SECTOR ALLOCATION as of 12/31/2018

  • Financials23.5%
  • Communication Services16.5%
  • Energy13.6%
  • Information Technology8.8%
  • Health Care7.1%
  • Industrials6.5%
  • Utilities6.1%
  • Consumer Staples5.5%
  • Materials4.9%
  • Consumer Discretionary3.9%
  • Real Estate3.4%
  • Unassigned0.3%
Percent of equities.

TOP TEN INDUSTRY GROUPS as of 12/31/2018

  • Telecommunication Services16.5%
  • Diversified Financials15.9%
  • Energy13.6%
  • Semiconductors & Equipment7.4%
  • Pharma, Biotech & Life Sciences7.1%
  • Utilities6.1%
  • Banks5.2%
  • Materials4.9%
  • Capital Goods4.5%
  • Real Estate3.4%
Percent of equities.

Top Ten Equity Positions as of 11/30/2018

CME Group, Inc.4.7%
China Mobile Ltd.4.5%
Orange S.A.4.1%
Electricite de France S.A.3.6%
Royal Dutch Shell plc3.4%
JPMorgan Chase & Co.3.0%
Walgreens Boots Alliance, Inc.3.0%
Total S.A.2.5%
Merck & Co., Inc.2.4%
BT Group plc2.4%

Top Five Fixed Income Positions as of 11/30/2018

Telefonica Emisiones SAU0.7%
The Williams Cos, Inc.0.5%
Digicel Ltd.0.3%
QBE Insurance Group Ltd.0.3%
Transcontinental Gas Pipe Line Co., LLC0.3%
Portfolio holdings are subject to change.


Assets$13.6 B
Equity Statistics
Portfolio P/E Trailing 12 Months*12.4x
Median Market Capitalization*$29.9 B
Number of Equities80
7-Year Beta* (A shares vs. Blended Index)0.96
Active Share* (vs. MSCI World Index)89.6%
Fixed-Income Statistics
Number of Bonds96
Yield to Worst7.0%
Average Effective Maturity10.3 Yrs
Effective Duration4.1 Yrs
* Source: FactSet


  • Domestic Equity37.1%
  • Foreign Equity52.9%
  • Domestic Corporate Bonds4.2%
  • Domestic Other Bonds1.0%
  • Foreign Bonds3.1%
  • Cash & Cash Equivalents1.7%
The percentages may not add up to 100 due to rounding.


  • Large Cap (> $12 B)85.4%
  • Mid Cap ($2.5 to $12 B)11.8%
  • Small Cap (< $2.5 B)2.8%
Percent of common stock. The percentages may not add up to 100 due to rounding.


  • Investment Grade49.4%
  • Below Investment Grade43.9%
  • Not Rated6.7%
Percent of debt obligations. The percentages may not add up to 100 due to rounding.


  • AAA0.0%
  • A2.3%
  • BBB47.1%
  • BB18.5%
  • B23.3%
  • CCC1.9%
  • D0.2%
  • Not Rated6.7%
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 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.