SCHEDULE OF INVESTMENTS
Thornburg Income Builder Opportunities Trust June 30, 2024 (Unaudited)

  Issuer-Description SHARES/
PRINCIPAL AMOUNT
VALUE
  Common Stock — 63.8%    
  Automobiles & Components — 2.5%    
  Automobiles — 2.5%    
  Mercedes-Benz Group AG     133,563 $  9,236,051
  Stellantis NV     278,210   5,522,469
                 14,758,520
  Banks — 2.2%    
  Banks — 2.2%    
  ING Groep NV Series N     187,152    3,199,272
  JPMorgan Chase & Co.      30,100    6,088,026
  Regions Financial Corp.     184,100   3,689,364
                 12,976,662
  Consumer Discretionary Distribution & Retail — 1.5%    
  Broadline Retail — 1.5%    
  Alibaba Group Holding Ltd.     202,000    1,823,653
  JD.com, Inc. Class A       4,361       57,689
a MercadoLibre, Inc.       4,300   7,066,620
                  8,947,962
  Consumer Durables & Apparel — 0.8%    
  Household Durables — 0.8%    
  Sony Group Corp. Sponsored ADR      53,225   4,521,464
                  4,521,464
  Consumer Services — 0.0%    
  Hotels, Restaurants & Leisure — 0.0%    
a,b Meituan Class B       9,160     130,320
                    130,320
  Energy — 6.4%    
  Oil, Gas & Consumable Fuels — 6.4%    
  Enbridge, Inc.     250,870    8,924,997
  Eni SpA     173,600    2,668,653
  Equinor ASA     200,000    5,693,547
  Petroleo Brasileiro SA Sponsored ADR     302,585    4,384,457
  Shell plc      89,700    3,227,279
  TC Energy Corp.     191,514    7,259,907
  TotalEnergies SE      84,500   5,640,573
                 37,799,413
  Financial Services — 1.8%    
  Capital Markets — 1.6%    
  CME Group, Inc.      49,000   9,633,400
  Financial Services — 0.2%    
a,b Adyen NV       1,025   1,221,987
                 10,855,387
  Food, Beverage & Tobacco — 2.2%    
  Food Products — 0.7%    
  Nestle SA      40,393   4,123,597
  Tobacco — 1.5%    
  Altria Group, Inc.     187,900   8,558,845
                 12,682,442
  Health Care Equipment & Services — 0.7%    
  Health Care Equipment & Supplies — 0.7%    
  Medtronic plc      55,600   4,376,276
                  4,376,276
  Insurance — 3.4%    
  Insurance — 3.4%    
  Assicurazioni Generali SpA     118,228   2,948,894

SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust June 30, 2024 (Unaudited)

  Issuer-Description SHARES/
PRINCIPAL AMOUNT
VALUE
  Legal & General Group plc   1,643,600 $  4,716,320
  NN Group NV     264,961  12,329,377
                 19,994,591
  Materials — 6.7%    
  Chemicals — 3.4%    
  Akzo Nobel NV      64,367    3,914,065
  Fertiglobe plc   2,294,190    1,505,308
  LyondellBasell Industries NV Class A      82,904    7,930,597
  OCI NV     279,469   6,820,989
  Metals & Mining — 2.3%    
  BHP Group Ltd.     370,500   10,548,810
  Glencore plc     475,000    2,708,617
c GMK Norilskiy Nickel PAO   3,070,000      181,130
a,c Severstal PAO GDR     236,300      14,178
  Paper & Forest Products — 1.0%    
  Mondi plc     290,908   5,584,081
                 39,207,775
  Media & Entertainment — 4.7%    
  Entertainment — 2.2%    
  Nintendo Co. Ltd.     196,000   10,423,121
a Sea Ltd. ADR      36,900   2,635,398
  Interactive Media & Services — 2.1%    
  Meta Platforms, Inc. Class A      15,200    7,664,144
  Tencent Holdings Ltd.      91,600   4,368,245
  Media — 0.4%    
  Schibsted ASA Class A      78,389   2,314,153
                 27,405,061
  Pharmaceuticals, Biotechnology & Life Sciences — 6.0%    
  Pharmaceuticals — 6.0%    
  AstraZeneca plc      21,700    3,389,369
  Bristol-Myers Squibb Co.      69,190    2,873,461
  Pfizer, Inc.     334,611    9,362,416
  Roche Holding AG      69,531  19,308,792
                 34,934,038
  Semiconductors & Semiconductor Equipment — 1.7%    
  Semiconductors & Semiconductor Equipment — 1.7%    
  Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR      58,182  10,112,613
                 10,112,613
  Software & Services — 2.3%    
  Information Technology Services — 0.2%    
a Shopify, Inc. Class A      17,500   1,155,875
  Software — 2.1%    
  Microsoft Corp.      10,700    4,782,365
  Open Text Corp.     128,100    3,846,605
a ServiceNow, Inc.       5,000   3,933,350
                 13,718,195
  Technology Hardware & Equipment — 3.4%    
  Communications Equipment — 2.0%    
  Cisco Systems, Inc.     174,100    8,271,491
  Telefonaktiebolaget LM Ericsson Class B     577,800   3,587,059
  Electronic Equipment, Instruments & Components — 1.4%    
  Keyence Corp.      11,000    4,823,482
  Lotes Co. Ltd.      62,189   3,124,642
                 19,806,674
  Telecommunication Services — 7.9%    
  Diversified Telecommunication Services — 7.4%    
  AT&T, Inc.     841,453  16,080,167

SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust June 30, 2024 (Unaudited)

  Issuer-Description SHARES/
PRINCIPAL AMOUNT
VALUE
  Deutsche Telekom AG     374,086 $  9,406,735
  Orange SA   1,776,372  17,795,110
  Wireless Telecommunication Services — 0.5%    
  Vodafone Group plc   3,450,000   3,042,333
                 46,324,345
  Transportation — 1.7%    
  Air Freight & Logistics — 1.7%    
  Deutsche Post AG     241,827   9,787,033
                  9,787,033
  Utilities — 7.9%    
  Electric Utilities — 4.5%    
  Endesa SA     514,135    9,655,001
  Enel SpA   2,405,127  16,727,063
  Gas Utilities — 1.7%    
  Snam SpA   2,221,272   9,827,121
  Independent Power and Renewable Electricity Producers — 0.8%    
  Capital Power Corp.     155,920   4,443,785
  Multi-Utilities — 0.9%    
  E.ON SE     418,109   5,487,471
                 46,140,441
  Total Common Stock (Cost $428,277,543)             374,479,212
  Preferred Stock — 0.7%    
  Capital Goods — 0.1%    
  Trading Companies & Distributors — 0.1%    
d,e WESCO International, Inc. Series A 10.625% (5-Yr. CMT + 10.330%)      21,345     553,476
                    553,476
  Financial Services — 0.6%    
  Capital Markets — 0.6%    
c,e Gabelli Dividend & Income Trust Series J, 4.50%, 3/26/2028         152   3,572,000
                  3,572,000
  Total Preferred Stock (Cost $4,078,737)               4,125,476
  Asset Backed Securities — 3.0%    
  Auto Receivables — 1.3%    
b BOF VII AL Funding Trust I, Series 2023-CAR3 Class A2, 6.291% due 7/26/2032 $  1,288,412    1,295,335
  Carvana Auto Receivables Trust,    
b Series 2021-P3 Class R, due 9/11/2028        2,500      486,248
b Series 2022-P1 Class R, due 1/10/2029        3,000      699,561
b Series 2022-P1 Class XS, due 1/10/2029   71,287,290      315,240
  JPMorgan Chase Bank NA - CACLN,    
b Series 2020-1 Class R, 33.784% due 1/25/2028      438,451      443,548
b Series 2020-2 Class R, 31.355% due 2/25/2028      888,192      933,219
b,e Kinetic Advantage Master Owner Trust, Series 2024-1A Class A, 7.983% (SOFR30A + 2.65%) due 11/15/2027    1,500,000    1,504,406
b Lendbuzz Securitization Trust, Series 2022-1A Class A, 4.22% due 5/17/2027      830,673      816,881
b Santander Consumer Auto Receivables Trust Series 2020-AA Class R, due 1/16/2029        9,000      873,216
b United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028        6,000     116,201
                  7,483,855
  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   2,013,812
                  2,013,812
  Other Asset Backed — 1.4%    
b Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046      750,000      700,945
b FAT Brands Fazoli’s Native I LLC, Series 2021-1 Class A2, 7.00% due 7/25/2051    2,462,500    2,268,194
b,c Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2 Class R, due 6/20/2051       12,500      686,649
b LP LMS Asset Securitization Trust, Series 2021-2A Class D, 6.61% due 1/15/2029    1,000,000      885,489
b Marlette Funding Trust Series 2021-3A Class R, due 12/15/2031       14,510      426,561

SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust June 30, 2024 (Unaudited)

  Issuer-Description SHARES/
PRINCIPAL AMOUNT
VALUE
b Mosaic Solar Loan Trust Series 2021-3A Class R, due 6/20/2052 $  8,449,247 $    331,667
e Prosper Marketplace Issuance Trust Series 2019-4A Class CERT, due 2/17/2026       44,850      215,885
  Upstart Pass-Through Trust,    
b Series 2021-ST5 Class A, 2.00% due 7/20/2027      287,276      278,858
b Series 2021-ST7 Class CERT, due 9/20/2029    3,000,000    1,120,218
b Series 2021-ST8 Class CERT, due 10/20/2029    3,000,000      918,075
b Upstart Structured Pass-Through Trust, Series 2022-4A Class A, 7.01% due 11/15/2030      264,288     264,673
                  8,097,214
  Total Asset Backed Securities (Cost $21,958,846)              17,594,881
  Corporate Bonds — 16.8%    
  Banks — 0.3%    
  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   1,849,620
                  1,849,620
  Capital Goods — 0.3%    
  Construction & Engineering — 0.3%    
b,f IHS Netherlands Holdco BV, 8.00% due 9/18/2027    2,000,000   1,937,980
                  1,937,980
  Commercial & Professional Services — 1.1%    
  Commercial Services & Supplies — 1.1%    
b ACCO Brands Corp., 4.25% due 3/15/2029      500,000      447,230
f Cimpress plc, 7.00% due 6/15/2026    2,000,000    1,996,580
  CoreCivic, Inc., 8.25% due 4/15/2029    1,867,000    1,929,638
b GEO Group, Inc., 8.625% due 4/15/2029    2,000,000   2,049,480
                  6,422,928
  Consumer Durables & Apparel — 0.5%    
  Household Durables — 0.5%    
b CD&R Smokey Buyer, Inc., 6.75% due 7/15/2025    3,000,000   2,982,000
                  2,982,000
  Consumer Services — 0.5%    
  Hotels, Restaurants & Leisure — 0.5%    
b Nathan’s Famous, Inc., 6.625% due 11/1/2025    1,125,000    1,124,516
b TKC Holdings, Inc., 6.875% due 5/15/2028    2,000,000   1,941,240
                  3,065,756
  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    1,482,105
b KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00% due 2/15/2029    2,000,000   2,050,160
                  3,532,265
  Energy — 1.5%    
  Oil, Gas & Consumable Fuels — 1.5%    
b Chesapeake Energy Corp., 5.50% due 2/1/2026    2,000,000    1,980,900
b CITGO Petroleum Corp., 7.00% due 6/15/2025    3,000,000    3,000,090
f Petroleos Mexicanos, 6.75% due 9/21/2047    3,000,000    1,970,850
  Sunoco LP/Sunoco Finance Corp., 5.875% due 3/15/2028    2,000,000   1,991,440
                  8,943,280
  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   2,742,150
                  2,742,150
  Financial Services — 1.9%    
  Capital Markets — 0.7%    
b,f B3 SA - Brasil Bolsa Balcao, 4.125% due 9/20/2031    1,750,000    1,529,762
b Blue Owl Technology Finance Corp., 3.75% due 6/17/2026   3,000,000   2,797,320

SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust June 30, 2024 (Unaudited)

  Issuer-Description SHARES/
PRINCIPAL AMOUNT
VALUE
  Consumer Finance — 0.7%    
b FirstCash, Inc., 6.875% due 3/1/2032 $  3,750,000 $  3,749,325
  Financial Services — 0.5%    
b United Wholesale Mortgage LLC, 5.50% due 11/15/2025    3,000,000   2,982,150
                 11,058,557
  Food, Beverage & Tobacco — 2.2%    
  Beverages — 1.1%    
b,f Bacardi Ltd., 5.15% due 5/15/2038    3,000,000    2,771,220
b,f Becle SAB de CV, 2.50% due 10/14/2031    2,500,000    1,975,375
b,f Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL, 5.25% due 4/27/2029    2,000,000   1,857,140
  Food Products — 0.5%    
b Post Holdings, Inc., 5.50% due 12/15/2029    3,000,000   2,892,120
  Tobacco — 0.6%    
b Vector Group Ltd., 10.50% due 11/1/2026    3,492,000   3,528,352
                 13,024,207
  Health Care Equipment & Services — 0.5%    
  Health Care Providers & Services — 0.5%    
  Tenet Healthcare Corp., 6.75% due 5/15/2031    3,000,000   3,046,320
                  3,046,320
  Household & Personal Products — 0.5%    
  Household Products — 0.5%    
  Scotts Miracle-Gro Co.,    
  4.375% due 2/1/2032    1,500,000    1,291,635
  4.50% due 10/15/2029    1,500,000   1,370,370
                  2,662,005
  Insurance — 0.6%    
  Insurance — 0.6%    
e Enstar Finance LLC, 5.75% (5-Yr. CMT + 5.470%) due 9/1/2040    2,500,000    2,460,025
f Enstar Group Ltd., 3.10% due 9/1/2031    1,000,000     826,040
                  3,286,065
  Materials — 1.6%    
  Containers & Packaging — 0.6%    
b Matthews International Corp., Class C, 5.25% due 12/1/2025    3,414,000   3,338,380
  Metals & Mining — 1.0%    
f AngloGold Ashanti Holdings plc, 6.50% due 4/15/2040    2,000,000    2,006,940
  Cleveland-Cliffs, Inc., 7.00% due 3/15/2027    3,000,000    2,979,660
b Stillwater Mining Co., 4.50% due 11/16/2029    1,500,000   1,219,455
                  9,544,435
  Media & Entertainment — 1.4%    
  Media — 1.4%    
  CCO Holdings LLC/CCO Holdings Capital Corp.,    
b 4.25% due 1/15/2034    2,000,000    1,517,100
  4.50% due 5/1/2032    2,000,000    1,612,920
b Sirius XM Radio, Inc., 5.50% due 7/1/2029    2,500,000    2,348,825
b,f Telenet Finance Luxembourg Notes SARL, 5.50% due 3/1/2028    3,000,000   2,844,780
                  8,323,625
  Real Estate Management & Development — 0.4%    
  Real Estate Management & Development — 0.4%    
b Cushman & Wakefield U.S. Borrower LLC, 6.75% due 5/15/2028    2,000,000   1,984,880
                  1,984,880
  Semiconductors & Semiconductor Equipment — 0.3%    
  Semiconductors & Semiconductor Equipment — 0.3%    
b Qorvo, Inc., 3.375% due 4/1/2031    2,000,000   1,713,460
                  1,713,460
  Software & Services — 0.8%    

SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust June 30, 2024 (Unaudited)

  Issuer-Description SHARES/
PRINCIPAL AMOUNT
VALUE
  Information Technology Services — 0.5%    
b Science Applications International Corp., 4.875% due 4/1/2028 $  3,000,000 $  2,862,570
  Internet Software & Services — 0.3%    
b,f Prosus NV, 4.027% due 8/3/2050    3,000,000   2,026,800
                  4,889,370
  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   1,663,060
                  1,663,060
  Utilities — 1.0%    
  Electric Utilities — 1.0%    
b,f AES Espana BV, 5.70% due 5/4/2028    2,000,000    1,901,440
f Comision Federal de Electricidad, 5.00% due 9/29/2036    3,530,000    3,098,952
b Midland Cogeneration Venture LP, 6.00% due 3/15/2025    1,029,236   1,014,436
                  6,014,828
  Total Corporate Bonds (Cost $100,815,973)              98,686,791
  Other Government — 1.3%    
b,g Dominican Republic International Bonds (DOP), 10.75% due 6/1/2036 170,000,000   2,911,718
  Egypt Treasury Bills (EGP), Series 364D, due 3/11/2025 126,975,000    2,238,096
b,f Finance Department Government of Sharjah, 4.00% due 7/28/2050   3,500,000   2,262,435
  Total Other Government (Cost $7,328,428)               7,412,249
  U.S. Treasury Securities — 2.8%    
  U.S. Treasury Inflation-Indexed Bonds,    
  0.125%, 2/15/2051    8,128,148    4,698,768
  0.25%, 2/15/2050    3,658,260    2,232,396
  0.75%, 2/15/2042    4,162,320    3,249,861
  1.50%, 2/15/2053    4,218,720    3,545,537
  2.125%, 2/15/2054   2,553,800   2,483,870
  Total U.S. Treasury Securities (Cost $16,804,930)              16,210,432
  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     985,660
  Total U.S. Government Agencies (Cost $1,026,845)                 985,660
  Mortgage Backed — 8.6%    
b,e Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062    1,637,746   1,533,542
  Barclays Mortgage Trust, Whole Loan Securities Trust CMO,    
b,e Series 2021-NPL1 Class A, 2.00% due 11/25/2051    2,530,888    2,435,129
b,e Series 2022-RPL1 Class A, 4.25% due 2/25/2028    1,954,837    1,870,998
  Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,e Series 2021-J3 Class B4, 2.859% due 9/25/2051      350,000      190,741
b,e Series 2021-J3 Class B6, 2.859% due 9/25/2051      194,916       60,672
b Cogent Ipv4 LLC, CMBS, Series 2024-1A Class A2, 7.924% due 5/25/2054    1,600,000    1,628,866
  CSMC Trust, CMBS,    
b,e Series 2020-522F Class A, 9.182% (TSFR1M + 3.85%) due 9/16/2025    2,000,000    1,171,777
b,e Series 2021-BPNY Class A, 9.158% (TSFR1M + 3.83%) due 8/15/2026    2,000,000    1,773,166
  CSMC Trust, Whole Loan Securities Trust CMO,    
b,e Series 2021-NQM8 Class M1, 3.256% due 10/25/2066    3,000,000    1,984,483
b,e Series 2022-NQM5 Class A3, 5.169% due 5/25/2067    1,415,168    1,366,071
  Federal Home Loan Mtg Corp.,    
e Pool 760027, 4.38% (5-Yr. CMT + 1.380%) due 11/1/2047      305,278      297,166
e Pool 841463, 2.156% (2.18% - SOFR30A) due 7/1/2052    3,314,980    2,855,353
  Federal Home Loan Mtg Corp., UMBS Collateral, Pool SD8373, 6.00% due 11/1/2053    3,771,952    3,780,961
  Federal National Mtg Assoc.,    
e Pool BJ2784, 4.975% (5-Yr. CMT + 1.600%) due 12/1/2047      144,554      142,555
e Pool BJ4423, 4.985% (5-Yr. CMT + 1.360%) due 1/1/2048      235,750      231,832
e Pool BK4138, 5.475% (5-Yr. CMT + 1.600%) due 4/1/2048      380,695      379,909
e Pool BN7152, 7.035% (H15T1Y + 2.16%) due 11/1/2047      363,863      367,529

SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust June 30, 2024 (Unaudited)

  Issuer-Description SHARES/
PRINCIPAL AMOUNT
VALUE
e Pool BN7153, 5.331% (H15T1Y + 2.16%) due 4/1/2048 $    640,116 $    665,081
e Pool BP0632, 4.445% (H15T1Y + 2.07%) due 7/1/2049      110,053      111,452
e Pool CB2214, 1.525% (2.20% - SOFR30A) due 11/1/2051    2,683,118    2,393,219
  Federal National Mtg Assoc., UMBS Collateral, Pool MA5166, 6.00% due 10/1/2053    1,299,656    1,302,760
b,e GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066      802,683      728,918
b,e Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 5.516% due 5/25/2065    3,000,000    2,802,878
  Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO,    
b,e Series 2022-1 A Class A1, 5.082% due 7/25/2067    1,296,003    1,277,597
b Series 2024-RTL1 Class A1, 7.12% due 7/25/2029    2,455,000    2,454,245
b Houston Galleria Mall Trust, CMBS, Series 2015-HGLR Class A1A2, 3.087% due 3/5/2037    2,000,000    1,948,465
  JP Morgan Mortgage Trust, Whole Loan Securities Trust CMO,    
b,e Series 2021-11 Class B5, 3.022% due 1/25/2052      703,946      478,054
b,e Series 2021-11 Class B6, 2.763% due 1/25/2052      838,666      360,409
b,e Series 2023-3 Class A4B, 5.50% due 10/25/2053    1,677,743    1,650,681
  Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO,    
b,e,h Series 2021-INV2 Class AX1, 0.122% due 8/25/2051   99,071,360      491,275
b,e,h Series 2021-INV2 Class AX4, 0.70% due 8/25/2051    6,742,163      267,652
b,e Series 2021-INV2 Class B5, 3.322% due 8/25/2051      309,814      219,120
b,e Series 2021-INV2 Class B6, 3.205% due 8/25/2051    1,500,868      721,265
b,e,h Series 2021-INV3 Class AX1, 0.162% due 10/25/2051   25,529,930      183,504
b,e,h Series 2021-INV3 Class AX4, 0.55% due 10/25/2051    2,072,235       55,976
b,e Series 2021-INV3 Class B5, 3.212% due 10/25/2051       94,051       66,587
b,e Series 2021-INV3 Class B6, 3.144% due 10/25/2051      410,576      202,192
b,e MFA Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.25% due 4/25/2066      750,000      635,619
b Morgan Stanley Capital I, Inc., CMBS, Series 2024-BPR2 Class A, 7.291% due 5/5/2029    1,998,856    2,037,465
  New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO,    
b,e,h Series 2021-INV1 Class AX1, 0.75% due 6/25/2051   31,411,804    1,153,231
b,e Series 2021-INV1 Class B5, 3.25% due 6/25/2051      359,035      265,194
b,e Series 2021-INV1 Class B6, 1.995% due 6/25/2051      643,392      324,653
  Sequoia Mortgage Trust, Whole Loan Securities Trust CMO,    
b,e Series 2021-9 Class A1, 2.50% due 1/25/2052    2,221,466    1,790,115
b,e Series 2023-3 Class A1, 6.00% due 9/25/2053    1,343,987    1,333,925
b,e Starwood Mortgage Residential Trust, Whole Loan Securities Trust CMO, Series 2021-6 Class M1, 3.386% due 11/25/2066    1,500,000      926,406
  Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO,    
b,e,h Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051   26,941,426      749,966
b,e Series 2021-INV1 Class B4, 3.312% due 8/25/2051      496,572      374,414
b,e Series 2021-INV1 Class B5, 3.312% due 8/25/2051      392,529      271,157
b,e Series 2021-INV1 Class B6, 3.312% due 8/25/2051      302,412     125,945
  Total Mortgage Backed (Cost $51,955,760)              50,440,170
  Short-Term Investments — 2.0%    
i Thornburg Capital Management Fund   1,194,645  11,946,452
  Total Short-Term Investments (Cost $11,946,452)              11,946,452
  Total Investments — 99.2% (Cost $644,193,514)   $581,881,323
  Other Assets Less Liabilities — 0.8%   4,498,785
  Net Assets — 100.0%   $586,380,108
    
OUTSTANDING WRITTEN OPTIONS CONTRACTS AT JUNE 30, 2024
CONTRACT
DESCRIPTION
CONTRACT
PARTY*
CONTRACT
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
NOTIONAL
AMOUNT
PREMIUMS
RECEIVED USD
VALUE
USD
WRITTEN CALL OPTIONS – (0.1)%                  
INSURANCE – (0.0)%          
NN Group NV UAG 76,061 EUR 45.00 9/20/2024 EUR 3,304,851 $    77,017 $    (39,979)
MATERIALS – (0.0)%          
Glencore plc GST 475,000 GBP 5.00 7/19/2024 GBP 2,142,725      66,883       (2,429)

SCHEDULE OF INVESTMENTS, Continued
Thornburg Income Builder Opportunities Trust June 30, 2024 (Unaudited)

OUTSTANDING WRITTEN OPTIONS CONTRACTS AT JUNE 30, 2024
CONTRACT
DESCRIPTION
CONTRACT
PARTY*
CONTRACT
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
NOTIONAL
AMOUNT
PREMIUMS
RECEIVED USD
VALUE
USD
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.1)%          
Astrazeneca plc UAG 21,700 GBP 127.50 8/16/2024 GBP 2,681,252 $    68,013 $    (68,029)
Roche Holding AG UAG 10,500 CHF 255.00 8/16/2024 CHF 2,619,750      48,011      (48,033)
                116,024 (116,062)
TELECOMMUNICATION SERVICES – (0.0)%          
Deutsche Telekom AG GST 123,579 EUR 23.00 7/19/2024 EUR 2,901,635     37,716      (84,850)
TRANSPORTATION – (0.0)%          
DHL Group GST 105,118 EUR 40.00 7/19/2024 EUR 3,972,409      66,455      (15,801)
TOTAL WRITTEN CALL OPTIONS               $364,095 $(259,121)
WRITTEN PUT OPTIONS – (0.0)%                  
BANKS – (0.0)%          
ING Groep NV JPM 177,500 EUR 15.50 8/2/2024 EUR 2,833,255 $    71,096 $    (55,040)
ENERGY – (0.0)%          
Shell plc JPM 85,100 EUR 32.00 7/19/2024 EUR 2,858,934     41,104       (5,909)
FINANCIAL SERVICES – (0.0)%          
CME Group, Inc. JPM 10,800 USD 190.00 8/16/2024 USD 2,123,280     27,000      (27,676)
TELECOMMUNICATION SERVICES – (0.0)%          
Singapore Telecommunications Ltd. JPM 1,612,000 SGD 2.40 8/1/2024 SGD 4,433,000     41,904       (1,845)
UTILITIES – (0.0)%          
Enel SpA JPM 258,000 EUR 6.40 7/19/2024 EUR 1,675,452      25,628      (30,985)
TOTAL WRITTEN PUT OPTIONS               $206,732 $(121,455)
TOTAL               $570,827 $(380,576)
    
* Counterparties include JPMorgan Chase Bank, N.A.  (“JPM”), UBS AG ("UAG") 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, 2024, the aggregate value of these securities in the Trust’s portfolio was $133,059,270, representing 22.69% of the Trust’s net assets. 
c Security currently fair valued by Thornburg Investment Management, Inc.’s Valuation and Pricing Committee.
d Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
e 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, 2024.
f Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations.
g When-issued security.
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
ADR American Depositary Receipt
CMBS Commercial Mortgage-Backed Securities
CMO Collateralized Mortgage Obligation
CMT Constant Maturity Rate
DOP Denominated in Dominican Peso
EGP Denominated in Egyptian Pound
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
UMBS Uniform Mortgage Backed Securities
CHF Swiss Franc
EUR Euro
GBP Great Britain Pound
SGD Singapore Dollar
USD United States Dollar

NOTES TO SCHEDULE OF INVESTMENTS
Thornburg Income Builder Opportunities Trust June 30, 2024 (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 asked 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 beconsidered 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, 2024 (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 Trust’s investments may be significantly affected on days when shareholders cannot purchase or sell Trust’s 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
9/30/23
Purchases
at Cost
Sales
Proceeds
Realized
Gain
(Loss)
Change in
Unrealized
Appr./(Depr.)
Market Value
6/30/24
Dividend
Income
Thornburg Capital Mgmt. Fund $32,557,057 $205,992,175 $(226,602,780) $- $- $11,946,452 $1,574,307

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