Domestic Equity

SYMBOL% OF PORTFOLIO
Alphabet, Inc. Class AGOOGL5.1%
CF Industries Holdings, Inc.CF4.2%
T-Mobile US, Inc.TMUS4.0%
Citigroup, Inc.C3.6%
Wynn Resorts, Ltd.WYNN3.5%
Helmerich & Payne, Inc.HP3.3%
Capital One Financial Corp.COF3.3%
Facebook, Inc.FB3.2%
The Kraft Heinz Co.KHC3.0%
Echostar Corp.SATS2.3%
Colony NorthStar, Inc.CLNS2.0%
Altice USA, Inc.ATUS1.5%
Zayo Group Holdings, Inc.ZAYO1.0%

Foreign Equity

SYMBOL% OF PORTFOLIO
AENA S.A.AENA SM5.1%
Altice N.V.ATC NA4.6%
Ryanair Holdings plc ADRRYAAY3.8%
Reliance Industries Ltd.RIL IN3.7%
Samsung Electronics Co. Ltd.005930 KS3.7%
easyJet plcEZJ LN3.6%
Galaxy Entertainment Group Ltd.27 HK3.5%
NN Group NVNN NA3.4%
New World Development Co. Ltd.17 HK3.2%
Baidu, Inc. ADRBIDU3.0%
Bayer AGBAYN GR2.6%
Barratt Developments plcBDEV LN2.4%
ING Groep N.V.INGA NA2.4%
BRF SABRFS3 BZ2.0%
Mineral Resources Ltd.MIN AU1.8%
Seven Generations Energy Ltd.VII CN1.2%
Delphi Automotive plcDLPH1.0%
UBS Group AGUBSG VX0.6%
Allergan plcAGN0.2%
% OF PORTFOLIO
Cash & Cash Equivalents8.4%

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.