Consistent Growth

Fresenius Medical Care AG & Co. KGaAFME GR2.6%
Bayer AGBAYN GR2.6%
Astrazeneca plcAZN LN2.5%
Fomento Economico Mexicano S.A.B. de C.V.FMX US2.4%
Domino's Pizza Group plcDOM LN2.3%
Visa, Inc.V US2.1%
Kerry Group plcKYG ID1.9%
KOSE Corp.4922 JP1.9%
ITC Ltd.ITC IN1.6%
British American Tobacco plcBATS LN1.5%
Danone S.A.BN FP1.5%
Lonza Group AGLONN SW1.5%
Grifols S.A.GRF SM1.4%
Essilor International Cie Generale d'Optique S.A.EI FP1.3%
Alsea S.A.B. de C.V.ALSEA* MM0.9%
Yunnan Baiyao Group Co. Ltd.000538 C20.9%
PriceSmart, Inc.PSMT US0.5%

Growth Industry Leaders

Wirecard AGWDI GR3.0%
Worldpay, Inc.WPYL IX2.5%
Royal Dutch Shell plcRDSA NA2.1%
Mastercard, Inc.MA US2.1%
Baidu, Inc.BIDU US1.9%
Alibaba Group Holding Ltd.BABA US1.9%
adidas AGADS GR1.9%
Ryanair Holdings plcRYAAY US1.9%
Japan Exchange Group, Inc.8697 JP1.8%
St James's Place plcSTJ LN1.8% International Ltd.CTRP US1.7%
Sands China Ltd.1928 HK1.6%
Hargreaves Lansdown plcHL/ LN1.2%
Booking Holdings, Inc.BKNG US1.2%
Commerzbank AGCBK GR1.2%
Cielo S.A.CIEL3 BZ0.9%
Housing Development Finance Corp. Ltd.HDFC IN0.8%

Emerging Growth

Galaxy Entertainment Group Ltd.27 HK2.6%
Auto Trader Group plcAUTO LN2.4%
Just Eat plcJE/ LN2.4%
Yandex N.V.YNDX US2.1%
Start Today Co. Ltd.3092 JP2.1%
Zalando SEZAL GR2.1%
B&M European Value Retail S.A.BME LN2.0%
Tencent Holdings Ltd.700 HK2.0%
EdenredEDEN FP1.8%
ASOS plcASC LN1.7% Ltd.CAR AU1.7%
TAL Education GroupTAL US1.6%
MGM China Holdings Ltd.2282 HK1.5%
Criteo S.A.CRTO US1.1%
Boozt ABBOOZT SS1.0%
Merlin Entertainments plcMERL LN0.9%
Mercari, Inc.4385 JP0.9%
NetEnt ABNETB SS0.6%
Domino's Pizza Enterprises Ltd.DMP AU0.5%
Evolution Gaming Group ABEVO SS0.3%
Cash & Cash Equivalents9.8%

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 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.