LONG HOLDINGS

SYMBOL% OF PORTFOLIO
Gilead Sciences, Inc.GILD US4.6%
Alkermes plcALKS US4.4%
Comcast Corp.CMCSA US4.2%
Assured Guaranty Ltd.AGO US3.8%
US Foods Holding Corp.USFD US3.7%
Nomad Foods Ltd.NOMD US3.7%
United Parcel Service, Inc.UPS US3.5%
SS&C Technologies Holdings, Inc.SSNC US3.5%
Medtronic plcMDT US3.1%
Thermo Fisher Scientific, Inc.TMO US3.1%
Alphabet, Inc.GOOG US3.0%
Alibaba Group Holding Ltd.BABA US3.0%
Casa Systems, Inc.CASA US2.9%
Owens-Illinois, Inc.OI US2.9%
Oaktree Capital Group, LLCOAK US2.8%
CarMax, Inc.KMX US2.6%
China Mobile Ltd.941 HK2.6%
Cognizant Technology Solutions Corp.CTSH US2.5%
TRI Pointe Group, Inc.TPH US2.5%
Devon Energy Corp.DVN US2.5%
RPC Group plcRPC LN2.5%
Start Today Co. Ltd.3092 JP2.4%
PennyMac Mortgage Investment TrustPMT US2.4%
Starbucks Corp.SBUX US2.4%
Ubisoft Entertainment S.A.UBI FP2.4%
ARRIS International plcARRS US2.4%
Pure Storage, Inc.PSTG US2.3%
ITT, Inc.ITT US2.2%
Expedia Group, Inc.EXPE US2.2%
Palo Alto Networks, Inc.PANW US2.1%
Apollo Global Management, LLCAPO US2.0%
O'Reilly Automotive, Inc.ORLY US2.0%
AXA Equitable Holdings, Inc.EQH US2.0%
McDermott International, Inc.MDR US1.9%
Navient Corp.NAVI US1.9%
ADT, Inc.ADT US1.8%
Teekay LNG Partners L.P.TGP US1.8%
Facebook, Inc.FB US1.8%
Activision Blizzard, Inc.ATVI US1.3%
Amazon.com, Inc.AMZN US1.0%

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.