Fund Description: Thornburg Income Builder Opportunities Trust is an exchange-traded, closed-end fund or closed-end ETF, legally known as a diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The Fund's primary investment objective is to provide current income and additional total return. <p> FUND STRATEGY: The Fund will pursue two investment opportunities global equity and global debt. In managing the Trust’s global equity allocation, the Adviser will invest in any stock or other equity security that the Adviser believes will assist the Trust in pursuing its investment goals (including smaller companies with market capitalization of less than $500 million and companies in developing countries, including preferred stock, publicly traded real estate investment trusts, other equity trusts and partnership interests, and depositary receipts such as American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts which may include smaller companies with market capitalization of less than $500 million and companies in developing countries. The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust expects that equity investments in the Trust’s portfolio normally will be weighted in favor of companies that pay dividends or other current income. Initially, 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. In managing the Trust’s global debt allocation, the Adviser will invest in debt obligations of any kind, including credit and credit-related instruments, including without limitation, corporate bonds, syndicated corporate loans, mortgage and asset-backed securities, debt securities and similar instruments issued by U.S. and non-U.S. corporate entities and governments and supranational entities, as well as U.S. government-sponsored agency debentures, and convertible securities.It is expected that the Trust’s investments in mortgage-backed securities will not exceed 20% of the Trust’s Managed Assets. The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid. The Trust may purchase mezzanine, second lien, distressed and other securities or instruments that are rated below investment grade or that are unrated, including “leveraged loans”, “high yield” or “junk” bonds and debt obligations of any maturity and of any credit quality. The Trust will invest no more than 10% of its Managed Assets in bond, debt or credit investments rated CCC/Caa or lower (or are unrated but judged by the Adviser to be of comparable quality) at the time of investment. The Trust may also invest up to 20% of Managed Assets in receivables, non-syndicated corporate debt, asset purchase guarantees, debtor-in-possession loans, trade claims and whole consumer loans. While the Trust does not intend to originate loans, the Trust’s investments in asset-backed securities may include securitizations of consumer loans. Initially, 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 intends to write (sell) covered call options on a portion of the individual common stocks in its portfolio and write (sell) call and put options on indices of securities and sectors of securities (collectively referred to as “index options”). The notional amount of the Trust’s options strategy will be approximately 10% to 40% of the Trust’s Managed Assets, although this percentage may vary from time to time with market conditions. Under current market conditions with higher levels of volatility, the Trust anticipates writing out-of-the-money individual call options, the notional amount of which would be approximately 35% of the Trust’s Managed Assets. <p> FUND MANAGEMENT: Thornburg Investment Management, Inc. serves as the investment adviser for the fund.