Consistent Growth

Fresenius Medical Care AG & Co. KGaAFME GR2.8%
Bayer AGBAYN GR2.6%
KOSE Corp.4922 JP2.4%
Domino's Pizza Group plcDOM LN2.3%
Astrazeneca plcAZN LN2.3%
Kerry Group plcKYG ID2.0%
Visa, Inc.V US2.0%
Fomento Economico Mexicano S.A.B. de C.V.FMX US2.0%
British American Tobacco plcBATS LN1.9%
Danone S.A.BN FP1.8%
ITC Ltd.ITC IN1.7%
Grifols S.A.GRF SM1.4%
Essilor International Cie Generale d'Optique S.A.EI FP1.3%
Yunnan Baiyao Group Co. Ltd.000538 C20.9%
Coloplast A/SCOLOB DC0.9%
Alsea S.A.B. de C.V.ALSEA* MM0.8%
PriceSmart, Inc.PSMT US0.5%

Growth Industry Leaders

Wirecard AGWDI GR2.6%
Worldpay, Inc.WPYL IX2.5%
adidas AGADS GR2.5%
Yoox Net-A-Porter Group SpAYNAP IM2.5%
Alibaba Group Holding Ltd.BABA US2.1%
Mastercard, Inc.MA US2.0%
Japan Exchange Group, Inc.8697 JP2.0%
St James's Place plcSTJ LN2.0%
Royal Dutch Shell plcRDSA NA1.9%
Baidu, Inc.BIDU US1.8%
Ryanair Holdings plcRYAAY US1.8%
Sands China Ltd.1928 HK1.6%
Cielo S.A.CIEL3 BZ1.5% International Ltd.CTRP US1.4%
Booking Holdings, Inc.BKNG US1.3%
ING Groep N.V.INGA NA1.2%
Hargreaves Lansdown plcHL/ LN1.1%
Housing Development Finance Corp. Ltd.HDFC IN0.9%

Emerging Growth

Galaxy Entertainment Group Ltd.27 HK3.1%
Auto Trader Group plcAUTO LN2.3%
EdenredEDEN FP2.2%
Yandex N.V.YNDX US2.1%
Just Eat plcJE/ LN2.1%
Zalando SEZAL GR2.1%
Tencent Holdings Ltd.700 HK1.9%
B&M European Value Retail S.A.BME LN1.9%
TAL Education GroupTAL US1.7% Ltd.CAR AU1.7%
ASOS plcASC LN1.7%
Alkermes plcALKS US1.6%
MGM China Holdings Ltd.2282 HK1.6%
Boozt ABBOOZT SS1.2%
Merlin Entertainments plcMERL LN1.0%
Criteo S.A.CRTO US0.9%
NetEnt ABNETB SS0.6%
iQIYI, Inc.IQ US0.6%
Evolution Gaming Group ABEVO SS0.5%
Domino's Pizza Enterprises Ltd.DMP AU0.5%
Cash & Cash Equivalents6.8%

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.