Consistent Growth

SYMBOL% OF PORTFOLIO
Visa, Inc.V US4.1%
FleetCor Technologies, Inc.FLT US3.3%
Comcast Corp.CMCSA US2.7%
Monster Beverage Corp.MNST US2.4%
Kerry Group plcKYG ID2.3%
Affiliated Managers Group, Inc.AMG US2.3%
Fomento Economico Mexicano S.A.B. de C.V.FMX US2.2%
DaVita, Inc.DVA US2.1%
Gilead Sciences, Inc.GILD US1.4%
Bayer AGBAYN GR1.3%

Growth Industry Leaders

SYMBOL% OF PORTFOLIO
Amazon.com, Inc.AMZN US3.7%
Las Vegas Sands Corp.LVS US3.3%
Facebook, Inc.FB US3.3%
Alphabet, Inc.GOOG US3.1%
The TJX Cos, Inc.TJX US2.7%
Worldpay, Inc.WP US2.3%
JPMorgan Chase & Co.JPM US2.3%
PayPal Holdings, Inc.PYPL US2.2%
Expedia Group, Inc.EXPE US2.2%
Activision Blizzard, Inc.ATVI US2.1%
Alexion Pharmaceuticals, Inc.ALXN US2.1%
CME Group, Inc.CME US2.0%
Booking Holdings, Inc.BKNG US1.9%
The Charles Schwab Corp.SCHW US1.9%
Apple, Inc.AAPL US1.7%
Concho Resources, Inc.CXO US1.6%
DR Horton, Inc.DHI US1.6%
Netflix, Inc.NFLX US1.5%

Emerging Growth

SYMBOL% OF PORTFOLIO
DexCom, Inc.DXCM US2.5%
CF Industries Holdings, Inc.CF US2.1%
Wix.com Ltd.WIX US2.1%
Nevro Corp.NVRO US2.0%
ServiceNow, Inc.NOW US2.0%
SVB Financial GroupSIVB US2.0%
Auto Trader Group plcAUTO LN1.9%
Pioneer Natural Resources Co.PXD US1.8%
Palo Alto Networks, Inc.PANW US1.7%
Globant S.A.GLOB US1.6%
Criteo S.A.CRTO US1.3%
Splunk, Inc.SPLK US1.3%
Pivotal Software, Inc.PVTL US1.2%
Alkermes plcALKS US1.2%
Workday, Inc.WDAY US1.2%
Proofpoint, Inc.PFPT US1.1%
Inogen, Inc.INGN US1.0%
% OF PORTFOLIO
Cash & Cash Equivalents6.5%

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 thornburg.com. 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.