SCHEDULE OF INVESTMENTS
Thornburg Income Builder Opportunities Trust
June 30, 2026(Unaudited)
 
 
Issuer-Description
SHARES/
PRINCIPAL AMOUNT
VALUE
 
Common Stock — 67.1%
 
Automobiles & Components — 1.1%
 
Automobiles — 1.1%
 
Mercedes-Benz Group AG
133,563
$6,702,590
a
Stellantis NV
278,210
1,596,926
 
 
8,299,516
 
Banks — 2.2%
 
Banks — 2.2%
 
Citigroup, Inc.
50,610
7,083,376
 
Regions Financial Corp.
302,308
9,129,701
 
 
16,213,077
 
Capital Goods — 0.4%
 
Aerospace & Defense — 0.4%
 
TransDigm Group, Inc.
2,425
3,230,197
 
 
3,230,197
 
Consumer Discretionary Distribution & Retail — 1.7%
 
Broadline Retail — 1.7%
 
Alibaba Group Holding Ltd.
202,000
2,391,439
 
B&M European Value Retail plc
767,245
1,983,521
a
MercadoLibre, Inc.
4,300
7,298,777
a
Sea Ltd. ADR
8,695
833,242
 
 
12,506,979
 
Consumer Durables & Apparel — 0.4%
 
Household Durables — 0.4%
 
Sony Group Corp. Sponsored ADR
133,125
2,670,488
 
 
2,670,488
 
Energy — 6.0%
 
Oil, Gas & Consumable Fuels — 6.0%
 
Enbridge, Inc.
250,870
13,604,380
 
Shell plc
173,200
6,741,405
 
South Bow Corp.
125,957
4,437,026
 
TC Energy Corp.
132,373
8,766,065
 
TotalEnergies SE
145,132
11,281,266
 
 
44,830,142
 
Financial Services — 2.1%
 
Capital Markets — 1.7%
 
CME Group, Inc.
49,000
10,820,670
 
SLR Investment Corp.
125,067
1,547,079
 
Financial Services — 0.1%
a,b
Adyen NV
1,025
960,824
 
Mortgage Real Estate Investment Trusts — 0.3%
 
Chimera Investment Corp.
140,215
1,870,468
 
 
15,199,041
 
Health Care Equipment & Services — 1.1%
 
Health Care Equipment & Supplies — 1.1%
 
Medtronic plc
103,257
8,077,795
 
 
8,077,795
 
Household & Personal Products — 0.4%
 
Household Products — 0.4%
 
Reckitt Benckiser Group plc
40,417
2,632,842
 
 
2,632,842
 
Insurance — 4.5%
 
Insurance — 4.5%
 
AXA SA
119,288
5,976,688
 
Generali
46,287
2,253,537
SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust
June 30, 2026(Unaudited)
 
Issuer-Description
SHARES/
PRINCIPAL AMOUNT
VALUE
 
Legal & General Group plc
1,643,600
$6,235,238
 
NN Group NV
219,661
19,240,482
 
 
33,705,945
 
Materials — 3.3%
 
Chemicals — 1.0%
 
Fertiglobe plc
2,137,000
1,605,892
 
LyondellBasell Industries NV Class A
82,904
4,364,895
 
OCI NV
279,469
1,286,865
 
Metals & Mining — 2.0%
 
BHP Group Ltd.
278,000
11,432,916
 
Glencore plc
475,000
3,237,267
a,c
GMK Norilskiy Nickel PAO
3,070,000
0
a,c
Severstal PAO GDR
236,300
0
 
Paper & Forest Products — 0.3%
 
Mondi plc
290,908
2,640,156
 
 
24,567,991
 
Media & Entertainment — 2.3%
 
Interactive Media & Services — 2.3%
 
Meta Platforms, Inc. Class A
15,200
8,562,008
 
Tencent Holdings Ltd.
122,000
6,685,784
 
Vend Marketplaces ASA Class B
78,389
1,884,789
 
 
17,132,581
 
Pharmaceuticals, Biotechnology & Life Sciences — 7.9%
 
Biotechnology — 0.9%
 
AbbVie, Inc.
25,123
6,321,952
 
Pharmaceuticals — 7.0%
 
Bristol-Myers Squibb Co.
38,400
2,212,608
 
Merck & Co., Inc.
98,411
12,645,813
 
Novartis AG
42,500
6,657,983
 
Pfizer, Inc.
433,052
10,427,892
 
Roche Holding AG
49,031
20,194,947
 
 
58,461,195
 
Semiconductors & Semiconductor Equipment — 4.7%
 
Semiconductors & Semiconductor Equipment — 4.7%
 
Realtek Semiconductor Corp.
115,000
2,909,610
 
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR
66,082
31,558,781
 
 
34,468,391
 
Software & Services — 1.8%
 
Information Technology Services — 0.3%
a
Shopify, Inc. Class A
17,500
1,998,150
 
Software — 1.5%
 
Microsoft Corp.
10,700
3,991,314
 
Open Text Corp.
128,100
2,835,226
 
SAP SE Sponsored ADR
13,700
2,111,307
a
ServiceNow, Inc.
25,000
2,482,000
 
 
13,417,997
 
Technology Hardware & Equipment — 6.9%
 
Communications Equipment — 2.8%
 
Cisco Systems, Inc.
174,100
20,449,786
 
Electronic Equipment, Instruments & Components — 0.7%
 
Keyence Corp.
11,000
5,483,933
 
Technology Hardware, Storage & Peripherals — 3.4%
 
Samsung Electronics Co. Ltd.
116,407
25,095,164
 
 
51,028,883
 
Telecommunication Services — 9.3%
 
Diversified Telecommunication Services — 8.7%
 
AT&T, Inc.
983,953
20,367,827
SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust
June 30, 2026(Unaudited)
 
Issuer-Description
SHARES/
PRINCIPAL AMOUNT
VALUE
 
Deutsche Telekom AG
77,000
$2,098,328
 
Orange SA
1,986,323
37,459,293
 
Telkom Indonesia Persero Tbk PT
35,602,900
4,679,352
 
Wireless Telecommunication Services — 0.6%
 
Vodafone Group plc
3,450,000
4,557,947
 
 
69,162,747
 
Transportation — 1.1%
 
Air Freight & Logistics — 1.1%
 
Deutsche Post AG
136,709
8,294,416
 
 
8,294,416
 
Utilities — 9.9%
 
Electric Utilities — 5.8%
 
Endesa SA
461,554
21,031,578
 
Enel SpA
1,897,635
21,799,460
 
Gas Utilities — 2.0%
 
Snam SpA
2,051,611
14,805,781
 
Independent Power and Renewable Electricity Producers — 0.6%
 
Capital Power Corp.
82,619
4,305,567
 
Multi-Utilities — 1.5%
 
E.ON SE
546,538
11,256,148
 
 
73,198,534
 
Total Common Stock (Cost $412,795,852)
497,098,757
 
Preferred Stock — 0.8%
 
Financial Services — 0.8%
 
Capital Markets — 0.8%
c
Calamos Strategic Total Return Fund, 6.24%, 9/9/2029
106,000
2,613,960
c,d
Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028
152
3,671,712
 
 
6,285,672
 
Total Preferred Stock (Cost $6,177,250)
6,285,672
 
Asset Backed Securities — 2.5%
 
Auto Receivables — 0.6%
b
BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032
$374,957
379,022
 
Carvana Auto Receivables Trust,
b
Series 2021-N4 Class E, 4.53% due 9/11/2028
859,978
846,185
b
Series 2021-P3 Class R, due 9/11/2028
2,500
216,656
b
Series 2022-P1 Class R, due 1/10/2029
3,000
651,827
b
Series 2022-P1 Class XS, due 1/10/2029
20,702,889
51,124
b
GLS Auto Receivables Issuer Trust, Series 2022-2A Class E, 5.50% due 6/15/2029
2,000,000
2,008,566
b
United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028
6,000
313,623
 
 
4,467,003
 
Credit Card — 0.6%
b
Continental Finance Credit Card ABS Master Trust, Series 2024-A Class D, 9.42% due 12/15/2032
2,000,000
2,041,116
b
Fortiva Retail Credit Master Note Business Trust, Series 2025-ONE Class A, 5.55% due 1/15/2031
2,000,000
1,978,300
 
 
4,019,416
 
Other Asset Backed — 1.2%
b
Affirm Asset Securitization Trust, Series 2023-X1 Class D, 9.55% due 11/15/2028
125,834
125,834
b
Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046
444,165
444,717
d
ASP WHCO Partner 2 LP, 6.783% due 3/29/2029
2,500,000
2,493,826
a,b,c,e
FAT Brands due 12/15/2051
1,167,684
596,587
b,c
Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051
12,500
473,582
b,d
Harvest SBA Loan Trust, Series 2024-1 Class A, 5.949% (SOFR30A + 2.25%) due 12/25/2051
1,558,953
1,568,827
b
LP LMS Asset Securitization Trust, Series 2021-2A Class D, 6.61% due 1/15/2029
946,144
708,991
b
Marlette Funding Trust Series 2021-3A Class R, due 12/15/2031
14,510
238,603
 
Mosaic Solar Loan Trust,
b
Series 2018-2GS Class D, 7.44% due 2/22/2044
1,480,486
1,280,217
b
Series 2021-3A Class R, due 6/20/2052
8,500,000
391,298
SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust
June 30, 2026(Unaudited)
 
Issuer-Description
SHARES/
PRINCIPAL AMOUNT
VALUE
 
Upstart Pass-Through Trust,
b
Series 2021-ST7 Class CERT, due 9/20/2029
$3,000,000
$77,832
b
Series 2021-ST8 Class CERT, due 10/20/2029
3,000,000
105,348
b
Upstart Securitization Trust, Series 2023-1 Class C, 11.10% due 2/20/2033
433,115
436,735
 
 
8,942,397
 
Student Loan — 0.1%
d
National Collegiate Student Loan Trust, Series 2007-2 Class A4, 4.053% (TSFR1M + 0.40%) due 1/25/2033
1,065,243
1,037,952
 
 
1,037,952
 
Total Asset Backed Securities (Cost $19,583,871)
18,466,768
 
Corporate Bonds — 11.7%
 
Banks — 0.3%
 
Banks — 0.3%
d,f
Bank of New York Mellon Corp., Series I, 3.75% (5-Yr. CMT + 2.63%) due 12/20/2026
2,500,000
2,479,625
 
 
2,479,625
 
Commercial & Professional Services — 0.6%
 
Commercial Services & Supplies — 0.6%
b
ACCO Brands Corp., 4.25% due 3/15/2029
500,000
465,385
 
CoreCivic, Inc., 8.25% due 4/15/2029
1,867,000
1,944,966
 
GEO Group, Inc., 8.625% due 4/15/2029
2,000,000
2,081,360
 
 
4,491,711
 
Consumer Durables & Apparel — 0.1%
 
Household Durables — 0.1%
b
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50% due 10/15/2029
1,500,000
795,105
 
 
795,105
 
Consumer Staples Distribution & Retail — 0.2%
 
Consumer Staples Distribution & Retail — 0.2%
b
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029
1,408,000
1,473,768
 
 
1,473,768
 
Energy — 1.9%
 
Oil, Gas & Consumable Fuels — 1.9%
d,g
Enbridge, Inc., Series 2017-A, 5.50% (TSFR3M + 3.68%) due 7/15/2077
5,588,000
5,582,859
d,f
Energy Transfer LP, Series H, 6.50% (5-Yr. CMT + 5.69%) due 11/15/2026
1,000,000
1,001,650
 
NuStar Logistics LP, 5.625% due 4/28/2027
2,800,000
2,806,776
g
Petroleos Mexicanos, 6.75% due 9/21/2047
3,000,000
2,564,910
b,d,f
Sunoco LP, 7.875% (5-Yr. CMT + 4.23%) due 9/18/2030
500,000
519,900
 
Sunoco LP/Sunoco Finance Corp., 5.875% due 3/15/2028
2,000,000
1,998,580
 
 
14,474,675
 
Equity Real Estate Investment Trusts (REITs) — 0.8%
 
Diversified REITs — 0.8%
b
Iron Mountain Information Management Services, Inc., 5.00% due 7/15/2032
3,000,000
2,880,810
 
LifeStorage LP, 3.50% due 7/1/2026
2,750,000
2,750,000
 
 
5,630,810
 
Financial Services — 1.2%
 
Capital Markets — 0.2%
b
KKR Reign I LLC, 5.00% due 5/30/2049
3,500,000
1,610,000
 
Consumer Finance — 0.5%
b
FirstCash, Inc., 6.875% due 3/1/2032
3,750,000
3,852,600
 
Financial Services — 0.5%
b
Antares Holdings LP, 3.95% due 7/15/2026
2,000,000
1,999,040
 
FBG Bid Co. LLC,
a,b,c,e
8.50% due 6/20/2056
723,000
499,122
a,b,c,e
10.50% due 6/20/2056
325,923
166,519
a,b,c,e
FBG Top Co. LLC, 12.50% due 6/20/2056
1,001,405
511,633
 
 
8,638,914
SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust
June 30, 2026(Unaudited)
 
Issuer-Description
SHARES/
PRINCIPAL AMOUNT
VALUE
 
Food, Beverage & Tobacco — 1.3%
 
Beverages — 1.3%
b,g
Bacardi Ltd., 5.15% due 5/15/2038
$3,000,000
$2,795,760
b,g
Becle SAB de CV, 2.50% due 10/14/2031
2,500,000
2,144,525
b,g
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029
2,000,000
1,966,080
c
Industrializadora Integral del agave SAPI de CV, 9.25% due 11/26/2031
2,000,000
1,977,600
 
PepsiCo, Inc., 7.29% due 9/15/2026
1,000,000
1,005,050
 
 
9,889,015
 
Health Care Equipment & Services — 0.4%
 
Health Care Providers & Services — 0.4%
 
Tenet Healthcare Corp., 6.75% due 5/15/2031
3,000,000
3,073,320
 
 
3,073,320
 
Materials — 0.5%
 
Metals & Mining — 0.5%
g
AngloGold Ashanti Holdings plc, 6.50% due 4/15/2040
2,000,000
2,097,680
b
Stillwater Mining Co., 4.50% due 11/16/2029
1,500,000
1,436,925
 
 
3,534,605
 
Media & Entertainment — 0.7%
 
Media — 0.7%
 
CCO Holdings LLC/CCO Holdings Capital Corp.,
b
4.50% due 5/1/2032
1,357,000
1,198,611
 
4.50% due 5/1/2032
2,000,000
1,766,560
b
Sirius XM Radio LLC, 5.50% due 7/1/2029
2,500,000
2,494,825
 
 
5,459,996
 
Real Estate Management & Development — 0.1%
 
Real Estate Management & Development — 0.1%
b
Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028
615,000
615,959
 
 
615,959
 
Software & Services — 2.4%
 
Information Technology Services — 1.0%
 
Booz Allen Hamilton, Inc., 5.95% due 4/15/2035
2,500,000
2,488,500
 
Meta Platforms, Inc., 6.30% due 5/15/2056
2,326,000
2,314,579
b
Science Applications International Corp., 4.875% due 4/1/2028
3,000,000
2,977,260
 
Internet Software & Services — 0.3%
b,g
Prosus NV, 4.027% due 8/3/2050
3,000,000
2,102,130
 
Software — 1.1%
b
Fair Isaac Corp., 4.00% due 6/15/2028
5,000,000
4,884,150
b,g
Open Text Corp., 6.90% due 12/1/2027
1,000,000
1,022,370
b
Oracle Corp., 4.64% due 10/2/2026
2,000,000
1,976,876
 
 
17,765,865
 
Technology Hardware & Equipment — 0.3%
 
Electronic Equipment, Instruments & Components — 0.3%
b,g
Sensata Technologies BV, 5.875% due 9/1/2030
2,000,000
2,006,880
 
 
2,006,880
 
Telecommunication Services — 0.3%
 
Diversified Telecommunication Services — 0.3%
b
Space Exploration Technologies Corp., 5.65% due 7/15/2033
2,000,000
1,988,680
 
 
1,988,680
 
Utilities — 0.6%
 
Electric Utilities — 0.6%
b,g
AES Espana BV, 5.70% due 5/4/2028
2,000,000
1,951,780
g
Comision Federal de Electricidad, 5.00% due 9/29/2036
1,866,000
1,744,803
d
Duke Energy Corp., 3.25% (5-Yr. CMT + 2.32%) due 1/15/2082
1,000,000
984,890
 
 
4,681,473
 
Total Corporate Bonds (Cost $88,099,471)
87,000,401
SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust
June 30, 2026(Unaudited)
 
Issuer-Description
SHARES/
PRINCIPAL AMOUNT
VALUE
 
Convertible Bonds — 0.2%
 
Media & Entertainment — 0.2%
 
Media — 0.2%
 
Comcast Holdings Corp. (Guaranty: Comcast Corp.), 2.00% due 10/15/2029
$2,100,000
$1,319,094
 
 
1,319,094
 
Total Convertible Bonds (Cost $1,442,285)
1,319,094
 
Other Government — 0.9%
b
Dominican Republic International Bonds (DOP), 10.75% due 6/1/2036
170,000,000
3,066,339
b,g
Finance Department Government of Sharjah, 4.00% due 7/28/2050
3,500,000
2,287,880
b
Republic of Uzbekistan International Bonds (UZS), 15.50% due 2/25/2028
13,000,000,000
1,153,327
 
Total Other Government (Cost $6,216,345)
6,507,546
 
U.S. Treasury Securities — 1.8%
 
U.S. Treasury Inflation-Indexed Bonds, 2.375%, 2/15/2055
3,165,210
2,915,208
 
U.S. Treasury Notes, 1.75%, 1/31/2029
619,000
582,585
 
U.S. Treasury Strip Coupon,
 
7.438%, 8/15/2043
5,000,000
2,096,008
 
7.945%, 8/15/2041
8,000,000
3,779,988
 
8.165%, 5/15/2039
2,500,000
1,353,682
 
10.82%, 5/15/2050
5,000,000
1,467,719
 
U.S. Treasury Strip Principal, 13.71%, 2/15/2056
5,000,000
1,169,809
 
Total U.S. Treasury Securities (Cost $13,379,418)
13,364,999
 
U.S. Government Agencies — 0.5%
d,f
CoBank ACB, Series I, 6.25% (TSFR3M + 4.66%), 10/1/2026
3,500,000
3,500,070
 
Total U.S. Government Agencies (Cost $3,506,285)
3,500,070
 
Mortgage Backed — 7.4%
b,d
Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062
1,250,302
1,210,442
 
Barclays Mortgage Trust, Whole Loan Securities Trust CMO,
b,d
Series 2021-NPL1 Class A, 6.00% due 11/25/2051
1,302,552
1,303,512
b,d
Series 2022-RPL1 Class A, 7.25% due 2/25/2028
1,451,548
1,459,943
b,d
BX Trust, CMBS, Series 2025-LIFE Class A, 6.08% due 6/13/2047
2,000,000
1,985,883
 
Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO,
b,d
Series 2021-J3 Class B4, 2.86% due 9/25/2051
350,000
194,666
b,d
Series 2021-J3 Class B6, 2.86% due 9/25/2051
194,288
81,127
b
Cogent IPv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054
567,000
580,170
b,d
CSMC Trust, CMBS, Series 2021-BPNY Class A, 7.455% (TSFR1M + 3.83%) due 8/15/2026
1,849,057
1,838,092
 
CSMC Trust, Whole Loan Securities Trust CMO,
b,d
Series 2021-NQM8 Class M1, 3.256% due 10/25/2066
3,000,000
2,313,361
b,d
Series 2022-NQM5 Class A3, 5.169% due 5/25/2067
1,142,161
1,138,384
 
Federal Home Loan Mtg Corp.,
d
Pool 760027, 4.38% (5-Yr. CMT + 1.38%) due 11/1/2047
262,580
258,831
d
Pool 841463, 2.152% (2.18% - SOFR30A) due 7/1/2052
2,832,037
2,571,484
 
Federal Home Loan Mtg Corp., UMBS Collateral,
 
Pool SD8373, 6.00% due 11/1/2053
2,269,623
2,323,355
 
Pool SD8469, 5.50% due 10/1/2054
2,749,989
2,766,015
 
Federal National Mtg Assoc.,
d
Pool BJ4423, 4.985% (5-Yr. CMT + 1.36%) due 1/1/2048
225,526
224,343
d
Pool BN7152, 5.66% (H15T1Y + 2.16%) due 11/1/2047
348,075
357,587
d
Pool BN7153, 5.66% (H15T1Y + 2.16%) due 4/1/2048
263,599
271,046
d
Pool BP0632, 6.195% (H15T1Y + 2.07%) due 7/1/2049
96,935
99,915
d
Pool CB2214, 1.531% (2.21% - SOFR30A) due 11/1/2051
2,204,573
2,114,582
 
Federal National Mtg Assoc., UMBS Collateral,
 
Pool MA5166, 6.00% due 10/1/2053
774,603
793,012
 
Pool MA5972, 5.50% due 2/1/2056
1,903,825
1,911,363
b,d
GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066
404,028
379,266
d
Government National Mtg Assoc., CMO, Series 2025-118 Class S, 8.218% (21.45% - SOFR30A) due 7/20/2055
1,740,165
1,734,151
SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust
June 30, 2026(Unaudited)
 
Issuer-Description
SHARES/
PRINCIPAL AMOUNT
VALUE
 
JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO,
b,d
Series 2021-11 Class B5, 3.016% due 1/25/2052
$668,881
$523,155
b,d
Series 2021-11 Class B6, 2.243% due 1/25/2052
793,605
403,104
b,d
Series 2023-3 Class A4B, 5.50% due 10/25/2053
962,230
957,957
 
Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO,
b,d,h
Series 2021-INV2 Class AX1, 0.107% due 8/25/2051
84,967,613
344,671
b,d,h
Series 2021-INV2 Class AX4, 0.70% due 8/25/2051
5,821,829
238,065
b,d
Series 2021-INV2 Class B5, 3.307% due 8/25/2051
294,946
236,402
b,d
Series 2021-INV2 Class B6, 3.307% due 8/25/2051
1,436,977
796,802
b,d,h
Series 2021-INV3 Class AX1, 0.144% due 10/25/2051
22,499,911
136,545
b,d,h
Series 2021-INV3 Class AX4, 0.55% due 10/25/2051
1,826,291
50,816
b,d
Series 2021-INV3 Class B5, 3.194% due 10/25/2051
89,275
70,749
b,d
Series 2021-INV3 Class B6, 3.124% due 10/25/2051
394,979
226,574
 
MFA Trust, Whole Loan Securities Trust CMO,
b,d
Series 2022-INV1 Class A3, 4.25% due 4/25/2066
750,000
698,482
b,d
Series 2024-NPL1 Class A1, 6.33% due 9/25/2054
1,189,230
1,191,008
b
Morgan Stanley Capital I Trust, CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029
1,912,594
1,990,690
 
New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO,
b,d,h
Series 2021-INV1 Class AX1, 0.745% due 6/25/2051
27,356,200
1,108,271
b,d
Series 2021-INV1 Class B5, 3.245% due 6/25/2051
338,716
280,861
b,d
Series 2021-INV1 Class B6, 3.234% due 6/25/2051
607,754
381,291
b,d
NLT Trust, Whole Loan Securities Trust CMO, Series 2023-1 Class B2, 3.685% due 10/25/2062
3,000,000
1,891,688
b,d
NRM FHT1 Excess Owner LLC, Whole Loan Securities Trust CMO, Series 2025-FHT1 Class A, 6.545% due 3/25/2032
1,583,195
1,579,657
b,d
Pretium Mortgage Credit Partners LLC, Whole Loan Securities Trust CMO, Series 2026-NPL5 Class A1, 5.71% due 4/25/2056
2,456,292
2,456,762
b,d
PRPM LLC, Whole Loan Securities Trust CMO, Series 2025-1 Class A1, 5.993% due 4/25/2030
1,323,993
1,319,609
b,d
RFT Trust, Whole Loan Securities Trust CMO, Series 2025-RR1 Class A1, 6.767% due 6/27/2028
1,802,878
1,804,401
 
Sequoia Mortgage Trust, Whole Loan Securities Trust CMO,
b,d
Series 2021-9 Class A1, 2.50% due 1/25/2052
1,923,892
1,582,452
b,d
Series 2023-3 Class A1, 6.00% due 9/25/2053
873,210
885,508
b,d
SFO Commercial Mortgage Trust, CMBS, Series 2021-555 Class A, 5.14% (TSFR1M + 1.51%) due 5/15/2038
1,043,000
1,041,499
b,d
SKY Trust, CMBS, Series 2025-LINE Class A, 6.214% (TSFR1M + 2.59%) due 4/15/2042
793,100
796,736
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
1,112,967
b,d
Towd Point Mortgage Trust, Whole Loan Securities Trust CMO, Series 2025-R1 Class A1, 4.00% due 11/27/2057
1,852,208
1,596,444
 
Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO,
b,d,h
Series 2021-INV1 Class A2, 0.50% due 8/25/2051
22,888,301
665,086
b,d
Series 2021-INV1 Class B4, 3.302% due 8/25/2051
472,456
397,775
b,d
Series 2021-INV1 Class B5, 3.302% due 8/25/2051
373,465
304,894
b,d
Series 2021-INV1 Class B6, 3.302% due 8/25/2051
289,276
144,054
 
Total Mortgage Backed (Cost $55,241,069)
55,125,505
 
Short-Term Investments — 6.7%
i
Thornburg Capital Management Fund
4,960,614
49,606,142
 
Total Short-Term Investments (Cost $49,606,142)
49,606,142
 
Total Investments — 99.6% (Cost $656,047,988)
$738,274,954
 
Other Assets Less Liabilities — 0.4%
3,075,425
 
Net Assets — 100.0%
$741,350,379
SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust
June 30, 2026(Unaudited)

 
Outstanding Written Options Contracts At June 30, 2026
Contract
Description
Contract
Party*
Contract
Amount
Exercise
Price
Expiration
Date
Notional
Amount
Premiums
Received USD
Value
USD
Written Call Option – (0.0)%
 
 
 
Banks – (0.0)%
 
Citigroup, Inc.
GST
20,200
USD
135.00
7/17/2026
USD
2,827,192
$107,464
$(151,966
)
Written Put Options – (0.3)%
 
 
 
Financial Services – (0.1)%
 
CME Group, Inc.
GST
11,100
USD
240.00
7/17/2026
USD
2,451,213
$82,140
$(222,200
)
Semiconductors & Semiconductor Equipment – (0.1)%
 
Broadcom, Inc.
BOA
9,100
USD
420.00
7/17/2026
USD
3,437,525
110,747
(406,175
)
Broadcom, Inc.
GST
7,000
USD
380.00
7/17/2026
USD
2,644,250
89,950
(111,714
)
Broadcom, Inc.
GST
7,400
USD
360.00
7/17/2026
USD
2,795,350
67,118
(57,688
)
 
 
 
 
 
267,815
(575,577
)
Software & Services – (0.0)%
 
Microsoft Corp.
GST
10,600
USD
355.00
7/17/2026
USD
3,954,012
57,240
(39,977
)
SAP SE
GST
23,300
USD
145.00
8/21/2026
USD
3,590,763
136,305
(145,829
)
 
 
 
 
 
193,545
(185,806
)
Telecommunication Services – (0.1)%
 
AT&T, Inc.
GST
115,900
USD
23.00
7/17/2026
USD
2,399,130
76,494
(297,265
)
Deutsche Telekom AG
JPM
116,600
EUR
28.00
7/17/2026
EUR
2,780,910
62,392
(554,199
)
 
 
 
 
 
138,886
(851,464
)
 
 
TOTAL WRITTEN PUT OPTIONS
 
 
 
$682,386
$(1,835,047
)
 
 
TOTAL
 
 
 
$789,850
$(1,987,013
)
 
 
*
Counterparties include JPMorgan Chase Bank, N.A.  (“JPM”), 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 June 30, 2026, the aggregate value of these securities in the Trust’s portfolio was
$108,439,874, representing 14.63% 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 June 30, 2026.
e
Bond in default.
f
Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
g
Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations.
h
Interest only.
i
Investment in Affiliates.
Portfolio Abbreviations
To simplify the listings of securities, abbreviations are used per the table below:
 
ABS
Asset Backed Securities
ACB
Agricultural Credit Bank
ADR
American Depositary Receipt
CMBS
Commercial Mortgage-Backed Securities
CMO
Collateralized Mortgage Obligation
CMT
Constant Maturity Rate
DOP
Denominated in Dominican Peso
GDR
Global Depositary Receipt
H15T1Y
US Treasury Yield Curve Rate T-Note Constant Maturity 1 Year
Mtg
Mortgage
SOFR30A
Secured Overnight Financing Rate 30-Day Average
TSFR1M
Term SOFR 1 Month
TSFR3M
Term SOFR 3 Month
UMBS
Uniform Mortgage-Backed Securities
UZS
Denominated in Uzbekistani Som
EUR
Euro
USD
United States Dollar
NOTES TO SCHEDULE OF INVESTMENTS
Thornburg Income Builder Opportunities Trust
June 30, 2026 (Unaudited)
NOTE 1 – ORGANIZATION
Thornburg Income Builder Opportunities Trust (the “Trust") is organized as a Delaware statutory trust and commenced operations on July 28, 2021. The Trust is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act").
NOTE 2 – SECURITY VALUATION
Valuation of the Trust’s portfolio investment securities is performed by the Thornburg Investment Management, Inc., the Trust’s investment advisor (the "Advisor"), which has been designated by the Trustees of the Trust (the "Trustees") as the Trust’s “valuation designee” as that term is defined in rule 2a-5 under the 1940 Act. The Advisor performs this valuation function under the supervision of the Trustees and in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees (the “Valuation Policy and Procedures”).
In its capacity as the Trust’s valuation designee, the Advisor makes good faith determinations of the fair value of portfolio securities for which market quotations are not readily available, and otherwise complies with and administers the Valuation Policy and Procedures. The Advisor performs those functions in significant measure through its Valuation and Pricing Committee (the “Committee”), though the Advisor may also obtain the assistance of others, including professional pricing service providers selected and approved by the Committee. In accordance with the Valuation Policy and Procedures, the Committee: assesses and manages the material risks associated with determining the fair value of those Trust investments for which market quotations are not readily available; selects and applies methodologies for determining and calculating such fair values; periodically reviews and tests the appropriateness and accuracy of those methodologies; monitors for circumstances that may necessitate the use of fair value; and approves, monitors, and evaluates pricing services engaged to provide evaluated prices for the Trust’s investments. The Committee provides reports on its activities to the Trustees’ Audit Committee, which is responsible for overseeing the Committee’s and the Advisor’s work in discharging the functions under the Valuation Policy and Procedures.
In those instances when the Committee assists in calculating a fair value for a portfolio investment, the Committee seeks to determine the price that the Trust would reasonably expect to receive upon a sale of the investment in an orderly transaction between market participants on the valuation date. The Committee customarily utilizes quotations from securities broker dealers in calculating valuations, but also may utilize prices obtained from pricing service providers or other methods selected by the Committee. Because fair values calculated by the Committee are estimates, the calculation of a fair value for an investment may differ from the price that would be realized by the Trust upon a sale of the investment, and the difference could be material to the Trust’s financial statements. The Committee’s calculation of a fair value for an investment may also differ from the prices obtained by other persons (including other mutual funds) for the investment.
Valuation of Securities: Securities and other portfolio investments which are listed or traded on a United States securities exchange are generally valued at the last reported sale price on the valuation date or, if there has been no sale of the investment on that date, at the mean between the last reported bid and ask prices for the investment on that date. Portfolio investments reported by NASDAQ are valued at the official closing price on the valuation date. If an investment is traded on more than one exchange, the investment is considered traded on the exchange that is normally the primary market for that investment. For securities and other portfolio investments which are primarily listed or traded on an exchange outside the United States, the time for determining the investment’s value in accordance with the first sentence of this paragraph will be the close of that investment’s primary exchange preceding the Trust’s valuation time.
In any case when a market quotation is not readily available for a portfolio investment ordinarily valued by market quotation, the Committee calculates a fair value for the investment using methodologies selected and approved by the Committee as described in the Valuation Policy and Procedures, subject to changes or additions by the Committee. For this purpose, a market quotation is considered to be readily available if it is a quoted price (unadjusted) in active markets for identical investments that the Trust can access at the measurement date. Pursuant to the Valuation Policy and Procedures, the Committee shall monitor for circumstances that may necessitate the use of fair valuation methodologies, including circumstances in which a market quotation for an investment is no longer reliable or is otherwise not readily available. For that purpose, a market quotation is not readily available when the primary market or exchange for the applicable investment is not open for the entire scheduled day of trading. A market quotation may also not be readily available if: (a) developments occurring after the most recent close of the applicable investment’s primary exchange, but prior to the close of business on any business day; or (b) an unusual event or significant period of time occurring since the availability of the market quotation, create a serious question concerning the reliability of that market quotation. Additionally, a market quotation will be considered unreliable if it would require adjustment under GAAP, or where GAAP would require consideration of additional inputs in determining the value of the investment. The Committee customarily obtains valuations in those instances from pricing service providers approved by the Committee. Such pricing service providers ordinarily calculate valuations using multi-factor models to adjust market prices based upon various inputs, including exchange data, depository receipt prices, futures, index data, and other data.
Investments in U.S. closed-end funds are valued at the exchange-traded price if they are listed.
Over-the-counter options are valued by a third-party pricing service provider.
NOTES TO SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust
June 30, 2026 (Unaudited)
Debt obligations held by the Trust which are not listed or traded on exchanges or for which no reported market exists are ordinarily valued at the valuation obtained from a pricing service provider approved by the Committee.
In any case when a pricing service provider fails to provide a valuation for a debt obligation held by the Trust, the Committee may calculate a fair value for the obligation using alternative methods selected and approved by the Committee. Additionally, in cases when the Committee believes that a valuation obtained from a pricing service provider is stale, does not reflect material factors affecting the valuation of the investment, is significantly different than the value the Trust is likely to obtain if it sought a bid for the investment, or is otherwise unreliable, the Committee may calculate a fair value for the obligation using an alternative method selected and approved by the Committee.
If the market quotation for an investment is expressed in a foreign currency, that market quotation will be converted to U.S. dollars using a foreign exchange quotation from a third-party service at the time of valuation. Foreign investments held by the Trust may be traded on days and at times when the Trust is not open for business. Consequently, the value of the Trust’s investments may be significantly affected on days when shareholders are unable to buy or sell Trust shares.
NOTE 3 – Investments with Affiliates
Shown below are holdings of voting securities of each portfolio company which is considered "affiliated" to the Trust under the 1940 Act, including companies for which the Trust’s holding represented 5% or more of the company’s voting securities, and a series of the Thornburg Investment Trust in which the Trust invested for cash management purposes during the period: 
 
Market Value
9/30/25
Purchases
at Cost
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appr./(Depr.)
Market Value
6/30/26
Dividend
Income
Thornburg Capital Mgmt. Fund
$29,519,607
$126,160,628
$(106,074,093
)
$-
$-
$49,606,142
$1,314,154