LONG HOLDINGS

SYMBOL% OF PORTFOLIO
Alkermes plcALKS US4.4%
Gilead Sciences, Inc.GILD US4.4%
US Foods Holding Corp.USFD US4.0%
Facebook, Inc.FB US3.8%
Nomad Foods Ltd.NOMD US3.5%
PennyMac Mortgage Investment TrustPMT US3.2%
Assured Guaranty Ltd.AGO US3.2%
Medtronic plcMDT US3.1%
RPC Group plcRPC LN3.1%
Comcast Corp.CMCSA US3.1%
ITT, Inc.ITT US3.1%
Alphabet, Inc.GOOG US3.0%
Oaktree Capital Group, LLCOAK US3.0%
Starbucks Corp.SBUX US2.9%
Start Today Co. Ltd.3092 JP2.8%
O'Reilly Automotive, Inc.ORLY US2.8%
China Mobile Ltd.941 HK2.7%
Devon Energy Corp.DVN US2.7%
Evolent Health, Inc.EVH US2.6%
CarMax, Inc.KMX US2.6%
United Parcel Service, Inc.UPS US2.6%
TRI Pointe Group, Inc.TPH US2.5%
Thermo Fisher Scientific, Inc.TMO US2.4%
ViaSat, Inc.VSAT US2.4%
Domino's Pizza Group plcDOM LN2.4%
McDermott International, Inc.MDR US2.4%
ARRIS International plcARRS US2.3%
Expedia Group, Inc.EXPE US2.3%
iQIYI, Inc.IQ US2.2%
AXA Equitable Holdings, Inc.EQH US2.1%
Palo Alto Networks, Inc.PANW US2.1%
Pure Storage, Inc.PSTG US2.1%
Apollo Global Management, LLCAPO US2.1%
Callaway Golf Co.ELY US2.0%
Teekay LNG Partners L.P.TGP US2.0%
ADT, Inc.ADT US1.7%
Cognizant Technology Solutions Corp.CTSH US1.5%
Activision Blizzard, Inc.ATVI US1.5%
Amazon.com, Inc.AMZN US1.4%

Short positions are excluded from the list above.

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.

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.