Domestic Equity

SYMBOL% OF PORTFOLIO
CME Group, Inc.CME3.6%
JPMorgan Chase & Co.JPM3.5%
The Home Depot, Inc.HD2.3%
QUALCOMM, Inc.QCOM1.9%
AT&T, Inc.T1.9%
Las Vegas Sands Corp.LVS1.8%
Walgreens Boots Alliance, Inc.WBA1.7%
MFA Financial, Inc.MFA1.6%
Merck & Co., Inc.MRK1.6%
Ares Capital Corp.ARCC1.5%
LyondellBasell Industries NVLYB1.4%
ONEOK, Inc.OKE1.4%
Crown Castle International Corp.CCI1.4%
Valero Energy Corp.VLO1.2%
Apollo Investment Corp.AINV0.9%
CVS Health Corp.CVS0.8%
Lamar Advertising Co.LAMR0.8%
Pfizer, Inc.PFE0.6%
Washington REITWRE0.6%
Solar Capital Ltd.SLRC0.6%
Chimera Investment Corp.CIM0.5%
Colony NorthStar, Inc.CLNS0.5%
Centurylink, Inc.CTL0.5%
Baker Hughes, a GE Co.BHGE0.2%
Granite Point Mortgage Trust, Inc.GPMT0.2%
Malamute Energy, Inc.MALAMUTE0.0%

Foreign Equity

SYMBOL% OF PORTFOLIO
China Mobile Ltd.941 HK3.9%
Royal Dutch Shell plc ADRRDSA3.4%
Orange SAORA FP3.0%
Taiwan Semiconductor Manufacturing Co., Ltd.2330 TT2.6%
NN Group NVNN NA2.6%
Atlantia S.p.A.ATL IM2.4%
Electricite de France SAEDF FP2.2%
Roche Holding AGROG VX2.0%
BT Group plcBT/A LN2.0%
Total SAFP FP2.0%
UBS Group AGUBSG VX2.0%
KT&G Corp.033780 KS1.9%
Novartis AGNOVN VX1.9%
Eni S.p.A.ENI IM1.7%
BNP Paribas SABNP FP1.7%
ING Groep N.V.INGA NA1.5%
Mining and Metallurgical Co. Norilsk Nickel PJSC ADRMNOD LI1.3%
Koninklijke KPN N.V.KPN NA1.3%
Vodafone Group plcVOD LN1.3%
Enel S.p.A.ENEL IM1.2%
Nestle SANESN VX1.2%
Vinci S.A.DG FP1.1%
DBS Group Holdings Ltd.DBS SP1.1%
Samsung Electronics Co. Ltd.005930 KR1.1%
Suncor Energy, Inc.SU CN0.9%
Lukoil PJSC ADRLKOD LI0.8%
Legal and General Group plcLGEN LN0.8%
Singapore Telecommunications Ltd.ST SP0.8%
MTN Group Ltd.MTN SJ0.7%
Hopewell Holdings Ltd.54 HK0.7%
British American Tobacco plcBATS LN0.7%
BAE Systems plcBA/ LN0.6%
Deutsche Boerse AGDB1 GR0.5%
Itau Unibanco Holding SA ADRITUB0.5%
Advanced Semiconductor Engineering, Inc.2311 TT0.5%
Telenor ASATEL NO0.5%
Sydney AirportSYD AU0.4%
Ferrovial SAFER SM0.4%
Jasmine Broadband Internet Infrastructure FundJASIF/F TB0.4%
Terna Rete Elettrica Nazionale S.p.A.TRN IM0.4%
Gjensidige Forsikring ASAGJF NO0.3%
Telstra Corp., Ltd.TLS AU0.3%
NWS Holdings Ltd.659 HK0.3%
Assicurazioni Generali S.p.A.G IM0.3%
Daimler AGDAI GR0.3%
HSBC Holdings plc5 HK0.2%
AXA S.A.CS FP0.2%
China Petroleum & Chemical Corp.386 HK0.1%
Korea Zinc Co., Ltd.010130 KS0.1%
Liechtensteinische Landesbank AGLLBN SW0.1%

Preferred Stock

SYMBOL% OF PORTFOLIO
Crestwood Equity Partners LP2263443070.1%
Centaur Funding Corp. Pfd, 9.08%CNTAUR0.1%
Farm Credit Bank of Texas Pfd, 10.00%30767E3070.1%
First Tennessee Bank Pfd, 3.75%3371582080.1%
Morgan Stanley Pfd, 4.00%61747s5040.0%

Domestic Corporate Bonds

SYMBOL% OF PORTFOLIO
The Williams Companies, Inc.969457BW90.4%
QBE Insurance Group Ltd.74737EAA20.3%
Transcontinental Gas Pipe Line Co., LLC893574AH60.3%
The Williams Companies, Inc.969457BU30.2%
HollyFrontier Corp.436106AA60.2%
Citgo Petroleum Corp.17302XAJ50.2%
Laureate Education, Inc.518613AJ30.2%
Kinder Morgan, Inc.49456BAG60.2%
NiSource Finance Corp.65473QAS20.1%
NuStar Logistics LP67059TAA30.1%
MetLife, Inc.59156RBS60.1%
Summit Midstream Partners, LP866142AA00.1%
Vector Group Ltd.92240MBF40.1%
Zachry Holdings, Inc.988745AA30.1%
JPMorgan Chase & Co.46625HHA10.1%
The Williams Companies, Inc.969457BV10.1%
Time Warner Cable, Inc.88732JAP30.1%
International Wire Group, Inc.460933AL80.1%
Enterprise Products Operating LP293791AW90.1%
Energy Transfer Partners LP29273RBA60.1%
Kinder Morgan Energy Partners LP494550AT30.1%
Enbridge Energy Partners LP29250RAR70.1%
Kinder Morgan Energy Partners LP494550BP00.1%
Alliance Data Systems Corp.018581AG30.1%
Hartford Financial Services Group416515AW40.1%
Qwest Corp.74913GAX30.1%
Kinder Morgan Energy Partners LP494550AZ90.1%
ONEOK Partners LP68268NAE30.1%
Sempra Energy816851AK50.1%
Entergy Gulf States Louisiana, LLC29365PAN20.1%
Enviva Partners, LP29143XAB30.0%
Mueller Industries, Inc.624756AE20.0%
FirstCash, Inc.33767DAA30.0%
Energizer Holdings, Inc.29273AAA40.0%
Summit Midstream Holdings, LLC86614WAC00.0%
C&S Group Enterprises, LLC12467AAD00.0%
Yahoo!, Inc.984332AC00.0%
Arizona Public Service Co.040555CL60.0%
Teppco Partners LP872384AC60.0%
Harland Clarke Holdings412690AF60.0%
Kinder Morgan, Inc.49456BAH40.0%
DCP Midstream, LLC23311RAC00.0%
National Rural Utilities Cooperative Finance Corp.637432LR40.0%
Ameren Illinois Co.02361DAG50.0%
TMX Finance, LLC/Titlemax Finance87261NAG50.0%
American Airlines Group, Inc.02377UAB00.0%
MetLife, Inc.59156RAR90.0%
National Life Insurance of Vermont636792AA10.0%
Enable Oklahoma Intrastate Transmission, LLC29348QAB80.0%
US Airways90345KAA80.0%
Bank of America Corp. (BRL)EI35134920.0%
RAAM Global Energy Co.74920AAC30.0%

Domestic Other Bonds

SYMBOL% OF PORTFOLIO
ABG Intermediate Holdings, 8.00%, 9/26/202500076VAS90.1%
Harland Clarke Holdings Corp., 7.33%, 12/31/2021181593AN40.1%
WU Finance I, LLC, 7.82%, 8/17/202592940FAAF0.1%
RGIS Services, LLC, 8.83%, 3/31/202374957MAL30.1%
CareerBuilder, LLC, 8.08%, 7/26/202314168EAC20.1%
Fairway Outdoor Funding, LLC, Series 2012-1 Class B30605XAB90.0%
North Atlantic Holding Co., Inc., 7.32%, 5/9/202290042EAD20.0%
EZCORP, Inc.302301AB20.0%
FBR Securitization Trust, Series 2005-2 Class M130246QAG80.0%
Office Depot, Inc., 8.36%, 11/3/2022BL25483540.0%
Merrill Lynch Mortgage Investors Trust, Series 2004-A4 Class M159020ULT00.0%
San Bernardino County California Redevelopment Agency (San Sevaine)79685PCK40.0%
JPR Royalty, LLC46635XAA10.0%
Credit Suisse Mortgage Trust, Series 2016-BDWN Class E12651GAN10.0%
Northwind Holdings, LLC, Series 2007-1A Class A1 Floating Rate Note668457AA20.0%
Morgan Stanley Capital, Inc., Series 2005-HE7 Class A2C61744CWK80.0%
Citigroup Commercial Mortgage Trust, Series 2004-HYB2 Class B117307GEF10.0%
Malamute Energy, Inc., 0.51%, 11/22/2022MALAMUTEA0.0%
Bear Stearns ARM Mortgage, Series 2003-6 Class 2B-107384MXJ60.0%

Foreign Bonds

SYMBOL% OF PORTFOLIO
Telefonica Emisiones SAU87938WAC70.7%
Digicel Ltd.25380QAG40.3%
Deutsche Telekom International Finance BV25156PAC70.2%
CFG Investments Ltd., Series 2017-1, Class A12528GAA00.2%
Millicom International Cellular S.A.600814AM90.2%
SFR Group SA67054KAA70.1%
Kissner Group Holdings497864AA60.1%
Consolidated Energy Finance S.A.20914UAD80.1%
CRH America, Inc.12626PAJ20.1%
Groupe BPCE05571AAA30.1%
Dai Ichi Mutual Life Insurance Co., Ltd.23380YAB30.1%
Guanay Finance Ltd.40066NAA40.1%
VimpelCom Holdings B.V.92718WAB50.1%
Cimpor Financial Operations B.V.17186LAA10.0%
Odebrecht Offshore Drilling Finance Ltd.67576GAA50.0%
Federative Republic of Brazil (BRL)105756BL30.0%
BRF S.A.10552TAF40.0%
Nexteer Automotive Group Ltd.65341EAA80.0%
Consolidated Energy Finance S.A.20914UAB20.0%
Petro Co., Trinidad Tobago Ltd.71657YAD40.0%
Telemar Norte Leste SA87944LAE90.0%
OS Two, LLC, 10.00%, 12/15/202067112PAA60.0%
Gaz Capital SA368287AE80.0%
Schahin II Finance Co. (SPV) Ltd.80629QAA30.0%
Linc Energy53278TAC40.0%
% OF PORTFOLIO
Cash & Cash Equivalents1.1%

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 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. 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.