Consistent Growth

FleetCor Technologies, Inc.FLT US3.4%
Visa, Inc.V US3.4%
Worldpay, Inc.WP US3.0%
Comcast Corp.CMCSA US2.7%
Monster Beverage Corp.MNST US2.4%
Kerry Group plcKYG ID2.3%
SS&C Technologies Holdings, Inc.SSNC US2.3%
DaVita, Inc.DVA US2.0%
Affiliated Managers Group, Inc.AMG US2.0%
The Charles Schwab Corp.SCHW US1.8%
Fomento Economico Mexicano S.A.B. de C.V.FMX US1.7%
Gilead Sciences, Inc.GILD US1.5%

Growth Industry Leaders

Alphabet, Inc.GOOG US3.3%
The TJX Cos, Inc.TJX US3.0%
Facebook, Inc.FB US3.0%
Alexion Pharmaceuticals, Inc.ALXN US2.5%
Las Vegas Sands Corp.LVS US2.5%
JPMorgan Chase & Co.JPM US2.4%
Expedia Group, Inc.EXPE US2.3%
Activision Blizzard, Inc.ATVI US2.2%
PayPal Holdings, Inc.PYPL US2.0%
Apple, Inc.AAPL US2.0%
CME Group, Inc.CME US1.9%
Alibaba Group Holding Ltd.BABA US1.9%
Netflix, Inc.NFLX US1.7%
Concho Resources, Inc.CXO US1.7%
DR Horton, Inc.DHI US1.5%
Booking Holdings, Inc.BKNG US1.5%

Emerging Growth

ServiceNow, Inc.NOW US2.2%
DexCom, Inc.DXCM US2.1%
CF Industries Holdings, Inc.CF US1.9%
SVB Financial GroupSIVB US1.9%
Auto Trader Group plcAUTO LN1.8%
Palo Alto Networks, Inc.PANW US1.7%
Pioneer Natural Resources Co.PXD US1.6%
Nevro Corp.NVRO US1.6%
Globant S.A.GLOB US1.6%
Splunk, Inc.SPLK US1.5%
Workday, Inc.WDAY US1.3%
Pivotal Software, Inc.PVTL US1.2%
Alkermes plcALKS US1.2%
Proofpoint, Inc.PFPT US0.9%
Inogen, Inc.INGN US0.9%
Cash & Cash Equivalents6.4%

It is probable that buying or selling in the Fund portfolio will have occurred since this list was last updated. As a result of this buying or selling, the fund may own more, fewer, or no shares of the stock of any company listed. In addition, the fund may have purchased shares of companies that are not yet included in the above list.

This list of holdings is published with a one month lag on the first business day of each month. Holdings can and do vary over time.

Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit Read them carefully before investing.

Investments carry risks, including possible loss of principal. 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. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.