Thornburg Investment Income Builder Fund

Sector Allocation as of

Financials
23.7%
Communication Services
16.1%
Energy
12.9%
Information Technology
11.2%
Health Care
9.5%
Materials
5.1%
Consumer Discretionary
4.8%
Utilities
4.4%
Consumer Staples
4.2%
Industrials
3.8%
Real Estate
3.8%
Unassigned
0.3%
Percent of equities.

Top Ten Industry Groups as of

Telecommunication Services
16.1%
Diversified Financials
14.8%
Energy
12.9%
Pharma, Biotech & Life Sciences
9.5%
Semiconductors & Equipment
8.9%
Banks
5.8%
Materials
5.1%
Utilities
4.4%
Real Estate
3.8%
Insurance
3.1%
Percent of equities.

Top Ten Equity Positions as of

% OF PORTFOLIO
Orange S.A. 4.8%
CME Group, Inc. 3.9%
Taiwan Semiconductor Manufacturing Co. Ltd. 3.7%
China Mobile Ltd. 3.3%
JPMorgan Chase & Co. 2.9%
Vodafone Group plc 2.8%
Royal Dutch Shell plc 2.6%
TOTAL S.A. 2.6%
The Home Depot, Inc. 2.5%
QUALCOMM, Inc. 2.3%

Top Five Fixed Income Positions as of

% OF PORTFOLIO
Telefonica Emisiones S.A. 0.8%
The Williams Cos, Inc. 0.5%
QBE Insurance Group Ltd. 0.3%
Vector 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* 12.8x
Portfolio P/E Trailing 12 Months* 14.5x
Median Market Capitalization* $42.1 B
Number of Equities 74
7-Year Beta* (A Shares vs. Blended Index) 0.99
7-Year Beta* (A Shares vs. MSCI World Index) 0.74
Active Share* (vs. MSCI World Index) 91.3%
Fixed-Income Statistics
Number of Bonds 86
Yield to Worst 5.8%
Average Effective Maturity 8.7 Yrs
Effective Duration 4.4 Yrs
* Source: FactSet

Portfolio Composition as of

Domestic Equity
38.0%
Foreign Equity
51.3%
Domestic Corporate Bonds
4.0%
Domestic Other Bonds
0.8%
Foreign Bonds
2.9%
Cash & Cash Equivalents
2.9%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
85.5%
Mid Cap ($2.5 to $12 B)
11.9%
Small Cap (< $2.5 B)
2.6%
Percent of common stock. The percentages may not add up to 100 due to rounding.

Credit Quality Ratings as of

Investment Grade
46.3%
Below Investment Grade
50.8%
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
45.0%
BB
18.8%
B
25.5%
CCC
6.4%
D
0.1%
Not Rated
2.8%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.
Important Information