LONG HOLDINGS

SYMBOL% OF PORTFOLIO
Alkermes plcALKS5.4%
Gilead Sciences, Inc.GILD5.3%
ViaSat, Inc.VSAT4.5%
Wal-Mart Stores, Inc.WMT4.4%
ARRIS International plcARRS4.2%
US Foods Holding Corp.USFD4.1%
TRI Pointe Homes, Inc.TPH3.7%
O' Reilly Automotive, Inc.ORLY3.7%
Nomad Foods Ltd.NOMD3.6%
Pure Storage, Inc.PSTG3.5%
Alphabet, Inc. Class CGOOG3.3%
Callaway Golf Co.ELY3.3%
Oaktree Capital Group, LLCOAK3.2%
Assured Guaranty Ltd.AGO3.1%
Devon Energy Corp.DVN3.1%
Domino's Pizza Group plcDOM LN3.0%
Facebook, Inc.FB3.0%
Teekay LNG Partners LPTGP3.0%
PennyMac Mortgage Investment TrustPMT2.9%
General Electric Co.GE2.9%
Medtronic plcMDT2.9%
KOSE Corp.4922 JP2.7%
Fibra UNO Administracion S.A. de C.V.FUNO11 MM2.6%
Expedia, Inc.EXPE2.6%
Apollo Global Management, LLCAPO2.6%
Palo Alto Networks, Inc.PANW2.5%
ITT, Inc.ITT2.4%
Amazon.com, Inc.AMZN2.4%
Activision Blizzard, Inc.ATVI2.1%
Echostar Corp.SATS1.9%
Switch, Inc.SWCH1.7%
Cognizant Tech Solutions Corp.CTSH1.4%
Netflix, Inc.NFLX0.9%
Phibro Animal Health Corp.PAHC0.7%
Akorn, Inc.AKRX0.6%
Evolent Health, Inc.EVH0.6%
Warrior Met Coal, Inc.HCC0.5%

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 our literature center. 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.