Consistent Growth

SYMBOL% OF PORTFOLIO
Worldpay, Inc.WPY LN3.3%
Fresenius Medical Care AG & Co. KGaAFME GR2.9%
Astrazeneca plcAZN LN2.8%
Visa, Inc.V US2.1%
Kerry Group plcKYG ID2.1%
Fomento Economico Mexicano S.A.B. de C.V.FMX US2.0%
Ryanair Holdings plcRYAAY US2.0%
Lonza Group AGLONN SW1.9%
Domino's Pizza Group plcDOM LN1.9%
Danone S.A.BN FP1.8%
ITC Ltd.ITC IN1.7%
KOSE Corp.4922 JP1.7%
Grifols S.A.GRF SM1.6%
EssilorLuxotticaEL FP1.4%
Alsea S.A.B. de C.V.ALSEA* MM0.9%
Yunnan Baiyao Group Co. Ltd.000538 C20.5%
PriceSmart, Inc.PSMT US0.5%

Growth Industry Leaders

SYMBOL% OF PORTFOLIO
Wirecard AGWDI GR3.2%
Alibaba Group Holding Ltd.BABA US2.7%
adidas AGADS GR2.5%
Royal Dutch Shell plcRDSA NA2.5%
Mastercard, Inc.MA US2.2%
St James's Place plcSTJ LN2.1%
Japan Exchange Group, Inc.8697 JP2.0%
Baidu, Inc.BIDU US1.9%
Sands China Ltd.1928 HK1.4%
Ctrip.com International Ltd.CTRP US1.4%
Hargreaves Lansdown plcHL/ LN1.3%
Commerzbank AGCBK GR1.3%
Booking Holdings, Inc.BKNG US1.2%
Housing Development Finance Corp. Ltd.HDFC IN0.7%

Emerging Growth

SYMBOL% OF PORTFOLIO
Tencent Holdings Ltd.700 HK2.6%
Auto Trader Group plcAUTO LN2.6%
Just Eat plcJE/ LN2.6%
Ubisoft Entertainment S.A.UBI FP2.4%
EdenredEDEN FP2.2%
Galaxy Entertainment Group Ltd.27 HK2.1%
ASOS plcASC LN2.1%
Yandex N.V.YNDX US2.1%
B&M European Value Retail S.A.BME LN2.0%
ZOZO, Inc.3092 JP1.9%
Zalando SEZAL GR1.7%
Carsales.com Ltd.CAR AU1.6%
TAL Education GroupTAL US1.5%
Nihon M&A Center, Inc.2127 JP1.4%
Boozt ABBOOZT SS1.2%
Merlin Entertainments plcMERL LN1.0%
Domino's Pizza Enterprises Ltd.DMP AU0.5%
Evolution Gaming Group ABEVO SS0.4%
Blue Prism Group plcPRSM LN0.4%
Farfetch Ltd.FTCH US0.4%
Mercari, Inc.4385 JP0.4%
% OF PORTFOLIO
Cash & Cash Equivalents9.6%

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 thornburg.com. 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.