Gilead Sciences, Inc.GILD US4.9%
Thermo Fisher Scientific, Inc.TMO US4.8%
Comcast Corp.CMCSA US4.8%
US Foods Holding Corp.USFD US4.6%
Nomad Foods Ltd.NOMD US4.4%
Assured Guaranty Ltd.AGO US4.1%
Alkermes plcALKS US4.1%
Zillow Group, Inc.Z US3.8%
United Parcel Service, Inc.UPS US3.6%
Medtronic plcMDT US3.4%
Starbucks Corp.SBUX US3.3%
Owens-Illinois, Inc.OI US3.2%
SS&C Technologies Holdings, Inc.SSNC US3.2%
Alibaba Group Holding Ltd.BABA US3.2%
Oaktree Capital Group, LLCOAK US3.1%
Alphabet, Inc.GOOG US2.9%
Galaxy Entertainment Group Ltd.27 HK2.9%
Pure Storage, Inc.PSTG US2.7%
AramarkARMK US2.7%
RPC Group plcRPC LN2.6%
CarMax, Inc.KMX US2.6%
Cognizant Technology Solutions Corp.CTSH US2.5%
Activision Blizzard, Inc.ATVI US2.4%
ITT, Inc.ITT US2.4%
Ubisoft Entertainment S.A.UBI FP2.4%
ADT, Inc.ADT US2.4%
Flex Ltd.FLEX US2.3%
Teekay LNG Partners L.P.TGP US2.2%
Expedia Group, Inc.EXPE US2.2%
Mohawk Industries, Inc.MHK US2.0%
Casa Systems, Inc.CASA US1.9%
Apollo Global Management, LLCAPO US1.8%
Navient Corp.NAVI US1.7%
ZOZO, Inc.3092 JP1.7%
Devon Energy Corp.DVN US1.7%
PennyMac Mortgage Investment TrustPMT US1.7%
McDermott International, Inc.MDR US1.5%
Amazon.com, Inc.AMZN US0.9%

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.