SEC Form N-CSRS filed by Thornburg Income Builder Opportunities Trust
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23600
Thornburg Income Builder Opportunities Trust
(Exact name of registrant as specified in charter)
c/o Thornburg Investment Management, Inc.
2300 North Ridgetop Road, Santa Fe, New Mexico 87506
(Address of principal executive offices) (Zip code)
Garrett Thornburg, 2300 North Ridgetop Road, Santa Fe, New Mexico 87506
(Name and address of agent for service)
Registrant’s telephone number, including area code: 505-984-0200
Date of fiscal year end: September 30
Date of reporting period: March 31, 2024
Item 1. Reports to Stockholders
The following annual reports are attached hereto, in order:
Thornburg Income Builder Opportunities Trust
Trust Overview
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
Issuer-Description | SHARES/
PRINCIPAL AMOUNT |
VALUE | |
Common Stock — 60.8% | |||
Automobiles & Components — 3.1% | |||
Automobiles — 3.1% | |||
Mercedes-Benz Group AG | 133,563 | $ 10,635,610 | |
Stellantis NV | 278,210 | 7,873,343 | |
18,508,953 | |||
Banks — 4.1% | |||
Banks — 4.1% | |||
ING Groep NV Series N, | 692,299 | 11,387,035 | |
JPMorgan Chase & Co. | 45,600 | 9,133,680 | |
Regions Financial Corp. | 184,100 | 3,873,464 | |
24,394,179 | |||
Consumer Discretionary Distribution & Retail — 1.4% | |||
Broadline Retail — 1.4% | |||
Alibaba Group Holding Ltd. | 202,000 | 1,813,042 | |
JD.com, Inc. Class A | 4,361 | 60,120 | |
a | MercadoLibre, Inc. | 4,300 | 6,501,428 |
8,374,590 | |||
Consumer Durables & Apparel — 0.8% | |||
Household Durables — 0.8% | |||
Sony Group Corp. Sponsored ADR | 53,225 | 4,563,511 | |
4,563,511 | |||
Consumer Services — 0.0% | |||
Hotels, Restaurants & Leisure — 0.0% | |||
a,b | Meituan Class B | 9,160 | 113,287 |
113,287 | |||
Consumer Staples Distribution & Retail — 0.6% | |||
Consumer Staples Distribution & Retail — 0.6% | |||
Tesco plc | 878,000 | 3,286,825 | |
3,286,825 | |||
Energy — 6.2% | |||
Oil, Gas & Consumable Fuels — 6.2% | |||
Enbridge, Inc. | 250,870 | 9,065,805 | |
Eni SpA | 173,600 | 2,743,400 | |
Equinor ASA | 200,000 | 5,362,878 | |
Petroleo Brasileiro SA Sponsored ADR | 302,585 | 4,602,318 | |
Shell plc | 89,700 | 2,995,603 | |
TC Energy Corp. | 149,675 | 6,015,508 | |
TotalEnergies SE | 84,500 | 5,786,104 | |
36,571,616 | |||
Financial Services — 2.1% | |||
Capital Markets — 1.8% | |||
CME Group, Inc. | 49,000 | 10,549,210 | |
Financial Services — 0.3% | |||
a,b | Adyen NV | 1,025 | 1,733,928 |
12,283,138 | |||
Food, Beverage & Tobacco — 1.6% | |||
Food Products — 0.2% | |||
Nestle SA | 12,000 | 1,274,048 | |
Tobacco — 1.4% | |||
Altria Group, Inc. | 187,900 | 8,196,198 | |
9,470,246 | |||
Health Care Equipment & Services — 0.8% | |||
Health Care Equipment & Supplies — 0.8% | |||
Medtronic plc | 55,600 | 4,845,540 |
6 | Semi-Annual Report |
See notes to financial statements. |
Issuer-Description | SHARES/
PRINCIPAL AMOUNT |
VALUE | |
4,845,540 | |||
Insurance — 4.0% | |||
Insurance — 4.0% | |||
Assicurazioni Generali SpA | 241,687 | $ 6,117,054 | |
Legal & General Group plc | 1,643,600 | 5,277,450 | |
NN Group NV | 264,961 | 12,240,232 | |
23,634,736 | |||
Materials — 6.2% | |||
Chemicals — 3.0% | |||
Fertiglobe plc | 2,294,190 | 1,749,263 | |
LyondellBasell Industries NV Class A | 82,904 | 8,479,421 | |
OCI NV | 279,469 | 7,655,215 | |
Metals & Mining — 2.3% | |||
BHP Group Ltd. | 370,500 | 10,688,387 | |
Glencore plc | 475,000 | 2,609,715 | |
c | MMC Norilsk Nickel PJSC | 30,700 | 181,130 |
a,c | Severstal PAO GDR | 236,300 | 14,178 |
Paper & Forest Products — 0.9% | |||
Mondi plc | 290,908 | 5,123,850 | |
36,501,159 | |||
Media & Entertainment — 4.0% | |||
Entertainment — 2.1% | |||
Nintendo Co. Ltd. | 196,000 | 10,693,381 | |
a | Sea Ltd. ADR | 36,900 | 1,981,899 |
Interactive Media & Services — 1.9% | |||
Meta Platforms, Inc. Class A | 15,200 | 7,380,816 | |
Tencent Holdings Ltd. | 91,600 | 3,555,441 | |
23,611,537 | |||
Pharmaceuticals, Biotechnology & Life Sciences — 5.5% | |||
Pharmaceuticals — 5.5% | |||
AstraZeneca plc | 21,700 | 2,924,560 | |
Novartis AG | 24,000 | 2,325,087 | |
Pfizer, Inc. | 334,611 | 9,285,455 | |
Roche Holding AG | 69,531 | 17,709,454 | |
32,244,556 | |||
Semiconductors & Semiconductor Equipment — 3.0% | |||
Semiconductors & Semiconductor Equipment — 3.0% | |||
ASML Holding NV | 3,450 | 3,320,797 | |
QUALCOMM, Inc. | 20,396 | 3,453,043 | |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 78,882 | 10,731,896 | |
17,505,736 | |||
Software & Services — 1.9% | |||
Information Technology Services — 0.2% | |||
a | Shopify, Inc. Class A | 17,500 | 1,350,475 |
Software — 1.7% | |||
Microsoft Corp. | 10,700 | 4,501,704 | |
Open Text Corp. | 42,700 | 1,656,869 | |
a | ServiceNow, Inc. | 5,000 | 3,812,000 |
11,321,048 | |||
Technology Hardware & Equipment — 3.8% | |||
Communications Equipment — 2.0% | |||
Cisco Systems, Inc. | 174,100 | 8,689,331 | |
Telefonaktiebolaget LM Ericsson Class B | 577,800 | 3,111,397 | |
Electronic Equipment, Instruments & Components — 1.8% | |||
Keyence Corp. | 11,000 | 5,093,077 | |
Lotes Co. Ltd. | 125,189 | 5,417,744 | |
22,311,549 | |||
Telecommunication Services — 6.6% |
See
notes to financial statements. |
Semi-Annual Report | 7 |
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
Issuer-Description | SHARES/
PRINCIPAL AMOUNT |
VALUE | |
Diversified Telecommunication Services — 6.1% | |||
AT&T, Inc. | 841,453 | $ 14,809,573 | |
Deutsche Telekom AG | 250,837 | 6,088,848 | |
Orange SA | 1,271,145 | 14,931,527 | |
Wireless Telecommunication Services — 0.5% | |||
Vodafone Group plc | 3,450,000 | 3,068,122 | |
38,898,070 | |||
Utilities — 5.1% | |||
Electric Utilities — 4.3% | |||
Endesa SA | 514,135 | 9,520,988 | |
Enel SpA | 2,405,127 | 15,877,404 | |
Independent Power and Renewable Electricity Producers — 0.8% | |||
Capital Power Corp. | 155,920 | 4,398,289 | |
29,796,681 | |||
Total Common Stock (Cost $402,179,248) | 358,236,957 | ||
Preferred Stock — 0.4% | |||
Financial Services — 0.4% | |||
Capital Markets — 0.4% | |||
c,d | Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028 | 102 | 2,406,588 |
2,406,588 | |||
Total Preferred Stock (Cost $2,358,500) | 2,406,588 | ||
Asset Backed Securities — 2.8% | |||
Auto Receivables — 1.0% | |||
b | BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 | $ 1,453,583 | 1,461,568 |
Carvana Auto Receivables Trust, | |||
b | Series 2021-P3 Class R, due 9/11/2028 | 2,500 | 494,716 |
b | Series 2022-P1 Class R, due 1/10/2029 | 3,000 | 706,899 |
b | Series 2022-P1 Class XS, due 1/10/2029 | 76,170,629 | 352,343 |
b | Credit Suisse ABS Trust Series 2020-AT1 Class CERT, due 6/15/2026 | 16,617 | 117,638 |
JPMorgan Chase Bank NA - CACLN, | |||
b | Series 2020-1 Class R, 33.784% due 1/25/2028 | 619,022 | 653,093 |
b | Series 2020-2 Class R, 31.355% due 2/25/2028 | 1,186,587 | 1,292,213 |
b | Lendbuzz Securitization Trust, Series 2022-1A Class A, 4.22% due 5/17/2027 | 997,285 | 977,914 |
b | United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | 6,000 | 75,468 |
6,131,852 | |||
Credit Card — 0.3% | |||
b | Mercury Financial Credit Card Master Trust, Series 2023-1A Class A, 8.04% due 9/20/2027 | 2,000,000 | 2,017,169 |
2,017,169 | |||
Other Asset Backed — 1.5% | |||
b | Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | 750,000 | 661,301 |
b | FAT Brands Fazoli’s Native I LLC, Series 2021-1 Class A2, 7.00% due 7/25/2051 | 2,475,000 | 2,276,235 |
b,c | Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051 | 12,500 | 700,230 |
b | LP LMS Asset Securitization Trust, Series 2021-2A Class D, 6.61% due 1/15/2029 | 1,000,000 | 876,232 |
b | Marlette Funding Trust Series 2021-3A Class R, due 12/15/2031 | 14,510 | 556,818 |
b | Mosaic Solar Loan Trust Series 2021-3A Class R, due 6/20/2052 | 8,449,247 | 348,354 |
d | Prosper Marketplace Issuance Trust Series 2019-4A Class CERT, due 2/17/2026 | 44,850 | 353,239 |
Upstart Pass-Through Trust, | |||
b | Series 2021-ST5 Class A, 2.00% due 7/20/2027 | 424,387 | 409,512 |
b | Series 2021-ST7 Class CERT, due 9/20/2029 | 3,000,000 | 1,296,432 |
b | Series 2021-ST8 Class CERT, due 10/20/2029 | 3,000,000 | 825,882 |
b | Upstart Structured Pass-Through Trust, Series 2022-4A Class A, 7.01% due 11/15/2030 | 411,034 | 411,703 |
8,715,938 | |||
Total Asset Backed Securities (Cost $22,275,686) | 16,864,959 | ||
Corporate Bonds — 17.7% | |||
Banks — 0.3% |
8 | Semi-Annual Report |
See notes to financial statements. |
Issuer-Description | SHARES/
PRINCIPAL AMOUNT |
VALUE | |
Banks — 0.3% | |||
d,e | Bank of New York Mellon Corp., Series I, 3.75% (5-Yr. CMT + 2.630%) due 12/20/2026 | $ 2,000,000 | $ 1,834,560 |
1,834,560 | |||
Capital Goods — 0.3% | |||
Construction & Engineering — 0.3% | |||
b,f | IHS Netherlands Holdco BV, 8.00% due 9/18/2027 | 2,000,000 | 1,908,700 |
1,908,700 | |||
Commercial & Professional Services — 0.8% | |||
Commercial Services & Supplies — 0.8% | |||
b | ACCO Brands Corp., 4.25% due 3/15/2029 | 500,000 | 450,005 |
f | Cimpress plc, 7.00% due 6/15/2026 | 2,000,000 | 1,999,900 |
CoreCivic, Inc., 8.25% due 4/15/2029 | 1,867,000 | 1,952,751 | |
4,402,656 | |||
Consumer Durables & Apparel — 0.5% | |||
Household Durables — 0.5% | |||
b | CD&R Smokey Buyer, Inc., 6.75% due 7/15/2025 | 3,000,000 | 2,972,070 |
2,972,070 | |||
Consumer Services — 0.5% | |||
Hotels, Restaurants & Leisure — 0.5% | |||
b | Nathan’s Famous, Inc., 6.625% due 11/1/2025 | 1,125,000 | 1,123,189 |
b | TKC Holdings, Inc., 6.875% due 5/15/2028 | 2,000,000 | 1,897,480 |
3,020,669 | |||
Consumer Staples Distribution & Retail — 0.6% | |||
Consumer Staples Distribution & Retail — 0.6% | |||
b | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.875% due 2/15/2028 | 1,500,000 | 1,484,355 |
b | KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029 | 2,000,000 | 2,027,000 |
3,511,355 | |||
Energy — 1.5% | |||
Oil, Gas & Consumable Fuels — 1.5% | |||
b | Chesapeake Energy Corp., 5.50% due 2/1/2026 | 2,000,000 | 1,986,600 |
b | CITGO Petroleum Corp., 7.00% due 6/15/2025 | 3,000,000 | 2,996,880 |
f | Petroleos Mexicanos, 6.75% due 9/21/2047 | 3,000,000 | 1,997,520 |
Sunoco LP/Sunoco Finance Corp., 5.875% due 3/15/2028 | 2,000,000 | 1,984,980 | |
8,965,980 | |||
Equity Real Estate Investment Trusts (REITs) — 0.5% | |||
Diversified REITs — 0.5% | |||
b | Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032 | 3,000,000 | 2,738,310 |
2,738,310 | |||
Financial Services — 2.2% | |||
Capital Markets — 0.7% | |||
b,f | B3 SA - Brasil Bolsa Balcao, 4.125% due 9/20/2031 | 1,750,000 | 1,528,415 |
b | Blue Owl Technology Finance Corp., 3.75% due 6/17/2026 | 3,000,000 | 2,772,600 |
Consumer Finance — 0.7% | |||
b | FirstCash, Inc., 6.875% due 3/1/2032 | 3,750,000 | 3,752,550 |
Financial Services — 0.8% | |||
b | Antares Holdings LP, 2.75% due 1/15/2027 | 2,000,000 | 1,792,460 |
b | United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | 3,000,000 | 2,973,150 |
12,819,175 | |||
Food, Beverage & Tobacco — 2.6% | |||
Beverages — 1.1% | |||
b,f | Bacardi Ltd., 5.15% due 5/15/2038 | 3,000,000 | 2,854,920 |
b,f | Becle SAB de CV, 2.50% due 10/14/2031 | 2,500,000 | 1,993,375 |
b,f | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029 | 2,000,000 | 1,906,480 |
Food Products — 0.5% | |||
b | Post Holdings, Inc., 5.50% due 12/15/2029 | 3,000,000 | 2,898,150 |
See
notes to financial statements. |
Semi-Annual Report | 9 |
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
Issuer-Description | SHARES/
PRINCIPAL AMOUNT |
VALUE | |
Tobacco — 1.0% | |||
b | Vector Group Ltd., 10.50% due 11/1/2026 | $ 5,630,000 | $ 5,662,372 |
15,315,297 | |||
Health Care Equipment & Services — 0.5% | |||
Health Care Providers & Services — 0.5% | |||
b | Tenet Healthcare Corp., 6.75% due 5/15/2031 | 3,000,000 | 3,056,760 |
3,056,760 | |||
Household & Personal Products — 0.9% | |||
Household Products — 0.5% | |||
Scotts Miracle-Gro Co., | |||
4.375% due 2/1/2032 | 1,500,000 | 1,293,780 | |
4.50% due 10/15/2029 | 1,500,000 | 1,357,470 | |
Personal Care Products — 0.4% | |||
b | Edgewell Personal Care Co., 4.125% due 4/1/2029 | 2,548,000 | 2,338,835 |
4,990,085 | |||
Insurance — 0.1% | |||
Insurance — 0.1% | |||
f | Enstar Group Ltd., 3.10% due 9/1/2031 | 1,000,000 | 830,670 |
830,670 | |||
Materials — 1.9% | |||
Containers & Packaging — 0.9% | |||
b | Matthews International Corp., Class C, 5.25% due 12/1/2025 | 3,414,000 | 3,349,339 |
b | Sealed Air Corp., 5.00% due 4/15/2029 | 1,960,000 | 1,881,169 |
Metals & Mining — 1.0% | |||
f | AngloGold Ashanti Holdings plc, 6.50% due 4/15/2040 | 2,000,000 | 1,969,680 |
Cleveland-Cliffs, Inc., 7.00% due 3/15/2027 | 3,000,000 | 3,010,800 | |
b | Stillwater Mining Co., 4.50% due 11/16/2029 | 1,500,000 | 1,180,545 |
11,391,533 | |||
Media & Entertainment — 1.4% | |||
Media — 1.4% | |||
CCO Holdings LLC/CCO Holdings Capital Corp., | |||
b | 4.25% due 1/15/2034 | 2,000,000 | 1,509,440 |
4.50% due 5/1/2032 | 2,000,000 | 1,606,580 | |
b | Sirius XM Radio, Inc., 5.50% due 7/1/2029 | 2,500,000 | 2,380,300 |
b,f | Telenet Finance Luxembourg Notes SARL, 5.50% due 3/1/2028 | 3,000,000 | 2,826,300 |
8,322,620 | |||
Real Estate Management & Development — 0.3% | |||
Real Estate Management & Development — 0.3% | |||
b | Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028 | 2,000,000 | 1,975,080 |
1,975,080 | |||
Semiconductors & Semiconductor Equipment — 0.3% | |||
Semiconductors & Semiconductor Equipment — 0.3% | |||
b | Qorvo, Inc., 3.375% due 4/1/2031 | 2,000,000 | 1,712,420 |
1,712,420 | |||
Software & Services — 1.2% | |||
Information Technology Services — 0.5% | |||
b | Science Applications International Corp., 4.875% due 4/1/2028 | 3,000,000 | 2,865,000 |
Internet Software & Services — 0.3% | |||
b,f | Prosus NV, 4.027% due 8/3/2050 | 3,000,000 | 1,917,240 |
Software — 0.4% | |||
b | MSCI, Inc., 3.875% due 2/15/2031 | 2,500,000 | 2,228,350 |
7,010,590 | |||
Telecommunication Services — 0.3% | |||
Wireless Telecommunication Services — 0.3% | |||
b,f | Vmed O2 U.K. Financing I plc, 4.25% due 1/31/2031 | 2,000,000 | 1,694,300 |
1,694,300 |
10 | Semi-Annual Report |
See notes to financial statements. |
Issuer-Description | SHARES/
PRINCIPAL AMOUNT |
VALUE | |
Utilities — 1.0% | |||
Electric Utilities — 1.0% | |||
b,f | AES Espana BV, 5.70% due 5/4/2028 | $ 2,000,000 | $ 1,842,300 |
f | Comision Federal de Electricidad, 5.00% due 9/29/2036 | 3,530,000 | 3,114,590 |
b | Midland Cogeneration Venture LP, 6.00% due 3/15/2025 | 1,029,236 | 1,005,337 |
5,962,227 | |||
Total Corporate Bonds (Cost $106,287,525) | 104,435,057 | ||
Other Government — 0.7% | |||
Egypt Treasury Bills (EGP), Series 364D, due 3/11/2025 | 126,975,000 | 2,119,518 | |
b,f | Finance Department Government of Sharjah, 4.00% due 7/28/2050 | 3,500,000 | 2,299,780 |
Total Other Government (Cost $4,309,551) | 4,419,298 | ||
U.S. Treasury Securities — 2.4% | |||
U.S. Treasury Inflation-Indexed Bonds, | |||
0.125%, 2/15/2051 | 7,994,768 | 4,786,439 | |
0.25%, 2/15/2050 | 3,598,230 | 2,274,920 | |
0.75%, 2/15/2042 | 4,094,040 | 3,270,527 | |
1.50%, 2/15/2053 | 4,149,480 | 3,628,129 | |
Total U.S. Treasury Securities (Cost $13,932,512) | 13,960,015 | ||
U.S. Government Agencies — 0.2% | |||
b,d,e | Farm Credit Bank of Texas, Series 4, 5.70% (5-Yr. CMT + 5.420%), 9/15/2025 | 1,000,000 | 981,088 |
Total U.S. Government Agencies (Cost $1,032,232) | 981,088 | ||
Mortgage Backed — 6.9% | |||
b,d | Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | 1,705,086 | 1,586,423 |
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
b,d | Series 2021-J3 Class B4, 2.859% due 9/25/2051 | 350,000 | 194,591 |
b,d | Series 2021-J3 Class B6, 2.859% due 9/25/2051 | 200,000 | 67,064 |
CSMC Trust, CMBS, | |||
b,d | Series 2020-522F Class A, 9.179% (TSFR1M + 3.85%) due 9/16/2025 | 2,000,000 | 1,136,940 |
b,d | Series 2021-BPNY Class A, 9.155% (TSFR1M + 3.83%) due 8/15/2026 | 2,000,000 | 1,800,080 |
CSMC Trust, Whole Loan Securities Trust CMO, | |||
b,d | Series 2021-NQM8 Class M1, 3.256% due 10/25/2066 | 3,000,000 | 1,977,996 |
b,d | Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | 1,455,563 | 1,401,330 |
Federal Home Loan Mtg Corp., | |||
d | Pool 760027, 4.38% (5-Yr. CMT + 1.380%) due 11/1/2047 | 309,121 | 300,363 |
d | Pool 841463, 2.154% (2.18% - SOFR30A) due 7/1/2052 | 3,356,220 | 2,912,671 |
Federal Home Loan Mtg Corp., UMBS Collateral, Pool SD8373, 6.00% due 11/1/2053 | 3,854,780 | 3,888,277 | |
Federal National Mtg Assoc., | |||
d | Pool BJ2784, 4.975% (5-Yr. CMT + 1.600%) due 12/1/2047 | 145,294 | 143,319 |
d | Pool BJ4423, 4.985% (5-Yr. CMT + 1.360%) due 1/1/2048 | 236,949 | 232,944 |
d | Pool BK4138, 5.475% (5-Yr. CMT + 1.600%) due 4/1/2048 | 382,449 | 381,133 |
d | Pool BN7152, 5.16% (H15T1Y + 2.16%) due 11/1/2047 | 365,730 | 373,864 |
d | Pool BN7153, 4.41% (H15T1Y + 2.16%) due 4/1/2048 | 643,439 | 668,704 |
d | Pool BP0632, 4.445% (H15T1Y + 2.07%) due 7/1/2049 | 111,451 | 112,136 |
d | Pool CB2214, 1.527% (2.20% - SOFR30A) due 11/1/2051 | 2,746,541 | 2,456,199 |
Federal National Mtg Assoc., UMBS Collateral, Pool MA5166, 6.00% due 10/1/2053 | 1,333,754 | 1,345,345 | |
b,d | GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | 866,321 | 781,750 |
b,d | Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 5.468% due 5/25/2065 | 3,000,000 | 2,772,898 |
b,d | Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2022-1 A Class A1, 5.082% due 7/25/2067 | 1,336,057 | 1,316,492 |
b | Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037 | 2,000,000 | 1,933,941 |
JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,d | Series 2021-11 Class B5, 3.024% due 1/25/2052 | 708,205 | 484,597 |
b,d | Series 2021-11 Class B6, 2.589% due 1/25/2052 | 845,796 | 368,795 |
b,d | Series 2023-3 Class A4B, 5.50% due 10/25/2053 | 1,752,155 | 1,731,310 |
Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, | |||
b,d,g | Series 2021-INV2 Class AX1, 0.123% due 8/25/2051 | 99,948,540 | 502,311 |
b,d,g | Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | 6,848,295 | 274,769 |
b,d | Series 2021-INV2 Class B5, 3.323% due 8/25/2051 | 311,595 | 216,039 |
b,d | Series 2021-INV2 Class B6, 3.217% due 8/25/2051 | 1,508,420 | 736,149 |
b,d,g | Series 2021-INV3 Class AX1, 0.164% due 10/25/2051 | 25,878,786 | 180,569 |
See
notes to financial statements. |
Semi-Annual Report | 11 |
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
Issuer-Description | SHARES/
PRINCIPAL AMOUNT |
VALUE | |
b,d,g | Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | $ 2,100,551 | $ 57,293 |
b,d | Series 2021-INV3 Class B5, 3.214% due 10/25/2051 | 94,621 | 66,656 |
b,d | Series 2021-INV3 Class B6, 3.078% due 10/25/2051 | 412,390 | 206,365 |
b,d | MFA Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | 750,000 | 627,370 |
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, | |||
b,d,g | Series 2021-INV1 Class AX1, 0.75% due 6/25/2051 | 32,007,827 | 1,190,141 |
b,d | Series 2021-INV1 Class B5, 3.25% due 6/25/2051 | 361,492 | 269,397 |
b,d | Series 2021-INV1 Class B6, 2.771% due 6/25/2051 | 647,418 | 329,836 |
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO, | |||
b,d | Series 2021-9 Class A1, 2.50% due 1/25/2052 | 2,268,959 | 1,826,535 |
b,d | Series 2023-3 Class A1, 6.00% due 9/25/2053 | 1,375,984 | 1,372,160 |
b,d | Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-6 Class M1, 3.386% due 11/25/2066 | 1,500,000 | 901,678 |
Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, | |||
b,d,g | Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | 27,479,583 | 764,996 |
b,d | Series 2021-INV1 Class B4, 3.313% due 8/25/2051 | 499,445 | 380,778 |
b,d | Series 2021-INV1 Class B5, 3.313% due 8/25/2051 | 394,799 | 278,294 |
b,d | Series 2021-INV1 Class B6, 3.313% due 8/25/2051 | 304,161 | 129,194 |
Total Mortgage Backed (Cost $41,194,822) | 40,679,692 | ||
Short-Term Investments — 5.3% | |||
h | Thornburg Capital Management Fund | 3,129,992 | 31,299,918 |
Total Short-Term Investments (Cost $31,299,918) | 31,299,918 | ||
Total Investments — 97.2% (Cost $624,869,994) | $573,283,572 | ||
Other Assets Less Liabilities — 2.8% | 16,290,600 | ||
Net Assets — 100.0% | $589,574,172 |
OUTSTANDING WRITTEN OPTIONS CONTRACTS AT MARCH 31, 2024 | |||||||||
CONTRACT
DESCRIPTION |
CONTRACT
PARTY* |
CONTRACT
AMOUNT |
EXERCISE
PRICE |
EXPIRATION
DATE |
NOTIONAL
AMOUNT |
PREMIUMS
RECEIVED USD |
VALUE
USD | ||
WRITTEN CALL OPTIONS – (0.3)% | |||||||||
AUTOMOBILES & COMPONENTS – (0.0)% | |||||||||
Mercedes-Benz Group AG | JPM | 36,800 | EUR | 76.00 | 4/19/2024 | EUR | 2,716,208 | $ 46,528 | $ (20,686) |
BANKS – (0.1)% | |||||||||
Regions Financial Corp. | JPM | 148,500 | USD | 20.00 | 4/19/2024 | USD | 3,124,440 | 100,980 | (193,174) |
ING Groep NV | GST | 233,000 | EUR | 13.00 | 4/26/2024 | EUR | 3,552,318 | 15,170 | (413,719) |
116,150 | (606,893) | ||||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL – (0.1)% | |||||||||
Tesco plc | JPM | 878,000 | GBP | 2.80 | 4/19/2024 | GBP | 2,604,148 | 69,609 | (208,514) |
HEALTH CARE EQUIPMENT & SERVICES – (0.0)% | |||||||||
Medtronic plc | BOA | 27,300 | USD | 90.00 | 4/19/2024 | USD | 2,379,195 | 12,285 | (9,451) |
INSURANCE – (0.0)% | |||||||||
Assicurazioni Generali SpA | JPM | 123,459 | EUR | 22.50 | 4/19/2024 | EUR | 2,896,348 | 54,926 | (136,674) |
MATERIALS – (0.0)% | |||||||||
LyondellBasell Industries NV | GST | 35,800 | USD | 105.00 | 4/19/2024 | USD | 3,661,624 | 28,640 | (22,178) |
MEDIA & ENTERTAINMENT – (0.0)% | |||||||||
Nintendo Co. Ltd. | JPM | 62,000 | JPY | 9,000.00 | 4/12/2024 | JPY | 512,058,000 | 47,570 | (3,769) |
Nintendo Co. Ltd. | GST | 65,000 | JPY | 8,500.00 | 4/12/2024 | JPY | 536,835,000 | 63,258 | (30,801) |
110,828 | (34,570) | ||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)% | |||||||||
Novartis AG | UAG | 24,000 | CHF | 89.00 | 4/19/2024 | CHF | 2,096,880 | 36,100 | (13,969) |
12 | Semi-Annual Report |
See notes to financial statements. |
OUTSTANDING WRITTEN OPTIONS CONTRACTS AT MARCH 31, 2024 | |||||||||
CONTRACT
DESCRIPTION |
CONTRACT
PARTY* |
CONTRACT
AMOUNT |
EXERCISE
PRICE |
EXPIRATION
DATE |
NOTIONAL
AMOUNT |
PREMIUMS
RECEIVED USD |
VALUE
USD | ||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – (0.0)% | |||||||||
QUALCOMM, Inc. | BOA | 20,396 | USD | 177.50 | 4/5/2024 | USD | 3,453,043 | $ 138,081 | $ (5,878) |
ASML Holding NV | JPM | 3,450 | EUR | 980.00 | 4/19/2024 | EUR | 3,078,090 | 63,549 | (27,216) |
201,630 | (33,094) | ||||||||
TECHNOLOGY HARDWARE & EQUIPMENT – (0.1)% | |||||||||
Lotes Co. Ltd. | BOA | 82,000 | TWD | 1,250.00 | 4/17/2024 | TWD | 113,570,000 | 50,634 | (383,382) |
Lotes Co. Ltd. | BOA | 43,189 | TWD | 1,350.00 | 4/17/2024 | TWD | 59,816,765 | 34,076 | (102,892) |
84,710 | (486,274) | ||||||||
TOTAL WRITTEN CALL OPTIONS | $ 761,406 | $ (1,572,303) | |||||||
WRITTEN PUT OPTIONS – (0.0)% | |||||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL – (0.0)% | |||||||||
Tesco plc | JPM | 825,000 | GBP | 2.80 | 4/19/2024 | GBP | 2,446,950 | $ 34,346 | $ (21,567) |
FOOD, BEVERAGE & TOBACCO – (0.0)% | |||||||||
Nestle SA | UAG | 44,800 | CHF | 93.00 | 4/19/2024 | CHF | 4,289,600 | 71,982 | (15,932) |
TELECOMMUNICATION SERVICES – (0.0)% | |||||||||
Orange SA | GST | 257,000 | EUR | 10.50 | 5/31/2024 | EUR | 2,798,216 | 67,228 | (33,125) |
TRANSPORTATION – (0.0)% | |||||||||
Deutsche Post AG | GST | 71,200 | EUR | 38.00 | 5/3/2024 | EUR | 2,841,948 | 52,771 | (21,924) |
UTILITIES – (0.0)% | |||||||||
E.ON SE | JPM | 233,500 | EUR | 11.80 | 4/19/2024 | EUR | 3,008,647 | 58,678 | (2,828) |
TOTAL WRITTEN PUT OPTIONS | $ 285,005 | $ (95,376) | |||||||
TOTAL | $ 1,046,411 | $ (1,667,679) | |||||||
* | Counterparties include JPMorgan Chase Bank, N.A. (“JPM”), UBS AG ("UAG"), Bank of America ("BOA") and Goldman Sachs International ("GST"). |
Footnote Legend | |
a | Non-income producing. |
b | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are restricted but liquid and may only be resold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. As of March 31, 2024, the aggregate value of these securities in the Trust’s portfolio was $130,986,316, representing 22.22% of the Trust’s net assets. |
c | Security currently fair valued by Thornburg Investment Management, Inc.’s Valuation and Pricing Committee. |
d | Variable, floating, step, or fixed to floating rate securities are securities for which interest rate changes are based on changes in a designated base rate or on a predetermined schedule. The rates shown are those in effect on March 31, 2024. |
e | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
f | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
g | Interest only. |
h | Investment in Affiliates. |
See
notes to financial statements. |
Semi-Annual Report | 13 |
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
To simplify the listings of securities, abbreviations are used per the table below:
COUNTRY
EXPOSURE * (percent of net assets) | |
United States | 46.8% |
Netherlands | 6.2% |
Italy | 4.2% |
Canada | 4.1% |
France | 3.5% |
Japan | 3.5% |
Germany | 2.8% |
United Kingdom | 2.8% |
Taiwan | 2.7% |
Australia | 2.6% |
Brazil | 2.1% |
Spain | 1.6% |
China | 1.3% |
Mexico | 1.2% |
Norway | 0.9% |
Austria | 0.9% |
United Arab Emirates | 0.7% |
Sweden | 0.5% |
Bermuda | 0.5% |
Belgium | 0.5% |
Switzerland | 0.4% |
Egypt | 0.4% |
Ireland | 0.3% |
Singapore | 0.3% |
Nigeria | 0.3% |
Guatemala | 0.3% |
Dominican Republic | 0.3% |
South Africa | 0.2% |
Russian Federation | 0.0%** |
Other Assets Less Liabilities | 8.1% |
* | Holdings are classified by country of risk as determined by MSCI and Bloomberg. |
** | Country percentage was less than 0.1%. |
14 | Semi-Annual Report |
See notes to financial statements. |
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
ASSETS | |
Investments at cost | |
Non-affiliated issuers | $ 593,570,076 |
Non-controlled affiliated issuers | 31,299,918 |
Investments at value | |
Non-affiliated issuers | 541,983,654 |
Non-controlled affiliated issuers | 31,299,918 |
Cash | 8,649,218 |
Foreign currency at value (a) | 129,408 |
Cash segregated as collateral on written options | 5,840,000 |
Receivable for investments sold | 5,530 |
Dividends receivable | 1,218,117 |
Tax reclaims receivable | 837,259 |
Principal and interest receivable | 2,205,439 |
Prepaid expenses and other assets | 43,621 |
Total Assets | 592,212,164 |
Liabilities | |
Written options at value (b) | 1,667,679 |
Payable to investment advisor and other affiliates | 663,173 |
Accounts payable and accrued expenses | 307,140 |
Total Liabilities | 2,637,992 |
Net Assets | $ 589,574,172 |
NET ASSETS CONSIST OF | |
Net capital paid in on shares of beneficial interest | $ 641,637,660 |
Accumulated loss | (52,063,488) |
Net Assets | $ 589,574,172 |
NET ASSET VALUE | |
Common Shares: | |
Net assets applicable to shares outstanding | $ 589,574,172 |
Shares outstanding | 32,081,883 |
Net asset value and redemption price per share | $ 18.38 |
(a) | Cost of foreign currency is $129,885. |
(b) | Premiums received $1,046,411. |
Thornburg Income Builder Opportunities Trust | Six Months Ended March 31, 2024 (Unaudited)
INVESTMENT INCOME | |
Dividend income | |
Non-affiliated issuers | $ 7,143,948 |
Non-controlled affiliated issuers | 1,274,409 |
Dividend taxes withheld | (514,062) |
Interest income | 4,992,953 |
Total Income | 12,897,248 |
EXPENSES | |
Investment management fees | 3,539,153 |
Administration fees | 249,161 |
Transfer agent fees | 18,573 |
Custodian fees | 65,940 |
Professional fees | 381,255 |
Trustee and officer fees | 88,785 |
Other expenses | 259,582 |
Total Expenses | 4,602,449 |
Net Investment Income (Loss) | $ 8,294,799 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on: | |
Non-affiliated issuers investments | 10,610,827 |
Options written | 3,752,968 |
Foreign currency transactions | (2,863,846) |
Net realized gain (loss) | 11,499,949 |
Net change in unrealized appreciation (depreciation) on: | |
Non-affiliated issuers investments | 45,650,532 |
Options written | (700,967) |
Foreign currency translations | 3,324 |
Change in net unrealized appreciation (depreciation) | 44,952,889 |
Net Realized and Unrealized Gain (Loss) | 56,452,838 |
Change in Net Assets Resulting from Operations | $ 64,747,637 |
Thornburg Income Builder Opportunities Trust
Six
Months Ended March 31, 2024* |
Year
Ended September 30, 2023 | |
INCREASE (DECREASE) IN NET ASSETS FROM | ||
OPERATIONS | ||
Net investment income | $ 8,294,799 | $ 19,038,924 |
Net realized gain (loss) | 11,499,949 | 23,340,904 |
Net change in unrealized appreciation (depreciation) | 44,952,889 | 62,221,154 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 64,747,637 | 104,600,982 |
DIVIDENDS TO SHAREHOLDERS | ||
From distributable earnings | ||
Common Shares | (20,051,819) | (40,103,637) |
Net Increase (Decrease) in Net Assets | 44,695,818 | 64,497,345 |
NET ASSETS | ||
Beginning of Period | 544,878,354 | 480,381,009 |
End of Period | $ 589,574,172 | $ 544,878,354 |
* | Unaudited. |
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |
Assets | ||||
Investments in Securities | ||||
Common Stock | $ 358,236,957 | $ 358,041,649 | $ — | $ 195,308 |
Preferred Stock | 2,406,588 | — | — | 2,406,588 |
Asset Backed Securities | 16,864,959 | — | 16,164,729 | 700,230 |
Corporate Bonds | 104,435,057 | — | 104,435,057 | — |
Other Government | 4,419,298 | — | 4,419,298 | — |
U.S. Treasury Securities | 13,960,015 | 13,960,015 | — | — |
U.S. Government Agencies | 981,088 | — | 981,088 | — |
Mortgage Backed | 40,679,692 | — | 40,679,692 | — |
Short-Term Investments | 31,299,918 | 31,299,918 | — | — |
Total Investments in Securities | $ 573,283,572 | $ 403,301,582 | $ 166,679,864 | $ 3,302,126 |
Total Assets | $ 573,283,572 | $ 403,301,582 | $ 166,679,864 | $ 3,302,126(a) |
Liabilities | ||||
Other Financial Instruments | ||||
Written Call Options | $ (1,572,303) | $ — | $ (1,572,303) | $ — |
Written Put Options | (95,376) | — | (95,376) | — |
Total Other Financial Instruments | $ (1,667,679) | $ — | $ (1,667,679) | $ — |
Total Liabilities | $ (1,667,679) | $ — | $ (1,667,679) | $— |
(a) | Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended March 31, 2024 is not presented. |
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
Administrative Services Fee Schedule | |
Daily Net Assets | Fee Rate |
Up to $20 billion | 0.100% |
$20 billion to $40 billion | 0.075 |
$40 billion to $60 billion | 0.040 |
Over $60 billion | 0.030 |
Market
Value 9/30/23 |
Purchases
at Cost |
Sales
Proceeds |
Realized
Gain (Loss) |
Change
in Unrealized Appr./(Depr.) |
Market
Value 3/31/24 |
Dividend
Income | |
Thornburg Capital Mgmt. Fund | $32,557,057 | $113,485,329 | $(114,742,468) | $- | $- | $31,299,918 | $1,274,409 |
Cost of investments for tax purposes | $ 624,869,994 |
Gross unrealized appreciation on a tax basis | 20,467,876 |
Gross unrealized depreciation on a tax basis | (72,054,298) |
Net unrealized appreciation (depreciation) on investments (tax basis) | $ (51,586,422) |
Thornburg Income Builder Opportunities Trust | March 31, 2024 (Unaudited)
Type of Derivative(a) | Principal
Risk |
Counter
Party |
Asset
Derivatives |
Liability
Derivatives |
Net
Amount |
Written Options | Options risk | GST | $ — | $ (521,746) | $ (521,746) |
Written Options | Options risk | UAG | — | (29,901) | (29,901) |
Written Options | Options risk | JPM | — | (614,429) | (614,429) |
Written Options | Options risk | BOA | — | (501,603) | (501,603) |
(a) | Generally, the Statement of Assets and Liabilities location for written options is Liabilities - written options at value for liabilities derivatives. |
Net Realized | Net Change in Unrealized | ||
Type of Derivative(a) | Principal Risk | Gain (Loss) | Appreciation (Depreciation) |
Written Options | Options risk | $3,752,968 | $ (700,967) |
(a) | Generally, the Statement of Operations location for written option contracts is Net realized gain (loss) on: options written and Net change in unrealized appreciation (depreciation) on: options written. |
Type of Derivative | Counterparty | Liability Derivatives | Cash Collateral Pledged | Net Amount |
Written Options | GST | $ 521,746 | $ (521,746) | $ – |
Written Options | UAG | 29,901 | (29,901) | – |
Written Options | JPM | 614,429 | (614,429) | – |
Written Options | BOA | 501,603 | (501,603) | – |
Income Builder Opportunities Trust
2024 (a) | 2023 | 2022 | 2021 (b) | |
Per Share Performance (For a Share Outstanding throughout the Period)(c) | ||||
Net Asset Value, Beginning of Period | $16.98 | $14.97 | $19.74 | $20.00 |
Net Investment Income (Loss) | 0.26 | 0.59 | 0.57 | 0.10 |
Net Realized & Unrealized Gain (Loss) on Investments | 1.77 | 2.67 | (4.09) | (0.26) |
Total from Investment Operations | 2.03 | 3.26 | (3.52) | (0.16) |
Dividends from Net Investment Income | (0.63) | (1.14) | (1.25) | (0.10) |
Dividends from Net Realized Gains | 0.00 | (0.11) | 0.00 | 0.00 |
Total Dividends | (0.63) | (1.25) | (1.25) | (0.10) |
Net Asset Value, End of Period | $18.38 | $16.98 | $14.97 | $19.74 |
Market Value, End of Period | $16.17 | $14.60 | $12.76 | $20.05 |
Total Return Applicable To Common Shareholders | ||||
Total Return(d) | 12.15% | 22.06% | (18.85)% | (0.79)% |
Total Return, Market Value(d) | 14.75% | 23.13% | (31.90)% | 0.78% |
Ratios to Average Net Assets | ||||
Net Investment Income (Loss) Ratio(e) | 2.93% | 3.48% | 3.08% | 2.80% |
Expenses, After Expense Reductions Ratio | 1.63% | 1.66% | 1.65% | 1.65% |
Expenses, Before Expense Reductions Ratio | 1.63% | 1.68% | 1.70% | 1.69% |
Supplemental Data | ||||
Portfolio Turnover Rate(d) | 28.06% | 43.27% | 58.30% | 27.91% |
Net Assets at End of Period (Thousands) | $589,574 | $544,878 | $480,381 | $633,163 |
(a) | Unaudited Six Month Period Ended March 31. |
(b) | The Trust commenced operations on July 28, 2021. |
(c) | Unless otherwise noted, periods are fiscal years ended September 30. |
(d) | Not annualized for periods less than one year. |
(e) | Net investment income (loss) includes income from foreign withholding tax claims adjusted for IRS compliance fees and/or tax reclaim collection fees. Without these proceeds, the Net Investment Income (Loss) ratio for 2023 would have been 3.46%. |
March 31, 2024 (Unaudited)
March 31, 2024 (Unaudited)
Votes For | Votes Against/Withheld | |
Nimish S. Bhatt | 20,862,424 | 2,412,472 |
Dina A. Tantra | 20,869,607 | 2,405,289 |
■ | Thornburg Global Opportunities Fund |
■ | Thornburg International Equity Fund |
■ | Thornburg Better World International Fund |
■ | Thornburg International Growth Fund |
■ | Thornburg Developing World Fund |
■ | Thornburg Small/Mid Cap Core Fund |
■ | Thornburg Small/Mid Cap Growth Fund |
■ | Thornburg Investment Income Builder Fund |
■ | Thornburg Income Builder Opportunities Trust |
■ | Thornburg Summit Fund |
■ | Thornburg Ultra Short Income Fund |
■ | Thornburg Limited Term U.S. Government Fund |
■ | Thornburg Limited Term Income Fund |
■ | Thornburg Core Plus Bond Fund |
■ | Thornburg Strategic Income Fund |
■ | Thornburg Short Duration Municipal Fund |
■ | Thornburg Limited Term Municipal Fund |
■ | Thornburg Intermediate Municipal Fund |
■ | Thornburg Strategic Municipal Income Fund |
■ | Thornburg California Limited Term Municipal Fund |
■ | Thornburg New Mexico Intermediate Municipal Fund |
■ | Thornburg New York Intermediate Municipal Fund |
Item 2. Code of Ethics
Not applicable
Item 3. Audit Committee Financial Expert
Not applicable
Item 4. Principal Accountant Fees and Services
Not applicable
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Filed as part of the reports to shareholders filed under item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
The authority to consider candidates recommended by the shareholders in accordance with the Trust’s Procedures for Shareholder Communications is committed to the Governance and Nominating Committee.
Item 11. Controls and Procedures
(a) The principal executive officer and the principal financial officer have concluded that the Trust’s disclosure controls and procedures provide reasonable assurance that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report.
(b) There was no change in the Trust’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report (that is, the registrant’s fourth fiscal quarter) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Thornburg Income Builder Opportunities Trust
By: | /s/ Nimish Bhatt | |
Nimish Bhatt | ||
President and principal executive officer | ||
Date: | May 15, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Nimish Bhatt | |
Nimish Bhatt | ||
President and principal executive officer | ||
Date: | May 15, 2024 | |
By: | /s/ Curtis Holloway | |
Curtis Holloway | ||
Treasurer and principal financial officer | ||
Date: | May 15, 2024 |