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Home Investments Closed-End Funds Thornburg Income Builder Opportunities Trust
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Thornburg Income Builder Opportunities Trust

Closing NAV
$21.54
As of 31 Dec 2025
Closing Share Price
$20.10
As of 31 Dec 2025
Premium/Discount
-6.69%
As of 31 Dec 2025
Distribution Rate
6.22%
As of 31 Dec 2025
Inception Date
27 Jul 2021
As of 31 Dec 2025

Portfolio Managers

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

Overview

Investment Rationale

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

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

Download Investor Brochure

Investment Approach

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

Investment Strategy

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

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

The Trust has a 12-year term.§

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

Related Content

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Income
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What Investors Need to Know About Markets and Macro Now
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Evaluating the Impact of Active Management, International Investing, and Dividends
Fund Facts

Fund Facts

(As of 30 Nov 2025)
Common Net Assets
$686,623,135
Leverage
0.00%
Total Managed Assets
$686,623,135
Common Shares Outstanding
32,081,883
Average Daily Volume (last 30 days)
58,353
Fees & Expenses

Fees & Expenses

(As of 30 Nov 2025)
Management Fee1
1.25%
Administration Fee
0.08%
Other Expenses2
0.19%
Total Annual Expenses
1.52%

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

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

Performance

Performance

Total Returns

(As of 30 Sep 2025)
YTD
1y
3y
Inception
Total Price (%)
27.38
19.26
24.21
6.78
Total NAV (%)
20.98
16.44
20.32
8.43
Investment Income Builder Blended Index (%)
14.60
13.59
18.85
7.48
YTD
1y
3y
Inception
Total Price (%)
27.74
25.33
18.72
6.58
Total NAV (%)
23.26
20.89
15.92
8.56
Investment Income Builder Blended Index (%)
16.93
14.17
15.39
7.68

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

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

Pricing

Pricing

(As of 31 Dec 2025)
Date
Share Price ($)
NAV ($)
Premium/discount (%)
31 Dec 2025
20.10
21.54
-6.69
30 Dec 2025
20.11
21.57
-6.77
29 Dec 2025
20.00
21.66
-7.66
26 Dec 2025
19.97
21.64
-7.72
24 Dec 2025
19.92
21.58
-7.69
23 Dec 2025
19.82
21.55
-8.03
22 Dec 2025
19.82
21.46
-7.64
19 Dec 2025
19.84
21.36
-7.12
18 Dec 2025
19.67
21.30
-7.65
17 Dec 2025
19.54
21.26
-8.09

Prior versions of this website, between September 15, 2025, and September 16, 2025, included erroneous data in which the Premium/Discount (%) figure was not updated to reflect the labeled "As of 15 Sep 2025" date. For a period of time on these dates, the Premium/Discount (%) figure reflected the data as of September 12, 2025, instead of September 15, 2025. Please refer to the current data on this website instead of that on the previous website versions.

Distributions

Distributions

(As of 31 Dec 2025)
Distribution Rate on Market
6.22%
Distribution Rate on NAV
5.80%
Fiscal YTD Distributions per Share**
$0.31251
Inception to Date Distributions/Share
$5.41684

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

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

Distribution Summary

Distribution Summary

(As of 13 Nov 2025)
Payable Date
Record Date
Ex-Date
Declaration Date
Amount ($)
20 Sep 2021
13 Sep 2021
10 Sep 2021
25 Aug 2021
0.10417
20 Oct 2021
11 Oct 2021
8 Oct 2021
1 Oct 2021
0.10417
22 Nov 2021
15 Nov 2021
12 Nov 2021
2 Nov 2021
0.10417
20 Dec 2021
13 Dec 2021
10 Dec 2021
1 Dec 2021
0.10417
20 Jan 2022
31 Dec 2021
30 Dec 2021
28 Dec 2021
0.10417
18 Feb 2022
11 Feb 2022
10 Feb 2022
1 Feb 2022
0.10417
21 Mar 2022
11 Mar 2022
10 Mar 2022
1 Mar 2022
0.10417
20 Apr 2022
11 Apr 2022
8 Apr 2022
1 Apr 2022
0.10417
20 May 2022
12 May 2022
11 May 2022
2 May 2022
0.10417
20 Jun 2022
13 Jun 2022
10 Jun 2022
1 Jun 2022
0.10417
20 Jul 2022
11 Jul 2022
8 Jul 2022
1 Jul 2022
0.10417
19 Aug 2022
11 Aug 2022
10 Aug 2022
1 Aug 2022
0.10417
20 Sep 2022
12 Sep 2022
9 Sep 2022
1 Sep 2022
0.10417
20 Oct 2022
11 Oct 2022
7 Oct 2022
3 Oct 2022
0.10417
21 Nov 2022
14 Nov 2022
10 Nov 2022
1 Nov 2022
0.10417
20 Dec 2022
12 Dec 2022
9 Dec 2022
1 Dec 2022
0.10417
23 Jan 2023
13 Jan 2023
12 Jan 2023
3 Jan 2023
0.10417
21 Feb 2023
13 Feb 2023
10 Feb 2023
1 Feb 2023
0.10417
20 Mar 2023
13 Mar 2023
10 Mar 2023
1 Mar 2023
0.10417
20 Apr 2023
13 Apr 2023
12 Apr 2023
3 Apr 2023
0.10417
19 May 2023
11 May 2023
10 May 2023
1 May 2023
0.10417
20 Jun 2023
12 Jun 2023
9 Jun 2023
1 Jun 2023
0.10417
20 Jul 2023
13 Jul 2023
12 Jul 2023
3 Jul 2023
0.10417
18 Aug 2023
11 Aug 2023
10 Aug 2023
1 Aug 2023
0.10417
20 Sep 2023
11 Sep 2023
8 Sep 2023
1 Sep 2023
0.10417
20 Oct 2023
12 Oct 2023
11 Oct 2023
2 Oct 2023
0.10417
20 Nov 2023
13 Nov 2023
10 Nov 2023
1 Nov 2023
0.10417
20 Dec 2023
11 Dec 2023
8 Dec 2023
1 Dec 2023
0.10417
22 Jan 2024
12 Jan 2024
11 Jan 2024
2 Jan 2024
0.10417
20 Feb 2024
12 Feb 2024
9 Feb 2024
1 Feb 2024
0.10417
20 Mar 2024
11 Mar 2024
8 Mar 2024
1 Mar 2024
0.10417
19 Apr 2024
11 Apr 2024
10 Apr 2024
1 Apr 2024
0.10417
20 May 2024
13 May 2024
10 May 2024
1 May 2024
0.10417
21 Jun 2024
13 Jun 2024
13 Jun 2024
3 Jun 2024
0.10417
19 Jul 2024
11 Jul 2024
11 Jul 2024
1 Jul 2024
0.10417
20 Aug 2024
12 Aug 2024
12 Aug 2024
1 Aug 2024
0.10417
20 Sep 2024
13 Sep 2024
13 Sep 2024
3 Sep 2024
0.10417
21 Oct 2024
11 Oct 2024
11 Oct 2024
1 Oct 2024
0.10417
20 Nov 2024
12 Nov 2024
12 Nov 2024
1 Nov 2024
0.10417
20 Dec 2024
12 Dec 2024
12 Dec 2024
2 Dec 2024
0.10417
21 Jan 2025
30 Dec 2024
30 Dec 2024
19 Dec 2024
0.10417
21 Feb 2025
13 Feb 2025
13 Feb 2025
3 Feb 2025
0.10417
20 Mar 2025
13 Mar 2025
13 Mar 2025
3 Mar 2025
0.10417
21 Apr 2025
11 Apr 2025
11 Apr 2025
1 Apr 2025
0.10417
20 May 2025
12 May 2025
12 May 2025
1 May 2025
0.10417
20 Jun 2025
12 Jun 2025
12 Jun 2025
2 Jun 2025
0.10417
21 Jul 2025
11 Jul 2025
11 Jul 2025
1 Jul 2025
0.10417
20 Aug 2025
11 Aug 2025
11 Aug 2025
1 Aug 2025
0.10417
19 Sep 2025
12 Sep 2025
12 Sep 2025
2 Sep 2025
0.10417
21 Oct 2025
14 Oct 2025
14 Oct 2025
1 Oct 2025
0.10417
20 Nov 2025
13 Nov 2025
13 Nov 2025
3 Nov 2025
0.10417
Portfolio Characteristics

Portfolio Characteristics

(As of 30 Nov 2025)
Portfolio
Benchmark
Net Fund Assets
$686.6 M
—
Number of Holdings
193
—
Weighted Average Market Cap
$253.5 B
$1,040.6 B
Median Market Cap
$57.7 B
$26.1 B
Price to Earnings - Forward 1YR
14.5x
22.1x
Price to Earnings - Trailing 12 Months
16.3x
25.8x
Price to Cash Flow
6.6x
15.7x
Portfolio
Benchmark
Price to Book Value
2.0x
3.9x
Active Share
91.7%
—
Effective Duration
4.5 Yrs
6.0 Yrs
Average Effective Maturity
7.0 Yrs
8.2 Yrs
Weighted Average Coupon
2.4%
3.6%
Weighted Average Price
$89.71
$95.69
Portfolio Top Holdings

Portfolio Top Holdings

(As of 31 Oct 2025)
Name
Ticker/Symbol
Sector
Weight %
Orange S.A.
ORA
Communication Services
4.7
AT&T, Inc.
T
Communication Services
3.1
Samsung Electronics Co. Ltd.
005930
Information Technology
2.9
Enel SpA
ENEL
Utilities
2.8
Endesa S.A.
ELE
Utilities
2.7
NN Group N.V.
NN
Financials
2.7
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
2.6
Roche Holding AG
ROG
Health Care
2.3
CME Group, Inc.
CME
Financials
1.9
Cisco Systems, Inc.
CSCO
Information Technology
1.9
Name
Ticker/Symbol
Sector
Weight %
FirstCash, Inc.
33767DAD7
Corporate Bond
0.6
United States Treasury Strip Coupon
912834KP2
Treasury Domestic
0.6
Freddie Mac Pool
3132DWMS9
Mortgage Passthrough
0.5
Tenet Healthcare Corp.
88033GDU1
Corporate Bond
0.5
Freddie Mac Pool
3132DWJS3
Mortgage Passthrough
0.5
United States Treasury Inflation Indexed Bonds
912810UH9
Treasury Domestic
0.4
Post Holdings, Inc.
737446AP9
Corporate Bond
0.4
United Wholesale Mortgage, LLC
91153LAA5
Corporate Bond
0.4
Blue Owl Technology Finance Corp.
691205AE8
Corporate Bond
0.4
Science Applications International Corp.
808625AA5
Corporate Bond
0.4
Download Holdings
Options Overlay

Options Overlay

(As of 30 Nov 2025)
% of Portfolio Overwritten
1.0%
Average Strike vs. Spot Price
103.8
Weighted Average Days to Expiration
31

Please note that prior versions of this website, from October 2021 through October 17, 2025, included an error in the labeling of a data point. Specifically, the data point labeled "Average Call Strike vs. Spot Price" was incorrect and should have been labeled "Average Strike vs. Spot Price." We advise users to refer only to the current data presented on this website, as it reflects the corrected information.

Exposure Breakdown

Exposure Breakdown

(As of 30 Nov 2025)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Communication Services
17.4
8.9
Information Technology
15.5
27.3
Utilities
14.0
2.7
Health Care
12.7
9.9
Energy
11.8
3.4
Financials
11.1
16.4
Materials
7.4
3.1
Consumer Discretionary
6.5
10.0
Industrials
2.2
10.9
Real Estate
0.0
1.9
Consumer Staples
0.0
5.4
Unassigned
1.4
—
Sector Allocation
Fund (%)
Communication Services
17.4
Information Technology
15.5
Utilities
14.0
Health Care
12.7
Energy
11.8
Financials
11.1
Materials
7.4
Consumer Discretionary
6.5
Industrials
2.2
Real Estate
0.0
Consumer Staples
0.0
Unassigned
1.4
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Utilities
14.0
2.7
Telecommunication Services
13.5
1.3
Energy
11.8
3.4
Pharmaceuticals, Biotechnology & Life Sciences
11.4
6.7
Technology Hardware & Equipment
7.5
7.1
Materials
7.4
3.1
Insurance
5.7
3.0
Semiconductors & Semiconductor Equipment
4.4
11.0
Media & Entertainment
3.9
7.7
Software & Services
3.5
9.2
Top 10 Industries
Fund (%)
Utilities
14.0
Telecommunication Services
13.5
Energy
11.8
Pharmaceuticals, Biotechnology & Life Sciences
11.4
Technology Hardware & Equipment
7.5
Materials
7.4
Insurance
5.7
Semiconductors & Semiconductor Equipment
4.4
Media & Entertainment
3.9
Software & Services
3.5
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
42.9
77.9
North America
France
6.5
2.0
Europe ex UK
Italy
6.1
0.6
Europe ex UK
Germany
5.0
1.8
Europe ex UK
Canada
4.8
2.8
North America
Netherlands
3.8
0.9
Europe ex UK
Switzerland
3.5
1.7
Europe ex UK
Taiwan
3.0
—
Asia Pacific ex Japan
Spain
2.7
0.7
Europe ex UK
Korea, Republic of (South Korea)
2.6
0.0
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
42.9
France
6.5
Italy
6.1
Germany
5.0
Canada
4.8
Netherlands
3.8
Switzerland
3.5
Taiwan
3.0
Spain
2.7
Korea, Republic of (South Korea)
2.6
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Equity
68.0
75.0
Fixed Income
26.2
25.0
Cash & Equivalents
5.8
—
Derivative
0.0
—
Composition
Fund (%)
Equity
68.0
Fixed Income
26.2
Cash & Equivalents
5.8
Derivative
0.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
92.9
98.0
Mid Cap ($2.5 to $12 B)
5.1
2.0
Small Cap (< $2.5 B)
1.4
—
Unassigned
0.6
—
Capitalization
Fund (%)
Large Cap (> $12 B)
92.9
Mid Cap ($2.5 to $12 B)
5.1
Small Cap (< $2.5 B)
1.4
Unassigned
0.6
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
U.S. Government
15.1
70.9
AAA
8.6
2.5
AA
2.8
3.4
A
3.4
11.4
BBB
19.4
10.9
BB
25.2
—
B
8.1
—
Not Rated
17.4
0.9
Unassigned
0.0
—
Credit Quality
Fund (%)
U.S. Government
15.1
AAA
8.6
AA
2.8
A
3.4
BBB
19.4
BB
25.2
B
8.1
Not Rated
17.4
Unassigned
0.0
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
19.9
0.2
Year 2
11.0
12.2
Year 3
10.8
12.0
Year 4
11.1
9.6
Year 5
7.0
11.1
Year 6
8.2
5.8
Year 7
6.0
7.3
Year 9
2.1
7.3
Year 10+
24.0
28.6
Maturity
Fund (%)
Year 1
19.9
Year 2
11.0
Year 3
10.8
Year 4
11.1
Year 5
7.0
Year 6
8.2
Year 7
6.0
Year 9
2.1
Year 10+
24.0

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

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

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

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Portfolio Managers

Matt Burdett

Matt Burdett

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

Christian Hoffmann, CFA

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

Literature

Fund Documents

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

Tax Information

2024 TBLD Tax Information
2023 TBLD Tax Information
2022 TBLD Tax Information
Tax FAQ

Related Content

Building Strength
Income
Using Dividends to Strengthen Portfolios Amid Lower Rates
Markets & Economy
What Investors Need to Know About Markets and Macro Now
Global Equity
Evaluating the Impact of Active Management, International Investing, and Dividends

Important Information

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

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

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

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

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

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

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

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

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

Please see our glossary for a definition of terms.

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

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