# EDGAR Filing Document

**Accession Number:** 0001820378
**File Stem:** 0001752724-23-037734
**Filing Date:** 2023-2
**Character Count:** 144481
**Document Hash:** 9c9f83d4f2609ba0ffb45cc22a1dfe01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037734.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037734

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thornburg Income Builder Opportunities Trust
- **CENTRAL INDEX KEY:** 0001820378
- **IRS NUMBER:** 852281958
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23600
- **FILM NUMBER:** 23663190

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD, SANTA FE
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506
- **BUSINESS PHONE:** (505) 984-0200

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD, SANTA FE
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506

## Nport-Ex

SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **Common Stock — 64.8%** |  |  |
| &nbsp;&nbsp;**Automobiles & Components — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Automobiles — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp; 133563 | &nbsp;&nbsp;$8778508 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | &nbsp;&nbsp; 74500 | &nbsp;&nbsp;&nbsp;&nbsp; 1057900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9836408 |
| &nbsp;&nbsp;**Banks — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas Emissions- und Handelsgesellschaft mbH | &nbsp;&nbsp; 667800 | &nbsp;&nbsp;&nbsp;&nbsp; 8140668 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp; 72998 | &nbsp;&nbsp;&nbsp;&nbsp; 4160991 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp; 56700 | &nbsp;&nbsp;&nbsp;&nbsp; 7603470 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 1060100 | &nbsp;&nbsp;&nbsp;&nbsp; 7180958 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp; 184100 | &nbsp;&nbsp;&nbsp;&nbsp; 3969196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31055283 |
| &nbsp;&nbsp;**Capital Goods — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp; 2719 | &nbsp;&nbsp;&nbsp;&nbsp; 1322766 |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp; 29400 | &nbsp;&nbsp;&nbsp;&nbsp; 4079929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5402695 |
| &nbsp;&nbsp;**Consumer Durables & Apparel — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Household Durables — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. Sponsored ADR | &nbsp;&nbsp; 53225 | &nbsp;&nbsp;&nbsp;&nbsp; 4060003 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 7200 | &nbsp;&nbsp;&nbsp;&nbsp; 5240150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9300153 |
| &nbsp;&nbsp;**Diversified Financials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;**Capital Markets — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 8239840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8239840 |
| &nbsp;&nbsp;**Energy — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp; 130615 | &nbsp;&nbsp;&nbsp;&nbsp; 5104982 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA Sponsored ADR | &nbsp;&nbsp; 402585 | &nbsp;&nbsp;&nbsp;&nbsp; 4287530 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp; 203875 | &nbsp;&nbsp;&nbsp;&nbsp; 12799653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22192165 |
| &nbsp;&nbsp;**Food & Staples Retailing — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Tesco plc | &nbsp;&nbsp; 2834700 | &nbsp;&nbsp;&nbsp;&nbsp; 7683358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7683358 |
| &nbsp;&nbsp;**Food, Beverage & Tobacco — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Food Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 1390450 |
| &nbsp;&nbsp;&nbsp;**Tobacco — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp; 187900 | &nbsp;&nbsp;&nbsp;&nbsp; 8588909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9979359 |
| &nbsp;&nbsp;**Insurance — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Insurance — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Assicurazioni Generali SpA | &nbsp;&nbsp; 837813 | &nbsp;&nbsp;&nbsp;&nbsp; 14900938 |
| &nbsp;&nbsp;&nbsp;Legal & General Group plc | &nbsp;&nbsp; 1643600 | &nbsp;&nbsp;&nbsp;&nbsp; 4957641 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp; 196360 | &nbsp;&nbsp;&nbsp;&nbsp; 8020983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27879562 |
| &nbsp;&nbsp;**Materials — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Chemicals — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Fertiglobe plc | &nbsp;&nbsp; 2294190 | &nbsp;&nbsp;&nbsp;&nbsp; 2642385 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV Class A | &nbsp;&nbsp; 100004 | &nbsp;&nbsp;$8303332 |
|  | &nbsp;&nbsp;&nbsp;OCI NV | &nbsp;&nbsp; 84273 | &nbsp;&nbsp;&nbsp;&nbsp; 3014818 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 3.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;BHP Group Ltd. | &nbsp;&nbsp; 370500 | &nbsp;&nbsp;&nbsp;&nbsp; 11510395 |
|  | &nbsp;&nbsp;&nbsp;Glencore plc | &nbsp;&nbsp; 695478 | &nbsp;&nbsp;&nbsp;&nbsp; 4644569 |
| **<sup>a</sup>** | &nbsp;&nbsp;&nbsp;MMC Norilsk Nickel PJSC | &nbsp;&nbsp; 30700 | &nbsp;&nbsp;&nbsp;&nbsp; 181130 |
| **<sup>a,b</sup>** | &nbsp;&nbsp;&nbsp;Severstal PAO GDR | &nbsp;&nbsp; 236300 | &nbsp;&nbsp;&nbsp;&nbsp; 14178 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30310807 |
|  | &nbsp;&nbsp;**Media & Entertainment — 3.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Entertainment — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp; 196000 | &nbsp;&nbsp;&nbsp;&nbsp; 8261750 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp; 47345 | &nbsp;&nbsp;&nbsp;&nbsp; 2463360 |
|  | &nbsp;&nbsp;&nbsp;**Interactive Media & Services — 1.9%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. Class A | &nbsp;&nbsp; 50900 | &nbsp;&nbsp;&nbsp;&nbsp; 6125306 |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp; 91600 | &nbsp;&nbsp;&nbsp;&nbsp; 3919620 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20770036 |
|  | &nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences — 7.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Biotechnology — 1.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp; 50012 | &nbsp;&nbsp;&nbsp;&nbsp; 8082439 |
|  | &nbsp;&nbsp;&nbsp;**Pharmaceuticals — 5.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc | &nbsp;&nbsp; 31825 | &nbsp;&nbsp;&nbsp;&nbsp; 4316107 |
|  | &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp; 55360 | &nbsp;&nbsp;&nbsp;&nbsp; 6142192 |
|  | &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp; 288111 | &nbsp;&nbsp;&nbsp;&nbsp; 14762808 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp; 16180 | &nbsp;&nbsp;&nbsp;&nbsp; 5083318 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38386864 |
|  | &nbsp;&nbsp;**Retailing — 1.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail — 1.4%** |  |  |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 2232094 |
|  | &nbsp;&nbsp;&nbsp;JD.com, Inc. Class A | &nbsp;&nbsp; 4361 | &nbsp;&nbsp;&nbsp;&nbsp; 123029 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | &nbsp;&nbsp; 6050 | &nbsp;&nbsp;&nbsp;&nbsp; 5119752 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7474875 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.5%** |  |  |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp; 11610 | &nbsp;&nbsp;&nbsp;&nbsp; 6261185 |
|  | &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 6800 | &nbsp;&nbsp;&nbsp;&nbsp; 3802084 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp; 21700 | &nbsp;&nbsp;&nbsp;&nbsp; 3171238 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp; 62500 | &nbsp;&nbsp;&nbsp;&nbsp; 6871250 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | &nbsp;&nbsp; 119582 | &nbsp;&nbsp;&nbsp;&nbsp; 8907663 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29013420 |
|  | &nbsp;&nbsp;**Software & Services — 4.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 2.3%** |  |  |
| **<sup>b,c</sup>** | &nbsp;&nbsp;&nbsp;Adyen NV | &nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 3654793 |
|  | &nbsp;&nbsp;&nbsp;Mastercard, Inc. Class A | &nbsp;&nbsp; 22400 | &nbsp;&nbsp;&nbsp;&nbsp; 7789152 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;Shopify, Inc. Class B | &nbsp;&nbsp; 17500 | &nbsp;&nbsp;&nbsp;&nbsp; 607425 |
|  | &nbsp;&nbsp;&nbsp;**Software — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp; 41500 | &nbsp;&nbsp;&nbsp;&nbsp; 9952530 |
| **<sup>b</sup>** | &nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 2912025 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24915925 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 3.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 3.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp; 232300 | &nbsp;&nbsp;&nbsp;&nbsp; 11066772 |
|  | &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson Class B | &nbsp;&nbsp; 777800 | &nbsp;&nbsp;&nbsp;&nbsp; 4539406 |
|  | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 4309814 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19915992 |
|  | &nbsp;&nbsp;**Telecommunication Services — 1.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 1.7%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp; 907470 | &nbsp;&nbsp;$9015571 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9015571 |
|  | &nbsp;&nbsp;**Transportation — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp; 156385 | &nbsp;&nbsp;&nbsp;&nbsp; 5889211 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5889211 |
|  | &nbsp;&nbsp;**Utilities — 4.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 4.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp; 555100 | &nbsp;&nbsp;&nbsp;&nbsp; 10478832 |
|  | &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp; 2146900 | &nbsp;&nbsp;&nbsp;&nbsp; 11559684 |
|  | &nbsp;&nbsp;&nbsp;**Multi-Utilities — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp; 317000 | &nbsp;&nbsp;&nbsp;&nbsp; 3167330 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25205846 |
|  | &nbsp;&nbsp;&nbsp;Total Common Stock (Cost $431,705,602) |  | &nbsp;&nbsp;&nbsp;&nbsp;342467370 |
|  | **Asset Backed Securities — 3.9%** |  |  |
|  | &nbsp;&nbsp;**Auto Receivables — 1.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-P3 Class R, due 9/11/2028 | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;&nbsp;&nbsp; 991865 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class R, due 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 988091 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-P1 Class XS, due 1/10/2029 | &nbsp;&nbsp;&nbsp;&nbsp;118280846 | &nbsp;&nbsp;&nbsp;&nbsp; 494000 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Credit Suisse ABS Trust Series 2020-AT1 Class CERT, due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 16617 | &nbsp;&nbsp;&nbsp;&nbsp; 288466 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN, Series 2020 -1 Class R, 33.784% due 1/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 913930 | &nbsp;&nbsp;&nbsp;&nbsp; 941348 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Lendbuzz Securitization Trust, Series 2022-1A Class A, 4.22% due 5/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2100030 | &nbsp;&nbsp;&nbsp;&nbsp; 2017407 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;United Auto Credit Securitization Trust Series 2022-1 Class R, due 11/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 1341832 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7063009 |
|  | &nbsp;&nbsp;**Other Asset Backed — 2.6%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Aqua Finance Trust, Series 2020-AA Class D, 7.15% due 7/17/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 627507 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;FAT Brands Fazoli's Native I LLC, Series 2021-1 Class A2, 6.00% due 7/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1404779 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Goldman Home Improvement Trust Series 2021-GRN2 Class R, due 6/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp;&nbsp; 996486 |
|  | &nbsp;&nbsp;&nbsp;LP LMS Asset Securitization Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class A, 1.75% due 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1382121 | &nbsp;&nbsp;&nbsp;&nbsp; 1335735 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A Class D, 6.61% due 1/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 848371 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Marlette Funding Trust Series 2021-3A Class R, due 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 6560 | &nbsp;&nbsp;&nbsp;&nbsp; 1218504 |
| **<sup>a,c</sup>** | &nbsp;&nbsp;&nbsp;Mosaic Solar Loan Trust Series 2021-3A Class R, due 6/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1950750 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;NRZ Advance Receivables Trust, Series 2020-T2 Class AT2, 1.475% due 9/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1999622 | &nbsp;&nbsp;&nbsp;&nbsp; 1925845 |
|  | &nbsp;&nbsp;&nbsp;Upstart Pass-Through Trust, |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST7 Class CERT, due 9/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1297581 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-ST8 Class CERT, due 10/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 835125 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4A Class A, 7.01% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1273248 | &nbsp;&nbsp;&nbsp;&nbsp; 1264067 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13704750 |
|  | &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $25,810,928) |  | &nbsp;&nbsp;&nbsp;&nbsp; 20767759 |
|  | **Corporate Bonds — 23.1%** |  |  |
|  | &nbsp;&nbsp;**Automobiles & Components — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Construction & Engineering — 0.3%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;IHS Netherlands Holdco BV, 8.00% due 9/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1758520 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1758520 |
|  | &nbsp;&nbsp;**Capital Goods — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Aerospace & Defense — 0.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc., 7.50% due 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2964600 |
|  | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 0.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;IAA, Inc., 5.50% due 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1943660 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4908260 |
|  | &nbsp;&nbsp;**Commercial & Professional Services — 0.4%** |  |  |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 0.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;ACCO Brands Corp., 4.25% due 3/15/2029 | &nbsp;&nbsp;$500000 | &nbsp;&nbsp;$412700 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Cimpress plc, 7.00% due 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1381580 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1794280 |
|  | &nbsp;&nbsp;**Consumer Durables & Apparel — 0.7%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 0.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;CD&R Smokey Buyer, Inc., 6.75% due 7/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2587440 |
|  | &nbsp;&nbsp;&nbsp;**Leisure Products — 0.2%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Vista Outdoor, Inc., 4.50% due 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 920775 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3508215 |
|  | &nbsp;&nbsp;**Consumer Services — 1.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.0%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc., 6.625% due 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1922900 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Papa John's International, Inc., 3.875% due 9/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1961427 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;TKC Holdings, Inc., 6.875% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1565140 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5449467 |
|  | &nbsp;&nbsp;**Diversified Financials — 2.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Capital Markets — 1.2%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao, 4.125% due 9/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474585 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;LPL Holdings, Inc., 4.625% due 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2815950 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;StoneX Group, Inc., 8.625% due 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2018100 |
|  | &nbsp;&nbsp;&nbsp;**Consumer Finance — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;FirstCash, Inc., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.625% due 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1753740 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.625% due 1/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1339710 |
|  | &nbsp;&nbsp;&nbsp;**Diversified Financial Services — 0.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC, 5.50% due 11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2709360 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12111445 |
|  | &nbsp;&nbsp;**Energy — 2.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.9%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Chesapeake Energy Corp., 5.50% due 2/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1930500 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Citgo Holding, Inc., 9.25% due 8/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3008910 |
|  | &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75% due 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1934940 |
|  | &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc., 5.55% due 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1832560 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Parkland Corp., 4.50% due 10/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1674940 |
|  | &nbsp;&nbsp;&nbsp;Petroleos Mexicanos, |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;5.95% due 1/28/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1517640 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;8.625% due 12/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1293651 |
|  | &nbsp;&nbsp;&nbsp;Sunoco LP/Sunoco Finance Corp., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 4/30/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 434205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;5.875% due 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1422075 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15049421 |
|  | &nbsp;&nbsp;**Food & Staples Retailing — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing — 0.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.875% due 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1427025 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1427025 |
|  | &nbsp;&nbsp;**Food, Beverage & Tobacco — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Food Products — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co., 4.375% due 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2450520 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Post Holdings, Inc., 4.625% due 4/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2588220 |
|  | &nbsp;&nbsp;&nbsp;**Tobacco — 1.1%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Vector Group Ltd., 10.50% due 11/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5630000 | &nbsp;&nbsp;&nbsp;&nbsp; 5608437 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10647177 |
|  | &nbsp;&nbsp;**Health Care Equipment & Services — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Centene Corp., 2.625% due 8/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1570900 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 6/1/2029 | &nbsp;&nbsp;$631000 | &nbsp;&nbsp;$546326 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.375% due 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2869000 | &nbsp;&nbsp;&nbsp;&nbsp; 2485673 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4602899 |
|  | &nbsp;&nbsp;**Household & Personal Products — 2.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Household Durables — 0.8%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Newell Brands, Inc., 5.75% due 4/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3931250 |
|  | &nbsp;&nbsp;&nbsp;**Household Products — 1.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc., 3.75% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2729562 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co., |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.375% due 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;4.50% due 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1215090 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Spectrum Brands, Inc., 3.875% due 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2345460 |
|  | &nbsp;&nbsp;&nbsp;**Personal Products — 0.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co., 5.50% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2340475 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13708722 |
|  | &nbsp;&nbsp;**Insurance — 0.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Insurance — 0.1%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Enstar Group Ltd., 3.10% due 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 730180 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 730180 |
|  | &nbsp;&nbsp;**Materials — 2.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Chemicals — 0.3%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;SPCM SA, 3.125% due 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1730680 |
|  | &nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.2%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Ball Corp., 3.125% due 9/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204125 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Matthews International Corp., Class C, 5.25% due 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3414000 | &nbsp;&nbsp;&nbsp;&nbsp; 3223260 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Sealed Air Corp., 4.00% due 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp;&nbsp; 1787285 |
|  | &nbsp;&nbsp;&nbsp;**Metals & Mining — 0.9%** |  |  |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;AngloGold Ashanti Holdings plc, 6.50% due 4/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2880000 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc., 4.875% due 7/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 384284 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Stillwater Mining Co., 4.50% due 11/16/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203960 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12413594 |
|  | &nbsp;&nbsp;**Media & Entertainment — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Media — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.25% due 1/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1478960 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;4.75% due 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1727380 |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Telenet Finance Luxembourg Notes Sarl, 5.50% due 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2700420 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5906760 |
|  | &nbsp;&nbsp;**Real Estate — 0.9%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts — 0.5%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 5.00% due 7/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2696520 |
|  | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development — 0.4%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC, 6.75% due 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1913280 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4609800 |
|  | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 0.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Qorvo, Inc., 3.375% due 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1622200 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1622200 |
|  | &nbsp;&nbsp;**Software & Services — 2.0%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.7%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Sabre GLBL, Inc., 9.25% due 4/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002400 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Science Applications International Corp., 4.875% due 4/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2788320 |
|  | &nbsp;&nbsp;&nbsp;**Internet Software & Services — 0.3%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Arches Buyer, Inc., 4.25% due 6/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1568640 |
|  | &nbsp;&nbsp;&nbsp;**Software — 1.0%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Audatex North America, Inc., 6.125% due 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242307 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Fair Isaac Corp., 4.00% due 6/15/2028 | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;$1814320 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;MSCI, Inc., 3.875% due 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2081300 |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc., 4.125% due 12/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1168965 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10666252 |
|  | &nbsp;&nbsp;**Technology Hardware & Equipment — 0.6%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Communications Equipment — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc., 2.30% due 11/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1569220 |
|  | &nbsp;&nbsp;&nbsp;**Office Electronics — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp., 3.25% due 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1704500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3273720 |
|  | &nbsp;&nbsp;**Telecommunication Services — 0.3%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services — 0.3%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I plc, 4.25% due 1/31/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1620100 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1620100 |
|  | &nbsp;&nbsp;**Utilities — 1.1%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Electric Utilities — 1.1%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;AES Andres BV, 5.70% due 5/4/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1385648 |
|  | &nbsp;&nbsp;&nbsp;Allegion U.S. Holding Co., Inc., 5.411% due 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1451730 |
| **<sup>d</sup>** | &nbsp;&nbsp;&nbsp;Comision Federal de Electricidad, 5.00% due 9/29/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 3740000 | &nbsp;&nbsp;&nbsp;&nbsp; 3092419 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5929797 |
|  | &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $135,904,391) |  | &nbsp;&nbsp;&nbsp;&nbsp;121737834 |
|  | **Other Government — 0.3%** |  |  |
| **<sup>c,d</sup>** | &nbsp;&nbsp;&nbsp;Finance Department Government of Sharjah, 3.625% due 3/10/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656880 |
|  | &nbsp;&nbsp;&nbsp;Total Other Government (Cost $2,000,000) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1656880 |
|  | **U.S. Government Agencies — 0.2%** |  |  |
| **<sup>c,e,f</sup>** | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas, Series 4, 5.70% (5-Yr. CMT + 5.415%), 9/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 905000 |
|  | &nbsp;&nbsp;&nbsp;Total U.S. Government Agencies (Cost $1,058,657) |  | &nbsp;&nbsp;&nbsp;&nbsp; 905000 |
|  | **Mortgage Backed — 4.1%** |  |  |
| **<sup>c</sup>** | &nbsp;&nbsp;&nbsp;Arroyo Mortgage Trust, Whole Loan Securities Trust CMO, Series 2022-1 Class M1, 3.65% due 12/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 949584 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;Barclays Mortgage Loan Trust, Whole Loan Securities Trust CMO, Series 2022-INV1 Class A3, 4.53% due 2/25/2062 | &nbsp;&nbsp;&nbsp;&nbsp; 1905616 | &nbsp;&nbsp;&nbsp;&nbsp; 1754055 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-E Class A1, 6.228% due 11/25/2070 | &nbsp;&nbsp;&nbsp;&nbsp; 1910990 | &nbsp;&nbsp;&nbsp;&nbsp; 1880635 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B4, 2.858% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 118035 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-J3 Class B6, 2.858% due 9/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 53876 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;CSMC Trust, CMBS, Series 2021-BPNY Class A, 8.032% (LIBOR 1 Month + 3.714%) due 8/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1988935 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;CSMC Trust, Whole Loan Securities Trust CMO, Series 2022-NQM5 Class A3, 5.169% due 5/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 1609423 | &nbsp;&nbsp;&nbsp;&nbsp; 1548514 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;GCAT Trust, Whole Loan Securities Trust CMO, Series 2021-CM2 Class A1, 2.352% due 8/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 1062574 | &nbsp;&nbsp;&nbsp;&nbsp; 957285 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund I Trust, Whole Loan Securities Trust CMO, Series 2020-2 Class B3, 5.494% due 5/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2503083 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;Homeward Opportunities Fund Trust, Whole Loan Securities Trust CMO, Series 2022-1 A Class A1, 5.082% due 7/25/2067 | &nbsp;&nbsp;&nbsp;&nbsp; 1446719 | &nbsp;&nbsp;&nbsp;&nbsp; 1410724 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Mortgage Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B5, 3.028% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 728950 | &nbsp;&nbsp;&nbsp;&nbsp; 381773 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11 Class B6, 2.887% due 1/25/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 886866 | &nbsp;&nbsp;&nbsp;&nbsp; 317493 |
|  | &nbsp;&nbsp;&nbsp;Mello Mortgage Capital Acceptance, Whole Loan Securities Trust CMO, |  |  |
| **<sup>c,f,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX1, 0.126% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;106103361 | &nbsp;&nbsp;&nbsp;&nbsp; 507036 |
| **<sup>c,f,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class AX4, 0.70% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 7270012 | &nbsp;&nbsp;&nbsp;&nbsp; 245425 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B5, 3.326% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 320255 | &nbsp;&nbsp;&nbsp;&nbsp; 184546 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV2 Class B6, 3.17% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1544892 | &nbsp;&nbsp;&nbsp;&nbsp; 612739 |
| **<sup>c,f,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX1, 0.169% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 27845824 | &nbsp;&nbsp;&nbsp;&nbsp; 186648 |
| **<sup>c,f,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class AX4, 0.55% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2260213 | &nbsp;&nbsp;&nbsp;&nbsp; 68762 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B5, 3.219% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 97405 | &nbsp;&nbsp;&nbsp;&nbsp; 55608 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV3 Class B6, 3.164% due 10/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 421068 | &nbsp;&nbsp;&nbsp;&nbsp; 170104 |
|  | &nbsp;&nbsp;&nbsp;MFA Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-INV1 Class A3, 4.25% due 4/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 608858 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1 Class A3, 4.20% due 12/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1984313 |
|  | &nbsp;&nbsp;&nbsp;New Residential Mortgage Loan Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>c,f,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AX1, 0.755% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 34334603 | &nbsp;&nbsp;&nbsp;&nbsp; 1390314 |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Issuer-Description** | &nbsp;&nbsp;**SHARES/<br> PRINCIPAL AMOUNT** | &nbsp;&nbsp;**VALUE** |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.255% due 6/25/2051 | &nbsp;&nbsp;$373198 | &nbsp;&nbsp;$218154 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 0.287% due 6/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 668468 | &nbsp;&nbsp;&nbsp;&nbsp; 297026 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo Mortgage Backed Securities Trust, Whole Loan Securities Trust CMO, |  |  |
| **<sup>c,f,g</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class AIO2, 0.50% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 29665607 | &nbsp;&nbsp;&nbsp;&nbsp; 745280 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B4, 3.317% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 512837 | &nbsp;&nbsp;&nbsp;&nbsp; 329976 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B5, 3.317% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 405386 | &nbsp;&nbsp;&nbsp;&nbsp; 232440 |
| **<sup>c,f</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1 Class B6, 3.317% due 8/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 315892 | &nbsp;&nbsp;&nbsp;&nbsp; 109426 |
|  | &nbsp;&nbsp;&nbsp;Total Mortgage Backed (Cost $24,554,025) |  | &nbsp;&nbsp;&nbsp;&nbsp; 21810647 |
|  | **Loan Participations — 0.4%** |  |  |
|  | &nbsp;&nbsp;**Software & Services — 0.4%** |  |  |
|  | &nbsp;&nbsp;&nbsp;**Information Technology Services — 0.4%** |  |  |
| **<sup>h</sup>** | &nbsp;&nbsp;&nbsp;Vericast Corp., 12.48% (LIBOR 3 Month + 7.75%) due 6/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2307088 | &nbsp;&nbsp;&nbsp;&nbsp; 1779342 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1779342 |
|  | &nbsp;&nbsp;&nbsp;Total Loan Participations (Cost $2,066,929) |  | &nbsp;&nbsp;&nbsp;&nbsp; 1779342 |
|  | **Short-Term Investments — 2.6%** |  |  |
| **<sup>i</sup>** | &nbsp;&nbsp;&nbsp;Thornburg Capital Management Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1388153 | &nbsp;&nbsp;&nbsp;&nbsp; 13881532 |
|  | &nbsp;&nbsp;&nbsp;Total Short-Term Investments (Cost $13,881,532) |  | &nbsp;&nbsp;&nbsp;&nbsp; 13881532 |
|  | **Total Investments — 99.4% (Cost $636,982,064)** |  | &nbsp;&nbsp;$525006364 |
|  | **Other Assets Less Liabilities — 0.6%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257236 |
|  | **Net Assets — 100.0%** |  | &nbsp;&nbsp;$528263600 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** |
| **CONTRACT<br> DESCRIPTION** | **CONTRACT<br> PARTY\*** | &nbsp;&nbsp;**CONTRACT<br> AMOUNT** | &nbsp;&nbsp;**EXERCISE<br> PRICE** | &nbsp;&nbsp;**EXERCISE<br> PRICE** | &nbsp;&nbsp;**EXPIRATION<br> DATE** | &nbsp;&nbsp;**NOTIONAL<br> AMOUNT** | &nbsp;&nbsp;**NOTIONAL<br> AMOUNT** | **PREMIUMS<br> RECEIVED USD** | **VALUE<br> USD** |
| **WRITTEN CALL OPTIONS – (0.1)%** |  |  |  |  |  |  |  |  |  |
| **CAPITAL GOODS – (0.0)%** | **CAPITAL GOODS – (0.0)%** | **CAPITAL GOODS – (0.0)%** | **CAPITAL GOODS – (0.0)%** | **CAPITAL GOODS – (0.0)%** |  |  |  |  |  |
| Lockheed Martin Corp. | BOA | &nbsp;&nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;500.00 | &nbsp;&nbsp;&nbsp;2/3/2023 | &nbsp;&nbsp;USD | 1322766 | &nbsp;&nbsp;$19903 | &nbsp;&nbsp;$(19903) |
| **FOOD & STAPLES RETAILING – (0.0)%** | **FOOD & STAPLES RETAILING – (0.0)%** | **FOOD & STAPLES RETAILING – (0.0)%** | **FOOD & STAPLES RETAILING – (0.0)%** | **FOOD & STAPLES RETAILING – (0.0)%** |  |  |  |  |  |
| Tesco plc | BOA | &nbsp;&nbsp;572000 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;250.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;GBP | 1282424 | &nbsp;&nbsp;&nbsp; 24221 | &nbsp;&nbsp;&nbsp; (2037) |
| **MATERIALS – (0.1)%** | **MATERIALS – (0.1)%** | **MATERIALS – (0.1)%** | **MATERIALS – (0.1)%** | **MATERIALS – (0.1)%** |  |  |  |  |  |
| BHP Group Ltd. | BOA | &nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.00 | &nbsp;&nbsp;1/19/2023 | &nbsp;&nbsp;AUD | 4471740 | &nbsp;&nbsp;&nbsp; 75172 | &nbsp;&nbsp;&nbsp; (59006) |
| Glencore plc | BOA | &nbsp;&nbsp;350000 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;540.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;GBP | 1933400 | &nbsp;&nbsp;&nbsp; 63843 | &nbsp;&nbsp;&nbsp; (97120) |
| OCI NV | BOA | &nbsp;&nbsp;&nbsp;54410 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;EUR | 1818382 | &nbsp;&nbsp;&nbsp; 40458 | &nbsp;&nbsp;&nbsp; (1096) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157222) |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%** |  |  |  |  |  |
| AbbVie, Inc. | JPM | &nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;165.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;USD | 2828175 | &nbsp;&nbsp;&nbsp; 47250 | &nbsp;&nbsp;&nbsp; (28630) |
| Merck & Co., Inc. | JPM | &nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;114.00 | &nbsp;&nbsp;1/27/2023 | &nbsp;&nbsp;USD | 2163525 | &nbsp;&nbsp;&nbsp; 22815 | &nbsp;&nbsp;&nbsp; (25659) |
| AstraZeneca plc | JPM | &nbsp;&nbsp;&nbsp;15700 | &nbsp;&nbsp;GBP | 11800.00 | &nbsp;&nbsp;2/17/2023 | &nbsp;&nbsp;GBP | 1761226 | &nbsp;&nbsp;&nbsp; 36867 | &nbsp;&nbsp;&nbsp; (28405) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82694) |
| **RETAILING – (0.0)%** | **RETAILING – (0.0)%** | **RETAILING – (0.0)%** | **RETAILING – (0.0)%** | **RETAILING – (0.0)%** |  |  |  |  |  |
| MercadoLibre, Inc. | BOA | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1020.00 | &nbsp;&nbsp;1/27/2023 | &nbsp;&nbsp;USD | 1480920 | &nbsp;&nbsp;&nbsp; 25375 | &nbsp;&nbsp;&nbsp; (11438) |
| **TRANSPORTATION – (0.0)%** | **TRANSPORTATION – (0.0)%** | **TRANSPORTATION – (0.0)%** | **TRANSPORTATION – (0.0)%** | **TRANSPORTATION – (0.0)%** |  |  |  |  |  |
| Deutsche Post AG | JPM | &nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;EUR | 1934900 | &nbsp;&nbsp;&nbsp; 28363 | &nbsp;&nbsp;&nbsp; (1273) |
| **UTILITIES – (0.0)%** | **UTILITIES – (0.0)%** | **UTILITIES – (0.0)%** | **UTILITIES – (0.0)%** | **UTILITIES – (0.0)%** |  |  |  |  |  |
| E.ON SE | BOA | &nbsp;&nbsp;317000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;EUR | 2958878 | &nbsp;&nbsp;&nbsp; 28777 | &nbsp;&nbsp;&nbsp; (53324) |
| Endesa SA | JPM | &nbsp;&nbsp;108700 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.50 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;EUR | 1916925 | &nbsp;&nbsp;&nbsp; 29745 | &nbsp;&nbsp;&nbsp; (1840) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55164) |
| TOTAL WRITTEN CALL OPTIONS |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$442789 | &nbsp;&nbsp;&nbsp;&nbsp;$(329731) |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (Unaudited)* |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** | **OUTSTANDING WRITTEN OPTIONS CONTRACTS AT DECEMBER 31, 2022** |
| **CONTRACT<br> DESCRIPTION** | **CONTRACT<br> PARTY\*** | &nbsp;&nbsp;**CONTRACT<br> AMOUNT** | &nbsp;&nbsp;**EXERCISE<br> PRICE** | &nbsp;&nbsp;**EXERCISE<br> PRICE** | &nbsp;&nbsp;**EXPIRATION<br> DATE** | &nbsp;&nbsp;**NOTIONAL<br> AMOUNT** | &nbsp;&nbsp;**NOTIONAL<br> AMOUNT** | **PREMIUMS<br> RECEIVED USD** | **VALUE<br> USD** |
| **WRITTEN PUT OPTIONS – (0.1)%** |  |  |  |  |  |  |  |  |  |
| **AUTOMOBILES & COMPONENTS – (0.0)%** | **AUTOMOBILES & COMPONENTS – (0.0)%** | **AUTOMOBILES & COMPONENTS – (0.0)%** | **AUTOMOBILES & COMPONENTS – (0.0)%** | **AUTOMOBILES & COMPONENTS – (0.0)%** |  |  |  |  |  |
| Stellantis NV | BOA | &nbsp;&nbsp;170000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.50 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;EUR | 2254880 | &nbsp;&nbsp;$76255 | &nbsp;&nbsp;$(80151) |
| **BANKS – (0.0)%** | **BANKS – (0.0)%** | **BANKS – (0.0)%** | **BANKS – (0.0)%** | **BANKS – (0.0)%** |  |  |  |  |  |
| JPMorgan Chase & Co. | BOA | &nbsp;&nbsp;&nbsp;12900 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;127.00 | &nbsp;&nbsp;&nbsp;1/6/2023 | &nbsp;&nbsp;USD | 1729890 | &nbsp;&nbsp;&nbsp; 19737 | &nbsp;&nbsp;&nbsp; (3316) |
| Regions Financial Corp. | BOA | &nbsp;&nbsp;&nbsp;75700 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;USD | 1632092 | &nbsp;&nbsp;&nbsp; 41635 | &nbsp;&nbsp;&nbsp; (13696) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17012) |
| **CAPITAL GOODS – (0.0)%** | **CAPITAL GOODS – (0.0)%** | **CAPITAL GOODS – (0.0)%** | **CAPITAL GOODS – (0.0)%** | **CAPITAL GOODS – (0.0)%** |  |  |  |  |  |
| Siemens AG | JPM | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;126.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;EUR | 2592800 | &nbsp;&nbsp;&nbsp; 51162 | &nbsp;&nbsp;&nbsp; (37499) |
| **ENERGY – (0.0)%** | **ENERGY – (0.0)%** | **ENERGY – (0.0)%** | **ENERGY – (0.0)%** | **ENERGY – (0.0)%** |  |  |  |  |  |
| Shell plc | JPM | &nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;EUR | 2065440 | &nbsp;&nbsp;&nbsp; 41440 | &nbsp;&nbsp;&nbsp; (15473) |
| **FOOD, BEVERAGE & TOBACCO – (0.0)%** | **FOOD, BEVERAGE & TOBACCO – (0.0)%** | **FOOD, BEVERAGE & TOBACCO – (0.0)%** | **FOOD, BEVERAGE & TOBACCO – (0.0)%** | **FOOD, BEVERAGE & TOBACCO – (0.0)%** |  |  |  |  |  |
| Nestle SA | BOA | &nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;105.00 | &nbsp;&nbsp;2/17/2023 | &nbsp;&nbsp;CHF | 1789238 | &nbsp;&nbsp;&nbsp; 40686 | &nbsp;&nbsp;&nbsp; (29737) |
| **MATERIALS – (0.1)%** | **MATERIALS – (0.1)%** | **MATERIALS – (0.1)%** | **MATERIALS – (0.1)%** | **MATERIALS – (0.1)%** |  |  |  |  |  |
| LyondellBasell Industries NV | BOA | &nbsp;&nbsp;&nbsp;26800 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 | &nbsp;&nbsp;2/17/2023 | &nbsp;&nbsp;USD | 2225204 | &nbsp;&nbsp;&nbsp; 80400 | &nbsp;&nbsp;&nbsp; (69770) |
| Akzo Nobel NV | JPM | &nbsp;&nbsp;&nbsp;41900 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.00 | &nbsp;&nbsp;3/17/2023 | &nbsp;&nbsp;EUR | 2621264 | &nbsp;&nbsp;&nbsp; 84947 | &nbsp;&nbsp;&nbsp; (93365) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163135) |
| **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%** | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES – (0.0)%** |  |  |  |  |  |
| Roche Holding AG | JPM | &nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;300.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;CHF | 1481550 | &nbsp;&nbsp;&nbsp; 28869 | &nbsp;&nbsp;&nbsp; (58212) |
| Novartis AG | BOA | &nbsp;&nbsp;&nbsp;47300 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.00 | &nbsp;&nbsp;2/17/2023 | &nbsp;&nbsp;CHF | 3953807 | &nbsp;&nbsp;&nbsp; 44765 | &nbsp;&nbsp;&nbsp; (48923) |
| Novartis AG | JPM | &nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.00 | &nbsp;&nbsp;2/17/2023 | &nbsp;&nbsp;CHF | 2649803 | &nbsp;&nbsp;&nbsp; 20518 | &nbsp;&nbsp;&nbsp; (22277) |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129412) |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – (0.0)%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – (0.0)%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – (0.0)%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – (0.0)%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – (0.0)%** |  |  |  |  |  |
| Broadcom, Inc. | JPM | &nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;510.00 | &nbsp;&nbsp;1/27/2023 | &nbsp;&nbsp;USD | 2963389 | &nbsp;&nbsp;&nbsp; 28620 | &nbsp;&nbsp;&nbsp; (24301) |
| **UTILITIES – (0.0)%** | **UTILITIES – (0.0)%** | **UTILITIES – (0.0)%** | **UTILITIES – (0.0)%** | **UTILITIES – (0.0)%** |  |  |  |  |  |
| Enel SpA | JPM | &nbsp;&nbsp;515000 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;1/20/2023 | &nbsp;&nbsp;EUR | 2590450 | &nbsp;&nbsp;&nbsp; 87027 | &nbsp;&nbsp;&nbsp; (51630) |
| TOTAL WRITTEN PUT OPTIONS |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$646061 | &nbsp;&nbsp;&nbsp;&nbsp;$(548350) |
| TOTAL |  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1088850 | &nbsp;&nbsp;&nbsp;&nbsp;$(878081) |

---

\* Counterparties include JPMorgan Chase Bank, N.A. ("JPM") and Bank of America ("BOA").

---

| | |
|:---|:---|
| **Footnote Legend** | **Footnote Legend** |
| a | Security currently fair valued by the Valuation and Pricing Committee using procedures approved by the Trustees' Audit Committee. |
| b | Non-income producing. |
| c | 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 December 31, 2022, the aggregate value of these securities in the Trust's portfolio was $139,151,023, representing 26.34% of the Trust's net assets. |
| d | Yankee bond denominated in U.S. dollars and is issued in the U.S. by foreign banks and corporations. |
| e | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| f | 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 December 31, 2022. |
| g | Interest only. |
| h | The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at December 31, 2022. |
| i | Investment in Affiliates. |

---

------

SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (Unaudited)* |

---

------

Portfolio Abbreviations<br> To simplify the listings of securities, abbreviations are used per the table below:

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CMBS | Commercial Mortgage-Backed Securities |
| CMO | Collateralized Mortgage Obligation |
| CMT | Constant Maturity Rate |
| GDR | Global Depositary Receipt |
| LIBOR | London Interbank Offered Rates |

---

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | Great Britain Pound |
| USD | United States Dollar |

---

------

NOTES TO SCHEDULE OF INVESTMENTS

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (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 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 in accordance with policies and procedures that have been adopted by the Advisor and approved by the Trustees of the Trust (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.

<u>Valuation of Securities:</u> 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.

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.

------

NOTES TO SCHEDULE OF INVESTMENTS, Continued

---

| | |
|:---|:---|
| **Thornburg Income Builder Opportunities Trust** | *December 31, 2022 (Unaudited)* |

---

------

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<br> 9/30/22** | &nbsp;&nbsp;**Purchases<br> at Cost** | &nbsp;&nbsp;**Sales<br> Proceeds** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change in<br> Unrealized<br> Appr./(Depr.)** | &nbsp;&nbsp;**Market Value<br> 12/31/22** | &nbsp;&nbsp;**Dividend<br> Income** |
| Thornburg Capital Mgmt. Fund | $12806004 | &nbsp;&nbsp;$30191639 | &nbsp;&nbsp;$(29116111) | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$13881532 | &nbsp;&nbsp;$122033 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Thornburg Income Builder Opportunities Trust

- **b. Investment Company Act file number:** 811-23600

- **c. CIK number of Registrant:** 0001820378

- **d. LEI of Registrant:** 5493002O2SJJPEDP7413

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2300 NORTH RIDGETOP ROAD

  - **City:** Santa Fe

  - **State:** NM

  - **Foreign country:** US

  - **Zip / Postal Code:** 87506

  - **Telephone number:** 505-984-0200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Thornburg Income Builder Opportunities Trust

- **c. LEI of Series:** 5493002O2SJJPEDP7413

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $530859904.91

**Total Liabilities:** $2596304.71

**Net Assets:** $528263600.20

**Cash Not Reported:** $1288496.87

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -150.99000000 | **1-Year:** -1807.83000000 | **5-Year:** -5746.61000000 | **10-Year:** -14266.47000000 | **30-Year:** -7830.46000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -470.24000000 | **1-Year:** -8270.01000000 | **5-Year:** -25065.97000000 | **10-Year:** -14009.13000000 | **30-Year:** -2921.75000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 6.45%                | 7.88%                | -0.63%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2866722.64              | $17628313.13                               |
| Month 2  | $835442.59               | $41687166.56                               |
| Month 3  | $1684979.92              | $-12005059.79                              |

### Schedule of Portfolio Investments

| Name                                              | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United Auto Credit Securitization Trust           | United Auto Credit Securitization Trust 2022-1                        | CUSIP: 90944DAL5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6000 | PA      | $1341832.05   | 0.25%             | 2028-11-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                            | Delek Logistics Partners LP / Delek Logistics Finance Corp            | CUSIP: 24665FAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1934940.00   | 0.37%             | 2025-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Severstal PAO                                     | Severstal PAO                                                         | CUSIP: 818150302<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |    236300 | NS      | $14178.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE               | LVMH Moet Hennessy Louis Vuitton SE                                   | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      7200 | NS      | $5240149.99   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SPECTRUM BRANDS INC                               | Spectrum Brands Inc                                                   | CUSIP: 84762LAX3<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2345460.00   | 0.44%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                            | AngloGold Ashanti Holdings PLC                                        | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |   3000000 | PA      | $2880000.00   | 0.55%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cisco Systems Inc                                 | Cisco Systems Inc                                                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    232300 | NS      | $11066772.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| QORVO INC                                         | Qorvo Inc                                                             | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1622200.00   | 0.31%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Credit Suisse ABS Trust                           | Credit Suisse ABS Trust 2020-AT1                                      | CUSIP: 22551XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     16617 | PA      | $288466.13    | 0.05%             | 2026-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2021-INV1                         | CUSIP: 64829WAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  34334603 | PA      | $1390314.51   | 0.26%             | 2051-06-25      | Variable      | 0.76%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE ENERGY CORP                            | Chesapeake Energy Corp                                                | CUSIP: 165167DF1<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1930500.00   | 0.37%             | 2026-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1427025.00   | 0.27%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                         | Ball Corp                                                             | CUSIP: 058498AX4<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1204125.00   | 0.23%             | 2031-09-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE                            | Edgewell Personal Care Co                                             | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2340475.00   | 0.44%             | 2028-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10298300 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |   -317000 | NC      | $-53324.41    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2022-NQM5 Trust                                                  | CUSIP: 12663DAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1609423 | PA      | $1548514.43   | 0.29%             | 2067-05-25      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                          | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1478960.00   | 0.28%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Aqua Finance Trust                                | Aqua Finance Trust 2020-A                                             | CUSIP: 038413AD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $627506.90    | 0.12%             | 2046-07-17      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10312455 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |     -5300 | NC      | $-24300.85    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                                  | StoneX Group Inc                                                      | CUSIP: 46116VAE5<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2018100.00   | 0.38%             | 2025-06-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                                  | Enstar Group Ltd                                                      | CUSIP: 29359UAC3<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |   1000000 | PA      | $730180.00    | 0.14%             | 2031-09-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| ASML Holding NV                                   | ASML Holding NV                                                       | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     11610 | NS      | $6261185.39   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Homeward Opportunities Fund I Trust               | Homeward Opportunities Fund I Trust 2020-2                            | CUSIP: 43789XAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2503082.70   | 0.47%             | 2065-05-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                                 | Kinder Morgan Inc                                                     | CUSIP: 49456BAH4<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1832560.00   | 0.35%             | 2045-06-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                               | Prestige Brands Inc                                                   | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |   3300000 | PA      | $2729562.00   | 0.52%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10261055 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -54410 | NC      | $-1095.67     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TKC HOLDINGS INC                                  | TKC Holdings Inc                                                      | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1565140.00   | 0.30%             | 2028-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10270349 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -12900 | NC      | $-3316.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                | Mitsubishi UFJ Financial Group Inc                                    | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |   1060100 | NS      | $7180957.79   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| IAA Inc                                           | IAA Inc                                                               | CUSIP: 449253AB9<br>LEI: 549300PZCOPC5178W747 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1943660.00   | 0.37%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                            | Motorola Solutions Inc                                                | CUSIP: 620076BT5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1569220.00   | 0.30%             | 2030-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Tesco PLC                                         | Tesco PLC                                                             | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |   2834700 | NS      | $7683358.32   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                        | AbbVie Inc                                                            | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     50012 | NS      | $8082439.32   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Homeward Opportunities Fund I Trust               | Homeward Opportunities Fund Trust 2022-1                              | CUSIP: 43789KAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1446719 | PA      | $1410724.35   | 0.27%             | 2067-07-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10311517 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    -41900 | NC      | $-93365.10    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust      | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                | CUSIP: 95003KAX0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  29665607 | PA      | $745280.14    | 0.14%             | 2051-08-25      | Variable      | 0.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust      | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                | CUSIP: 95003KBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    512837 | PA      | $329976.39    | 0.06%             | 2051-08-25      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10311505 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    -20000 | NC      | $-37499.19    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust           | Mello Mortgage Capital Acceptance 2021-INV2                           | CUSIP: 58549XBQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        | 106103361 | PA      | $507036.13    | 0.10%             | 2051-08-25      | Variable      | 0.13%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10311515 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    -31700 | NC      | $-22276.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lendbuzz Securitization Trust                     | Lendbuzz Securitization Trust 2022-1                                  | CUSIP: 52607KAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2100030 | PA      | $2017407.08   | 0.38%             | 2027-05-17      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Endesa SA                                         | Endesa SA                                                             | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |    555100 | NS      | $10478831.86  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust           | Mello Mortgage Capital Acceptance 2021-INV3                           | CUSIP: 585491BZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    421068 | PA      | $170104.39    | 0.03%             | 2051-10-25      | Variable      | 3.16%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                    | BNP Paribas SA                                                        | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     72998 | NS      | $4160990.79   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericast Corp.                                    | Vericast Corp. 2021 Term Loan                                         | CUSIP: 181593AP9<br>LEI: 549300J73P7FL8TVF308 | Long             | LON              | CORP              | US        |   2307088 | PA      | $1779341.56   | 0.34%             | 2026-06-16      | Floating      | 12.48%                | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS                           | Farm Credit Bank of Texas                                             | CUSIP: 30767EAD1<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $905000.00    | 0.17%             | 2025-09-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C                          | Matthews International Corp                                           | CUSIP: 577128AA9<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |   3414000 | PA      | $3223259.82   | 0.61%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Sea Ltd                                           | Sea Ltd                                                               | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     47345 | NS      | $2463360.35   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH INC                                     | FirstCash Inc                                                         | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1339710.00   | 0.25%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10282589 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -47300 | NC      | $-48923.18    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                      | CSMC 2021-BPNY                                                        | CUSIP: 12659XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1988934.84   | 0.38%             | 2023-08-15      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co                              | Kraft Heinz Foods Co                                                  | CUSIP: 50077LAB2<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2450520.00   | 0.46%             | 2046-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Goldman Home Improvement Trust Issuer Trust       | Goldman Home Improvement Trust 2021-GRN2 Issuer Trust                 | CUSIP: 38149XAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12500 | PA      | $996486.25    | 0.19%             | 2051-06-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Orange SA                                         | Orange SA                                                             | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |    907470 | NS      | $9015570.83   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America N.A.                              | ES10254893 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |   -572000 | NC      | $-2036.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                   | Fair Isaac Corp                                                       | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1814320.00   | 0.34%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10299168 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |   -170000 | NC      | $-80150.42    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CME Group Inc                                     | CME Group Inc                                                         | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     49000 | NS      | $8239840.00   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Advance Receivables Trust Advance | NRZ Advance Receivables Trust 2015-ON1                                | CUSIP: 62942QCW1<br>LEI: 549300RNWDDBV4LFKJ17 | Long             | ABS-O            | CORP              | US        |   1999621 | PA      | $1925845.01   | 0.36%             | 2053-09-15      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10238569 NESN SW 01/20/2023                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | CH        |    -16700 | NC      | $-29737.27    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10303256 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    -17500 | NC      | $-28630.07    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Enbridge Inc                                      | Enbridge Inc                                                          | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    130615 | NS      | $5104982.13   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTA OUTDOOR INC                                 | Vista Outdoor Inc                                                     | CUSIP: 928377AC4<br>LEI: 549300QI2D33ESTJLN81 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $920775.00    | 0.17%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Legal & General Group PLC                         | Legal & General Group PLC                                             | CUSIP: 000000000<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |   1643600 | NS      | $4957640.81   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                  | Roche Holding AG                                                      | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     16180 | NS      | $5083318.01   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| IHS NETHERLANDS HOLDCO                            | IHS Netherlands Holdco BV                                             | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |   2000000 | PA      | $1758520.00   | 0.33%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10255050 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     -2719 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                          | Comision Federal de Electricidad                                      | CUSIP: 000000000<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |   3740000 | PA      | $3092419.00   | 0.59%             | 2036-09-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TotalEnergies SE                                  | TotalEnergies SE                                                      | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    203875 | NS      | $12799652.26  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                              | Lockheed Martin Corp                                                  | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2719 | NS      | $1322766.31   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI NV                                            | OCI NV                                                                | CUSIP: 000000000<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |     84273 | NS      | $3014817.87   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust           | Mello Mortgage Capital Acceptance 2021-INV2                           | CUSIP: 58549XBZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1544892 | PA      | $612739.04    | 0.12%             | 2051-08-25      | Variable      | 3.17%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                            | CCO Holdings LLC / CCO Holdings Capital Corp                          | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1727380.00   | 0.33%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                        | Upstart Pass-Through Trust Series 2021-ST7                            | CUSIP: 91683KAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $1297581.00   | 0.25%             | 2029-09-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                          | United Wholesale Mortgage LLC                                         | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2709360.00   | 0.51%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                 | Iron Mountain Inc                                                     | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |   3000000 | PA      | $2696520.00   | 0.51%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                    | Microsoft Corp                                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     41500 | NS      | $9952530.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                          | Enel SpA                                                              | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |   2146900 | NS      | $11559684.52  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellantis NV                                     | Stellantis NV                                                         | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |     74500 | NS      | $1057900.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10247751 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |   -515000 | NC      | $-51630.27    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust           | Mello Mortgage Capital Acceptance 2021-INV2                           | CUSIP: 58549XBY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320255 | PA      | $184546.39    | 0.03%             | 2051-08-25      | Variable      | 3.33%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                 | Citigroup Mortgage Loan Trust 2021-J3                                 | CUSIP: 17330BDR8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $53875.56     | 0.01%             | 2051-09-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                                  | Vmed O2 UK Financing I PLC                                            | CUSIP: 92858RAA8<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $1620100.00   | 0.31%             | 2031-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2021-INV1                         | CUSIP: 64829WBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    373198 | PA      | $218154.21    | 0.04%             | 2051-06-25      | Variable      | 3.26%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                      | Centene Corp                                                          | CUSIP: 15135BAZ4<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1570900.00   | 0.30%             | 2031-08-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Adyen NV                                          | Adyen NV                                                              | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      2650 | NS      | $3654792.88   | 0.69%             |  |  |  | Yes           |                  1 | On Loan: No      |
| NVIDIA Corp                                       | NVIDIA Corp                                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     21700 | NS      | $3171238.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dun & Bradstreet Corporation (The)                | Dun & Bradstreet Corporation (The) Term Loan                          | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2026-02-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                             | Scotts Miracle-Gro Co/The                                             | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1146885.00   | 0.22%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Thornburg Capital Management Fund                 | Thornburg Capital Management Fund                                     | CUSIP: 885216739<br>LEI: 549300GLR0WG6ALV5277 | Long             | EC               | RF                | US        |   1382191 | NS      | $13821912.49  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10315713 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    -15700 | NC      | $-28405.33    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                            | Cushman & Wakefield US Borrower LLC                                   | CUSIP: 23166MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1913280.00   | 0.36%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Upstart Structured Pass-Through Trust             | Upstart Structured Pass-Through Trust Series 2022-4A                  | CUSIP: 91680YBD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1273248 | PA      | $1264067.10   | 0.24%             | 2030-11-15      | Fixed         | 7.01%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                                    | Sabre GLBL Inc                                                        | CUSIP: 78573NAC6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002400.00   | 0.19%             | 2025-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT HOLDINGS INC                            | Open Text Holdings Inc                                                | CUSIP: 683720AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1168965.00   | 0.22%             | 2031-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10302273 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    -78000 | NC      | $-15473.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LP LMS 2021-2 Asset Securitization Trust          | LP LMS 2021-2 Asset Securitization Trust                              | CUSIP: 50214JAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1382121 | PA      | $1335735.00   | 0.25%             | 2029-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                 | Citigroup Mortgage Loan Trust 2021-J3                                 | CUSIP: 17330BDP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $118034.74    | 0.02%             | 2051-09-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| LP LMS 2021-2 Asset Securitization Trust          | LP LMS 2021-2 Asset Securitization Trust                              | CUSIP: 50214JAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $848371.40    | 0.16%             | 2029-01-15      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                                     | FirstCash Inc                                                         | CUSIP: 33767DAB1<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1753740.00   | 0.33%             | 2028-09-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10312449 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     -1750 | NC      | $-11437.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALLEGION US HOLDING CO                            | Allegion US Holding Co Inc                                            | CUSIP: 01748TAC5<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1451730.00   | 0.27%             | 2032-07-01      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2021-P3                                | CUSIP: 14687JAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      2500 | PA      | $991864.69    | 0.19%             | 2028-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Upstart Pass Through Trust                        | Upstart Pass-Through Trust Series 2021-ST8                            | CUSIP: 91683LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $835125.00    | 0.16%             | 2029-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nestle SA                                         | Nestle SA                                                             | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     12000 | NS      | $1390450.44   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SEALED AIR CORP                                   | Sealed Air Corp                                                       | CUSIP: 81211KAY6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1960000 | PA      | $1787284.80   | 0.34%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Keyence Corp                                      | Keyence Corp                                                          | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     11000 | NS      | $4309814.08   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA-BRASIL BOLSA BALCA                          | B3 SA - Brasil Bolsa Balcao                                           | CUSIP: 11778EAA4<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | DBT              | CORP              | BR        |   1750000 | PA      | $1474585.00   | 0.28%             | 2031-09-20      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AUDATEX NORTH AMERICA IN                          | Audatex North America Inc                                             | CUSIP: 05070GAG3<br>LEI: 549300A6SJIHX2TJ4V10 | Long             | DBT              | CORP              | US        |    250000 | PA      | $242307.50    | 0.05%             | 2023-11-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                 | CUSIP: 88033GDN7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   2869000 | PA      | $2485672.91   | 0.47%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Vector Group Ltd                                  | Vector Group Ltd                                                      | CUSIP: 92240MBJ6<br>LEI: 549300TUIF4WWN6NDN50 | Long             | DBT              | CORP              | US        |   5630000 | PA      | $5608437.10   | 1.06%             | 2026-11-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10303245 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -75700 | NC      | $-13695.57    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                 | Post Holdings Inc                                                     | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2588220.00   | 0.49%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10269961 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    -55000 | NC      | $-1273.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Arroyo Mortgage Trust                             | Arroyo Mortgage Trust 2022-1                                          | CUSIP: 042855AD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $949582.65    | 0.18%             | 2056-12-25      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                             | Scotts Miracle-Gro Co/The                                             | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1215090.00   | 0.23%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MMC Norilsk Nickel PJSC                           | MMC Norilsk Nickel PJSC                                               | CUSIP: 000000000<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |     30700 | NS      | $181130.00    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                            | Sunoco LP / Sunoco Finance Corp                                       | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $434205.00    | 0.08%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust 2021-11                                      | CUSIP: 46654KCH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    886866 | PA      | $317493.08    | 0.06%             | 2052-01-25      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                   | AstraZeneca PLC                                                       | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     31825 | NS      | $4316107.20   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | Mastercard Inc                                                        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     22400 | NS      | $7789152.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                      | Broadcom Inc                                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      6800 | NS      | $3802084.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Fertiglobe plc                                    | Fertiglobe plc                                                        | CUSIP: 000000000<br>LEI: 984500A99D1B4CPBF744 | Long             | EC               | CORP              | AE        |   2294190 | NS      | $2642385.15   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                      | ING Groep NV                                                          | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    667800 | NS      | $8140668.20   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SCIENCE APPLICATIONS INT                          | Science Applications International Corp                               | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2788320.00   | 0.53%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| JD.com Inc                                        | JD.com Inc                                                            | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |      4361 | NS      | $123028.42    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                            | Sunoco LP / Sunoco Finance Corp                                       | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1422075.00   | 0.27%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10243560 ROG SW 01/20/23                                            | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | CH        |     -5100 | NC      | $-58211.99    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2022-P1                                | CUSIP: 14688DAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      3000 | PA      | $988090.70    | 0.19%             | 2029-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, NA - CACLN                   | JPMorgan Chase Bank NA - CACLN                                        | CUSIP: 46591HAT7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    913930 | PA      | $941348.36    | 0.18%             | 2028-01-25      | Fixed         | 33.78%                | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust      | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                | CUSIP: 95003KBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315892 | PA      | $109426.23    | 0.02%             | 2051-08-25      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                          | Telenet Finance Luxembourg Notes Sarl                                 | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |   3000000 | PA      | $2700420.00   | 0.51%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINING CO                              | Stillwater Mining Co                                                  | CUSIP: 86074QAQ5<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1203960.00   | 0.23%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                                    | ServiceNow Inc                                                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      7500 | NS      | $2912025.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10312362 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    -19500 | NC      | $-25658.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SPCM SA                                           | SPCM SA                                                               | CUSIP: 7846ELAD9<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $1730680.00   | 0.33%             | 2027-03-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Securities Trust      | Wells Fargo Mortgage Backed Securities 2021-INV1 Trust                | CUSIP: 95003KBM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    405386 | PA      | $232440.24    | 0.04%             | 2051-08-25      | Variable      | 3.32%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                               | CDW LLC / CDW Finance Corp                                            | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1704500.00   | 0.32%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                | Meta Platforms Inc                                                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     50900 | NS      | $6125306.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                        | Pfizer Inc                                                            | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    288111 | NS      | $14762807.64  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| E.ON SE                                           | E.ON SE                                                               | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |    317000 | NS      | $3167329.45   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                                     | BHP Group Ltd                                                         | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    370500 | NS      | $11510394.54  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Assicurazioni Generali SpA                        | Assicurazioni Generali SpA                                            | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |    837813 | NS      | $14900938.46  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                          | ES10269954 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |   -108700 | NC      | $-1839.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Newell Brands Inc                                 | Newell Brands Inc                                                     | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $3931250.00   | 0.74%             | 2046-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                            | Spirit AeroSystems Inc                                                | CUSIP: 85205TAL4<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2964600.00   | 0.56%             | 2025-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cvent, Inc.                                       | Cvent, Inc. 1st Lien Term Loan                                        | CUSIP: 23248RAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2024-11-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MFRA Trust                                        | MFA 2022-INV3 Trust                                                   | CUSIP: 55284PAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $1984312.75   | 0.38%             | 2066-12-25      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                   | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   2000000 | PA      | $1517640.00   | 0.29%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AES ANDRES BV                                     | AES Andres BV                                                         | CUSIP: 00109YAA3<br>LEI: 7245003VZ59682IZLJ86 | Long             | DBT              | CORP              | NL        |   1600000 | PA      | $1385648.00   | 0.26%             | 2028-05-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV                      | LyondellBasell Industries NV                                          | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |    100004 | NS      | $8303332.12   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                                  | Altria Group Inc                                                      | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    187900 | NS      | $8588909.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHES BUYER INC                                  | Arches Buyer Inc                                                      | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1568640.00   | 0.30%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Marlette Funding Trust                            | Marlette Funding Trust 2021-3                                         | CUSIP: 57108Q103<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6560 | PA      | $1218503.63   | 0.23%             | 2031-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                          | JP Morgan Mortgage Trust 2021-11                                      | CUSIP: 46654KCG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    728950 | PA      | $381772.53    | 0.07%             | 2052-01-25      | Variable      | 3.03%                 | No            |                  2 | On Loan: No      |
| Barclays Mortgage Loan Trust                      | Barclays Mortgage Loan Trust 2022-INV1                                | CUSIP: 06744YAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1905616 | PA      | $1754054.78   | 0.33%             | 2062-02-25      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust           | Mello Mortgage Capital Acceptance 2021-INV3                           | CUSIP: 585491BQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  27845824 | PA      | $186647.77    | 0.04%             | 2051-10-25      | Variable      | 0.17%                 | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                            | Petroleo Brasileiro SA                                                | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    402585 | NS      | $4287530.25   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                      | QUALCOMM Inc                                                          | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     62500 | NS      | $6871250.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                         | Alibaba Group Holding Ltd                                             | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    202000 | NS      | $2232094.24   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                                       | Shopify Inc                                                           | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |     17500 | NS      | $607425.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                        | Siemens AG                                                            | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     29400 | NS      | $4079928.32   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust           | Mello Mortgage Capital Acceptance 2021-INV3                           | CUSIP: 585491BY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     97405 | PA      | $55607.95     | 0.01%             | 2051-10-25      | Variable      | 3.22%                 | No            |                  2 | On Loan: No      |
| NN Group NV                                       | NN Group NV                                                           | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |    196360 | NS      | $8020982.52   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                  | Deutsche Post AG                                                      | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |    156385 | NS      | $5889210.94   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                      | Glencore PLC                                                          | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    695478 | NS      | $4644569.24   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                   | Telefonaktiebolaget LM Ericsson                                       | CUSIP: 000000000<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    777800 | NS      | $4539405.93   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                            | Regions Financial Corp                                                | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    184100 | NS      | $3969196.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCO BRANDS CORP                                  | ACCO Brands Corp                                                      | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |    500000 | PA      | $412700.00    | 0.08%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                                   | Nintendo Co Ltd                                                       | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    196000 | NS      | $8261749.47   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS MINERALS INTERNA                          | Compass Minerals International Inc                                    | CUSIP: 20451NAE1<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    400000 | PA      | $384284.00    | 0.07%             | 2024-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Mosaic Solar Loans LLC                            | Mosaic Solar Loan Trust 2021-3                                        | CUSIP: 61946TAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8500000 | PA      | $1950750.00   | 0.37%             | 2052-06-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Sony Group Corp                                   | Sony Group Corp                                                       | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     53225 | NS      | $4060003.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| GCAT                                              | GCAT 2021-CM2 Trust                                                   | CUSIP: 36167AAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1062574 | PA      | $957284.63    | 0.18%             | 2066-08-25      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd         | Taiwan Semiconductor Manufacturing Co Ltd                             | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    119582 | NS      | $8907663.18   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CD&R SMOKEY BUYER INC                             | CD&R Smokey Buyer Inc                                                 | CUSIP: 12510CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2587440.00   | 0.49%             | 2025-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                     | Parkland Corp/Alberta                                                 | CUSIP: 70137WAG3<br>LEI: 549300XHQS1JYWBNK868 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $1674940.00   | 0.32%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                  | MercadoLibre Inc                                                      | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      6050 | NS      | $5119752.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC                                          | MSCI Inc                                                              | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2081300.00   | 0.39%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10302266 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |   -350000 | NC      | $-97120.34    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                              | Tencent Holdings Ltd                                                  | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     91600 | NS      | $3919620.27   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Mortgage Loan Trust Inc                 | Citigroup Mortgage Loan Trust 2019-E                                  | CUSIP: 17328DAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1910990 | PA      | $1880635.35   | 0.36%             | 2070-11-25      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust               | New Residential Mortgage Loan Trust 2021-INV1                         | CUSIP: 64829WBB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    668468 | PA      | $297026.05    | 0.06%             | 2051-06-25      | Variable      | 0.29%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust                    | Carvana Auto Receivables Trust 2022-P1                                | CUSIP: 14688DAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 118280846 | PA      | $493999.95    | 0.09%             | 2029-01-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust           | Mello Mortgage Capital Acceptance 2021-INV2                           | CUSIP: 58549XBT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7270012 | PA      | $245424.71    | 0.05%             | 2051-08-25      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| Mello Mortgage Capital Acceptance Trust           | Mello Mortgage Capital Acceptance 2021-INV3                           | CUSIP: 585491BT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2260213 | PA      | $68761.78     | 0.01%             | 2051-10-25      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| Merck & Co Inc                                    | Merck & Co Inc                                                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     55360 | NS      | $6142192.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FIN DEPT GOVT SHARJAH                             | Finance Department Government of Sharjah                              | CUSIP: 38381CAC6<br>LEI: 254900ZNL8O3F1CLJO24 | Long             | DBT              | NUSS              | AE        |   2000000 | PA      | $1656880.00   | 0.31%             | 2033-03-10      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                  | LPL Holdings Inc                                                      | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2815950.00   | 0.53%             | 2027-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                          | Papa John's International Inc                                         | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |   2350000 | PA      | $1961427.50   | 0.37%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Xperi Corporation                                 | Xperi Corporation 2020 Term Loan B                                    | CUSIP: 98422BAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2028-06-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                      | Cimpress PLC                                                          | CUSIP: 17186HAC6<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   2000000 | PA      | $1381580.00   | 0.26%             | 2026-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMorgan Chase & Co                                                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     56700 | NS      | $7603470.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP                             | Tenet Healthcare Corp                                                 | CUSIP: 88033GDL1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    631000 | PA      | $546326.11    | 0.10%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Nathan's Famous Inc                               | Nathan's Famous Inc                                                   | CUSIP: 632347AC4<br>LEI: 54930034SKNSF1JIE673 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1922900.00   | 0.36%             | 2025-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                              | ES10240302 BHP AU 1 C46                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | AU        |    -98000 | NC      | $-59006.09    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MFRA Trust                                        | MFA 2022-INV1 Trust                                                   | CUSIP: 55284TAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $608857.80    | 0.12%             | 2066-04-25      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CITGO HOLDING INC                                 | Citgo Holding Inc                                                     | CUSIP: 17302WAB4<br>LEI: 549300NYHOALWZ2BSL72 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3008910.00   | 0.57%             | 2024-08-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Fat Brands Fazoli's Native I, LLC                 | Fat Brands Fazoli's Native I LLC                                      | CUSIP: 31200BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1404779.25   | 0.27%             | 2051-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                               | Petroleos Mexicanos                                                   | CUSIP: 706451BC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |   1290000 | PA      | $1293650.70   | 0.24%             | 2023-12-01      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                            | Mercedes-Benz Group AG                                                | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |    133563 | NS      | $8778508.16   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America N.A.                              | ES10312360 THORNBURGOPT                                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -26800 | NC      | $-69770.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** Thornburg Income Builder Opportunities Trust

**Signature:** Christopher Luckham

**Name of Signer:** Christopher Luckham

**Title:** Manager - Fund Admin