sector allocation as of 7/31/2017

  • Financials27.9%
  • Telecommunication Services20.5%
  • Energy10.8%
  • Industrials7.6%
  • Consumer Staples6.7%
  • Health Care6.7%
  • Consumer Discretionary6.0%
  • Information Technology4.5%
  • Utilities3.9%
  • Real Estate3.0%
  • Materials2.4%
  • Unassigned0.1%
Percent of equities.

top Ten Industry Groups as of 7/31/2017

  • Telecommunication Services20.5%
  • Diversified Financials12.8%
  • Energy10.8%
  • Banks10.1%
  • Pharma, Biotech & Life Sciences6.7%
  • Insurance5.0%
  • Semiconductors & Equipment4.5%
  • Utilities3.9%
  • Transportation3.9%
  • Food & Staples Retailing3.9%
Percent of equities.


China Mobile Ltd.4.2%
JPMorgan Chase & Co.3.1%
Orange SA3.0%
CME Group, Inc.2.9%
Atlantia S.p.A.2.8%
Royal Dutch Shell plc ADR2.5%
Taiwan Semiconductor Manufacturing Co., Ltd.2.3%
NN Group NV2.2%
UBS Group AG2.2%
BT Group plc2.0%


Telefonica Emisiones SAU0.7%
The Williams Companies, Inc.0.4%
Digicel Ltd.0.3%
Laureate Education, Inc.0.3%
QBE Insurance Group Ltd.0.3%
Portfolio holdings are subject to change.


Assets$16.1 B
Equity Statistics
Portfolio P/E Trailing 12 Months*15.7x
Median Market Capitalization*$29.2 B
Number of Equities83
7-Year Beta* (A Shares vs. Blended Index)0.91
Active Share* (vs. MSCI World Index)90.7%
Fixed-Income Statistics
Number of Bonds103
Average Effective Maturity10.2 Yrs
Yield to Worst4.9%
Effective Duration4.2 Yrs
* Source: FactSet

Portfolio Composition as of 7/31/2017

  • Foreign Equity57.1%
  • Domestic Equity32.6%
  • Domestic Corporate Bonds4.9%
  • Foreign Bonds3.1%
  • Domestic Other Bonds1.0%
  • Cash & Cash Equivalents1.3%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of 7/31/2017

  • Large Cap (> $12 B)87.6%
  • Mid Cap ($2.5 to $12 B)9.5%
  • Small Cap (< $2.5 B)2.8%
Percent of common stock. The percentages may not add up to 100 due to rounding.

Credit Quality Ratings as of 7/31/2017

  • Investment Grade3843.0%
  • Below Investment Grade5613.0%
  • Not Rated544.0%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.

Credit Quality Breakdown as of 7/31/2017

  • AAA12.0%
  • A327.0%
  • BBB3504.0%
  • BB2676.0%
  • B2019.0%
  • CCC809.0%
  • D109.0%
  • Not Rated544.0%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.
Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit our literature center. Read them carefully before investing.

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.

Thornburg Investment Income Builder Fund's Blended Index is composed of 25% Bloomberg Barclays U.S. Aggregate Bond Index and 75% MSCI World Index, rebalanced monthly.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Dividends are not 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.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

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 Corporation (TSC) does not act as broker of record for investors.