Consistent Growth

Bayer AGBAYN GR3.0%
Domino's Pizza Group plcDOM LN2.6%
Fresenius Medical Care AG & Co.FME GR2.4%
Fomento Economico Mexicano SAB de CV ADRFMX2.1%
Kerry Group plcKYG ID2.0%
KOSE Corp.4922 JP2.0%
British American Tobacco plcBATS LN2.0%
Visa, Inc.V2.0%
Nielsen Holdings plcNLSN1.8%
Danone SABN FP1.7%
ITC Ltd.ITC IN1.7%
Grifols S.A.GRF SM1.6%
Essilor International SAEI FP1.5%
Yunnan Baiyao Group Co., Ltd.000538 C21.0%
Coloplast A/SCOLOB DC0.9%
Alsea S.A.B. de C.V.ALSEA* MM0.9%
PriceSmart, Inc.PSMT0.6%

Growth Industry Leaders

Emerging Growth

Galaxy Entertainment Group Ltd.27 HK3.0%
Auto Trader Group plcAUTO LN2.3%
Just Eat plcJE/ LN2.1%
Zalando SEZAL GR2.0%
Alkermes plcALKS2.0%
EdenredEDEN FP2.0%
MGM China Holdings Ltd.2282 H1.9% Ltd.CAR AU1.9%
Yandex NVYNDX1.9%
B&M European Value Retail S.A.BME LN1.9%
Tencent Holdings Ltd.700 HK1.9%
ASOS plcASC LN1.7%
Boozt ABBOOZT SS1.1%
Merlin Entertainments plcMERL LN1.1%
Criteo SA ADRCRTO1.0%
Evolution Gaming Group ABEVO SS0.8%
Domino's Pizza Enterprises Ltd.DMP AU0.6%
Cash & Cash Equivalents9.2%

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.