Domestic Equity

Alphabet, Inc.GOOGL US5.5%
T-Mobile US, Inc.TMUS US4.9%
Capital One Financial Corp.COF US4.8%
Facebook, Inc.FB US4.7%
Citigroup, Inc.C US4.7%
Walgreens Boots Alliance, Inc.WBA US3.6%
CF Industries Holdings, Inc.CF US3.6%
Zayo Group Holdings, Inc.ZAYO US3.3%
EchoStar Corp.SATS US2.5%
Allergan plcAGN US2.1%
Peabody Energy Corp.BTU US1.7%
Altice USA, Inc.ATUS US0.2%

Foreign Equity

Reliance Industries Ltd.RIL IN4.9%
Aena SME S.A.AENA SM4.1%
New World Development Co. Ltd.17 HK4.0%
Ryanair Holdings plcRYAAY US3.9%
Baidu, Inc.BIDU US3.7%
Samsung Electronics Co. Ltd.005930 KS3.5%
Galaxy Entertainment Group Ltd.27 HK3.3%
Mineral Resources Ltd.MIN AU3.0%
Barratt Developments plcBDEV LN3.0%
easyJet plcEZJ LN2.8%
BNP Paribas S.A.BNP FP2.4%
Bayer AGBAYN GR2.4%
CNH Industrial N.V.CNHI IM2.2%
Atlantia SpAATL IM2.2%
NN Group N.V.NN NA1.7%
MGM China Holdings Ltd.2282 HK1.6%
ING Groep N.V.INGA NA1.4%
Yum China Holdings, Inc.YUMC US0.0%
Cash & Cash Equivalents3.3%

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.