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Thornburg Investment Income Builder Fund

SYMBOL: TIBAX

Morningstar Rating • Info

Overall Morningstar Rating among 171 Global Moderately Aggressive Allocation funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and 5 stars among 171, 167 and 140 funds, as of 31 Jan 2026.

As of 31 Jan 2026

Fund Assets

$20.3 B

As of 31 Jan 2026

NAV

$36.94

As of 20 Feb 2026

Change

$0.14

As of 20 Feb 2026

YTD NAV Performance

12.69%

As of 20 Feb 2026

Asset Category:

Multi-Asset

Fund Benchmark:

Investment Income Builder Blended Index

Portfolio Managers

Matt Burdett

Head of Equities and Managing Director

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director

Christian Hoffmann, CFA

Head of Fixed Income 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.

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

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.

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Investment Tactics

Key Principles of the ETF Execution Protocol

Performance

Performance

Returns

(As of 31 Dec 2025)

YTD

1y

3y

5y

10y

Inception

Total Return with Sales Charge (%)

30.38

30.38

20.26

13.87

10.38

9.81

Total Return without Sales Charge (%)

36.55

36.55

22.12

14.93

10.88

10.03

Investment Income Builder Blended Index (%)

17.60

17.60

16.90

9.01

9.73

8.33

Morningstar Category Avg. (%)

18.3

18.3

14.77

8.25

8.83

—

Morningstar Quartile

—

1

1

1

1

—

Morningstar Quartile # of Funds

—

181

177

173

143

—

YTD

1y

3y

5y

10y

Inception

Total Return with Sales Charge (%)

1.70

33.16

20.39

14.96

11.43

10.08

Total Return without Sales Charge (%)

6.49

39.42

22.26

16.02

11.94

10.29

Investment Income Builder Blended Index (%)

1.71

16.37

15.28

9.59

10.38

8.37

Morningstar Category Avg. (%)

3.34

18.32

13.69

9.05

9.67

—

Morningstar Quartile

—

1

1

1

1

—

Morningstar Quartile # of Funds

—

175

171

167

140

—

YTD

1y

3y

5y

10y

Inception

Total Return with Sales Charge (%)

30.38

30.38

73.94

91.48

168.37

762.92

Total Return without Sales Charge (%)

36.55

36.55

82.12

100.51

180.97

803.39

Investment Income Builder Blended Index (%)

17.60

17.60

59.77

53.95

153.06

530.46

YTD

1y

3y

5y

10y

Inception

Total Return with Sales Charge (%)

1.70

33.16

74.51

100.81

195.05

818.89

Total Return without Sales Charge (%)

6.49

39.42

82.74

110.26

208.90

861.99

Investment Income Builder Blended Index (%)

1.71

16.37

53.19

58.04

168.50

541.21

2020

2021

2022

2023

2024

2025

Total Return with Sales Charge (%)

-5.10

14.62

-12.40

12.60

8.06

30.38

Investment Income Builder Blended Index (%)

14.41

15.64

-16.67

19.05

14.12

17.60

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 Moderately Aggressive Allocation category is based on total returns before sales charges.

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

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.15

Net Expense Ratio (%)

1.15

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,A Shares,Investment Income Builder Blended Index
            2002-12-24,9552,10000
2002-12-31,9544,9966
2003-01-31,9408,9740
2003-02-28,9336,9646
2003-03-31,9466,9620
2003-04-30,10094,10280
2003-05-31,10740,10766
2003-06-30,11015,10900
2003-07-31,11113,10973
2003-08-31,11032,11168
2003-09-30,11295,11293
2003-10-31,11803,11768
2003-11-30,11877,11909
2003-12-31,12603,12498
2004-01-31,12794,12674
2004-02-29,12993,12867
2004-03-31,13045,12828
2004-04-30,12702,12547
2004-05-31,12719,12620
2004-06-30,13007,12832
2004-07-31,12755,12550
2004-08-31,13016,12651
2004-09-30,13260,12839
2004-10-31,13404,13102
2004-11-30,13915,13592
2004-12-31,14729,14012
2005-01-31,14566,13798
2005-02-28,15048,14105
2005-03-31,14918,13882
2005-04-30,14745,13702
2005-05-31,14858,13921
2005-06-30,15210,14031
2005-07-31,15585,14366
2005-08-31,15533,14494
2005-09-30,15807,14739
2005-10-31,15349,14441
2005-11-30,15693,14818
2005-12-31,16014,15100
2006-01-31,16791,15605
2006-02-28,16954,15601
2006-03-31,17493,15820
2006-04-30,18035,16173
2006-05-31,17570,15754
2006-06-30,17554,15759
2006-07-31,17907,15886
2006-08-31,18220,16256
2006-09-30,18347,16437
2006-10-31,18864,16917
2006-11-30,19416,17277
2006-12-31,19900,17515
2007-01-31,20095,17669
2007-02-28,19992,17668
2007-03-31,20615,17910
2007-04-30,21390,18527
2007-05-31,22169,18881
2007-06-30,22164,18758
2007-07-31,21917,18486
2007-08-31,22228,18532
2007-09-30,23371,19228
2007-10-31,24407,19713
2007-11-30,23617,19198
2007-12-31,23521,19025
2008-01-31,21805,18015
2008-02-29,21815,17943
2008-03-31,21499,17829
2008-04-30,22062,18523
2008-05-31,22119,18700
2008-06-30,20481,17578
2008-07-31,20175,17252
2008-08-31,19825,17112
2008-09-30,18116,15528
2008-10-31,15344,13228
2008-11-30,14733,12693
2008-12-31,15372,13117
2009-01-31,14448,12226
2009-02-28,13515,11276
2009-03-31,14103,11953
2009-04-30,15341,12973
2009-05-31,16985,13878
2009-06-30,17400,13851
2009-07-31,18507,14787
2009-08-31,19275,15283
2009-09-30,20091,15780
2009-10-31,20126,15589
2009-11-30,20606,16117
2009-12-31,20998,16271
2010-01-31,20712,15829
2010-02-28,20976,16011
2010-03-31,21864,16749
2010-04-30,21914,16795
2010-05-31,20520,15624
2010-06-30,20326,15283
2010-07-31,21625,16253
2010-08-31,21438,15850
2010-09-30,22517,16963
2010-10-31,23305,17452
2010-11-30,22836,17145
2010-12-31,23816,18044
2011-01-31,24235,18355
2011-02-28,24819,18848
2011-03-31,24833,18712
2011-04-30,25724,19367
2011-05-31,25458,19129
2011-06-30,25109,18888
2011-07-31,24788,18706
2011-08-31,23850,17786
2011-09-30,22614,16666
2011-10-31,23935,17964
2011-11-30,23668,17631
2011-12-31,23933,17672
2012-01-31,24592,18376
2012-02-29,25155,19048
2012-03-31,25170,19205
2012-04-30,25119,19095
2012-05-31,23784,17902
2012-06-30,24899,18588
2012-07-31,25467,18831
2012-08-31,25790,19192
2012-09-30,26290,19594
2012-10-31,26401,19505
2012-11-30,26299,19700
2012-12-31,26652,19971
2013-01-31,27961,20699
2013-02-28,28058,20750
2013-03-31,28767,21119
2013-04-30,29824,21671
2013-05-31,29219,21581
2013-06-30,28494,21098
2013-07-31,29039,21939
2013-08-31,28383,21560
2013-09-30,29578,22420
2013-10-31,30660,23124
2013-11-30,30607,23410
2013-12-31,31050,23749
2014-01-31,30326,23177
2014-02-28,31708,24078
2014-03-31,32020,24093
2014-04-30,32385,24329
2014-05-31,32965,24758
2014-06-30,33376,25093
2014-07-31,33332,24777
2014-08-31,33926,25255
2014-09-30,32880,24698
2014-10-31,32919,24878
2014-11-30,33206,25296
2014-12-31,32455,24996
2015-01-31,32642,24788
2015-02-28,33879,25819
2015-03-31,33568,25546
2015-04-30,34625,25972
2015-05-31,34393,26023
2015-06-30,33545,25499
2015-07-31,34006,25886
2015-08-31,31913,24592
2015-09-30,30508,23954
2015-10-31,31957,25378
2015-11-30,31664,25267
2015-12-31,30712,24913
2016-01-31,29750,23881
2016-02-29,29536,23790
2016-03-31,31182,25055
2016-04-30,31645,25377
2016-05-31,32011,25485
2016-06-30,31953,25386
2016-07-31,32785,26230
2016-08-31,33074,26239
2016-09-30,33054,26340
2016-10-31,32548,25907
2016-11-30,32922,26033
2016-12-31,33631,26510
2017-01-31,33743,27003
2017-02-28,34356,27610
2017-03-31,34878,27827
2017-04-30,35058,28189
2017-05-31,35853,28691
2017-06-30,35873,28766
2017-07-31,36630,29314
2017-08-31,36604,29410
2017-09-30,37354,29870
2017-10-31,37350,30298
2017-11-30,38278,30781
2017-12-31,38601,31128
2018-01-31,39873,32271
2018-02-28,37984,31192
2018-03-31,37661,30732
2018-04-30,38440,30940
2018-05-31,37963,31141
2018-06-30,37961,31120
2018-07-31,39516,31851
2018-08-31,38907,32198
2018-09-30,39506,32280
2018-10-31,37893,30439
2018-11-30,38557,30744
2018-12-31,36816,29131
2019-01-31,38445,30909
2019-02-28,38998,31601
2019-03-31,39415,32064
2019-04-30,40642,32919
2019-05-31,38532,31641
2019-06-30,40410,33304
2019-07-31,40197,33446
2019-08-31,39884,33149
2019-09-30,41146,33634
2019-10-31,41920,34301
2019-11-30,42207,35014
2019-12-31,43319,35794
2020-01-31,42649,35803
2020-02-29,39691,33694
2020-03-31,32066,30300
2020-04-30,34770,32918
2020-05-31,36041,34149
2020-06-30,36799,34880
2020-07-31,37652,36262
2020-08-31,38426,38006
2020-09-30,37121,37017
2020-10-31,36475,36124
2020-11-30,41590,39677
2020-12-31,43037,40952
2021-01-31,43713,40573
2021-02-28,45205,41207
2021-03-31,46728,42106
2021-04-30,47528,43659
2021-05-31,48664,44167
2021-06-30,48129,44738
2021-07-31,48183,45464
2021-08-31,49144,46291
2021-09-30,47842,44749
2021-10-31,49764,46647
2021-11-30,49222,45915
2021-12-31,51655,47358
2022-01-31,51952,45223
2022-02-28,50437,44239
2022-03-31,50580,44843
2022-04-30,48265,41623
2022-05-31,50033,41714
2022-06-30,46220,38840
2022-07-31,47145,41390
2022-08-31,45840,39800
2022-09-30,42185,36595
2022-10-31,44807,38448
2022-11-30,48535,40806
2022-12-31,47381,39461
2023-01-31,50276,41858
2023-02-28,50055,40833
2023-03-31,49973,42039
2023-04-30,51278,42655
2023-05-31,49835,42219
2023-06-30,51697,44097
2023-07-31,53155,45200
2023-08-31,52396,44318
2023-09-30,51573,42603
2023-10-31,50621,41508
2023-11-30,53626,44896
2023-12-31,55860,46979
2024-01-31,56072,47369
2024-02-29,56177,48708
2024-03-31,59049,49995
2024-04-30,58256,48286
2024-05-31,60533,50108
2024-06-30,60553,50991
2024-07-31,62835,51963
2024-08-31,64294,53180
2024-09-30,64376,54088
2024-10-31,63344,52948
2024-11-30,63091,54910
2024-12-31,63195,53612
2025-01-31,65920,55102
2025-02-28,68198,55108
2025-03-31,68731,53273
2025-04-30,69616,53681
2025-05-31,72905,55968
2025-06-30,75524,57994
2025-07-31,76645,58516
2025-08-31,79120,59836
2025-09-30,80922,61441
2025-10-31,81787,62460
2025-11-30,84557,62690
2025-12-31,86292,63046
2026-01-31,91889,64121

Hypothetical Growth of $10,000

(As of 31 Jan 2026)

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

                        Categories,A Shares,Investment Income Builder Blended Index
                        2025-01-31,9551,10000
2025-02-28,9882,10001
2025-03-31,9960,9668
2025-04-30,10088,9742
2025-05-31,10565,10157
2025-06-30,10945,10525
2025-07-31,11107,10619
2025-08-31,11466,10859
2025-09-30,11727,11150
2025-10-31,11852,11335
2025-11-30,12254,11377
2025-12-31,12505,11442
2026-01-31,13316,11637

                        Categories,A Shares,Investment Income Builder Blended Index
                        2023-01-31,9550,10000
2023-02-28,9507,9755
2023-03-31,9491,10043
2023-04-30,9738,10190
2023-05-31,9464,10086
2023-06-30,9818,10535
2023-07-31,10095,10798
2023-08-31,9951,10588
2023-09-30,9794,10178
2023-10-31,9614,9916
2023-11-30,10184,10726
2023-12-31,10608,11223
2024-01-31,10649,11317
2024-02-29,10669,11637
2024-03-31,11214,11944
2024-04-30,11063,11536
2024-05-31,11496,11971
2024-06-30,11500,12182
2024-07-31,11933,12414
2024-08-31,12210,12705
2024-09-30,12226,12922
2024-10-31,12030,12649
2024-11-30,11982,13118
2024-12-31,12001,12808
2025-01-31,12519,13164
2025-02-28,12952,13165
2025-03-31,13053,12727
2025-04-30,13221,12824
2025-05-31,13845,13371
2025-06-30,14343,13855
2025-07-31,14556,13980
2025-08-31,15026,14295
2025-09-30,15368,14678
2025-10-31,15532,14922
2025-11-30,16058,14977
2025-12-31,16388,15062
2026-01-31,17451,15319

                        Categories,A Shares,Investment Income Builder Blended Index
                        2021-01-31,9551,10000
2021-02-28,9878,10156
2021-03-31,10212,10378
2021-04-30,10387,10761
2021-05-31,10635,10886
2021-06-30,10518,11026
2021-07-31,10530,11205
2021-08-31,10740,11409
2021-09-30,10455,11029
2021-10-31,10875,11497
2021-11-30,10757,11317
2021-12-31,11288,11672
2022-01-31,11353,11146
2022-02-28,11022,10903
2022-03-31,11053,11052
2022-04-30,10548,10259
2022-05-31,10934,10281
2022-06-30,10101,9573
2022-07-31,10303,10201
2022-08-31,10018,9809
2022-09-30,9219,9020
2022-10-31,9792,9476
2022-11-30,10607,10057
2022-12-31,10354,9726
2023-01-31,10987,10317
2023-02-28,10939,10064
2023-03-31,10921,10361
2023-04-30,11206,10513
2023-05-31,10891,10406
2023-06-30,11298,10868
2023-07-31,11616,11140
2023-08-31,11450,10923
2023-09-30,11270,10500
2023-10-31,11062,10230
2023-11-30,11719,11065
2023-12-31,12207,11579
2024-01-31,12254,11675
2024-02-29,12277,12005
2024-03-31,12904,12322
2024-04-30,12731,11901
2024-05-31,13229,12350
2024-06-30,13233,12568
2024-07-31,13732,12807
2024-08-31,14050,13107
2024-09-30,14068,13331
2024-10-31,13843,13050
2024-11-30,13787,13534
2024-12-31,13810,13214
2025-01-31,14406,13581
2025-02-28,14904,13582
2025-03-31,15020,13130
2025-04-30,15214,13230
2025-05-31,15932,13794
2025-06-30,16504,14294
2025-07-31,16750,14422
2025-08-31,17290,14747
2025-09-30,17684,15143
2025-10-31,17873,15394
2025-11-30,18479,15451
2025-12-31,18858,15539
2026-01-31,20081,15804

                        Categories,A Shares,Investment Income Builder Blended Index
                        2016-01-31,9551,10000
2016-02-29,9482,9962
2016-03-31,10012,10492
2016-04-30,10161,10626
2016-05-31,10278,10672
2016-06-30,10260,10630
2016-07-31,10527,10984
2016-08-31,10619,10987
2016-09-30,10613,11030
2016-10-31,10451,10848
2016-11-30,10571,10901
2016-12-31,10798,11101
2017-01-31,10834,11307
2017-02-28,11031,11561
2017-03-31,11199,11652
2017-04-30,11257,11804
2017-05-31,11512,12014
2017-06-30,11518,12046
2017-07-31,11761,12275
2017-08-31,11753,12315
2017-09-30,11994,12508
2017-10-31,11993,12687
2017-11-30,12291,12889
2017-12-31,12394,13035
2018-01-31,12803,13513
2018-02-28,12196,13061
2018-03-31,12092,12869
2018-04-30,12343,12956
2018-05-31,12190,13040
2018-06-30,12189,13031
2018-07-31,12688,13337
2018-08-31,12492,13482
2018-09-30,12685,13517
2018-10-31,12167,12746
2018-11-30,12380,12874
2018-12-31,11821,12199
2019-01-31,12344,12943
2019-02-28,12522,13233
2019-03-31,12656,13427
2019-04-30,13050,13785
2019-05-31,12372,13249
2019-06-30,12975,13946
2019-07-31,12907,14005
2019-08-31,12806,13881
2019-09-30,13212,14084
2019-10-31,13460,14363
2019-11-30,13552,14662
2019-12-31,13909,14989
2020-01-31,13694,14992
2020-02-29,12744,14109
2020-03-31,10296,12688
2020-04-30,11164,13784
2020-05-31,11572,14299
2020-06-30,11816,14606
2020-07-31,12089,15184
2020-08-31,12338,15915
2020-09-30,11919,15501
2020-10-31,11712,15127
2020-11-30,13354,16614
2020-12-31,13819,17148
2021-01-31,14036,16990
2021-02-28,14515,17255
2021-03-31,15004,17632
2021-04-30,15261,18282
2021-05-31,15625,18494
2021-06-30,15454,18734
2021-07-31,15471,19038
2021-08-31,15780,19384
2021-09-30,15361,18738
2021-10-31,15979,19533
2021-11-30,15805,19227
2021-12-31,16586,19831
2022-01-31,16681,18937
2022-02-28,16195,18525
2022-03-31,16241,18777
2022-04-30,15497,17429
2022-05-31,16065,17467
2022-06-30,14841,16264
2022-07-31,15138,17332
2022-08-31,14719,16666
2022-09-30,13545,15324
2022-10-31,14387,16100
2022-11-30,15584,17087
2022-12-31,15213,16524
2023-01-31,16143,17528
2023-02-28,16072,17098
2023-03-31,16046,17603
2023-04-30,16465,17861
2023-05-31,16001,17679
2023-06-30,16599,18465
2023-07-31,17067,18927
2023-08-31,16824,18558
2023-09-30,16559,17840
2023-10-31,16254,17381
2023-11-30,17219,18800
2023-12-31,17936,19672
2024-01-31,18004,19836
2024-02-29,18038,20396
2024-03-31,18960,20935
2024-04-30,18705,20219
2024-05-31,19436,20982
2024-06-30,19443,21352
2024-07-31,20176,21759
2024-08-31,20644,22269
2024-09-30,20670,22649
2024-10-31,20339,22172
2024-11-30,20258,22993
2024-12-31,20291,22450
2025-01-31,21166,23074
2025-02-28,21898,23076
2025-03-31,22069,22308
2025-04-30,22353,22478
2025-05-31,23409,23436
2025-06-30,24250,24285
2025-07-31,24610,24503
2025-08-31,25405,25056
2025-09-30,25983,25728
2025-10-31,26261,26155
2025-11-30,27150,26251
2025-12-31,27707,26400
2026-01-31,29505,26850

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 ($)
            2003-03-31,0.09200
2003-06-30,0.11200
2003-09-30,0.12400
2003-12-31,0.17500
2004-03-31,0.10200
2004-06-30,0.12500
2004-09-30,0.15000
2004-11-17,0.00073
2004-12-31,0.21800
2005-03-31,0.11000
2005-06-30,0.13600
2005-09-30,0.17400
2005-11-17,0.33324
2005-12-31,0.29000
2006-03-31,0.12500
2006-06-30,0.16000
2006-09-30,0.19200
2006-11-17,0.51623
2006-12-31,0.33000
2007-03-31,0.14200
2007-06-30,0.18500
2007-09-30,0.21500
2007-11-19,0.46552
2007-12-31,0.36800
2008-03-31,0.17900
2008-06-30,0.21750
2008-09-30,0.26000
2008-12-31,0.36800
2009-03-31,0.18000
2009-06-30,0.24200
2009-09-30,0.28000
2009-12-31,0.34500
2010-03-31,0.19800
2010-06-30,0.25000
2010-09-30,0.32000
2010-12-31,0.36000
2011-03-31,0.21000
2011-06-30,0.26000
2011-09-30,0.32000
2011-12-31,0.37500
2012-03-31,0.21500
2012-06-30,0.26000
2012-09-30,0.28500
2012-12-31,0.36000
2013-03-31,0.21500
2013-06-30,0.25250
2013-09-30,0.24999
2013-12-31,0.24500
2014-03-31,0.22500
2014-06-30,0.24000
2014-09-30,0.27000
2014-12-31,0.26000
2015-03-31,0.16500
2015-06-30,0.20000
2015-09-30,0.20000
2015-12-31,0.25250
2016-03-31,0.17000
2016-06-30,0.18500
2016-09-30,0.19500
2016-12-31,0.21500
2017-03-31,0.17000
2017-06-30,0.20000
2017-09-30,0.26000
2017-12-31,0.29500
2018-03-31,0.18000
2018-06-30,0.20000
2018-09-30,0.24000
2018-12-31,0.28000
2019-03-31,0.19000
2019-06-30,0.21500
2019-09-30,0.25000
2019-12-31,0.30000
2020-03-31,0.19000
2020-06-30,0.19000
2020-09-30,0.21000
2020-12-31,0.29000
2021-03-31,0.22500
2021-06-30,0.27500
2021-09-30,0.31000
2021-12-31,0.37000
2022-01-31,0.06500
2022-03-31,0.20000
2022-06-30,0.25000
2022-09-30,0.29000
2022-12-31,0.38750
2023-03-31,0.21000
2023-06-30,0.25000
2023-09-30,0.29000
2023-12-31,0.36500
2024-03-31,0.22500
2024-06-30,0.25500
2024-09-30,0.29000
2024-11-21,0.22099
2024-12-31,0.40000
2025-03-31,0.22500
2025-06-30,0.25500
2025-09-30,0.31500
2025-11-20,0.66183
2025-12-31,0.40000

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2003-03-31,1049068800,0.09200,0.09200,0,0
2003-06-30,1056931200,0.11200,0.11200,0,0
2003-09-30,1064880000,0.12400,0.12400,0,0
2003-12-31,1072828800,0.17500,0.17500,0,0
2004-03-31,1080691200,0.10200,0.10200,0,0
2004-06-30,1088553600,0.12500,0.12500,0,0
2004-09-30,1096502400,0.15000,0.15000,0,0
2004-11-17,1100649600,0.00073,0,0.00063,0.00010
2004-12-31,1104451200,0.21800,0.21800,0,0
2005-03-31,1112227200,0.11000,0.11000,0,0
2005-06-30,1120089600,0.13600,0.13600,0,0
2005-09-30,1128038400,0.17400,0.17400,0,0
2005-11-17,1132185600,0.33324,0,0.04834,0.28490
2005-12-31,1135987200,0.29000,0.29000,0,0
2006-03-31,1143763200,0.12500,0.12500,0,0
2006-06-28,1151625600,0.16000,0.16000,0,0
2006-09-27,1159574400,0.19200,0.19200,0,0
2006-11-17,1163721600,0.51623,0,0.19367,0.32256
2006-12-26,1167523200,0.33000,0.33000,0,0
2007-03-26,1175299200,0.14200,0.14200,0,0
2007-06-26,1183161600,0.18500,0.18500,0,0
2007-09-26,1191110400,0.21500,0.21500,0,0
2007-11-19,1195430400,0.46552,0,0.24776,0.21776
2007-12-26,1199059200,0.36800,0.36800,0,0
2008-03-26,1206921600,0.17900,0.17900,0,0
2008-06-26,1214784000,0.21750,0.21750,0,0
2008-09-26,1222732800,0.26000,0.26000,0,0
2008-12-26,1230681600,0.36800,0.36800,0,0
2009-03-26,1238457600,0.18000,0.18000,0,0
2009-06-26,1246320000,0.24200,0.24200,0,0
2009-09-25,1254268800,0.28000,0.28000,0,0
2009-12-24,1262217600,0.34500,0.34500,0,0
2010-03-26,1269993600,0.19800,0.19800,0,0
2010-06-25,1277856000,0.25000,0.25000,0,0
2010-09-24,1285804800,0.32000,0.32000,0,0
2010-12-27,1293753600,0.36000,0.36000,0,0
2011-03-25,1301529600,0.21000,0.21000,0,0
2011-06-24,1309392000,0.26000,0.26000,0,0
2011-09-26,1317340800,0.32000,0.32000,0,0
2011-12-23,1325289600,0.37500,0.37500,0,0
2012-03-26,1333152000,0.21500,0.21500,0,0
2012-06-25,1341014400,0.26000,0.26000,0,0
2012-09-24,1348963200,0.28500,0.28500,0,0
2012-12-24,1356912000,0.36000,0.36000,0,0
2013-03-22,1364688000,0.21500,0.21500,0,0
2013-06-24,1372550400,0.25250,0.25250,0,0
2013-09-24,1380499200,0.24999,0.24999,0,0
2013-12-24,1388448000,0.24500,0.24500,0,0
2014-03-25,1396224000,0.22500,0.22500,0,0
2014-06-24,1404086400,0.24000,0.24000,0,0
2014-09-24,1412035200,0.27000,0.27000,0,0
2014-12-24,1419984000,0.26000,0.26000,0,0
2015-03-25,1427760000,0.16500,0.16500,0,0
2015-06-24,1435622400,0.20000,0.20000,0,0
2015-09-24,1443571200,0.20000,0.20000,0,0
2015-12-24,1451520000,0.25250,0.25250,0,0
2016-03-24,1459382400,0.17000,0.17000,0,0
2016-06-24,1467244800,0.18500,0.18500,0,0
2016-09-26,1475193600,0.19500,0.19500,0,0
2016-12-23,1483142400,0.21500,0.21500,0,0
2017-03-24,1490918400,0.17000,0.17000,0,0
2017-06-23,1498780800,0.20000,0.20000,0,0
2017-09-22,1506729600,0.26000,0.26000,0,0
2017-12-27,1514678400,0.29500,0.29500,0,0
2018-03-23,1522454400,0.18000,0.18000,0,0
2018-06-22,1530316800,0.20000,0.20000,0,0
2018-09-21,1538265600,0.24000,0.24000,0,0
2018-12-26,1546214400,0.28000,0.28000,0,0
2019-03-22,1553990400,0.19000,0.19000,0,0
2019-06-21,1561852800,0.21500,0.21500,0,0
2019-09-20,1569801600,0.25000,0.25000,0,0
2019-12-27,1577750400,0.30000,0.30000,0,0
2020-03-19,1585612800,0.19000,0.19000,0,0
2020-06-18,1593475200,0.19000,0.19000,0,0
2020-09-17,1601424000,0.21000,0.21000,0,0
2020-12-28,1609372800,0.29000,0.29000,0,0
2021-03-18,1617148800,0.22500,0.22500,0,0
2021-06-17,1625011200,0.27500,0.27500,0,0
2021-09-16,1632960000,0.31000,0.31000,0,0
2021-12-27,1640908800,0.37000,0.37000,0,0
2022-01-06,1643587200,0.06500,0.06500,0,0
2022-03-17,1648684800,0.20000,0.20000,0,0
2022-06-16,1656547200,0.25000,0.25000,0,0
2022-09-15,1664496000,0.29000,0.29000,0,0
2022-12-27,1672444800,0.38750,0.38750,0,0
2023-03-16,1680220800,0.21000,0.21000,0,0
2023-06-15,1688083200,0.25000,0.25000,0,0
2023-09-14,1696032000,0.29000,0.29000,0,0
2023-12-26,1703980800,0.36500,0.36500,0,0
2024-03-21,1711843200,0.22500,0.22500,0,0
2024-06-20,1719705600,0.25500,0.25500,0,0
2024-09-19,1727654400,0.29000,0.29000,0,0
2024-11-21,1732147200,0.22099,0,0.05531,0.16568
2024-12-26,1735603200,0.40000,0.40000,0,0
2025-03-20,1743379200,0.22500,0.22500,0,0
2025-06-17,1751241600,0.25500,0.25500,0,0
2025-09-18,1759190400,0.31500,0.31500,0,0
2025-11-20,1763596800,0.66183,0,0.00000,0.66183
2025-12-22,1767139200,0.40000,0.40000,0,0

Distributions

(As of 22 Dec 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Mar 2003

31 Mar 2003

0.09200

0.09200

—

—

30 Jun 2003

30 Jun 2003

0.11200

0.11200

—

—

30 Sep 2003

30 Sep 2003

0.12400

0.12400

—

—

31 Dec 2003

31 Dec 2003

0.17500

0.17500

—

—

31 Mar 2004

31 Mar 2004

0.10200

0.10200

—

—

30 Jun 2004

30 Jun 2004

0.12500

0.12500

—

—

30 Sep 2004

30 Sep 2004

0.15000

0.15000

—

—

17 Nov 2004

17 Nov 2004

0.00073

—

0.00063

0.00010

31 Dec 2004

31 Dec 2004

0.21800

0.21800

—

—

31 Mar 2005

31 Mar 2005

0.11000

0.11000

—

—

30 Jun 2005

30 Jun 2005

0.13600

0.13600

—

—

30 Sep 2005

30 Sep 2005

0.17400

0.17400

—

—

17 Nov 2005

17 Nov 2005

0.33324

—

0.04834

0.28490

31 Dec 2005

31 Dec 2005

0.29000

0.29000

—

—

31 Mar 2006

31 Mar 2006

0.12500

0.12500

—

—

28 Jun 2006

30 Jun 2006

0.16000

0.16000

—

—

27 Sep 2006

30 Sep 2006

0.19200

0.19200

—

—

17 Nov 2006

17 Nov 2006

0.51623

—

0.19367

0.32256

26 Dec 2006

31 Dec 2006

0.33000

0.33000

—

—

26 Mar 2007

31 Mar 2007

0.14200

0.14200

—

—

26 Jun 2007

30 Jun 2007

0.18500

0.18500

—

—

26 Sep 2007

30 Sep 2007

0.21500

0.21500

—

—

19 Nov 2007

19 Nov 2007

0.46552

—

0.24776

0.21776

26 Dec 2007

31 Dec 2007

0.36800

0.36800

—

—

26 Mar 2008

31 Mar 2008

0.17900

0.17900

—

—

26 Jun 2008

30 Jun 2008

0.21750

0.21750

—

—

26 Sep 2008

30 Sep 2008

0.26000

0.26000

—

—

26 Dec 2008

31 Dec 2008

0.36800

0.36800

—

—

26 Mar 2009

31 Mar 2009

0.18000

0.18000

—

—

26 Jun 2009

30 Jun 2009

0.24200

0.24200

—

—

25 Sep 2009

30 Sep 2009

0.28000

0.28000

—

—

24 Dec 2009

31 Dec 2009

0.34500

0.34500

—

—

26 Mar 2010

31 Mar 2010

0.19800

0.19800

—

—

25 Jun 2010

30 Jun 2010

0.25000

0.25000

—

—

24 Sep 2010

30 Sep 2010

0.32000

0.32000

—

—

27 Dec 2010

31 Dec 2010

0.36000

0.36000

—

—

25 Mar 2011

31 Mar 2011

0.21000

0.21000

—

—

24 Jun 2011

30 Jun 2011

0.26000

0.26000

—

—

26 Sep 2011

30 Sep 2011

0.32000

0.32000

—

—

23 Dec 2011

31 Dec 2011

0.37500

0.37500

—

—

26 Mar 2012

31 Mar 2012

0.21500

0.21500

—

—

25 Jun 2012

30 Jun 2012

0.26000

0.26000

—

—

24 Sep 2012

30 Sep 2012

0.28500

0.28500

—

—

24 Dec 2012

31 Dec 2012

0.36000

0.36000

—

—

22 Mar 2013

31 Mar 2013

0.21500

0.21500

—

—

24 Jun 2013

30 Jun 2013

0.25250

0.25250

—

—

24 Sep 2013

30 Sep 2013

0.24999

0.24999

—

—

24 Dec 2013

31 Dec 2013

0.24500

0.24500

—

—

25 Mar 2014

31 Mar 2014

0.22500

0.22500

—

—

24 Jun 2014

30 Jun 2014

0.24000

0.24000

—

—

24 Sep 2014

30 Sep 2014

0.27000

0.27000

—

—

24 Dec 2014

31 Dec 2014

0.26000

0.26000

—

—

25 Mar 2015

31 Mar 2015

0.16500

0.16500

—

—

24 Jun 2015

30 Jun 2015

0.20000

0.20000

—

—

24 Sep 2015

30 Sep 2015

0.20000

0.20000

—

—

24 Dec 2015

31 Dec 2015

0.25250

0.25250

—

—

24 Mar 2016

31 Mar 2016

0.17000

0.17000

—

—

24 Jun 2016

30 Jun 2016

0.18500

0.18500

—

—

26 Sep 2016

30 Sep 2016

0.19500

0.19500

—

—

23 Dec 2016

31 Dec 2016

0.21500

0.21500

—

—

24 Mar 2017

31 Mar 2017

0.17000

0.17000

—

—

23 Jun 2017

30 Jun 2017

0.20000

0.20000

—

—

22 Sep 2017

30 Sep 2017

0.26000

0.26000

—

—

27 Dec 2017

31 Dec 2017

0.29500

0.29500

—

—

23 Mar 2018

31 Mar 2018

0.18000

0.18000

—

—

22 Jun 2018

30 Jun 2018

0.20000

0.20000

—

—

21 Sep 2018

30 Sep 2018

0.24000

0.24000

—

—

26 Dec 2018

31 Dec 2018

0.28000

0.28000

—

—

22 Mar 2019

31 Mar 2019

0.19000

0.19000

—

—

21 Jun 2019

30 Jun 2019

0.21500

0.21500

—

—

20 Sep 2019

30 Sep 2019

0.25000

0.25000

—

—

27 Dec 2019

31 Dec 2019

0.30000

0.30000

—

—

19 Mar 2020

31 Mar 2020

0.19000

0.19000

—

—

18 Jun 2020

30 Jun 2020

0.19000

0.19000

—

—

17 Sep 2020

30 Sep 2020

0.21000

0.21000

—

—

28 Dec 2020

31 Dec 2020

0.29000

0.29000

—

—

18 Mar 2021

31 Mar 2021

0.22500

0.22500

—

—

17 Jun 2021

30 Jun 2021

0.27500

0.27500

—

—

16 Sep 2021

30 Sep 2021

0.31000

0.31000

—

—

27 Dec 2021

31 Dec 2021

0.37000

0.37000

—

—

6 Jan 2022

31 Jan 2022

0.06500

0.06500

—

—

17 Mar 2022

31 Mar 2022

0.20000

0.20000

—

—

16 Jun 2022

30 Jun 2022

0.25000

0.25000

—

—

15 Sep 2022

30 Sep 2022

0.29000

0.29000

—

—

27 Dec 2022

31 Dec 2022

0.38750

0.38750

—

—

16 Mar 2023

31 Mar 2023

0.21000

0.21000

—

—

15 Jun 2023

30 Jun 2023

0.25000

0.25000

—

—

14 Sep 2023

30 Sep 2023

0.29000

0.29000

—

—

26 Dec 2023

31 Dec 2023

0.36500

0.36500

—

—

21 Mar 2024

31 Mar 2024

0.22500

0.22500

—

—

20 Jun 2024

30 Jun 2024

0.25500

0.25500

—

—

19 Sep 2024

30 Sep 2024

0.29000

0.29000

—

—

21 Nov 2024

21 Nov 2024

0.22099

—

0.05531

0.16568

26 Dec 2024

31 Dec 2024

0.40000

0.40000

—

—

20 Mar 2025

31 Mar 2025

0.22500

0.22500

—

—

17 Jun 2025

30 Jun 2025

0.25500

0.25500

—

—

18 Sep 2025

30 Sep 2025

0.31500

0.31500

—

—

20 Nov 2025

20 Nov 2025

0.66183

—

0.00000

0.66183

22 Dec 2025

31 Dec 2025

0.40000

0.40000

—

—

Fund Facts

Fund Facts

(As of 31 Jan 2026)

Net Fund Assets

$20.3 B

Benchmark

Investment Income Builder Blended Index

Morningstar Category

Global Moderately Aggressive Allocation

Fund Symbol

TIBAX

Share Class

A

Share Class Inception Date

24 Dec 2002

Distribution Frequency

Quarterly

30-Day SEC Yield (Subsidized)

1.99%

30-Day SEC Yield (Unsubsidized)

1.99%

Characteristics

Characteristics

Portfolio

(As of 31 Jan 2026)

Portfolio

Benchmark

Number of Holdings

321

—

Weighted Average Market Cap

$273.9 B

$1,010.8 B

Median Market Cap

$69.3 B

$27.3 B

Annual Portfolio Turnover

28%

—

Price to Earnings - Forward 1YR

14.2x

21.9x

Price to Earnings - Trailing 12 Months

15.3x

24.7x

Price to Cash Flow

6.6x

15.3x

Portfolio

Benchmark

Price to Book Value

1.9x

3.9x

Active Share

92.1%

—

Effective Duration

4.0 Yrs

5.9 Yrs

Average Effective Maturity

5.7 Yrs

8.1 Yrs

Weighted Average Coupon

2.7%

3.7%

Yield to Worst

6.6%

4.4%

Risk & Return profile

Risk & Return profile

(As of 31 Jan 2026)

3y

5y

10y

Annualized Alpha (%)

12.18

8.41

2.17

Beta

0.64

0.79

0.97

R-Squared (%)

49.71

68.36

74.98

Standard Deviation (%)

8.34

11.25

12.87

Sharpe Ratio

2.15

1.16

0.78

Information Ratio

1.09

1.00

0.28

Up Capture (%)

108.82

106.81

101.61

Down Capture (%)

45.08

65.95

88.42

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2025)

Name

Ticker/Symbol

Sector

Weight %

Orange S.A.

ORA

Communication Services

6.3

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

4.6

Citigroup, Inc.

C

Financials

4.3

BNP Paribas S.A.

BNP

Financials

4.0

NN Group N.V.

NN

Financials

3.9

Broadcom, Inc.

AVGO

Information Technology

3.7

Enel SpA

ENEL

Utilities

3.4

AT&T, Inc.

T

Communication Services

3.3

Samsung Electronics Co. Ltd.

005930

Information Technology

3.1

TotalEnergies SE

TTE

Energy

2.9

Name

Ticker/Symbol

Sector

Weight %

Telefonica Emisiones S.A.

87938WAC7

Corporate Bond

0.5

Citigroup, Inc.

172967MV0

Corporate Bond

0.2

Deutsche Telekom International Finance BV

25156PAC7

Corporate Bond

0.2

The Bank of New York Mellon Corp.

064058AL4

Corporate Bond

0.2

The Glebe Funding Trust 2024-1

37735RAA2

Collateralized Mortgage Obligation

0.1

KeHE Distributors, LLC/ KeHE Finance Corp. / NextWave Distribution, Inc.

487526AC9

Corporate Bond

0.1

Kinder Morgan, Inc.

49456BAG6

Corporate Bond

0.1

PRET 2025-NPL3, LLC

74143HAA3

Collateralized Mortgage Obligation

0.1

ASP WHCO Participation 2025-2 L.P.

00218YAA1

Asset Backed Securities

0.1

Fortiva Retail Credit Master Note Business Trust

34962AAZ5

Asset Backed Securities

0.1

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Jan 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Communication Services

23.5

9.0

Financials

23.1

16.8

Information Technology

15.4

26.2

Health Care

8.8

9.7

Utilities

8.3

2.6

Energy

7.4

3.7

Industrials

5.5

11.6

Consumer Staples

3.8

5.4

Materials

2.5

3.4

Consumer Discretionary

1.6

9.8

Real Estate

0.0

1.8

Unassigned

0.1

—

Sector Allocation

Fund (%)

Communication Services

23.5

Financials

23.1

Information Technology

15.4

Health Care

8.8

Utilities

8.3

Energy

7.4

Industrials

5.5

Consumer Staples

3.8

Materials

2.5

Consumer Discretionary

1.6

Real Estate

0.0

Unassigned

0.1

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Telecommunication Services

23.5

1.4

Banks

12.7

7.3

Semiconductors & Semiconductor Equipment

9.6

11.7

Utilities

8.3

2.6

Pharmaceuticals, Biotechnology & Life Sciences

7.7

6.7

Energy

7.4

3.7

Insurance

6.4

2.9

Technology Hardware & Equipment

5.6

6.6

Financial Services

4.0

6.5

Capital Goods

3.9

9.0

Top 10 Industries

Fund (%)

Telecommunication Services

23.5

Banks

12.7

Semiconductors & Semiconductor Equipment

9.6

Utilities

8.3

Pharmaceuticals, Biotechnology & Life Sciences

7.7

Energy

7.4

Insurance

6.4

Technology Hardware & Equipment

5.6

Financial Services

4.0

Capital Goods

3.9

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

United States

26.2

76.9

North America

France

14.5

2.0

Europe ex UK

United Kingdom

12.7

3.0

UK

Netherlands

5.5

1.1

Europe ex UK

Germany

5.5

1.9

Europe ex UK

Italy

5.2

0.6

Europe ex UK

Taiwan

4.9

—

Asia Pacific ex Japan

Korea, Republic of (South Korea)

3.8

0.0

Asia Pacific ex Japan

Spain

2.7

0.8

Europe ex UK

Switzerland

2.6

1.8

Europe ex UK

Top 10 Countries

Fund (%)

United States

26.2

France

14.5

United Kingdom

12.7

Netherlands

5.5

Germany

5.5

Italy

5.2

Taiwan

4.9

Korea, Republic of (South Korea)

3.8

Spain

2.7

Switzerland

2.6

Composition

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Equity

86.1

75.0

Cash & Equivalents

7.2

—

Fixed Income

6.6

25.0

Composition

Fund (%)

Equity

86.1

Cash & Equivalents

7.2

Fixed Income

6.6

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

94.4

98.2

Mid Cap ($2.5 to $12 B)

4.5

1.8

Small Cap (< $2.5 B)

1.1

—

Unassigned

0.1

—

Capitalization

Fund (%)

Large Cap (> $12 B)

94.4

Mid Cap ($2.5 to $12 B)

4.5

Small Cap (< $2.5 B)

1.1

Unassigned

0.1

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

U.S. Government

0.8

70.4

AAA

5.2

3.0

AA

3.4

3.1

A

5.8

11.0

BBB

32.3

11.2

BB

25.2

0.4

B

9.1

—

CCC

0.1

—

Not Rated

18.1

0.9

Credit Quality

Fund (%)

U.S. Government

0.8

AAA

5.2

AA

3.4

A

5.8

BBB

32.3

BB

25.2

B

9.1

CCC

0.1

Not Rated

18.1

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Year 1

18.5

0.2

Year 2

7.0

12.4

Year 3

12.3

11.9

Year 4

13.0

9.2

Year 5

8.4

11.6

Year 6

10.5

5.7

Year 7

4.9

7.4

Year 8

4.0

6.1

Year 9

4.7

7.1

Year 10+

16.7

28.4

Maturity

Fund (%)

Year 1

18.5

Year 2

7.0

Year 3

12.3

Year 4

13.0

Year 5

8.4

Year 6

10.5

Year 7

4.9

Year 8

4.0

Year 9

4.7

Year 10+

16.7

Sector, Industry, and Market Capitalization are based on the portfolio's equity holdings. Credit Quality and Maturity are based on the portfolio’s fixed income holdings. Geography and Asset Class are based on the full portfolio.

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.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

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

Portfolio Managers

Portfolio Managers

Matt Burdett

Head of Equities and Managing Director

Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…

Learn More

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director

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…

Learn More

Christian Hoffmann, CFA

Christian Hoffmann, CFA

Head of Fixed Income and Managing Director

Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

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.

© 2026 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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