Thornburg Investment Income Builder Fund

Sector Allocation as of

Communication Services
22.5%
Financials
21.4%
Health Care
14.0%
Information Technology
12.0%
Energy
7.1%
Utilities
5.5%
Materials
4.6%
Real Estate
4.2%
Consumer Discretionary
3.7%
Consumer Staples
3.5%
Industrials
1.2%
Unassigned
0.2%
Percent of equities.

Top Ten Industry Groups as of

Telecommunication Services
22.5%
Pharma, Biotech & Life Sciences
14.0%
Diversified Financials
11.7%
Semiconductors & Equipment
9.5%
Energy
7.1%
Utilities
5.5%
Banks
5.0%
Insurance
4.7%
Materials
4.6%
Real Estate
4.2%
Percent of equities.

Top Ten Equity Positions as of

% OF PORTFOLIO
Orange S.A. 4.7%
Deutsche Telekom AG 4.4%
China Mobile Ltd. 3.9%
Taiwan Semiconductor Manufacturing Co. Ltd. 3.4%
The Home Depot, Inc. 3.2%
Roche Holding AG 3.1%
Vodafone Group plc 3.1%
CME Group, Inc. 2.9%
Enel SpA 2.8%
Broadcom, Inc. 2.7%

Top Five Fixed Income Positions as of

% OF PORTFOLIO
Telefonica Emisiones S.A. 1.2%
The Williams Cos, Inc. 0.7%
Vector Group Ltd. 0.4%
QBE Insurance Group Ltd. 0.4%
Transcontinental Gas Pipe Line Co., LLC 0.4%
Portfolio holdings are subject to change.

Key Portfolio Attributes as of

Fund Assets $10.5 B
Equity Statistics
Portfolio P/E Forecast 12 Months* 12.1x
Portfolio P/E Trailing 12 Months* 10.5x
Median Market Capitalization* $32.0 B
Number of Equities 65
7-Year Beta* (A Shares vs. Blended Index) 1.13
7-Year Beta* (A Shares vs. MSCI World Index) 0.85
Active Share* (vs. MSCI World Index) 92.5%
Fixed-Income Statistics
Number of Bonds 125
Yield to Worst 6.8%
Average Effective Maturity 7.6 Yrs
Effective Duration 4.2 Yrs
* Source: FactSet

Portfolio Composition as of

Domestic Equity
34.5%
Foreign Equity
51.6%
Domestic Corporate Bonds
6.3%
Domestic Other Bonds
2.5%
Foreign Bonds
3.7%
Cash & Cash Equivalents
1.4%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
85.4%
Mid Cap ($2.5 to $12 B)
10.4%
Small Cap (< $2.5 B)
4.2%
Percent of common stock. The percentages may not add up to 100 due to rounding.

Credit Quality Ratings as of

Investment Grade
44.2%
Below Investment Grade
47.9%
Not Rated
8.0%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.

Credit Quality Breakdown as of

A
0.9%
BBB
43.3%
BB
20.3%
B
23.2%
CCC
4.2%
D
0.2%
Not Rated
8.0%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.
Important Information