Thornburg Investment Income Builder Fund

SYMBOL: TIBGX

Morningstar Rating • Info

Overall Morningstar Rating among 356 World Allocation funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 4 stars and 4 stars among 356, 338 and 244 funds, as of 31 Mar 2024.

As of 31 Mar 2024

Fund Assets

$12.9 B

As of 31 Mar 2024

NAV

$24.92

As of 8 Apr 2024

Change

$0.05

As of 8 Apr 2024

YTD NAV Performance

5.37%

As of 8 Apr 2024

Asset Category:

Multi-Asset

Fund Benchmark:

Investment Income Builder Blend

Portfolio Managers

Matt Burdett

Portfolio Manager and Managing Director

Ben Kirby, CFA

Co-Head of Investments and Managing Director

Brian McMahon

Vice Chairman and Chief Investment Strategist

Christian Hoffmann, CFA

Portfolio Manager and Managing Director

Globally Diversified Income

Cultivating the growth of dividends for almost two decades

The Investment Income Builder Fund has been able to deliver a consistent income stream to clients while continuing to grow their principal.

We believe that the power of dividends combined with our active approach can serve two goals:

Help meet short-term funding needs, such as retirement income or foundation distributions.
Contribute significantly to long-term growth to help make a future income stream last.

To learn more, download our client-approved brochure or continue to explore the rest of the page.

Download

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Global, diversified multi-asset portfolio of income-producing stocks and bonds that seeks to deliver an attractive and growing income stream.
Proven bottom-up fundamental research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time.
Highly active, flexible approach that allows us to go anywhere in the world to seek income.

Investment Objective

The fund’s goal is to provide investors with a level of current income which exceeds the average yield on U.S. stocks generally, and which will grow, subject to periodic fluctuations, over the years on a per share basis.

Investment Approach

The strategy is a multi-asset portfolio of global dividend-paying stocks selected via a bottom-up, fundamentals and valuation-sensitive process. The strategy seeks to generate an attractive and growing income stream, with capital appreciation over time by building a portfolio of companies that have the ability and willingness to generate cash flow and distribute dividends to its shareholders.

Returns

(As of 31 Mar 2024)

YTD

10y

Inception

Total Return (%)

5.63

17.86

7.83

8.13

6.05

8.73

Investment Income Builder Blend (%)

6.42

18.93

5.89

9.29

7.57

7.86

Morningstar Category Avg. (%)

4.38

11.51

2.78

5.31

4.27

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

5.63

17.86

7.83

8.13

6.05

8.73

Investment Income Builder Blend (%)

6.42

18.93

5.89

9.29

7.57

7.86

Morningstar Category Avg. (%)

4.38

11.51

2.78

5.31

4.27

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

5.63

17.86

25.36

47.84

79.91

492.83

Investment Income Builder Blend (%)

6.42

18.93

18.73

55.92

107.50

399.95

YTD

10y

Inception

Total Return (%)

5.63

17.86

25.36

47.84

79.91

492.83

Investment Income Builder Blend (%)

6.42

18.93

18.73

55.92

107.50

399.95

2018

2019

2020

2021

2022

2023

Total Return (%)

-4.91

17.35

-0.90

19.69

-8.47

17.53

Investment Income Builder Blend (%)

-6.42

22.87

14.41

15.64

-16.67

19.05

Source: Confluence

Periods less than one year are not annualized.

Thornburg Investment Income Builder Fund's Blended Index is composed of 25% Bloomberg U.S. Aggregate Total Return Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for Global Allocation category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 392, 376, 347 and 255 funds, respectively, as of 30 Jun 2023.

Prior to inception of I and R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A shares, 24 Dec 2002; C shares, 24 Dec 2002; I shares, 3 Nov 2003; R3 shares, 1 Feb 2005; R4 shares, 1 Feb 2008; R5 shares, 1 Feb 2007; R6 shares, 10 Apr 2017.

Fund Fees

(As of 1 Feb 2024)

Gross Expense Ratio (%)

1.48

Net Expense Ratio (%)

1.44

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

For more detailed information on fund expenses, please see the fund's prospectus.

Hypothetical Growth of $10,000

            Categories,R4 Shares,Investment Income Builder Blend
            2002-12-24,10000,10000
2002-12-31,9991,9966
2003-01-31,9848,9740
2003-02-28,9771,9646
2003-03-31,9906,9620
2003-04-30,10562,10280
2003-05-31,11236,10766
2003-06-30,11523,10900
2003-07-31,11624,10973
2003-08-31,11537,11168
2003-09-30,11811,11293
2003-10-31,12341,11768
2003-11-30,12417,11909
2003-12-31,13174,12498
2004-01-31,13372,12674
2004-02-29,13579,12867
2004-03-31,13631,12828
2004-04-30,13271,12547
2004-05-31,13287,12620
2004-06-30,13586,12832
2004-07-31,13321,12550
2004-08-31,13592,12651
2004-09-30,13845,12839
2004-10-31,13994,13102
2004-11-30,14525,13592
2004-12-31,15374,14012
2005-01-31,15201,13798
2005-02-28,15702,14105
2005-03-31,15565,13882
2005-04-30,15383,13702
2005-05-31,15498,13921
2005-06-30,15863,14031
2005-07-31,16253,14366
2005-08-31,16196,14494
2005-09-30,16480,14739
2005-10-31,16001,14441
2005-11-30,16357,14818
2005-12-31,16689,15100
2006-01-31,17497,15605
2006-02-28,17665,15601
2006-03-31,18224,15820
2006-04-30,18787,16173
2006-05-31,18300,15754
2006-06-30,18281,15759
2006-07-31,18647,15886
2006-08-31,18970,16256
2006-09-30,19100,16437
2006-10-31,19636,16917
2006-11-30,20208,17277
2006-12-31,20709,17515
2007-01-31,20909,17669
2007-02-28,20800,17668
2007-03-31,21445,17910
2007-04-30,22249,18527
2007-05-31,23056,18881
2007-06-30,23048,18758
2007-07-31,22788,18486
2007-08-31,23109,18532
2007-09-30,24294,19228
2007-10-31,25368,19713
2007-11-30,24544,19198
2007-12-31,24441,19025
2008-01-31,22655,18015
2008-02-29,22669,17943
2008-03-31,22370,17829
2008-04-30,22966,18523
2008-05-31,23022,18700
2008-06-30,21312,17578
2008-07-31,20994,17252
2008-08-31,20629,17112
2008-09-30,18858,15528
2008-10-31,15973,13228
2008-11-30,15329,12693
2008-12-31,15990,13117
2009-01-31,15044,12226
2009-02-28,14065,11276
2009-03-31,14675,11953
2009-04-30,15956,12973
2009-05-31,17670,13878
2009-06-30,18110,13851
2009-07-31,19254,14787
2009-08-31,20059,15283
2009-09-30,20903,15780
2009-10-31,20864,15589
2009-11-30,21359,16117
2009-12-31,21763,16271
2010-01-31,21464,15829
2010-02-28,21735,16011
2010-03-31,22650,16749
2010-04-30,22711,16795
2010-05-31,21254,15624
2010-06-30,21051,15283
2010-07-31,22392,16253
2010-08-31,22209,15850
2010-09-30,23311,16963
2010-10-31,24123,17452
2010-11-30,23635,17145
2010-12-31,24657,18044
2011-01-31,25073,18355
2011-02-28,25672,18848
2011-03-31,25682,18712
2011-04-30,26611,19367
2011-05-31,26332,19129
2011-06-30,25968,18888
2011-07-31,25620,18706
2011-08-31,24650,17786
2011-09-30,23358,16666
2011-10-31,24731,17964
2011-11-30,24452,17631
2011-12-31,24724,17672
2012-01-31,25399,18376
2012-02-29,25975,19048
2012-03-31,25987,19205
2012-04-30,25931,19095
2012-05-31,24550,17902
2012-06-30,25709,18588
2012-07-31,26291,18831
2012-08-31,26619,19192
2012-09-30,27117,19594
2012-10-31,27228,19505
2012-11-30,27135,19700
2012-12-31,27495,19971
2013-01-31,28823,20699
2013-02-28,28920,20750
2013-03-31,29659,21119
2013-04-30,30726,21671
2013-05-31,30099,21581
2013-06-30,29363,21098
2013-07-31,29920,21939
2013-08-31,29240,21560
2013-09-30,30464,22420
2013-10-31,31570,23124
2013-11-30,31514,23410
2013-12-31,31952,23749
2014-01-31,31205,23177
2014-02-28,32637,24078
2014-03-31,32953,24093
2014-04-30,33323,24329
2014-05-31,33913,24758
2014-06-30,34330,25093
2014-07-31,34280,24777
2014-08-31,34884,25255
2014-09-30,33807,24698
2014-10-31,33844,24878
2014-11-30,34133,25296
2014-12-31,33357,24996
2015-01-31,33545,24788
2015-02-28,34808,25819
2015-03-31,34483,25546
2015-04-30,35562,25972
2015-05-31,35316,26023
2015-06-30,34442,25499
2015-07-31,34907,25886
2015-08-31,32757,24592
2015-09-30,31296,23954
2015-10-31,32775,25378
2015-11-30,32470,25267
2015-12-31,31474,24913
2016-01-31,30501,23881
2016-02-29,30260,23790
2016-03-31,31956,25055
2016-04-30,32425,25377
2016-05-31,32793,25485
2016-06-30,32729,25386
2016-07-31,33574,26230
2016-08-31,33863,26239
2016-09-30,33836,26340
2016-10-31,33316,25907
2016-11-30,33692,26033
2016-12-31,34395,26510
2017-01-31,34521,27003
2017-02-28,35124,27610
2017-03-31,35652,27827
2017-04-30,35847,28189
2017-05-31,36634,28691
2017-06-30,36666,28766
2017-07-31,37431,29314
2017-08-31,37381,29410
2017-09-30,38141,29870
2017-10-31,38147,30298
2017-11-30,39088,30781
2017-12-31,39411,31128
2018-01-31,40700,32271
2018-02-28,38754,31192
2018-03-31,38416,30732
2018-04-30,39203,30940
2018-05-31,38708,31141
2018-06-30,38697,31120
2018-07-31,40290,31851
2018-08-31,39660,32198
2018-09-30,40262,32280
2018-10-31,38594,30439
2018-11-30,39279,30744
2018-12-31,37482,29131
2019-01-31,39150,30909
2019-02-28,39685,31601
2019-03-31,40101,32064
2019-04-30,41341,32919
2019-05-31,39188,31641
2019-06-30,41087,33304
2019-07-31,40862,33446
2019-08-31,40535,33149
2019-09-30,41807,33634
2019-10-31,42583,34301
2019-11-30,42864,35014
2019-12-31,43983,35794
2020-01-31,43293,35803
2020-02-29,40281,33694
2020-03-31,32536,30300
2020-04-30,35271,32918
2020-05-31,36534,34149
2020-06-30,37317,34880
2020-07-31,38172,36262
2020-08-31,38949,38006
2020-09-30,37621,37017
2020-10-31,36959,36124
2020-11-30,42130,39677
2020-12-31,43587,40952
2021-01-31,44261,40573
2021-02-28,45781,41207
2021-03-31,47291,42106
2021-04-30,48089,43659
2021-05-31,49226,44167
2021-06-30,48695,44738
2021-07-31,48718,45464
2021-08-31,49678,46291
2021-09-30,48373,44749
2021-10-31,50282,46647
2021-11-30,49723,45915
2021-12-31,52169,47358
2022-01-31,52456,45223
2022-02-28,50917,44239
2022-03-31,51070,44843
2022-04-30,48725,41623
2022-05-31,50475,41714
2022-06-30,46619,38840
2022-07-31,47562,41390
2022-08-31,46237,39800
2022-09-30,42524,36595
2022-10-31,45155,38448
2022-11-30,48922,40806
2022-12-31,47751,39461
2023-01-31,50654,41858
2023-02-28,50421,40833
2023-03-31,50304,42039
2023-04-30,51604,42655
2023-05-31,50142,42219
2023-06-30,52004,44097
2023-07-31,53461,45200
2023-08-31,52686,44318
2023-09-30,51848,42603
2023-10-31,50880,41508
2023-11-30,53887,44896
2023-12-31,56121,46979
2024-01-31,56320,47369
2024-02-29,56414,48708
2024-03-31,59283,49995

Hypothetical Growth of $10,000

(As of 31 Mar 2024)

(Hypothetical Growth of $10,000 vs Investment Income Builder Blend)

                        Categories,R4 Shares,Investment Income Builder Blend
                        2023-03-31,10000,10000
2023-04-30,10259,10147
2023-05-31,9968,10043
2023-06-30,10339,10490
2023-07-31,10628,10752
2023-08-31,10474,10542
2023-09-30,10308,10134
2023-10-31,10115,9874
2023-11-30,10713,10680
2023-12-31,11157,11175
2024-01-31,11197,11268
2024-02-29,11215,11587
2024-03-31,11786,11893

                        Categories,R4 Shares,Investment Income Builder Blend
                        2021-03-31,10000,10000
2021-04-30,10169,10369
2021-05-31,10410,10489
2021-06-30,10297,10625
2021-07-31,10302,10797
2021-08-31,10505,10994
2021-09-30,10229,10628
2021-10-31,10633,11078
2021-11-30,10515,10905
2021-12-31,11032,11247
2022-01-31,11093,10740
2022-02-28,10767,10507
2022-03-31,10800,10650
2022-04-30,10304,9885
2022-05-31,10674,9907
2022-06-30,9858,9224
2022-07-31,10058,9830
2022-08-31,9778,9452
2022-09-30,8992,8691
2022-10-31,9549,9131
2022-11-30,10345,9691
2022-12-31,10098,9372
2023-01-31,10711,9941
2023-02-28,10662,9698
2023-03-31,10637,9984
2023-04-30,10913,10130
2023-05-31,10603,10027
2023-06-30,10997,10473
2023-07-31,11305,10735
2023-08-31,11141,10525
2023-09-30,10964,10118
2023-10-31,10759,9858
2023-11-30,11395,10663
2023-12-31,11868,11157
2024-01-31,11910,11250
2024-02-29,11930,11568
2024-03-31,12536,11873

                        Categories,R4 Shares,Investment Income Builder Blend
                        2019-03-31,10000,10000
2019-04-30,10309,10267
2019-05-31,9772,9868
2019-06-30,10246,10387
2019-07-31,10190,10431
2019-08-31,10108,10338
2019-09-30,10426,10490
2019-10-31,10619,10698
2019-11-30,10689,10920
2019-12-31,10968,11163
2020-01-31,10796,11166
2020-02-29,10045,10508
2020-03-31,8114,9450
2020-04-30,8796,10266
2020-05-31,9111,10650
2020-06-30,9306,10878
2020-07-31,9519,11309
2020-08-31,9713,11853
2020-09-30,9382,11545
2020-10-31,9217,11266
2020-11-30,10506,12374
2020-12-31,10870,12772
2021-01-31,11038,12654
2021-02-28,11417,12851
2021-03-31,11793,13132
2021-04-30,11992,13616
2021-05-31,12276,13774
2021-06-30,12143,13953
2021-07-31,12149,14179
2021-08-31,12389,14437
2021-09-30,12063,13956
2021-10-31,12539,14548
2021-11-30,12400,14320
2021-12-31,13010,14770
2022-01-31,13081,14104
2022-02-28,12697,13797
2022-03-31,12736,13985
2022-04-30,12151,12981
2022-05-31,12587,13009
2022-06-30,11626,12113
2022-07-31,11861,12909
2022-08-31,11530,12413
2022-09-30,10604,11413
2022-10-31,11261,11991
2022-11-30,12200,12726
2022-12-31,11908,12307
2023-01-31,12632,13054
2023-02-28,12574,12735
2023-03-31,12545,13111
2023-04-30,12869,13303
2023-05-31,12504,13167
2023-06-30,12969,13753
2023-07-31,13332,14097
2023-08-31,13139,13822
2023-09-30,12930,13287
2023-10-31,12688,12945
2023-11-30,13438,14002
2023-12-31,13995,14651
2024-01-31,14045,14773
2024-02-29,14068,15191
2024-03-31,14784,15592

                        Categories,R4 Shares,Investment Income Builder Blend
                        2014-03-31,10000,10000
2014-04-30,10112,10098
2014-05-31,10292,10276
2014-06-30,10418,10415
2014-07-31,10403,10284
2014-08-31,10586,10482
2014-09-30,10260,10251
2014-10-31,10271,10326
2014-11-30,10358,10499
2014-12-31,10123,10375
2015-01-31,10180,10288
2015-02-28,10563,10716
2015-03-31,10465,10603
2015-04-30,10792,10780
2015-05-31,10717,10801
2015-06-30,10452,10583
2015-07-31,10593,10744
2015-08-31,9941,10207
2015-09-30,9498,9942
2015-10-31,9946,10533
2015-11-30,9854,10487
2015-12-31,9552,10340
2016-01-31,9256,9912
2016-02-29,9183,9874
2016-03-31,9698,10399
2016-04-30,9840,10533
2016-05-31,9952,10578
2016-06-30,9932,10536
2016-07-31,10189,10887
2016-08-31,10276,10891
2016-09-30,10268,10932
2016-10-31,10110,10753
2016-11-30,10225,10805
2016-12-31,10438,11003
2017-01-31,10476,11207
2017-02-28,10659,11459
2017-03-31,10819,11549
2017-04-30,10878,11700
2017-05-31,11117,11908
2017-06-30,11127,11940
2017-07-31,11359,12167
2017-08-31,11344,12207
2017-09-30,11575,12398
2017-10-31,11577,12575
2017-11-30,11862,12776
2017-12-31,11960,12920
2018-01-31,12351,13394
2018-02-28,11761,12946
2018-03-31,11658,12755
2018-04-30,11897,12842
2018-05-31,11747,12925
2018-06-30,11744,12916
2018-07-31,12227,13220
2018-08-31,12036,13364
2018-09-30,12219,13398
2018-10-31,11712,12634
2018-11-30,11920,12760
2018-12-31,11375,12091
2019-01-31,11881,12829
2019-02-28,12043,13116
2019-03-31,12169,13308
2019-04-30,12546,13663
2019-05-31,11892,13132
2019-06-30,12469,13823
2019-07-31,12401,13882
2019-08-31,12301,13759
2019-09-30,12687,13960
2019-10-31,12923,14237
2019-11-30,13008,14532
2019-12-31,13348,14856
2020-01-31,13138,14860
2020-02-29,12224,13985
2020-03-31,9874,12576
2020-04-30,10704,13663
2020-05-31,11087,14173
2020-06-30,11325,14477
2020-07-31,11584,15050
2020-08-31,11820,15774
2020-09-30,11417,15364
2020-10-31,11216,14993
2020-11-30,12785,16468
2020-12-31,13227,16997
2021-01-31,13432,16840
2021-02-28,13893,17103
2021-03-31,14352,17476
2021-04-30,14594,18121
2021-05-31,14939,18331
2021-06-30,14778,18569
2021-07-31,14785,18870
2021-08-31,15076,19213
2021-09-30,14680,18573
2021-10-31,15259,19361
2021-11-30,15090,19057
2021-12-31,15832,19656
2022-01-31,15919,18770
2022-02-28,15452,18362
2022-03-31,15499,18612
2022-04-30,14787,17276
2022-05-31,15318,17313
2022-06-30,14148,16121
2022-07-31,14434,17179
2022-08-31,14032,16519
2022-09-30,12905,15189
2022-10-31,13703,15958
2022-11-30,14846,16937
2022-12-31,14491,16378
2023-01-31,15372,17373
2023-02-28,15301,16948
2023-03-31,15266,17448
2023-04-30,15661,17704
2023-05-31,15217,17523
2023-06-30,15782,18302
2023-07-31,16224,18760
2023-08-31,15989,18394
2023-09-30,15734,17682
2023-10-31,15441,17228
2023-11-30,16353,18634
2023-12-31,17031,19499
2024-01-31,17092,19661
2024-02-29,17120,20216
2024-03-31,17991,20750

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2008-03-31,0.06801
2008-06-30,0.22020
2008-09-30,0.25534
2008-12-31,0.36674
2009-03-31,0.17889
2009-06-30,0.24019
2009-09-30,0.27521
2009-12-31,0.33959
2010-03-31,0.19067
2010-06-30,0.24320
2010-09-30,0.31534
2010-12-31,0.35276
2011-03-31,0.20032
2011-06-30,0.25062
2011-09-30,0.31416
2011-12-31,0.36797
2012-03-31,0.20653
2012-06-30,0.25164
2012-09-30,0.27684
2012-12-31,0.35323
2013-03-31,0.20643
2013-06-30,0.24235
2013-09-30,0.24101
2013-12-31,0.23768
2014-03-31,0.21814
2014-06-30,0.22947
2014-09-30,0.26185
2014-12-31,0.25084
2015-03-31,0.15564
2015-06-30,0.18803
2015-09-30,0.18989
2015-12-31,0.24239
2016-03-31,0.16168
2016-06-30,0.17492
2016-09-30,0.18453
2016-12-31,0.20666
2017-03-31,0.16018
2017-06-30,0.18879
2017-09-30,0.24924
2017-12-31,0.28329
2018-03-31,0.17101
2018-06-30,0.18628
2018-09-30,0.22513
2018-12-31,0.26601
2019-03-31,0.17798
2019-06-30,0.20207
2019-09-30,0.23533
2019-12-31,0.28320
2020-03-31,0.17658
2020-06-30,0.18083
2020-09-30,0.19897
2020-12-31,0.27680
2021-03-31,0.21227
2021-06-30,0.25875
2021-09-30,0.29411
2021-12-31,0.35217
2022-01-31,0.06487
2022-03-31,0.18610
2022-06-30,0.23420
2022-09-30,0.27621
2022-12-31,0.37225
2023-03-31,0.19771
2023-06-30,0.23532
2023-09-30,0.27682
2023-12-31,0.34766
2024-03-31,0.21055

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2008-03-26,1206921600,0.06801,0.06801,0,0
2008-06-26,1214784000,0.22020,0.22020,0,0
2008-09-26,1222732800,0.25534,0.25534,0,0
2008-12-26,1230681600,0.36674,0.36674,0,0
2009-03-26,1238457600,0.17889,0.17889,0,0
2009-06-26,1246320000,0.24019,0.24019,0,0
2009-09-25,1254268800,0.27521,0.27521,0,0
2009-12-24,1262217600,0.33959,0.33959,0,0
2010-03-26,1269993600,0.19067,0.19067,0,0
2010-06-25,1277856000,0.24320,0.24320,0,0
2010-09-24,1285804800,0.31534,0.31534,0,0
2010-12-27,1293753600,0.35276,0.35276,0,0
2011-03-25,1301529600,0.20032,0.20032,0,0
2011-06-24,1309392000,0.25062,0.25062,0,0
2011-09-26,1317340800,0.31416,0.31416,0,0
2011-12-23,1325289600,0.36797,0.36797,0,0
2012-03-26,1333152000,0.20653,0.20653,0,0
2012-06-25,1341014400,0.25164,0.25164,0,0
2012-09-24,1348963200,0.27684,0.27684,0,0
2012-12-24,1356912000,0.35323,0.35323,0,0
2013-03-22,1364688000,0.20643,0.20643,0,0
2013-06-24,1372550400,0.24235,0.24235,0,0
2013-09-24,1380499200,0.24101,0.24101,0,0
2013-12-24,1388448000,0.23768,0.23768,0,0
2014-03-25,1396224000,0.21814,0.21814,0,0
2014-06-24,1404086400,0.22947,0.22947,0,0
2014-09-24,1412035200,0.26185,0.26185,0,0
2014-12-24,1419984000,0.25084,0.25084,0,0
2015-03-25,1427760000,0.15564,0.15564,0,0
2015-06-24,1435622400,0.18803,0.18803,0,0
2015-09-24,1443571200,0.18989,0.18989,0,0
2015-12-24,1451520000,0.24239,0.24239,0,0
2016-03-24,1459382400,0.16168,0.16168,0,0
2016-06-24,1467244800,0.17492,0.17492,0,0
2016-09-26,1475193600,0.18453,0.18453,0,0
2016-12-23,1483142400,0.20666,0.20666,0,0
2017-03-24,1490918400,0.16018,0.16018,0,0
2017-06-23,1498780800,0.18879,0.18879,0,0
2017-09-22,1506729600,0.24924,0.24924,0,0
2017-12-27,1514678400,0.28329,0.28329,0,0
2018-03-23,1522454400,0.17101,0.17101,0,0
2018-06-22,1530316800,0.18628,0.18628,0,0
2018-09-21,1538265600,0.22513,0.22513,0,0
2018-12-26,1546214400,0.26601,0.26601,0,0
2019-03-22,1553990400,0.17798,0.17798,0,0
2019-06-21,1561852800,0.20207,0.20207,0,0
2019-09-20,1569801600,0.23533,0.23533,0,0
2019-12-27,1577750400,0.28320,0.28320,0,0
2020-03-19,1585612800,0.17658,0.17658,0,0
2020-06-18,1593475200,0.18083,0.18083,0,0
2020-09-17,1601424000,0.19897,0.19897,0,0
2020-12-28,1609372800,0.27680,0.27680,0,0
2021-03-18,1617148800,0.21227,0.21227,0,0
2021-06-17,1625011200,0.25875,0.25875,0,0
2021-09-16,1632960000,0.29411,0.29411,0,0
2021-12-27,1640908800,0.35217,0.35217,0,0
2022-01-06,1643587200,0.06487,0.06487,0,0
2022-03-17,1648684800,0.18610,0.18610,0,0
2022-06-16,1656547200,0.23420,0.23420,0,0
2022-09-15,1664496000,0.27621,0.27621,0,0
2022-12-27,1672444800,0.37225,0.37225,0,0
2023-03-16,1680220800,0.19771,0.19771,0,0
2023-06-15,1688083200,0.23532,0.23532,0,0
2023-09-14,1696032000,0.27682,0.27682,0,0
2023-12-26,1703980800,0.34766,0.34766,0,0
2024-03-21,1711843200,0.21055,0.21055,0,0

Distributions

(As of 21 Mar 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

26 Mar 2008

31 Mar 2008

0.06801

—

26 Jun 2008

30 Jun 2008

0.22020

—

26 Sep 2008

30 Sep 2008

0.25534

—

26 Dec 2008

31 Dec 2008

0.36674

—

26 Mar 2009

31 Mar 2009

0.17889

—

26 Jun 2009

30 Jun 2009

0.24019

—

25 Sep 2009

30 Sep 2009

0.27521

—

24 Dec 2009

31 Dec 2009

0.33959

—

26 Mar 2010

31 Mar 2010

0.19067

—

25 Jun 2010

30 Jun 2010

0.24320

—

24 Sep 2010

30 Sep 2010

0.31534

—

27 Dec 2010

31 Dec 2010

0.35276

—

25 Mar 2011

31 Mar 2011

0.20032

—

24 Jun 2011

30 Jun 2011

0.25062

—

26 Sep 2011

30 Sep 2011

0.31416

—

23 Dec 2011

31 Dec 2011

0.36797

—

26 Mar 2012

31 Mar 2012

0.20653

—

25 Jun 2012

30 Jun 2012

0.25164

—

24 Sep 2012

30 Sep 2012

0.27684

—

24 Dec 2012

31 Dec 2012

0.35323

—

22 Mar 2013

31 Mar 2013

0.20643

—

24 Jun 2013

30 Jun 2013

0.24235

—

24 Sep 2013

30 Sep 2013

0.24101

—

24 Dec 2013

31 Dec 2013

0.23768

—

25 Mar 2014

31 Mar 2014

0.21814

—

24 Jun 2014

30 Jun 2014

0.22947

—

24 Sep 2014

30 Sep 2014

0.26185

—

24 Dec 2014

31 Dec 2014

0.25084

—

25 Mar 2015

31 Mar 2015

0.15564

—

24 Jun 2015

30 Jun 2015

0.18803

—

24 Sep 2015

30 Sep 2015

0.18989

—

24 Dec 2015

31 Dec 2015

0.24239

—

24 Mar 2016

31 Mar 2016

0.16168

—

24 Jun 2016

30 Jun 2016

0.17492

—

26 Sep 2016

30 Sep 2016

0.18453

—

23 Dec 2016

31 Dec 2016

0.20666

—

24 Mar 2017

31 Mar 2017

0.16018

—

23 Jun 2017

30 Jun 2017

0.18879

—

22 Sep 2017

30 Sep 2017

0.24924

—

27 Dec 2017

31 Dec 2017

0.28329

—

23 Mar 2018

31 Mar 2018

0.17101

—

22 Jun 2018

30 Jun 2018

0.18628

—

21 Sep 2018

30 Sep 2018

0.22513

—

26 Dec 2018

31 Dec 2018

0.26601

—

22 Mar 2019

31 Mar 2019

0.17798

—

21 Jun 2019

30 Jun 2019

0.20207

—

20 Sep 2019

30 Sep 2019

0.23533

—

27 Dec 2019

31 Dec 2019

0.28320

—

19 Mar 2020

31 Mar 2020

0.17658

—

18 Jun 2020

30 Jun 2020

0.18083

—

17 Sep 2020

30 Sep 2020

0.19897

—

28 Dec 2020

31 Dec 2020

0.27680

—

18 Mar 2021

31 Mar 2021

0.21227

—

17 Jun 2021

30 Jun 2021

0.25875

—

16 Sep 2021

30 Sep 2021

0.29411

—

27 Dec 2021

31 Dec 2021

0.35217

—

6 Jan 2022

31 Jan 2022

0.06487

—

17 Mar 2022

31 Mar 2022

0.18610

—

16 Jun 2022

30 Jun 2022

0.23420

—

15 Sep 2022

30 Sep 2022

0.27621

—

27 Dec 2022

31 Dec 2022

0.37225

—

16 Mar 2023

31 Mar 2023

0.19771

—

15 Jun 2023

30 Jun 2023

0.23532

—

14 Sep 2023

30 Sep 2023

0.27682

—

26 Dec 2023

31 Dec 2023

0.34766

—

21 Mar 2024

31 Mar 2024

0.21055

—

Fund Facts

(As of 31 Mar 2024)

Net Fund Assets

$12.9 B

Benchmark

Investment Income Builder Blend

Morningstar Category

World Allocation

Fund Symbol

TIBGX

Share Class

Share Class Inception Date

1 Feb 2008

Number of Holdings

343

Portfolio Turnover

26%

Distribution Frequency

Quarterly

30-Day SEC Yield (Subsidized)

3.18%

30-Day SEC Yield (Unsubsidized)

2.90%

Characteristics

Portfolio

(As of 31 Mar 2024)

Portfolio

Benchmark

Weighted Average Market Cap

$166.8 B

$568.1 B

Median Market Cap

$66.9 B

$19.5 B

Price to Earnings - Forward 1YR

10.8x

19.2x

Price to Earnings - Trailing 12 Months

10.9x

22.2x

Price to Cash Flow

5.1x

13.6x

Price to Book Value

1.4x

3.4x

Return on Assets - 5 YR

6.3%

11.8%

Portfolio

Benchmark

Return on Equity - 5 YR

16.5%

30.6%

Historical 3YR Sales Growth

11.4%

16.3%

Active Share

91.4%

—

Effective Duration

3.6 Yrs

6.2 Yrs

Average Effective Maturity

6.5 Yrs

8.4 Yrs

Weighted Average Coupon

2.8%

3.2%

Yield to Worst

9.5%

4.8%

Risk & Return profile

(As of 29 Feb 2024)

10y

Annualized Alpha (%)

3.11

-0.94

-0.88

Beta

0.80

1.02

1.00

R-Squared (%)

77.53

79.61

80.57

Standard Deviation (%)

12.75

16.27

12.97

Sharpe Ratio

0.40

0.36

0.37

Information Ratio

0.31

-0.16

-0.20

Up Capture (%)

88.75

93.28

94.18

Down Capture (%)

75.09

96.70

99.50

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 29 Feb 2024)

Name

Ticker/Symbol

Sector

Weight %

Orange S.A.

ORA

Communication Services

4.9

TotalEnergies SE

TTE

Energy

4.3

Broadcom, Inc.

AVGO

Information Technology

4.1

NN Group N.V.

Financials

3.4

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

3.3

BNP Paribas S.A.

BNP

Financials

3.3

Enel SpA

ENEL

Utilities

2.8

Vodafone Group plc

VOD

Communication Services

2.7

Citigroup, Inc.

Financials

2.7

AT&T, Inc.

Communication Services

2.5

Name

Ticker/Symbol

Sector

Weight %

Telefonica Emisiones S.A.

87938WAC7

Communications

0.8

The Williams Cos, Inc.

969457BW9

Energy

0.6

Vector Group Ltd.

92240MBJ6

Consumer, Non-cyclical

0.4

Digicel Intermediate Holdings Ltd. / Digicel International Finance Ltd. / Difl US

ZF7746216

Communications

0.3

Transcontinental Gas Pipe Line Co., LLC

893574AH6

Energy

0.3

Deutsche Telekom International Finance BV

25156PAC7

Communications

0.3

LendingPoint 2020-REV1 Asset Securitization Trust

52606YAC8

Asset Backed Securities

0.2

SeaWorld Parks & Entertainment, Inc.

81282UAC6

Consumer, Cyclical

0.2

Kinder Morgan, Inc.

49456BAG6

Energy

0.2

CoreCivic, Inc.

21871NAB7

Consumer, Non-cyclical

0.2

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Mar 2024)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Financials

24.8

15.4

Communication Services

17.0

7.4

Information Technology

13.7

23.7

Health Care

12.4

12.0

Energy

10.5

4.5

Utilities

6.3

2.4

Materials

5.1

3.9

Consumer Discretionary

3.8

10.7

Consumer Staples

3.6

6.5

Industrials

2.3

11.2

Real Estate

0.3

2.3

Sector Allocation

Fund (%)

Financials

24.8

Communication Services

17.0

Information Technology

13.7

Health Care

12.4

Energy

10.5

Utilities

6.3

Materials

5.1

Consumer Discretionary

3.8

Consumer Staples

3.6

Industrials

2.3

Real Estate

0.3

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Telecommunication Services

16.8

1.3

Banks

13.6

5.7

Pharmaceuticals, Biotechnology & Life Sciences

11.4

7.8

Energy

10.6

4.5

Semiconductors & Semiconductor Equipment

9.3

8.3

Utilities

6.3

2.4

Insurance

6.2

3.2

Financial Services

5.8

6.5

Materials

5.0

3.9

Technology Hardware & Equipment

3.8

5.7

Top 10 Industries

Fund (%)

Telecommunication Services

16.8

Banks

13.6

Pharmaceuticals, Biotechnology & Life Sciences

11.4

Energy

10.6

Semiconductors & Semiconductor Equipment

9.3

Utilities

6.3

Insurance

6.2

Financial Services

5.8

Materials

5.0

Technology Hardware & Equipment

3.8

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

United States

36.2

76.3

North America

France

14.1

2.4

Europe ex UK

United Kingdom

11.2

3.3

Italy

5.6

0.5

Europe ex UK

Netherlands

4.6

1.1

Europe ex UK

Switzerland

4.4

1.8

Europe ex UK

Germany

3.7

1.8

Europe ex UK

Taiwan

3.5

0.0

Asia Pacific ex Japan

Korea, Republic of (South Korea)

2.8

0.0

Asia Pacific ex Japan

Spain

2.1

0.6

Europe ex UK

Top 10 Countries

Fund (%)

United States

36.2

France

14.1

United Kingdom

11.2

Italy

5.6

Netherlands

4.6

Switzerland

4.4

Germany

3.7

Taiwan

3.5

Korea, Republic of (South Korea)

2.8

Spain

2.1

Composition

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Equity

84.3

75.0

Fixed Income

11.3

25.0

Cash & Cash Equivalents

3.5

—

Funds

0.9

—

Currency Forward

0.1

—

Composition

Fund (%)

Equity

84.3

Fixed Income

11.3

Cash & Cash Equivalents

3.5

Funds

0.9

Currency Forward

0.1

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Unassigned

0.0

—

Large Cap (> $12 B)

94.7

95.7

Mid Cap ($2.5 to $12 B)

2.5

4.2

Small Cap (< $2.5 B)

2.8

0.0

Capitalization

Fund (%)

Unassigned

0.0

Large Cap (> $12 B)

94.7

Mid Cap ($2.5 to $12 B)

2.5

Small Cap (< $2.5 B)

2.8

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

AAA

4.0

3.5

1.0

3.1

4.5

12.0

BBB

39.7

11.7

22.5

—

14.9

—

CCC

0.2

—

Not Rated

13.2

1.2

Credit Quality

Fund (%)

AAA

4.0

1.0

4.5

BBB

39.7

22.5

14.9

CCC

0.2

Not Rated

13.2

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Year 1

21.7

0.1

Year 2

10.2

12.4

Year 3

6.1

10.0

Year 4

9.4

8.5

Year 5

13.6

11.2

Year 6

3.1

5.7

Year 7

6.1

8.1

Year 8

3.2

7.1

Year 9

3.1

8.0

Year 10+

23.3

28.8

Maturity

Fund (%)

Year 1

21.7

Year 2

10.2

Year 3

6.1

Year 4

9.4

Year 5

13.6

Year 6

3.1

Year 7

6.1

Year 8

3.2

Year 9

3.1

Year 10+

23.3

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

The percentages may not add up to 100 due to rounding.

Portfolio Managers

Matt Burdett

Portfolio Manager and Managing Director

Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…

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Ben Kirby, CFA

Co-Head of Investments and Managing Director

Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013. Ben holds…

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Brian McMahon

Vice Chairman and Chief Investment Strategist

Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…

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Christian Hoffmann, CFA

Portfolio Manager and Managing Director

Christian Hoffmann is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income securities analyst and was promoted to associate portfolio manager in 2014, then portfolio manager in 2018. Christian graduated cum laude from New York University with a BA in economics. He is also a CFA charterholder. Prior to joining Thornburg, he served…

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Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Important Information

This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

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.

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

Neither the payment of, or increase in, dividends is 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.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

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 LLC (TSL) does not act as broker of record for investors.

“Bloomberg®” and the Bloomberg index(es) mentioned in this piece are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Thornburg Investment Management. Bloomberg is not affiliated with Thornburg, and Bloomberg does not approve, endorse, review, or recommend Thornburg. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Thornburg.

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Thornburg Investment Income Builder Fund

Portfolio Managers

Globally Diversified Income

Cultivating the growth of dividends for almost two decades

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Matt Burdett

Ben Kirby, CFA

Brian McMahon

Christian Hoffmann, CFA

Literature

Important Information

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Municipal Revenues Hold Up Well, But Watch for Slower Growth

Managing Legacy Wealth Part 1 The Wealth Holders

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Thornburg Investment Income Builder Fund

Portfolio Managers

Globally Diversified Income

Cultivating the growth of dividends for almost two decades

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Matt Burdett

Ben Kirby, CFA

Brian McMahon

Christian Hoffmann, CFA

Literature

Important Information

More Insights

Observations: Value Vs. Growth, Does Another Fed Hike Matter?

Observations: Recession and Reversion to the Mean

Stability + Reserves + Yields = Opportunities in Munis

It’s Not All About the Fed, Munis Are Swayed by Weak Issuance

Municipal Revenues Hold Up Well, But Watch for Slower Growth

Managing Legacy Wealth Part 1 The Wealth Holders