Consistent Growth

SYMBOL% OF PORTFOLIO
Bayer AGBAYN GR3.2%
Domino's Pizza Group plcDOM LN2.6%
Fresenius Medical Care AG & Co.FME GR2.3%
KOSE Corp.4922 JP2.1%
British American Tobacco plcBATS LN2.0%
Nielsen Holdings plcNLSN1.9%
Kerry Group plcKYG ID1.9%
Altice N.V.ATC NA1.9%
Fomento Economico Mexicano SAB de CV ADRFMX1.8%
Grifols S.A.GRF SM1.7%
ITC Ltd.ITC IN1.6%
Danone SABN FP1.5%
Essilor International SAEI FP1.4%
Bureau Veritas SABVI FP1.3%
Coloplast A/SCOLOB DC1.0%
Yunnan Baiyao Group Co., Ltd.000538 C21.0%
Alsea S.A.B. de C.V.ALSEA* MM0.7%
PriceSmart, Inc.PSMT0.6%

Growth Industry Leaders

Emerging Growth

SYMBOL% OF PORTFOLIO
Paysafe Group plcPAYS LN4.2%
Galaxy Entertainment Group Ltd.27 HK2.6%
Just Eat plcJE/ LN2.1%
EdenredEDEN FP2.0%
Auto Trader Group plcAUTO LN2.0%
Zalando SEZAL GR1.9%
Carsales.com Ltd.CAR AU1.8%
B&M European Value Retail S.A.BME LN1.8%
Yandex NVYNDX1.8%
Tencent Holdings Ltd.700 HK1.7%
MGM China Holdings Ltd.2282 H1.5%
ASOS plcASC LN1.5%
Alkermes plcALKS1.5%
Criteo SA ADRCRTO1.4%
Merlin Entertainments plcMERL LN1.1%
NetEnt ABNETILB SS1.0%
Boozt ABBOOZT SS0.9%
Evolution Gaming Group ABEVO SS0.8%
Domino's Pizza Enterprises Ltd.DMP AU0.6%
% OF PORTFOLIO
Cash & Cash Equivalents9.0%

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.