Domestic Equity

SYMBOL% OF PORTFOLIO
CME Group, Inc.CME US4.0%
JPMorgan Chase & Co.JPM US2.9%
QUALCOMM, Inc.QCOM US2.5%
Walgreens Boots Alliance, Inc.WBA US2.4%
The Home Depot, Inc.HD US2.1%
Merck & Co., Inc.MRK US2.1%
AT&T, Inc.T US2.0%
Ares Capital Corp.ARCC US1.7%
ONEOK, Inc.OKE US1.7%
MFA Financial, Inc.MFA US1.7%
Crown Castle International Corp.CCI US1.6%
Las Vegas Sands Corp.LVS US1.4%
AXA Equitable Holdings, Inc.EQH US1.3%
LyondellBasell Industries N.V.LYB US1.2%
Valero Energy Corp.VLO US1.2%
Chimera Investment Corp.CIM US1.0%
Apollo Investment Corp.AINV US0.9%
Pfizer, Inc.PFE US0.9%
Lamar Advertising Co.LAMR US0.8%
Broadcom, Inc.AVGO US0.7%
Solar Capital Ltd.SLRC US0.7%
Washington Real Estate Investment TrustWRE US0.6%
Outfront Media, Inc.OUT US0.4%
Lazard Ltd.LAZ US0.4%
Granite Point Mortgage Trust, Inc.GPMT US0.2%
Colony Capital, Inc.CLNY US0.1%
Malamute Energy, Inc.MALAMUTE10.0%

Foreign Equity

SYMBOL% OF PORTFOLIO
China Mobile Ltd.941 HK4.5%
Royal Dutch Shell plcRDS/A US3.7%
Electricite de France S.A.EDF FP3.4%
Orange S.A.ORA FP3.2%
Total S.A.FP FP2.8%
Taiwan Semiconductor Manufacturing Co. Ltd.2330 TT2.7%
Eni SpAENI IM2.2%
NN Group N.V.NN NA2.2%
BT Group plcBT/A LN2.0%
KT&G Corp.033780 KS1.7%
MMC Norilsk Nickel PJSCMNOD LI1.6%
Roche Holding AGROG SW1.5%
UBS Group AGUBSG SW1.3%
Glencore plcGLEN LN1.3%
Vodafone Group plcVOD LN1.2%
Atlantia SpAATL IM1.2%
Vinci S.A.DG FP1.1%
Koninklijke KPN N.V.KPN NA1.1%
BNP Paribas S.A.BNP FP1.0%
Repsol S.A.REP SM0.9%
Enel SpAENEL IM0.9%
Astrazeneca plcAZN LN0.8%
Novartis AGNOVN SW0.8%
British American Tobacco plcBATS LN0.8%
BAE Systems plcBA/ LN0.7%
Hopewell Holdings Ltd.54 HK0.6%
Deutsche Telekom AGDTE GR0.6%
ING Groep N.V.INGA NA0.6%
Suncor Energy, Inc.SU CN0.5%
ASE Technology Holding Co. Ltd.3711 TT0.5%
Nestle S.A.NESN SW0.5%
Samsung Electronics Co. Ltd.005930 KS0.5%
Ferrovial S.A.FER SM0.5%
Wynn Macau Ltd.1128 HK0.5%
Sydney AirportSYD AU0.4%
Jasmine Broadband Internet Infrastructure FundJASIF/F T0.4%
LUKOIL PJSCLKOD LI0.4%
MTN Group Ltd.MTN SJ0.3%
Legal & General Group plcLGEN LN0.3%
Deutsche Boerse AGDB1 GR0.3%
E.ON SEEOAN GR0.3%
NWS Holdings Ltd.659 HK0.2%
AXA S.A.CS FP0.1%
Assicurazioni Generali SpAG IM0.1%
HSBC Holdings plc5 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%
Citgo Petroleum Corp.17302XAJ50.2%
Kinder Morgan, Inc./DE49456BAG60.2%
Compass Group Diversified Holdings, LLC20451RAA00.1%
Enviva Partners L.P. / Enviva Partners Finance Corp.29413XAB30.1%
Summit Midstream Partners L.P.866142AA00.1%
MetLife, Inc.59156RBS60.1%
International Wire Group, Inc.460933AL80.1%
Vector Group Ltd.92240MBF40.1%
Zachry Holdings, Inc.988745AA30.1%
The Williams Cos, Inc.969457BV10.1%
JPMorgan Chase & Co.46625HHA10.1%
Time Warner Cable, LLC88732JAP30.1%
Salem Media Group, Inc.794093AG90.1%
Energy Transfer Partners L.P.29273RBA60.1%
HollyFrontier Corp.436106AA60.1%
Kinder Morgan Energy Partners L.P.494550AT30.1%
Vista Outdoor, Inc.928377AB60.1%
Alliance Data Systems Corp.018581AG30.1%
Enbridge Energy Partners L.P.29250RAR70.1%
Kinder Morgan Energy Partners L.P.494550BP00.1%
Qwest Corp.74913GAX30.1%
B&G Foods, Inc.05508RAE60.1%
Laureate Education, Inc.518613AJ30.1%
ONEOK Partners L.P.68268NAE30.1%
Kinder Morgan Energy Partners L.P.494550AZ90.1%
Sempra Energy816851AK50.1%
C&S Group Enterprises, LLC12467AAD00.1%
FirstCash, Inc.33767DAA30.1%
Summit Midstream Holdings, LLC/ Summit Midstream Finance Corp.86614WAC00.0%
Energizer Holdings, Inc.29273AAA40.0%
Mueller Industries, Inc.624756AE20.0%
Enterprise TE Partners L.P.872384AC60.0%
Arizona Public Service Co.040555CL60.0%
Harland Clarke Holdings Corp.412690AF60.0%
Kinder Morgan, Inc./DE49456BAH40.0%
Ameren Illinois Co.02361DAG50.0%
EZCORP, Inc.302301AB20.0%
DISH DBS Corp.25470XAQ80.0%
National Rural Utilities Cooperative Finance Corp.637432LR40.0%
National Life Insurance Co.636792AB90.0%
Energizer Gamma Acquisition, Inc.29279VAA20.0%
Enable Oklahoma Intrastate Transmission, LLC29348QAB80.0%
JPR Royalty Sub, LLC46635XAA10.0%
RAAM Global Energy Co.74920AAC30.0%

Domestic Other Bonds

SYMBOL% OF PORTFOLIO
ABG Intermediate Holdings 2, LLC00076VAS90.1%
RGIS Services, LLC74957MAL30.1%
Harland Clarke Holdings Corp.181593AN40.1%
Wheels Up Partners, LLC92940FAAF0.1%
Fairway Outdoor Funding, LLC30605XAB90.0%
MCDERMOTT INTERNATIONAL58004GAB40.0%
Careerbuilder, LLC14168EAC20.0%
Office Depot, Inc.67622DAH10.0%
American Airlines 2013-2 Class A Pass Through Trust02377UAB00.0%
Merrill Lynch Mortgage Investors Trust Series MLMI 2004-A459020ULT00.0%
San Bernardino County Redevelopment Agency Successor Agency79685PCK40.0%
US Airways 2010-1 Class A Pass Through Trust90345KAA80.0%
Northwind Holdings, LLC668457AA20.0%
FBR Securitization Trust 2005-230246QAG80.0%
Malamute Energy, Inc.MALAMUTEF0.0%
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%
Cimpress N.V.17186HAC60.1%
Antares Holdings L.P.03666HAA90.1%
Kissner Holdings L.P. / Kissner Milling Co. Ltd. / BSC Holding, Inc. / Kissner USA497864AA60.1%
Consolidated Energy Finance S.A.20914UAD80.1%
BPCE S.A.05571AAA30.1%
The Dai-ichi Life Insurance Co. Ltd.23380YAB30.1%
Telenet Finance Luxembourg Notes SarlAQ23228420.1%
VEON Holdings BV92718WAB50.1%
Guanay Finance Ltd.40066NAA40.1%
Sands China Ltd.80007RAD70.0%
CIMPOR Financial Operations BV17186LAA10.0%
Consolidated Energy Finance S.A.20914UAC00.0%
Brazilian Government International Bond105756BL30.0%
BRF S.A.10552TAF40.0%
Nexteer Automotive Group Ltd.65341EAA80.0%
Odebrecht Offshore Drilling Finance Ltd.67576GAD90.0%
Odebrecht Offshore Drilling Finance Ltd.67576GAC10.0%
Petroleum Co. of Trinidad & Tobago Ltd.71657YAD40.0%
OS Two, LLC67112PAA60.0%
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 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.

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.