Report
of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of Thornburg
Income Builder Opportunities Trust
In
planning and performing our audit of the financial statements of Thornburg
Income Builder Opportunities Trust (the “Fund”) as of and for the year ended September
30, 2023, in accordance with the standards of the Public Company Accounting Oversight
Board (United States) (PCAOB), we considered the Fund’s internal control over
financial reporting, including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-CEN, but not for the purpose of expressing an opinion on the effectiveness of
the Fund’s internal control over financial reporting. Accordingly, we do not express
an opinion on the effectiveness of the Fund's internal control over financial
reporting.
The
management of the Fund is responsible for establishing and maintaining effective
internal control over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of controls. A company’s internal control over
financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal control over financial
reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company’s assets that could have a
material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
A
deficiency in internal control over financial reporting exists when the design
or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the company’s annual
or interim financial statements will not be prevented or detected on a timely
basis.
Our
consideration of the Fund’s internal control over financial reporting was for
the limited purpose described in the first paragraph and would not necessarily
disclose all deficiencies in internal control over financial reporting that
might be material weaknesses under standards established by the PCAOB. However,
we noted no deficiencies in the Fund’s internal control over financial
reporting and its operation, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above as of September 30,
2023.
This
report is intended solely for the information and use of the Board of Trustees
of Thornburg Income Builder Opportunities Trust and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.
/s/PricewaterhouseCoopers
LLP
November
17, 2023
PricewaterhouseCoopers
LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017
T:
(646) 471 3000, www.pwc.com/us