Consistent Growth

Visa, Inc.V4.3%
FleetCor Technologies, Inc.FLT3.7%
Wal-Mart Stores, Inc.WMT2.8%
Monster Beverage Corp.MNST2.5%
DaVita, Inc.DVA2.5%
Comcast Corp.CMCSA2.2%
Nielsen Holdings plcNLSN2.1%
Affiliated Managers Group, Inc.AMG1.8%
Gilead Sciences, Inc.GILD1.5%
Bayer AGBAYN GR1.5%
Dollar Tree, Inc.DLTR1.0%
Dollar General Corp.DG1.0%

Growth Industry Leaders

Las Vegas Sands Corp.LVS3.2%
Facebook, Inc.FB3.1%
Alphabet, Inc. Class CGOOG3.0%, Inc.AMZN2.7%
Apple, Inc.AAPL2.4%
Acuity Brands, Inc.AYI2.3%
Alexion Pharmaceuticals, Inc.ALXN2.1%
The TJX Companies, Inc.TJX2.0%
PayPal Holdings, Inc.PYPL2.0%
JPMorgan Chase & Co.JPM2.0%
Concho Resources, Inc.CXO1.8%, Inc.PCLN1.7%
Expedia, Inc.EXPE1.7%
Monsanto Co.MON1.6%
General Electric Co.GE1.5%
Netflix, Inc.NFLX1.3%

Emerging Growth

CF Industries Holdings, Inc.CF2.7%
SVB Financial GroupSIVB2.6%
DexCom, Inc.DXCM2.6%
Zillow Group, Inc. Class CZ2.2%
ServiceNow, Inc.NOW2.1%
Nevro Corp.NVRO2.0%
Alkermes plcALKS1.9%
Splunk, Inc.SPLK1.8%
Pioneer Natural Resources Co.PXD1.8%
Blue Buffalo Pet ProductsBUFF1.7%
Globant S.A.GLOB1.7%
Auto Trader Group plcAUTO LN1.7%
Palo Alto Networks, Inc.PANW1.6% Ltd.WIX1.6%
Proofpoint, Inc.PFPT1.4%
Workday, Inc.WDAY1.2%
Criteo SA ADRCRTO1.1%
Inogen, Inc.INGN1.0%
Switch, Inc.SWCH0.9%
Cavium, Inc.CAVM0.6%
Cash & Cash Equivalents4.4%

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 our literature center. 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.