Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

TERMS AND CONDITIONS OF USE

Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline
Capabilities
Investments
Insights
Resources
About Us
Home » Investments » Closed-End Funds » Thornburg Income Builder Opportunities Trust*
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Income Builder Opportunities Trust*

Closing NAV
$18.58
As of 21 Nov 2024
Closing Share Price
$16.47
As of 21 Nov 2024
Premium Discount
-11.36%
As of 21 Nov 2024
Distribution Rate
7.59%
As of 21 Nov 2024
Inception Date
27 Jul 2021
As of 21 Nov 2024

Portfolio Managers

Matt Burdett
Head of Equities and Managing Director
Christian Hoffmann, CFA
Head of Fixed Income and Managing Director
OverviewFund FactsPerformanceDistributionsPortfolio CharacteristicsPortfolio ManagersLiterature
Overview

Overview

Update: As of 30 August 2024, Ben Kirby will be stepping down from his portfolio management duties. View Press Release

Investment Rationale

The Trust’s investment objective is to provide current income and additional total return. There is no assurance that the Trust will achieve its investment objective. The Trust seeks to provide investors with the following potential benefits:

  • Current income stream and additional total return
  • Active global allocation to navigate increasingly volatile markets
  • Diversified income from global dividends and opportunistic fixed income
  • Regular monthly distributions†

Download Investor Brochure

Investment Approach

The Trust seeks current income and additional total return by investing in a broad range of income-producing securities to include both equity and debt securities of companies located in the U.S. and around the globe. The Trust additionally expects to employ an options strategy to generate current income from options premiums and to improve risk-adjusted returns. There can be no assurance that the Trust will achieve its investment objective, and you could lose some or all of your investment.

Investment Strategy

The Trust will invest at least 80% of its Managed Assets, directly or indirectly, in a broad range of income-producing securities. The Trust will invest in both equity and debt securities of companies located in the United States and around the globe. The Trust may invest in companies of any market capitalization and may invest in both U.S. and non-U.S. countries, including up to 20% of its Managed Assets at the time of investment in equity and debt securities of emerging market companies. The Trust’s global equity allocation is expected to represent 75% of Managed Assets and may vary over time between 50% to 90% of Managed Assets. The Trust’s global debt allocation is expected to represent 25% of Managed Assets and may vary over time between 10% to 50% of Managed Assets.

The Trust’s options strategy is intended to generate current income from options premiums and to improve its risk-adjusted returns. The notional amount of the options strategy will be approximately 10% to 40% of the Trust’s Managed Assets.‡

The Trust has a 12-year term.§

For term definitions and index descriptions, please access the glossary in the footer.

Related Content

Thornburg Investment Management courtyard
Thornburg Investment Income Builder Fund – 3rd Quarter Update 2024
Markets & Economy
Dividends Matter—Portfolio Resiliency in Uncertain Times
Thornburg Investment Income Builder Fund – 2nd Quarter Update 2024
Fund Facts

Fund Facts

(As of 31 Oct 2024)
Common Net Assets
$608,000,215
Leverage
0.00%
Total Managed Assets
$608,000,215
Common Shares Outstanding
32,081,883
Average Daily Volume (last 30 days)
68,434
Fees & Expenses

Fees & Expenses

(As of 31 Oct 2024)
Management Fee1
1.25%
Administration Fee
0.08%
Other Expenses2
0.25%
Total Annual Expenses
1.59%

1. The management fee is charged as a percentage of the Trust’s average daily Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include assets attributable to the Trust’s use of leverage.

2. “Other Expenses” are based on estimated amounts for the current fiscal year.

Performance

Performance

Total Returns

(As of 30 Sep 2024)
YTD
1y
3y
Inception
Total Price (%)
20.64
30.50
3.05
3.13
Total NAV (%)
12.97
22.56
6.68
6.03
Investment Income Builder Blended Index (%)
15.13
26.96
6.52
5.63
YTD
1y
3y
Inception
Total Price (%)
17.06
31.36
1.76
2.10
Total NAV (%)
10.84
22.77
4.87
5.25
Investment Income Builder Blended Index (%)
12.71
27.56
4.31
4.79

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The Blended Index is composed of 25% Bloomberg Barclay’s U.S. Aggregate Total Return Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

Pricing

Pricing

(As of 21 Nov 2024)
Date
Share Price ($)
NAV ($)
Premium/discount (%)
21 Nov 2024
16.47
18.58
-11.36
20 Nov 2024
16.49
18.55
-11.11
19 Nov 2024
16.63
18.60
-10.59
18 Nov 2024
16.60
18.64
-10.94
15 Nov 2024
16.56
18.52
-10.58
14 Nov 2024
16.67
18.51
-9.94
13 Nov 2024
16.55
18.51
-10.59
12 Nov 2024
16.70
18.59
-10.17
11 Nov 2024
17.01
18.85
-9.76
8 Nov 2024
17.08
18.85
-9.39
Distributions

Distributions

(As of 21 Nov 2024)
Distribution Rate on Market
7.59%
Distribution Rate on NAV
6.73%
Fiscal YTD Distributions per Share**
$0.20834
Inception to Date Distributions/Share
$4.06263

** For the fund, the Fiscal year is 10/1 to 9/30.

The Trust's distribution payable on November 20, 2023, does not include a short-term or long-term capital gain, but does include a return of capital of $0.08671.

Distribution Summary

Distribution Summary

(As of 11 Oct 2024)
Payable Date
Record Date
Ex-Date
Declaration Date
Amount ($)
20 Sep 2021
13 Sep 2021
10 Sep 2021
25 Aug 2021
0.10417
20 Oct 2021
11 Oct 2021
8 Oct 2021
1 Oct 2021
0.10417
22 Nov 2021
15 Nov 2021
12 Nov 2021
2 Nov 2021
0.10417
20 Dec 2021
13 Dec 2021
10 Dec 2021
1 Dec 2021
0.10417
20 Jan 2022
31 Dec 2021
30 Dec 2021
28 Dec 2021
0.10417
18 Feb 2022
11 Feb 2022
10 Feb 2022
1 Feb 2022
0.10417
21 Mar 2022
11 Mar 2022
10 Mar 2022
1 Mar 2022
0.10417
20 Apr 2022
11 Apr 2022
8 Apr 2022
1 Apr 2022
0.10417
20 May 2022
12 May 2022
11 May 2022
2 May 2022
0.10417
20 Jun 2022
13 Jun 2022
10 Jun 2022
1 Jun 2022
0.10417
20 Jul 2022
11 Jul 2022
8 Jul 2022
1 Jul 2022
0.10417
19 Aug 2022
11 Aug 2022
10 Aug 2022
1 Aug 2022
0.10417
20 Sep 2022
12 Sep 2022
9 Sep 2022
1 Sep 2022
0.10417
20 Oct 2022
11 Oct 2022
7 Oct 2022
3 Oct 2022
0.10417
21 Nov 2022
14 Nov 2022
10 Nov 2022
1 Nov 2022
0.10417
20 Dec 2022
12 Dec 2022
9 Dec 2022
1 Dec 2022
0.10417
23 Jan 2023
13 Jan 2023
12 Jan 2023
3 Jan 2023
0.10417
21 Feb 2023
13 Feb 2023
10 Feb 2023
1 Feb 2023
0.10417
20 Mar 2023
13 Mar 2023
10 Mar 2023
1 Mar 2023
0.10417
20 Apr 2023
13 Apr 2023
12 Apr 2023
3 Apr 2023
0.10417
19 May 2023
11 May 2023
10 May 2023
1 May 2023
0.10417
20 Jun 2023
12 Jun 2023
9 Jun 2023
1 Jun 2023
0.10417
20 Jul 2023
13 Jul 2023
12 Jul 2023
3 Jul 2023
0.10417
18 Aug 2023
11 Aug 2023
10 Aug 2023
1 Aug 2023
0.10417
20 Sep 2023
11 Sep 2023
8 Sep 2023
1 Sep 2023
0.10417
20 Oct 2023
12 Oct 2023
11 Oct 2023
2 Oct 2023
0.10417
20 Nov 2023
13 Nov 2023
10 Nov 2023
1 Nov 2023
0.10417
20 Dec 2023
11 Dec 2023
8 Dec 2023
1 Dec 2023
0.10417
22 Jan 2024
12 Jan 2024
11 Jan 2024
2 Jan 2024
0.10417
20 Feb 2024
12 Feb 2024
9 Feb 2024
1 Feb 2024
0.10417
20 Mar 2024
11 Mar 2024
8 Mar 2024
1 Mar 2024
0.10417
19 Apr 2024
11 Apr 2024
10 Apr 2024
1 Apr 2024
0.10417
20 May 2024
13 May 2024
10 May 2024
1 May 2024
0.10417
21 Jun 2024
13 Jun 2024
13 Jun 2024
3 Jun 2024
0.10417
19 Jul 2024
11 Jul 2024
11 Jul 2024
1 Jul 2024
0.10417
20 Aug 2024
12 Aug 2024
12 Aug 2024
1 Aug 2024
0.10417
20 Sep 2024
13 Sep 2024
13 Sep 2024
3 Sep 2024
0.10417
21 Oct 2024
11 Oct 2024
11 Oct 2024
1 Oct 2024
0.10417
Portfolio Characteristics

Portfolio Characteristics

(As of 31 Oct 2024)
Portfolio
Benchmark
Net Fund Assets
$608.0 M
—
Number of Holdings
192
—
Weighted Average Market Cap
$193.0 B
$716.4 B
Median Market Cap
$62.6 B
$21.1 B
Price to Earnings - Forward 1YR
12.0x
20.3x
Price to Earnings - Trailing 12 Months
14.1x
22.9x
Price to Cash Flow
6.1x
14.3x
Price to Book Value
1.7x
3.4x
Portfolio
Benchmark
Return on Assets - 5 YR
6.9%
10.1%
Return on Equity - 5 YR
16.3%
33.0%
Historical 3YR Sales Growth
13.2%
17.1%
Active Share
91.3%
—
Effective Duration
4.3 Yrs
6.1 Yrs
Average Effective Maturity
7.2 Yrs
8.3 Yrs
Weighted Average Coupon
2.3%
3.4%
Weighted Average Price
$89.98
$92.58
Portfolio Top Holdings

Portfolio Top Holdings

(As of 30 Sep 2024)
Name
Ticker/Symbol
Sector
Weight %
Enel SpA
ENEL
Utilities
3.4
Orange S.A.
ORA
Communication Services
3.3
AT&T, Inc.
T
Communication Services
3.0
Roche Holding AG
ROG
Health Care
2.5
NN Group N.V.
NN
Financials
2.1
Pfizer, Inc.
PFE
Health Care
2.0
Samsung Electronics Co. Ltd.
005930
Information Technology
2.0
BHP Group Ltd.
BHP
Materials
1.9
Snam SpA
SRG
Utilities
1.8
Endesa S.A.
ELE
Utilities
1.8
Name
Ticker/Symbol
Sector
Weight %
FirstCash, Inc.
33767DAD7
SE_CORPORATE_BOND
0.6
Freddie Mac Pool
3132DWJS3
SE_MORTGAGE_PASSTHROUGH
0.6
Vector Group Ltd.
92240MBJ6
SE_CORPORATE_BOND
0.6
United States Treasury Strip Coupon
912834FB9
SE_TREASURY_DOMESTIC
0.6
Tenet Healthcare Corp.
88033GDU1
SE_CORPORATE_BOND
0.5
Comision Federal de Electricidad
QZ7462430
SE_CORPORATE_BOND
0.5
Dominican Republic International Bond
25714PFA1
SE_TREASURY_FOREIGN
0.5
United Wholesale Mortgage, LLC
91153LAA5
SE_CORPORATE_BOND
0.5
CITGO Petroleum Corp.
17302XAK2
SE_CORPORATE_BOND
0.5
CD&R Smokey Buyer, Inc.
12510CAA9
SE_CORPORATE_BOND
0.5
Download Holdings
Options Overlay

Options Overlay

(As of 31 Oct 2024)
Type of Options
Calls
% of Portfolio Overwritten
0.6%
Average Call Strike vs. Spot Price
96.1
Weighted Average Days to Expiration
15
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Communication Services
18.0
7.8
Information Technology
13.7
25.0
Utilities
13.2
2.7
Financials
12.7
15.8
Energy
11.7
4.0
Health Care
9.1
11.4
Materials
8.5
3.6
Consumer Discretionary
7.0
10.2
Consumer Staples
3.5
6.3
Industrials
2.4
11.0
Real Estate
0.0
2.3
Sector Allocation
Fund (%)
Communication Services
18.0
Information Technology
13.7
Utilities
13.2
Financials
12.7
Energy
11.7
Health Care
9.1
Materials
8.5
Consumer Discretionary
7.0
Consumer Staples
3.5
Industrials
2.4
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Utilities
13.0
2.7
Energy
11.6
4.0
Telecommunication Services
10.4
1.4
Materials
8.4
3.6
Pharmaceuticals, Biotechnology & Life Sciences
7.8
7.4
Media & Entertainment
7.5
6.4
Technology Hardware & Equipment
7.2
6.6
Insurance
5.2
3.2
Banks
3.6
5.9
Software & Services
3.5
9.4
Top 10 Industries
Fund (%)
Utilities
13.0
Energy
11.6
Telecommunication Services
10.4
Materials
8.4
Pharmaceuticals, Biotechnology & Life Sciences
7.8
Media & Entertainment
7.5
Technology Hardware & Equipment
7.2
Insurance
5.2
Banks
3.6
Software & Services
3.5
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
46.6
78.0
North America
Italy
6.5
0.5
Europe ex UK
Canada
4.8
2.6
North America
France
4.5
2.1
Europe ex UK
Germany
3.9
1.7
Europe ex UK
Netherlands
3.6
0.9
Europe ex UK
Japan
3.3
4.3
Japan
Switzerland
3.1
1.8
Europe ex UK
United Kingdom
2.5
2.9
UK
Taiwan
2.3
—
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
46.6
Italy
6.5
Canada
4.8
France
4.5
Germany
3.9
Netherlands
3.6
Japan
3.3
Switzerland
3.1
United Kingdom
2.5
Taiwan
2.3
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Equity
66.4
75.0
Fixed Income
30.0
25.0
Cash & Cash Equivalents
3.6
—
Option
0.0
—
Composition
Fund (%)
Equity
66.4
Fixed Income
30.0
Cash & Cash Equivalents
3.6
Option
0.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Unassigned
0.7
—
Large Cap (> $12 B)
90.7
96.4
Mid Cap ($2.5 to $12 B)
7.7
3.6
Small Cap (< $2.5 B)
0.9
0.0
Capitalization
Fund (%)
Unassigned
0.7
Large Cap (> $12 B)
90.7
Mid Cap ($2.5 to $12 B)
7.7
Small Cap (< $2.5 B)
0.9
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
13.6
69.5
AAA
7.4
3.3
AA
0.7
4.0
A
4.8
11.6
BBB
19.4
11.7
BB
25.4
0.0
B
12.7
—
Not Rated
15.9
—
Credit Quality
Fund (%)
U.S. Government
13.6
AAA
7.4
AA
0.7
A
4.8
BBB
19.4
BB
25.4
B
12.7
Not Rated
15.9
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
18.9
1.0
Year 2
13.8
12.2
Year 3
4.3
9.7
Year 4
14.5
8.8
Year 5
12.2
10.6
Year 6
5.0
6.1
Year 7
4.2
7.8
Year 8
3.3
6.7
Year 9
1.8
8.2
Year 10+
22.0
29.0
Maturity
Fund (%)
Year 1
18.9
Year 2
13.8
Year 3
4.3
Year 4
14.5
Year 5
12.2
Year 6
5.0
Year 7
4.2
Year 8
3.3
Year 9
1.8
Year 10+
22.0

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

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

Percentages may not add up to 100 due to rounding.

The Blended Index is composed of 25% Bloomberg Barclay’s U.S. Aggregate Total Return Value USD and 75% MSCI World Net Total Return USD Index, rebalanced monthly.

Portfolio Managers

Portfolio Managers

Matt Burdett

Matt Burdett

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

Christian Hoffmann, CFA

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

Literature

Fund Documents

Fact Sheet
Annual Report
Semi-annual report
Statement of Additional Information (SAI)
Fund FAQ
Nominating and Corporate Governance Committee Charter
Audit Committee Charter
Monthly Distribution Characteristics (19a-1)

Tax Information

2023 Tax Information
2022 Tax Information
Tax FAQ

Related Content

Thornburg Investment Management courtyard
Thornburg Investment Income Builder Fund – 3rd Quarter Update 2024
Markets & Economy
Dividends Matter—Portfolio Resiliency in Uncertain Times
Thornburg Investment Income Builder Fund – 2nd Quarter Update 2024

Important Information

There are risks inherent in any investment, including the possible loss of principal. There can be no assurance that the Trust will achieve its investment objective, and you could lose some or all of your investment. Closed-end funds frequently trade at discounts to their net asset value. Past performance is not guaranteed. Current performance may be lower or higher than the performance data quoted.

* The Trust’s common shares are listed on the NASDAQ Stock Market LLC under the trading or ticker symbol “TBLD”. The Trust is newly organized and the Trust’s common shares have little history of public trading.

† The Trust has a level distribution policy and the Trust intends to distribute to Common Shareholders regular monthly cash distributions of all or a portion of its net investment income. There is no assurance the Trust will make its initial monthly distribution or continue to pay regular monthly distributions or that it will do so at a particular rate. At times, to maintain a stable level of distributions, the Trust may pay out less than all of its net investment income or pay out accumulated undistributed income, or return capital, in addition to current net investment income. A return of capital reduces a Common Shareholder’s tax basis, which could result in higher taxes when the Common Shareholder sells such Common Shares. This may cause the Common Shareholder to owe taxes even if it sells Common Shares for less than the original purchase price of such Common Shares. The Trust reserves the right to change its distribution policy and the basis for establishing the amount and rate of its distributions at any time upon notice to shareholders.

‡ The Trust expects to sell out-of-the-money covered call options on a portion of the individual common stocks in its portfolio and sell call and put options on indices of securities and sectors of securities. The notional amount of the options strategy will be approximately 10% to 40% of the Trust’s Managed Assets.

§ The Trust will terminate on or before August 2, 2033 (the “Termination Date”); provided, that if the Board of Trustees of the Trust (the “Board” or the “Trustees”) believes that, under then-current market conditions, it is in the best interests of the Trust to do so, the Trust may extend the Termination Date: (i) once for up to one year (i.e., up to August 2, 2034), and (ii) once for up to an additional six months (i.e., up to February 2, 2035), in each case upon the affirmative vote of a majority of the Board and without the approval of the holders of the Common Shares of the Trust (the “Common Shareholders”). In addition, as of a date within 12 months preceding the Termination Date, the Board may cause the Trust to conduct a tender offer to all Common Shareholders to purchase Common Shares of the Trust at a price equal to NAV per Common Share on the expiration date of the tender offer (an “Eligible Tender Offer”). In an Eligible Tender Offer, the Trust will offer to purchase all Common Shares held by each Common Shareholder; provided, that if the number of properly tendered Common Shares would result in the Trust’s net assets totaling less than $100 million of net assets (the “Termination Threshold”), the Eligible Tender Offer will be terminated and no Common Shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Trust will begin (or continue) liquidating its portfolio and proceed to terminate on or before the Termination Date. Following the completion of an Eligible Tender Offer, the Board may eliminate the limited term structure of the Trust upon the affirmative vote of a majority of the Board and without the approval of Common Shareholders.

The Trust reserves the right to employ leverage through (i) borrowings of up to 33 1/3% of Managed Assets; or (ii) issue Preferred Shares in an amount up to 50% of the Trust’s Managed Assets. If the Trust uses a combination of borrowing money and issuing Preferred Shares, the maximum allowable leverage will be between 33 1/3% and 50% (but in no event more than 50%) of Managed Assets, which is the maximum extent permitted by the 1940 Act. The Trust is permitted to use the following forms of leverage in combination: (a) reverse repurchase agreements, dollar rolls, derivatives or transactions that have the economic effect of leverage, (b) borrowings from a financial institution, and (c) the issuance of preferred shares.

The Trust has entered into a $75,000,000 credit facility agreement with an approved lender. The interest rate on the amount borrowed is 0.75% per annum and an unused commitment fee of 0.25% per annum is charged on the difference between the amount available to borrow under the credit agreement and the actual amount borrowed. As of September 30, 2023, there was $0 outstanding in connection with the Trust's credit facility. The average daily amount of borrowings on the credit facility during the year ended September 30, 2023, was $0 with an average interest rage of 0.25% and total expense incurred of $78,125. The interest expense is included in Other expenses in the Statement of Operations.

The Trust is not a so called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Trust is not a “target term” fund whose investment objective is to return its original NAV on the termination date.

Risk Considerations. Investments carry risks, including possible loss of principal. There is no guarantee the Trust’s investment objective will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any entity. Performance data quoted represents past performance. Past performance is not guaranteed. Current performance may be lower or higher than the performance data quoted. An investment in this Trust presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing. These and other risk considerations are described in more detail on the Trust’s web page at www.thornburg.com.

Portfolio attributes and holdings can and do vary. Cash includes cash equivalents. Returns for less than one year are not annualized.

Please see our glossary for a definition of terms.

Thornburg Securities LLC, member FINRA, is a wholly owned subsidiary of Thornburg Investment Management, Inc.

More Insights

Woman sits at her desk analyzing financial forecasts
Markets & Economy

Market Concentration and the Fed’s Policy Outlook
Explore the recent trends in market concentration and examine the implications of the Federal Reserve's policy decisions for the rest of 2024.
By Thornburg Investment Management
26 Apr 2024
3 min read
READ
Two men stand in a desert holding a rope pulling against each other
Markets & Economy

Value vs. Growth: Does Another Fed Hike Matter?
Discover why value and income-oriented stocks are set to outperform in today's market dominated by rising interest rates and persistent inflation.
By Thornburg Investment Management
18 Oct 2023
3 min read
READ
Woman calculates some financial decisions over her desk.
Markets & Economy

The Value of Dividends and Munis to Stoke Income
Explore the impact of high dividend stocks and municipal bonds in a rising rate environment amid increasing government debt and new administrative policies.
By Thornburg Investment Management
30 Apr 2024
3 min read
READ
A few people using a map and a compass to pinpoint their current location and future destination.
Economy

Navigating Recession, the Fed, Inflation and Borrowing
Examine the current economic complexities while considering consumer demand, corporate resilience, and interest rates to anticipate market risks in 2024.
By Thornburg Investment Management
10 Sep 2023
4 min read
READ
Young man checks his airline status against his mobile ticket.
Monetary & Fiscal Policy

Recession and Reversion to the Mean
Exploring the economic landscape reveals persistent recession signals and elusive downturns shaping the outlook. Read about the interplay of factors now.
By Thornburg Investment Management
17 Oct 2023
4 min read
READ
Webcasts image, fixed income portfolios as the fed ponders a pivot.
Fixed Income

How to Position Bond Portfolios as the Fed Ponders a Pivot
The Fed's changing interest rate policy adds uncertainty to the bond market, highlighting the need for resilient portfolios amid inflation and economic changes.
By Thornburg Investment Management
24 Apr 2024
4 min read
READ