Domestic Equity

SYMBOL% OF PORTFOLIO
CME Group, Inc.CME US3.9%
JPMorgan Chase & Co.JPM US3.1%
The Home Depot, Inc.HD US2.2%
AT&T, Inc.T US2.1%
Las Vegas Sands Corp.LVS US1.8%
QUALCOMM, Inc.QCOM US1.8%
MFA Financial, Inc.MFA US1.7%
Merck & Co., Inc.MRK US1.6%
Walgreens Boots Alliance, Inc.WBA US1.6%
Ares Capital Corp.ARCC US1.6%
ONEOK, Inc.OKE US1.6%
Crown Castle International Corp.CCI US1.4%
LyondellBasell Industries N.V.LYB US1.2%
Valero Energy Corp.VLO US1.1%
Apollo Investment Corp.AINV US0.8%
Chimera Investment Corp.CIM US0.8%
Lamar Advertising Co.LAMR US0.7%
Solar Capital Ltd.SLRC US0.6%
Pfizer, Inc.PFE US0.6%
Washington Real Estate Investment TrustWRE US0.5%
CenturyLink, Inc.CTL US0.5%
Outfront Media, Inc.OUT US0.3%
Colony NorthStar, Inc.CLNS US0.3%
Granite Point Mortgage Trust, Inc.GPMT US0.2%
Malamute Energy, Inc.MALAMUTE10.0%

Foreign Equity

SYMBOL% OF PORTFOLIO
China Mobile Ltd.941 HK3.5%
Royal Dutch Shell plcRDS/A US3.5%
Roche Holding AGROG SW2.9%
Orange S.A.ORA FP2.8%
NN Group N.V.NN NA2.7%
Electricite de France S.A.EDF FP2.6%
Taiwan Semiconductor Manufacturing Co. Ltd.2330 TT2.6%
Atlantia SpAATL IM2.0%
UBS Group AGUBSG SW2.0%
Eni SpAENI IM1.9%
Total S.A.FP FP1.9%
Novartis AGNOVN SW1.9%
BNP Paribas S.A.BNP FP1.7%
KT&G Corp.033780 KS1.7%
Nestle S.A.NESN SW1.6%
ING Groep N.V.INGA NA1.6%
MMC Norilsk Nickel PJSCMNOD LI1.4%
Koninklijke KPN N.V.KPN NA1.2%
Vodafone Group plcVOD LN1.2%
Daimler AGDAI GR1.1%
BT Group plcBT/A LN1.1%
Vinci S.A.DG FP1.1%
HSBC Holdings plc5 HK0.9%
British American Tobacco plcBATS LN0.9%
Suncor Energy, Inc.SU CN0.9%
Deutsche Boerse AGDB1 GR0.9%
Enel SpAENEL IM0.8%
Legal & General Group plcLGEN LN0.8%
Hopewell Holdings Ltd.54 HK0.8%
Astrazeneca plcAZN LN0.8%
Swedbank ABSWEDA SS0.8%
BAE Systems plcBA/ LN0.7%
Samsung Electronics Co. Ltd.005930 KS0.7%
MTN Group Ltd.MTN SJ0.7%
Advanced Semiconductor Engineering, Inc.2311 TT0.6%
AXA S.A.CS FP0.5%
Gjensidige Forsikring ASAGJF NO0.5%
ABB Ltd.ABBN SW0.5%
Jasmine Broadband Internet Infrastructure FundJASIF/F T0.4%
Sydney AirportSYD AU0.4%
Ferrovial S.A.FER SM0.4%
LUKOIL PJSCLKOD LI0.3%
NWS Holdings Ltd.659 HK0.3%
Assicurazioni Generali SpAG IM0.3%
DBS Group Holdings Ltd.DBS SP0.2%
Glencore plcGLEN LN0.2%
Aena SME S.A.AENA SM0.2%
Sands China Ltd.1928 HK0.1%

Preferred Stock

SYMBOL% OF PORTFOLIO
Crestwood Equity Partners L.P.2263443070.1%
Centaur Funding Corp.1513272020.1%
Farm Credit Bank/Texas30767E3070.1%
First Tennessee Bank NA3371582080.1%
Morgan Stanley61747s5040.0%

Domestic Corporate Bonds

SYMBOL% OF PORTFOLIO
The Williams Cos, Inc.969457BW90.5%
Transcontinental Gas Pipe Line Co., LLC893574AH60.3%
The Williams Cos, Inc.969457BU30.2%
HollyFrontier Corp.436106AA60.2%
Laureate Education, Inc.518613AJ30.2%
Citgo Petroleum Corp.17302XAJ50.2%
Kinder Morgan, Inc./DE49456BAG60.2%
NuStar Logistics L.P.67059TAA30.1%
Summit Midstream Partners L.P.866142AA00.1%
MetLife, Inc.59156RBS60.1%
Vector Group Ltd.92240MBF40.1%
Zachry Holdings, Inc.988745AA30.1%
JPMorgan Chase & Co.46625HHA10.1%
The Williams Cos, Inc.969457BV10.1%
International Wire Group, Inc.460933AL80.1%
Time Warner Cable, LLC88732JAP30.1%
Energy Transfer Partners L.P.29273RBA60.1%
Kinder Morgan Energy Partners L.P.494550AT30.1%
Enbridge Energy Partners L.P.29250RAR70.1%
Alliance Data Systems Corp.018581AG30.1%
Vista Outdoor, Inc.928377AB60.1%
The Hartford Financial Services Group, Inc.416515AW40.1%
Kinder Morgan Energy Partners L.P.494550BP00.1%
Qwest Corp.74913GAX30.1%
ONEOK Partners L.P.68268NAE30.1%
Kinder Morgan Energy Partners L.P.494550AZ90.1%
Sempra Energy816851AK50.1%
Entergy Gulf States Louisiana, LLC29365PAN20.1%
Enviva Partners L.P. / Enviva Partners Finance Corp.29413XAB30.1%
Mueller Industries, Inc.624756AE20.0%
FirstCash, Inc.33767DAA30.0%
Energizer Holdings, Inc.29273AAA40.0%
C&S Group Enterprises, LLC12467AAD00.0%
Summit Midstream Holdings, LLC/ Summit Midstream Finance Corp.86614WAC00.0%
EZCORP, Inc.302301AB20.0%
Yahoo!, Inc.984332AC00.0%
Arizona Public Service Co.040555CL60.0%
Enterprise TE Partners L.P.872384AC60.0%
Harland Clarke Holdings Corp.412690AF60.0%
DCP Midstream Operating L.P.23311RAC00.0%
Kinder Morgan, Inc./DE49456BAH40.0%
National Rural Utilities Cooperative Finance Corp.637432LR40.0%
Ameren Illinois Co.02361DAG50.0%
TMX Finance, LLC/ TitleMax Finance Corp.87261NAG50.0%
MetLife, Inc.59156RAR90.0%
National Life Insurance Co.636792AA10.0%
Enable Oklahoma Intrastate Transmission, LLC29348QAB80.0%
JPR Royalty Sub, LLC46635XAA10.0%
Bank of America Corp.EI35134920.0%
RAAM Global Energy Co.74920AAC30.0%

Domestic Other Bonds

SYMBOL% OF PORTFOLIO
ABG Intermediate Holdings 2, LLC00076VAS90.1%
Harland Clarke Holdings Corp.181593AN40.1%
Wheels Up Partners, LLC92940FAAF0.1%
RGIS Services, LLC74957MAL30.1%
Careerbuilder, LLC14168EAC20.1%
Fairway Outdoor Funding, LLC30605XAB90.0%
Office Depot, Inc.BL25483540.0%
American Airlines 2013-2 Class A Pass Through Trust02377UAB00.0%
FBR Securitization Trust 2005-230246QAG80.0%
Merrill Lynch Mortgage Investors Trust Series MLMI 2004-A459020ULT00.0%
San Bernardino County Redevelopment Agency Successor Agency79685PCK40.0%
CSMC Trust 2016-BDWN12651GAN10.0%
US Airways 2010-1 Class A Pass Through Trust90345KAA80.0%
Northwind Holdings, LLC668457AA20.0%
Malamute Energy, Inc.MALAMUTEF0.0%
Morgan Stanley ABS Capital I, Inc. Trust 2005-HE761744CWK80.0%
Citigroup Mortgage Loan Trust, Inc.17307GEF10.0%
Bear Stearns ARM Trust 2003-607384MXJ60.0%

Foreign Bonds

SYMBOL% OF PORTFOLIO
Telefonica Emisiones SAU87938WAC70.7%
Digicel Ltd.25380QAG40.3%
QBE Insurance Group Ltd.74737EAA20.3%
Deutsche Telekom International Finance BV25156PAC70.2%
Millicom International Cellular S.A.600814AM90.2%
CFG Investments 2017-1 Ltd.12528GAA00.2%
Kissner Holdings L.P. / Kissner Milling Co. Ltd. / BSC Holding, Inc. / Kissner USA497864AA60.1%
Altice France SA/France67054KAA70.1%
Consolidated Energy Finance S.A.20914UAD80.1%
CRH America, Inc.12626PAJ20.1%
BPCE S.A.05571AAA30.1%
The Dai-ichi Life Insurance Co. Ltd.23380YAB30.1%
VEON Holdings BV92718WAB50.1%
Telenet Finance Luxembourg Notes SarlAQ23228420.1%
Guanay Finance Ltd.40066NAA40.1%
CIMPOR Financial Operations BV17186LAA10.0%
Brazilian Government International Bond105756BL30.0%
BRF S.A.10552TAF40.0%
Odebrecht Offshore Drilling Finance Ltd.67576GAC10.0%
Nexteer Automotive Group Ltd.65341EAA80.0%
Consolidated Energy Finance S.A.20914UAB20.0%
Odebrecht Offshore Drilling Finance Ltd.67576GAD90.0%
Petroleum Co. of Trinidad & Tobago Ltd.71657YAD40.0%
OS Two, LLC67112PAA60.0%
Gazprom OAO Via Gaz Capital S.A.368287AE80.0%
Schahin II Finance Co. SPV Ltd.80629QAA30.0%
Linc USA GP / Linc Energy Finance USA, Inc.53278TAC40.0%
Odebrecht Oil & Gas Finance Ltd.67576JAB70.0%
% OF PORTFOLIO
Cash & Cash Equivalents1.6%

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.

Amounts related to Unfunded Loan Commitments are not included in the list of holdings.

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. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. 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.