Thornburg Investment Income Builder Fund

Sector Allocation as of

Financials
22.0%
Communication Services
15.4%
Information Technology
11.3%
Energy
11.1%
Health Care
10.7%
Utilities
5.4%
Consumer Discretionary
5.3%
Materials
5.3%
Industrials
4.6%
Consumer Staples
4.4%
Real Estate
4.2%
Unassigned
0.3%
Percent of equities.

Top Ten Industry Groups as of

Telecommunication Services
15.4%
Diversified Financials
13.4%
Energy
11.1%
Pharma, Biotech & Life Sciences
10.7%
Semiconductors & Equipment
8.7%
Banks
5.7%
Utilities
5.4%
Materials
5.3%
Real Estate
4.2%
Transportation
3.3%
Percent of equities.

Top Ten Equity Positions as of

% OF PORTFOLIO
Orange S.A. 4.6%
Taiwan Semiconductor Manufacturing Co. Ltd. 4.0%
CME Group, Inc. 3.7%
China Mobile Ltd. 3.3%
JPMorgan Chase & Co. 3.2%
Vodafone Group plc 2.8%
TOTAL S.A. 2.8%
Royal Dutch Shell plc 2.5%
QUALCOMM, Inc. 2.3%
The Home Depot, Inc. 2.3%

Top Five Fixed Income Positions as of

% OF PORTFOLIO
Telefonica Emisiones S.A. 0.8%
The Williams Cos, Inc. 0.5%
Vector Group Ltd. 0.3%
QBE Insurance Group Ltd. 0.3%
Transcontinental Gas Pipe Line Co., LLC 0.3%
Portfolio holdings are subject to change.

Key Portfolio Attributes as of

Fund Assets $14.4 B
Equity Statistics
Portfolio P/E Forecast 12 Months* 12.3x
Portfolio P/E Trailing 12 Months* 14.4x
Median Market Capitalization* $37.7 B
Number of Equities 77
7-Year Beta* (A Shares vs. Blended Index) 0.98
7-Year Beta* (A Shares vs. MSCI World Index) 0.73
Active Share* (vs. MSCI World Index) 91.8%
Fixed-Income Statistics
Number of Bonds 81
Yield to Worst 5.8%
Average Effective Maturity 8.8 Yrs
Effective Duration 4.5 Yrs
* Source: FactSet

Portfolio Composition as of

Domestic Equity
35.1%
Foreign Equity
54.1%
Domestic Corporate Bonds
3.8%
Domestic Other Bonds
0.8%
Foreign Bonds
2.9%
Cash & Cash Equivalents
3.3%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
82.8%
Mid Cap ($2.5 to $12 B)
14.9%
Small Cap (< $2.5 B)
2.4%
Percent of common stock. The percentages may not add up to 100 due to rounding.

Credit Quality Ratings as of

Investment Grade
48.8%
Below Investment Grade
48.4%
Not Rated
2.8%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.

Credit Quality Breakdown as of

A
1.3%
BBB
47.5%
BB
18.4%
B
22.7%
CCC
6.9%
D
0.5%
Not Rated
2.8%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.
Important Information