300,0.24300,0,0
2015-03-25,0.14849,0.14849,0,0
2015-06-24,0.18155,0.18155,0,0
2015-09-24,0.18392,0.18392,0,0
2015-12-24,0.23710,0.23710,0,0
2016-03-24,0.15683,0.15683,0,0
2016-06-24,0.16977,0.16977,0,0
2016-09-26,0.17891,0.17891,0,0
2016-12-23,0.20005,0.20005,0,0
2017-03-24,0.15516,0.15516,0,0
2017-06-23,0.18311,0.18311,0,0
2017-09-22,0.24341,0.24341,0,0
2017-12-27,0.27959,0.27959,0,0
2018-03-23,0.16320,0.16320,0,0
2018-06-22,0.18066,0.18066,0,0
2018-09-21,0.21939,0.21939,0,0
2018-12-26,0.26034,0.26034,0,0
2019-03-22,0.17287,0.17287,0,0
2019-06-21,0.19678,0.19678,0,0
2019-09-20,0.22973,0.22973,0,0
2019-12-27,0.28228,0.28228,0,0
2020-03-19,0.17583,0.17583,0,0
2020-06-18,0.16930,0.16930,0,0
2020-09-17,0.19381,0.19381,0,0
2020-12-28,0.27105,0.27105,0,0
2021-03-18,0.20723,0.20723,0,0
2021-06-17,0.25257,0.25257,0,0
2021-09-16,0.28792,0.28792,0,0
2021-12-27,0.34505,0.34505,0,0
2022-01-06,0.06471,0.06471,0,0
2022-03-17,0.18078,0.18078,0,0
2022-06-16,0.22804,0.22804,0,0
2022-09-15,0.27047,0.27047,0,0
2022-12-27,0.36585,0.36585,0,0
2023-03-16,0.19289,0.19289,0,0
2023-06-15,0.22951,0.22951,0,0
2023-09-14,0.27110,0.27110,0,0
2023-12-26,0.34070,0.34070,0,0
2024-03-21,0.20496,0.20496,0,0
2024-06-20,0.23175,0.23175,0,0
2024-09-19,0.26600,0.26600,0,0
2024-11-21,0.22099,0,0.05531,0.16568
2024-12-26,0.37311,0.37311,0,0
2025-03-20,0.20311,0.20311,0,0
2025-06-17,0.22868,0.22868,0,0
2025-09-18,0.28537,0.28537,0,0
2025-11-20,0.66183,0,0.00000,0.66183
2025-12-22,0.36721,0.36721,0,0
2026-03-19,0.21103,0.21103,0,0
2026-06-17,0.22940,0.22940,0,0
2026-09-17,0.28684,0.28684,0,0

Distributions

(As of 17 Sep 2026)

Payable Date

Total

Income

ST Cap Gains

LT Cap Gains

31 Mar 2005

$0.03800

$0.03800

—

—

30 Jun 2005

$0.13400

$0.13400

—

—

30 Sep 2005

$0.17300

$0.17300

—

—

17 Nov 2005

$0.33324

—

$0.04834

$0.28490

31 Dec 2005

$0.28600

$0.28600

—

—

31 Mar 2006

$0.12017

$0.12017

—

—

28 Jun 2006

$0.15397

$0.15397

—

—

27 Sep 2006

$0.18500

$0.18500

—

—

17 Nov 2006

$0.51623

—

$0.19367

$0.32256

26 Dec 2006

$0.32050

$0.32050

—

—

26 Mar 2007

$0.13231

$0.13231

—

—

26 Jun 2007

$0.17337

$0.17337

—

—

26 Sep 2007

$0.20372

$0.20372

—

—

19 Nov 2007

$0.46552

—

$0.24776

$0.21776

26 Dec 2007

$0.35230

$0.35230

—

—

26 Mar 2008

$0.16445

$0.16445

—

—

26 Jun 2008

$0.20520

$0.20520

—

—

26 Sep 2008

$0.24943

$0.24943

—

—

26 Dec 2008

$0.36142

$0.36142

—

—

26 Mar 2009

$0.17498

$0.17498

—

—

26 Jun 2009

$0.23535

$0.23535

—

—

25 Sep 2009

$0.26980

$0.26980

—

—

24 Dec 2009

$0.33458

$0.33458

—

—

26 Mar 2010

$0.18613

$0.18613

—

—

25 Jun 2010

$0.23836

$0.23836

—

—

24 Sep 2010

$0.31035

$0.31035

—

—

27 Dec 2010

$0.34746

$0.34746

—

—

25 Mar 2011

$0.19536

$0.19536

—

—

24 Jun 2011

$0.24497

$0.24497

—

—

26 Sep 2011

$0.30778

$0.30778

—

—

23 Dec 2011

$0.36229

$0.36229

—

—

26 Mar 2012

$0.20226

$0.20226

—

—

25 Jun 2012

$0.24667

$0.24667

—

—

24 Sep 2012

$0.27166

$0.27166

—

—

24 Dec 2012

$0.34561

$0.34561

—

—

22 Mar 2013

$0.20028

$0.20028

—

—

24 Jun 2013

$0.23607

$0.23607

—

—

24 Sep 2013

$0.23506

$0.23506

—

—

24 Dec 2013

$0.22932

$0.22932

—

—

25 Mar 2014

$0.20981

$0.20981

—

—

24 Jun 2014

$0.22188

$0.22188

—

—

24 Sep 2014

$0.25402

$0.25402

—

—

24 Dec 2014

$0.24300

$0.24300

—

—

25 Mar 2015

$0.14849

$0.14849

—

—

24 Jun 2015

$0.18155

$0.18155

—

—

24 Sep 2015

$0.18392

$0.18392

—

—

24 Dec 2015

$0.23710

$0.23710

—

—

24 Mar 2016

$0.15683

$0.15683

—

—

24 Jun 2016

$0.16977

$0.16977

—

—

26 Sep 2016

$0.17891

$0.17891

—

—

23 Dec 2016

$0.20005

$0.20005

—

—

24 Mar 2017

$0.15516

$0.15516

—

—

23 Jun 2017

$0.18311

$0.18311

—

—

22 Sep 2017

$0.24341

$0.24341

—

—

27 Dec 2017

$0.27959

$0.27959

—

—

23 Mar 2018

$0.16320

$0.16320

—

—

22 Jun 2018

$0.18066

$0.18066

—

—

21 Sep 2018

$0.21939

$0.21939

—

—

26 Dec 2018

$0.26034

$0.26034

—

—

22 Mar 2019

$0.17287

$0.17287

—

—

21 Jun 2019

$0.19678

$0.19678

—

—

20 Sep 2019

$0.22973

$0.22973

—

—

27 Dec 2019

$0.28228

$0.28228

—

—

19 Mar 2020

$0.17583

$0.17583

—

—

18 Jun 2020

$0.16930

$0.16930

—

—

17 Sep 2020

$0.19381

$0.19381

—

—

28 Dec 2020

$0.27105

$0.27105

—

—

18 Mar 2021

$0.20723

$0.20723

—

—

17 Jun 2021

$0.25257

$0.25257

—

—

16 Sep 2021

$0.28792

$0.28792

—

—

27 Dec 2021

$0.34505

$0.34505

—

—

6 Jan 2022

$0.06471

$0.06471

—

—

17 Mar 2022

$0.18078

$0.18078

—

—

16 Jun 2022

$0.22804

$0.22804

—

—

15 Sep 2022

$0.27047

$0.27047

—

—

27 Dec 2022

$0.36585

$0.36585

—

—

16 Mar 2023

$0.19289

$0.19289

—

—

15 Jun 2023

$0.22951

$0.22951

—

—

14 Sep 2023

$0.27110

$0.27110

—

—

26 Dec 2023

$0.34070

$0.34070

—

—

21 Mar 2024

$0.20496

$0.20496

—

—

20 Jun 2024

$0.23175

$0.23175

—

—

19 Sep 2024

$0.26600

$0.26600

—

—

21 Nov 2024

$0.22099

—

$0.05531

$0.16568

26 Dec 2024

$0.37311

$0.37311

—

—

20 Mar 2025

$0.20311

$0.20311

—

—

17 Jun 2025

$0.22868

$0.22868

—

—

18 Sep 2025

$0.28537

$0.28537

—

—

20 Nov 2025

$0.66183

—

$0.00000

$0.66183

22 Dec 2025

$0.36721

$0.36721

—

—

19 Mar 2026

$0.21103

$0.21103

—

—

17 Jun 2026

$0.22940

$0.22940

—

—

17 Sep 2026

$0.28684

$0.28684

—

—

Fund Facts

Fund Facts

(As of 31 Aug 2026)

Net Fund Assets

$23.2 B

Benchmark

Investment Income Builder Blended Index

Morningstar Category

Global Moderately Aggressive Allocation

Fund Symbol

TIBRX

Share Class

R3

Share Class Inception Date

1 Feb 2005

Distribution Frequency

Quarterly

Characteristics

Characteristics

Portfolio

(As of 31 Aug 2026)

Portfolio

Benchmark

Number of Holdings

321

—

Weighted Average Market Cap

$336.3 B

$1,152.2 B

Median Market Cap

$65.2 B

$29.9 B

Annual Portfolio Turnover

28%

—

Price to Earnings - Forward 1YR

12.6x

19.2x

Dividend Yield

3.4%

1.4%

Price to Earnings - Trailing 12 Months

17.2x

26.4x

Price to Cash Flow

6.8x

16.3x

Price to Book Value

2.1x

4.1x

Portfolio

Benchmark

Active Share

92.5%

—

Effective Duration

3.8 Yrs

5.8 Yrs

Average Effective Maturity

6.5 Yrs

8.1 Yrs

Weighted Average Coupon

2.8%

3.8%

Yield to Worst

8.4%

5.0%

30-Day SEC Yield (Subsidized)

1.62%

—

30-Day SEC Yield (Unsubsidized)

1.62%

—

Distribution Yield - Trailing 12 Months

2.87%

—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2026)

3y

5y

10y

Annualized Alpha (%)

14.24

9.14

2.52

Beta

0.64

0.78

0.96

R-Squared (%)

47.63

67.26

72.78

Standard Deviation (%)

9.21

11.90

13.12

Sharpe Ratio

2.26

1.04

0.75

Information Ratio

1.24

1.06

0.29

Tracking Error (%)

7.58

7.32

6.87

Up Capture (%)

116.93

111.04

102.49

Down Capture (%)

50.34

69.11

89.07

Past performance does not guarantee future results.

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

Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2026)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

5.8

Orange S.A.

ORA

Communication Services

5.6

BNP Paribas S.A.

BNP

Financials

4.4

Samsung Electronics Co. Ltd.

005930

Information Technology

3.8

NN Group N.V.

NN

Financials

3.7

Citigroup, Inc.

C

Financials

3.7

AT&T, Inc.

T

Communication Services

3.5

TotalEnergies SE

TTE

Energy

3.0

Broadcom, Inc.

AVGO

Information Technology

2.8

Kimberly-Clark Corp.

KMB

Consumer Staples

2.7

Name

Ticker/Symbol

Sector

Weight %

Telefonica Emisiones S.A.

87938WAC7

Corporate Bond

0.4

The Bank of New York Mellon Corp.

064058AL4

Corporate Bond

0.2

CoBank ACB

19075QAC6

Corporate Bond

0.1

Deutsche Telekom International Finance BV

25156PAC7

Corporate Bond

0.1

Booz Allen Hamilton, Inc.

09951LAD5

Corporate Bond

0.1

Kinder Morgan, Inc.

49456BAG6

Corporate Bond

0.1

MFA 2026-NPL1, LLC

592929AA1

Asset Backed Securities

0.1

Fortiva Retail Credit Master Note Business Trust

34962AAZ5

Asset Backed Securities

0.1

Imagefirst Holdings, LLC

45249TAR3

Loan Participation

0.1

PRET 2026-NPL5, LLC

69384KAA4

Asset Backed Securities

0.1

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Financials

23.8

16.6

Communication Services

23.6

7.9

Information Technology

15.6

29.8

Energy

7.3

4.1

Health Care

7.3

9.3

Consumer Staples

6.6

4.9

Utilities

5.6

2.4

Industrials

4.5

11.1

Materials

3.0

3.5

Consumer Discretionary

2.4

8.8

Real Estate

0.0

1.6

Unassigned

0.1

—

Sector Allocation

Fund (%)

Financials

23.8

Communication Services

23.6

Information Technology

15.6

Energy

7.3

Health Care

7.3

Consumer Staples

6.6

Utilities

5.6

Industrials

4.5

Materials

3.0

Consumer Discretionary

2.4

Real Estate

0.0

Unassigned

0.1

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Telecommunication Services

23.6

1.4

Banks

12.3

7.5

Semiconductors & Semiconductor Equipment

9.7

13.7

Insurance

8.3

2.8

Energy

7.3

4.1

Pharmaceuticals, Biotechnology & Life Sciences

6.4

6.7

Technology Hardware & Equipment

5.7

7.9

Utilities

5.6

2.4

Household & Personal Products

3.6

1.0

Financial Services

3.3

6.2

Top 10 Industries

Fund (%)

Telecommunication Services

23.6

Banks

12.3

Semiconductors & Semiconductor Equipment

9.7

Insurance

8.3

Energy

7.3

Pharmaceuticals, Biotechnology & Life Sciences

6.4

Technology Hardware & Equipment

5.7

Utilities

5.6

Household & Personal Products

3.6

Financial Services

3.3

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

United States

26.3

77.6

North America

France

14.5

1.8

Europe ex UK

United Kingdom

12.3

2.9

UK

Netherlands

6.8

1.1

Europe ex UK

Taiwan

5.8

—

Asia Pacific ex Japan

Korea, Republic of (South Korea)

3.8

0.0

Asia Pacific ex Japan

Germany

3.6

1.7

Europe ex UK

Italy

3.6

0.6

Europe ex UK

Canada

2.7

2.9

North America

Spain

2.4

0.8

Europe ex UK

Top 10 Countries

Fund (%)

United States

26.3

France

14.5

United Kingdom

12.3

Netherlands

6.8

Taiwan

5.8

Korea, Republic of (South Korea)

3.8

Germany

3.6

Italy

3.6

Canada

2.7

Spain

2.4

Composition

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Equity

87.4

75.0

Cash & Equivalents

7.0

—

Fixed Income

5.6

25.0

Composition

Fund (%)

Equity

87.4

Cash & Equivalents

7.0

Fixed Income

5.6

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

94.6

98.8

Mid Cap ($2.5 to $12 B)

4.5

1.2

Small Cap (< $2.5 B)

0.8

—

Unassigned

0.0

—

Capitalization

Fund (%)

Large Cap (> $12 B)

94.6

Mid Cap ($2.5 to $12 B)

4.5

Small Cap (< $2.5 B)

0.8

Unassigned

0.0

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

U.S. Government

2.6

70.3

AAA

5.9

3.0

AA

3.1

4.1

A

7.1

11.1

BBB

33.3

11.1

BB

23.3

0.4

B

6.5

0.0

CCC

0.5

—

Not Rated

17.8

—

Credit Quality

Fund (%)

U.S. Government

2.6

AAA

5.9

AA

3.1

A

7.1

BBB

33.3

BB

23.3

B

6.5

CCC

0.5

Not Rated

17.8

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Year 1

20.1

1.1

Year 2

6.6

12.8

Year 3

11.4

10.4

Year 4

11.5

8.8

Year 5

10.3

9.6

Year 6

8.7

6.3

Year 7

5.5

7.9

Year 8

2.1

8.0

Year 9

6.4

9.8

Year 10+

17.3

25.3

Maturity

Fund (%)

Year 1

20.1

Year 2

6.6

Year 3

11.4

Year 4

11.5

Year 5

10.3

Year 6

8.7

Year 7

5.5

Year 8

2.1

Year 9

6.4

Year 10+

17.3

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

Portfolio Managers

Matt Burdett

Head of Equities, Portfolio Manager 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,…

Learn More

Brian McMahon

Vice Chairman, Chief Investment Strategist, Portfolio Manager and Managing Director

Brian McMahon is chief investment strategist and a portfolio manager 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;…

Learn More

Christian Hoffmann, CFA

Christian Hoffmann, CFA

Head of Fixed Income, Portfolio Manager 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.

© 2026 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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