Thornburg investment income builder fund fact sheet

Copies of these documents may be obtained free of charge from State Street Fund Services (Ireland) Limited, by visiting www.thornburgglobal.com or by thornburg investment income builder fund fact sheet contacting the local paying or representative agent or local distributor in the jurisdictions in which the Fund is authorized for distribution.Investments carry risks, including possible loss of principal. Foreign Currency Translation: 1; Louisiana Public Facilities Authority, 5.00% due 7/1/2022 (Black &New Orleans Aviation Board, 5.25% due 1/1/2018 (Insured: The Trust has delegated to Thornburg Investment Management, Inc. This letter will highlight the results of Thornburg Global Opportunities Fund’s investment activities for the six-month period In addition, we will comment on the overall investment landscape. thornburg investment income builder fund fact sheet

In helping individuals reach their long-term financial goals. The Fund’s secondary investment goal is some long-term capital appreciation. New York State Dormitory Authority, 5.00% due 1/15/2023 (Municipal Health Facilities) New York State Dormitory Authority, 5.00% due 10/1/2023 (School District Financing money makes the world go round clean Program) (State New York State Dormitory Authority, 5.00% due 7/1/2024 (Miriam Osborn Memorial Home New York State Dormitory Authority, 5.00% due 7/1/2024 (Bishop Henry B.00% due 10/1/2024 (School District Financing Program; New York State Dormitory Authority, 5.00% due 7/1/2025 (Miriam Osborn Memorial Home New York State Dormitory Authority, 5.00% due 7/1/2027 (Columbia University Teachers New York State Dormitory Authority, 5.00% due 7/1/2027 (Interagency Council Pooled Loan New York State Dormitory Authority, 5.25% due 7/1/2027 (Health Quest Systems; New York State Dormitory Authority, 5.00% due 12/15/2027 (Metropolitan Transportation New York State Dormitory Authority, best time to invest in xrp 5.00% due 10/1/2028 (School District Financing Program;March 31, 2016 (Unaudited) New York State Dormitory Authority, 5.25% due 5/1/2030 pre-refunded 5/1/2019 (North Shore Long Runescape 2024 afk money making New York State Dormitory Authority, 5.00% due 7/1/2034 (Pratt Institute) New York State Energy Research and Development Authority, 0.39% due 5/1/2039 put 4/1/2016 New York State Thruway Authority, 5.00% due 4/1/2022 (Multi-Year Highway and Bridge Capital New York State Thruway Authority, 5.00% due 1/1/2028 (Multi-Year Highway and Bridge Capital New York State Urban Development Corp.25% due 1/1/2021 Onondaga Civic Development Corp.00% due 7/1/2021 (Le Moyne College) Onondaga Civic Development Corp.50% due dragon nest money making 12/1/2031 (State University of New York Upstate New Jersey, 5.00% due 8/15/2022 (Insured:

Among your Fund’s holdings in the consumer discretionary sector, casino operator Las Vegas Sands, Home Depot, business publisher Wolters Kluwer, and Target Corporation each contributed positively to Office supplies retailer Staples delivered a negative return, though its share price recovered materially in the final weeks of March. JPMorgan Chase Bank, N.) (daily demand notes) North Carolina Medical Care Commission, 5.00% due 6/1/2030 (Vidant Health) County of Ward, 5.125% due 7/1/2021 (Trinity Health System) Akron, Bath and Copley Joint Township Hospital District, 5.00% due 11/15/2024 (Children’s American Municipal Power, Inc.25% due 2/15/2028 (AMP Fremont Energy Center) Cincinnati City School District COP, 5.00% due 12/15/2031 (School Improvement Project) City of Cleveland, 3.00% due 10/1/2017 (Parks and Recreation Facilities) City of Cleveland, 5.00% due 11/15/2027 (Public Facilities Improvements) City of Cleveland, 5.00% due 10/1/2028 (Bridges and Roadways) City of Cleveland, 5.00% due 11/15/2028 (Public Facilities Improvements) City of Cleveland, 5.00% due 10/1/2029 (Bridges and Roadways) City of Cleveland, 5.00% due 11/15/2029 (Public Facilities Improvements) City of Cleveland, 5.00% due 11/15/2030 (Public Facilities Improvements) City of Cleveland GO, 5.00% due 12/1/2016 (Various Municipal Capital Improvements) City of Cleveland GO, 5.00% due 12/1/2024 (Various Municipal Capital Improvements) City of Cleveland GO, 5.00% due 12/1/2026 (Various Municipal Capital Improvements) City of Hamilton, 5.25% due 10/1/2017 (Wastewater System;Cleveland-Cuyahoga County Port Authority, 6.25% due 5/15/2016 (Council for Economic Opportunities Cleveland-Cuyahoga County Port Authority, 5.00% due top 1 income earners uk 10/1/2021 (Cleveland Museum of Art) Cleveland-Cuyahoga County Port Authority, 5.00% due 7/1/2025 (County Administration County of Allen, 5.00% due 5/1/2025 (Catholic Health Partners-Mercy Health West Facility) County of Allen, how to invest in bitcoin uganda 5.00% due 5/1/2026 (Catholic Health Partners-Mercy Health West Facility) County of Cuyahoga COP, 5.00% due 12/1/2026 (Convention Center Hotel) County of Hamilton, 5.00% due 5/15/2028 (Cincinnati Children’s Hospital Medical County what to invest money in 2024 uk of Hamilton, 5.00% due 5/15/2029 (Cincinnati Children’s Hospital Medical County of Hamilton, 5.00% due 5/15/2031 (Cincinnati Children’s Hospital Medical Lucas County Health Care Facility, 5.00% due 8/15/2021 (Sunset Retirement Community) Lucas County Health Care Facility, 5.125% due 8/15/2025 (Sunset Retirement Community)March 31, 2016 (Unaudited) Ohio Higher Educational Facility Commission, 0.39% due 1/1/2043 put 4/1/2016 (Cleveland ClinicSPA: how to make fake money look real The unrealized appreciation (depreciation) of the outstanding forward currency contracts recognized in the Fund’s Statement of Assets and Liabilities at March 31, 2016 is disclosed in the following table: The Fund expects that investments in the Fund’s portfolio normally will foreign investment in us stocks be weighted in favor of equity securities. Federal Home Loan Mtg Corp.875%, 6/13/2018 Federal make all the money you want National Mtg Assoc., 1.875%, 12/28/2020 a HNA Group 2015 LLC, (Guaranty:

In addition to the general risks described for each fund in its current prospectus, other factors bearing on these reports include the accuracy of the advisor’s or portfolio manager’s forecasts and predictions, the appropriateness of the investment strategies designed by the advisor or portfolio manager and the ability of the advisor or portfolio manager how to make quick money in runescape to implement their strategies efficiently and successfully. NOTE 3 SECURITY VALUATION Valuation of the Fund s portfolio investment securities is performed in accordance with policies and procedures adopted by and under the oversight of the Trustees. 86,168, ,036,113 Orange SA 20,766, ,956,396 Singapore Telecommunications Ltd. We are pleased to present the semi-annual report for Thornburg Low Duration Municipal Fund. Based in Panama, regional bitcoin investment telugu air carrier Copa was lifted by early signs of economic recovery in Latin America.

Thank you for your continued trust.the Securities Litigation Reform Act of 1995. A description of the Policy and Procedures is available (i) without charge, upon request, by calling the Advisor toll-free at , (ii) on the Thornburg website at and (iii) on the Securities and Exchange Commission s website at Information regarding how proxies were voted is available on or before August 31 of each year for the twelve months ending the preceding June 30. (f) Level 3 investments represent 0.17% of total net assets at the year ended September 30, Significant fluctuations of the unobservable inputs applied to portfolio securities characterized as Level 3 investments could be expected to increase or decrease the fair value of these portfolio securities. PSF) North East ISD GO, making money single mom 5.00% due 8/1/2016 (Educational Facilities;North East ISD GO, 2.00% due 8/1/2044 put 8/1/2019 (Educational Facilities;North Texas University, 5.00% due 4/15/2016 Northside ISD GO, 2.00% due 6/1/2039 put 6/1/2019 (Educational Facilities;Pasadena ISD GO, 3.00% due 2/15/2044 put 8/15/2019 (Educational Facilities;Round Rock ISD GO, 5.00% due 8/1/2017 (Educational Facilities Improvements;Round Rock ISD GO, 5.00% due 8/1/2018 (Educational Facilities Improvements;Round Rock ISD GO, 5.00% due 8/1/2019 (Educational Facilities Improvements;Round Rock ISD GO, 5.00% due 8/1/2020 (Educational Facilities Improvements;Round Rock ISD GO, 5.00% due 8/1/2021 (Educational Facilities Improvements;Round Rock ISD GO, 5.00% due 8/1/2022 (Educational Facilities Improvements;Round Rock ISD GO, 5.00% due 8/1/2024 invest in a bitcoin ira (Educational Facilities Improvements;Round Rock ISD GO, 5.00% due 8/1/2025 (Educational Facilities Improvements;Round Rock ISD GO, 5.00% due 8/1/2026 (Educational Facilities Improvements;Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2017 Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2019 do photographers make money Sam Rayburn Municipal Power Agency, 5.00% due 10/1/2020 San Antonio Public Facilities Corp.00% due 9/15/2020 (Convention Center Refinancing & San Juan Higher Education Finance Authority, 5.125% due 8/15/2020 self investing in stocks (IDEA Public Schools) Tarrant County Cultural Education Facilities Finance Corp.00% due 8/15/2016 (Scott & Tarrant County Cultural Education Facilities Finance Corp.00% due 8/15/2017 (Scott & Texas Municipal Power Agency, 5.00% due 9/1/2017 (Insured:

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Utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods approved by the Audit Committee. 2011-04, it is the policy of the Fund to recognize bitcoin investment uk usa transfers between levels and those underlying events which caused the movement. City of San Antonio, 5.00% due 5/15/2027 (Water System) Dallas Area Rapid Transit, 5.00% due 12/1/2034 Dallas Area Rapid Transit, 5.00% due 12/1/2035 Dallas Area Rapid Transit, 5.00% due invest 1000 in stock market 12/1/2036 Reclamation District, 5.15% due 2/15/2022 (Insured: While risk markets were on a one-way move lower from January 1 to February 11, economic fundamentals within the United States had not materially changed, and Fed rhetoric appeared substantially more accommodative.

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As of March 31, 2016, management has not identified any such position for which an asset or liability must be reflected in the Statement of Assets and Liabilities. Annual Report 41 42 Trustees and Officers Thornburg Investment Income Builder Fund September 30, 2016 (Unaudited) NAME, how to make money investing in cds AGE, YEAR ELECTED OTHER DIRECTORSHIPS POSITION HELD WITH FUND PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS HELD BY TRUSTEE INTERESTED TRUSTEES (1)(2)(4) Garrett Thornburg, 71 Chairman and controlling shareholder of Thornburg Investment Management, None Trustee since 1987, Inc.Chairman and controlling shareholder of Thornburg Chairman of Trustees (3) Securities Corporation (securities dealer); President of the Thornburg Foundation (nonprofi t).Vice President of Vice Chairman of Trustees, Thornburg Securities Corporation. A mutual fund that aims for the highest capital gains. 18,364,000 25,380,599 Sydney Airport 12,023,554 64,139, ,161,894 UTILITIES 2.64% Electric Utilities 1.68% Electricite de France SA 17,294, ,396,658 Terna Rete Elettrica Nazionale S. It may be unlikely, but that does not mean it’s a probability that can be ignored. Fund’s Class B, Class C, and Class R3 shares, under which the Fund compensates the Distributor for services in promoting the sale of Class B, Class C, don't spend money to make money and Class R3 shares of the Fund at an annual rate of up to .75 of 1% per annum of the average daily net assets attributable to Class B and Class C shares, and an annual rate of up moneymaker chan to .

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Federal Home Loan Mtg Corp.875%, 6/13/2018 Federal National Mtg Assoc., 1.875%, 12/28/2020 a HNA Group 2015 LLC, (Guaranty: R3 shares, 1.45%; R5 shares, 0.99%.MSCI All Country (AC) World bitcoin investor 98 ex-US Index – emerging market countries in North and South America, Europe, Africa, and the Pacific Rim, excluding securities of United States issuers. Mining 0.09% b International Wire Group, Inc.75%, 8/1/ ,780,000 15,030,450 54,544,681 MEDIA 0.46% Media 0.46% Comcast Cable Communications, LLC, 8.875%, 5/1/2017 5,000,000 5,215,480 b EMI Music Publishing Ltd.625%, 6/15/2024 5,000,000 5,406,250 b,d Mood Media Corp.25%, 10/15/ is it the right time to invest in stocks from nifty ,445,000 14,387,100 b,d SFR Group SA, 7.375%, 5/1/ ,480,000 34,222,921 Time Warner Cable, Inc., 8.75%, 2/14/ ,000,000 16,145,626 75,377,377 PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 0.05% Pharmaceuticals 0.05% b,d Concordia International Corp.00%, 4/15/ ,400,000 7,324,500 b,d Concordia International Corp.50%, 10/21/2022 2,000,000 1,385,000 8,709,500 SOFTWARE & SERVICES 0.32% Information Technology Services 0.06% Neustar, Inc.50%, 1/22/ ,185,000 10,010,575 Internet Software & TOBACCO 0.05% Tobacco 0.05% North Atlantic Trading Co., Inc.00%, 1/13/2020 8,689,702 8,591,943 INDUSTRIALS 0.09% Construction & Engineering 0.09% ABG Intermediate Holdings (2), LLC, 9.50%, 5/27/ ,710,047 15,317,296 MEDIA 0.05% Media 0.05% how to invest money in the philippines d Mood Media Corp.00%, 5/1/2019 8,383,752 7,925,244 Annual Report 19 20 Schedule of Investments, Continued Thornburg Investment Income Builder Fund September 30, 2016 SHARES/ PRINCIPAL AMOUNT VALUE PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 0.21% Pharmaceuticals 0.21% d Concordia Healthcare Corp.50%, 10/21/2017 $ 33,610,960 $ 33,905,056 RETAILING 0.21% Specialty Retail 0.21% Redbox Automated Retail, LLC, 8.50%, 9/24/ ,000,000 34,125,000 SOFTWARE & SERVICES 0.17% Information Technology Services 0.17% Neustar, Inc., 3.774%, 1/22/ ,378,350 28,271,931 money making websites from home TECHNOLOGY HARDWARE & EQUIPMENT 0.12% Technology, Hardware, Storage & Peripherals 0.12% Harland Clarke Holdings Corp.00%, 12/31/ ,500,000 19,105,125 TRANSPORTATION 0.11% Airlines 0.11% b,c,d,e ET Three, LLC, 12.00%, 9/30/2019 2,201,115 1,756,490 b,c,d,e ET Two, LLC, 12.00%, 9/30/2019 2,201,115 1,756,490 b,c,d,e OS Two, LLC, 12.00%, 12/15/2020 3,211,200 2,562,537 b,c,g WU Finance I, LLC, 8.50%, 08/17/ ,210,435 12,062,244 UTILITIES 0.04% Electric Utilities 0.04% e,f Texas Competitive Electric Holdings Co., LLC, 4.933%, 10/10/ ,669,860 5,887,190 TOTAL LOAN PARTICIPATIONS (Cost 211,093,176) 194,293,451 SHORT TERM INVESTMENTS 1.44% a Thornburg Capital Management Fund 23,399, ,992,871 TOTAL SHORT TERM INVESTMENTS (Cost geld mit instagram verdienen 233,992,871) 233,992,871 TOTAL INVESTMENTS 99.75% (Cost 15,110,074,720) $16,233,536,394 OTHER ASSETS LESS LIABILITIES (0.25)% 40,953,474 NET ASSETS % $16,274,489,868 Footnote Legend a Investment in Affiliates - Shown below are holdings of voting securities of each portfolio company which is considered affiliated to the Fund under the Investment Company Act of 1940, including companies for which the Fund s holding represented 5% or more of the company s voting securities, and a series of the Thornburg Investment Trust in which the Fund invested for cash management purposes during the period: The following table displays a summary of the valuation techniques and unobservable inputs used to value portfolio securities characterized as Level 3 investments, where no unadjusted broker quotes were available at March 31, 2016:Third party vendor projection In accordance with the guidance prescribed in ASU No. Federal National Mtg Assoc., Pool AJ1752, 3.50%, 9/1/2026 Federal National Mtg Assoc., Pool AK6518, 3.00%, 3/1/2027 Federal National Mtg Assoc., Pool MA0045, 4.00%, 4/1/2019 Federal National Mtg Assoc., Pool MA0071, 4.50%, 5/1/2019 Federal National Mtg Assoc., Pool MA0125, 4.50%, 7/1/2019 Federal National Mtg Assoc., Pool MA0380, 4.00%, 4/1/2020 Federal National Mtg Assoc., Pool MA1582, 3.50%, 9/1/2043 Federal National Mtg Assoc., Pool MA1585, 2.00%, 9/1/2023 Federal National Mtg Assoc., Pool geld verdienen gta 5 aktien MA1625, 3.00%, 10/1/2023 Federal National Mtg Assoc., Pool MA2322, 2.50%, 7/1/2025 Federal National Mtg Assoc., Pool MA2353, 3.00%, 8/1/2035 Federal National Mtg Assoc., Pool MA2480, 4.00%, 12/1/2035 Federal National Mtg Assoc., Pool MA2499, 2.50%, 1/1/2026 Government National Mtg Assoc., CMO Series 2010-160 Class VY, 4.50%, 1/20/2022 Government National Mtg Assoc., Pool 000623, 8.00%, 9/20/2016 Government National Mtg Assoc., Pool 003550, 5.00%, 5/20/2019 Government National Mtg Assoc., Pool 714631, 5.691%, 10/20/2059 Government National Mtg Assoc., Pool 721652, 5.044%, 5/20/2061 Government National non passive income s corp Mtg Assoc., Pool 751388, 5.307%, 1/20/2061 Government National Mtg Assoc., Pool 751392, 5.00%, 2/20/2061 Government National Mtg Assoc., Pool 757313, 4.307%, 12/20/2060 Government National Mtg Assoc., Pool 894205, 2.00%, 8/20/2039 Government National Mtg Assoc., Pool MA0100, 2.50%, 5/20/2042 Bank of New York Tri-Party Repurchase Agreement 0.37% dated 3/31/2016 due 4/1/2016, repurchase price $14,000,144 collateralized Government debt securities, having an average coupon of 2.96%, a minimum credit rating of BBB-, maturity dates from 3/25/2021 to 7/20/2042, and having an aggregate market value of $14,257,216 at 3/31/2016 Federal Home Loan Bank Discount Note, 0.27%, 4/8/2016 Federal Home Loan Bank Discount Note, 0.27%, 4/15/2016 United States Treasury Bill, 0.254%, 4/14/2016 United States Treasury Bill, bitcoin investering buy 0.234%, 4/21/2016 Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees’Yankee bond denominated in U.

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invest your money in gold stocks generally, and which will generally grow, subject to periodic fluctuations, over the years on a per share basis. For the six months ended March 31, 2016, the Fund had transactions of SHARES OF BENEFICIAL INTEREST At March 31, 2016, there were an unlimited number of shares with no par value of beneficial interest issuance of stock is an investing activity authorized. “Committee”) and other employees of the Advisor. (statistically:

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