TBLD - Thornburg Income Builder Opportunities Trust

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 31, 2024

   UBS Group AG now owns 5.6%, as a passive investor.

   Original document →

About this fund

• Run by Thornburg Investment Management, Inc. Part of the Thornburg fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Size: about $741 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.3% a year in management fees; 1.6% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 55 charge a lower management fee and 16 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Sept 30, 2025) the fund paid $1.25 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Sept 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Sept 30, 2025): $21.21. The shares traded at $19.89, about 6.2% below that. As of Sept 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 6.1% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2020.

How this has changed

• Payouts per share: $1.25 in the fiscal year ended Sept 30, 2025; $1.25 in the year ended Sept 30, 2024; $1.25 in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.62% a year in the fiscal year ended Sept 30, 2025; 1.59% a year in the year ended Sept 30, 2024; 1.66% a year in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $681 million at Sept 30, 2025; $623 million at Sept 30, 2024; $545 million at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →, Sept 30, 2023 →.
• Borrowing: none at Sept 30, 2025; none at Sept 30, 2024; none at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →, Sept 30, 2023 →.
• The fund had about 32.1 million shares at Sept 30, 2025, about the same as at Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Sept 30, 2025: the shares returned +19.3%, counting payouts. As of Sept 30, 2025, from the fund's annual report. Original document →
• The year ended Sept 30, 2024: the shares returned +30.5%, counting payouts. As of Sept 30, 2024, from the fund's annual report. Original document →
• The year ended Sept 30, 2023: the shares returned +23.1%, counting payouts. As of Sept 30, 2023, from the fund's annual report. Original document →
• The year ended Sept 30, 2022: the shares returned -31.9%, counting payouts. As of Sept 30, 2022, from the fund's annual report. Original document →
• The year ended Sept 30, 2021: the shares returned +0.8%, counting payouts. As of Sept 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +31.5%. $10,000 of shares bought at the start (Oct 1, 2020) would have become about $13,200 by Sept 30, 2025, with every payout counted, before tax. As of Sept 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +19.1%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 58 funds that invest in bonds with a fiscal year ending within six months of this one, 6 reported a higher share return for that year and 51 a lower one. As of Sept 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (74%), the rest bonds, mortgage bonds and asset-backed bonds. About 45% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. Thornburg Capital Management Fund - 6.7%
2. Orange SA - 5.1%
3. Taiwan Semiconductor Manufacturing - 4.3%
4. Samsung Electronics - 3.4%
5. Enel SpA - 2.9%
6. Endesa SA - 2.8%
7. Cisco Systems - 2.8%
8. AT&T - 2.7%
9. Roche Holding AG - 2.7%
10. NN Group NV - 2.6%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →