Domestic Equity

CME Group, Inc.CME3.4%
JPMorgan Chase & Co.JPM3.4%
The Home Depot, Inc.HD2.1%
MFA Financial, Inc.MFA1.7%
Las Vegas Sands Corp.LVS1.6%
Merck & Co., Inc.MRK1.6%
Ares Capital Corp.ARCC1.5%
Walgreens Boots Alliance, Inc.WBA1.5%
CVS Health Corp.CVS1.4%
Crown Castle International Corp.CCI1.4%
LyondellBasell Industries NVLYB1.4%
AT&T, Inc.T1.3%
ONEOK, Inc.OKE1.2%
Valero Energy Corp.VLO1.0%
Apollo Investment Corp.AINV0.9%
Two Harbors Investment Corp.TWO0.8%
Lamar Advertising Co.LAMR0.7%
Washington REITWRE0.6%
Solar Capital Ltd.SLRC0.6%
Pfizer, Inc.PFE0.6%
Colony NorthStar, Inc.CLNS0.6%
Centurylink, Inc.CTL0.6%
Chimera Investment Corp.CIM0.5%
Baker Hughes, a GE Co.BHGE0.2%
Malamute Energy, Inc.MALAMUTE0.0%

Foreign Equity

China Mobile Ltd.941 HK4.0%
Royal Dutch Shell plc ADRRDSA3.3%
Orange SAORA FP3.1%
Taiwan Semiconductor Manufacturing Co., Ltd.2330 TT2.8%
Atlantia S.p.A.ATL IM2.6%
NN Group NVNN NA2.6%
Electricite de France SAEDF FP2.2%
BNP Paribas SABNP FP1.9%
Novartis AGNOVN VX1.8%
BT Group plcBT/A LN1.8%
Eni S.p.A.ENI IM1.8%
Roche Holding AGROG VX1.7%
ING Groep N.V.INGA NA1.6%
Total SAFP FP1.6%
Telenor ASATEL NO1.6%
DBS Group Holdings Ltd.DBS SP1.4%
Vodafone Group plcVOD LN1.4%
KT&G Corp.033780 KS1.3%
Koninklijke KPN N.V.KPN NA1.3%
Mining and Metallurgical Co. Norilsk Nickel PJSC ADRMNOD LI1.3%
Enel S.p.A.ENEL IM1.3%
Nestle SANESN VX1.2%
Vinci S.A.DG FP1.1%
Singapore Telecommunications Ltd.ST SP1.0%
Suncor Energy, Inc.SU CN0.8%
Legal and General Group plcLGEN LN0.7%
Hopewell Holdings Ltd.54 HK0.7%
BAE Systems plcBA/ LN0.7%
British American Tobacco plcBATS LN0.7%
MTN Group Ltd.MTN SJ0.6%
China Petroleum & Chemical Corp.386 HK0.6%
Samsung Electronics Co. Ltd.005930 KR0.5%
Advanced Semiconductor Engineering, Inc.2311 TT0.5%
Sydney AirportSYD AU0.5%
Ferrovial SAFER SM0.4%
Jasmine Broadband Internet Infrastructure FundJASIF/F TB0.4%
Terna Rete Elettrica Nazionale S.p.A.TRN IM0.4%
NWS Holdings Ltd.659 HK0.3%
Telstra Corp., Ltd.TLS AU0.3%
Assicurazioni Generali S.p.A.G IM0.3%
Daimler AGDAI GR0.3%
Gjensidige Forsikring ASAGJF NO0.2%
National Grid plcNG/ LN0.2%
Liechtensteinische Landesbank AGLLBN SW0.1%
China Merchants Holdings International Co. Ltd.144 HK0.1%

Preferred Stock

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

The Williams Companies, Inc.969457BW90.5%
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%
Vector Group Ltd.92240MBF40.1%
Zachry Holdings, Inc.988745AA30.1%
JPMorgan Chase & Co.46625HHA10.1%
Time Warner Cable, Inc.88732JAP30.1%
The Williams Companies, Inc.969457BV10.1%
Enterprise Products Operating LP293791AW90.1%
International Wire Group, Inc.460933AL80.1%
Energy Transfer Partners LP29273RBA60.1%
Kinder Morgan Energy Partners LP494550AT30.1%
Enbridge Energy Partners LP29250RAR70.1%
Alliance Data Systems Corp.018581AG30.1%
Kinder Morgan Energy Partners LP494550BP00.1%
Hartford Financial Services Group416515AW40.1%
Qwest Corp.74913GAX30.1%
Kinder Morgan Energy Partners LP494550AZ90.1%
ONEOK Partners LP68268NAE30.1%
Sempra Energy816851AK50.1%
Summit Midstream Holdings, LLC86614WAC00.1%
Entergy Gulf States Louisiana, LLC29365PAN20.1%
Enviva Partners, LP29143XAB30.1%
Mueller Industries, Inc.624756AE20.0%
Energizer Holdings, Inc.29273AAA40.0%
FirstCash, Inc.33767DAA30.0%
C&S Group Enterprises, LLC12467AAD00.0%
Yahoo!, Inc.984332AC00.0%
Arizona Public Service Co.040555CL60.0%
Teppco Partners LP872384AC60.0%
Harland Clarke Holdings412690AF60.0%
DCP Midstream, LLC23311RAC00.0%
Kinder Morgan, Inc.49456BAH40.0%
National Rural Utilities Cooperative Finance Corp.637432LR40.0%
Ameren Illinois Co.02361DAG50.0%
TMX Finance, LLC/Titlemax Finance87261NAG50.0%
MetLife, Inc.59156RAR90.0%
American Airlines Group, Inc.02377UAB00.0%
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

Harland Clarke Holdings Corp., 7.33%, 12/31/2021181593AK00.1%
ABG Intermediate Holdings, 8.00%, 9/26/2025BL25280910.1%
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%
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

Telefonica Emisiones SAU87938WAC70.7%
Digicel Ltd.25380QAG40.3%
Deutsche Telekom International Finance BV25156PAC70.2%
CFG Holdings Ltd./CFG Finance, LLC12527MAA80.2%
Millicom International Cellular S.A.600814AM90.2%
SFR Group SA67054KAA70.2%
Kissner Group Holdings497864AA60.1%
Consolidated Energy Finance S.A.20914UAD80.1%
CRH America, Inc.12626PAJ20.1%
Groupe BPCE05571AAA30.1%
Guanay Finance Ltd.40066NAA40.1%
Dai Ichi Mutual Life Insurance Co., Ltd.23380YAB30.1%
VimpelCom Holdings B.V.92718WAB50.1%
Avison Young (Canada), Inc.05381NAA50.1%
CBC Ammo, LLC12480AAA90.1%
Cimpor Financial Operations B.V.17186LAA10.0%
Federative Republic of Brazil (BRL)105756BL30.0%
Odebrecht Offshore Drilling Finance Ltd.67576GAA50.0%
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%
OS Two, LLC, 10.00%, 12/15/202067112PAA60.0%
Telemar Norte Leste SA87944LAE90.0%
Gaz Capital SA368287AE80.0%
Schahin II Finance Co. (SPV) Ltd.80629QAA30.0%
Linc Energy53278TAC40.0%
Cash & Cash Equivalents2.1%

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.