LONG HOLDINGS

SYMBOL% OF PORTFOLIO
Gilead Sciences, Inc.GILD4.5%
US Foods Holding Corp.USFD4.3%
Alkermes plcALKS3.9%
Alphabet, Inc.GOOG3.7%
PennyMac Mortgage Investment TrustPMT3.6%
Oaktree Capital Group, LLCOAK3.6%
ViaSat, Inc.VSAT3.4%
Nomad Foods Ltd.NOMD3.4%
Assured Guaranty Ltd.AGO3.3%
Medtronic plcMDT3.1%
Callaway Golf Co.ELY3.0%
ARRIS International plcARRS2.9%
O'Reilly Automotive, Inc.ORLY2.9%
RPC Group plcRPC LN2.9%
TRI Pointe Group, Inc.TPH2.8%
Walmart, Inc.WMT2.8%
Evolent Health, Inc.EVH2.8%
Fibra UNO Administracion S.A. de C.V.FUNO11 MM2.8%
Pure Storage, Inc.PSTG2.8%
Domino's Pizza Group plcDOM LN2.7%
Teekay LNG Partners L.P.TGP2.7%
ITT, Inc.ITT2.7%
Starbucks Corp.SBUX2.7%
Cars.com, Inc.CARS2.5%
Devon Energy Corp.DVN2.5%
KOSE Corp.4922 JP2.5%
Amazon.com, Inc.AMZN2.3%
Facebook, Inc.FB2.3%
Palo Alto Networks, Inc.PANW2.2%
China Mobile Ltd.941 HK2.2%
Expedia, Inc.EXPE2.2%
Apollo Global Management, LLCAPO2.1%
Cognizant Technology Solutions Corp.CTSH2.0%
Activision Blizzard, Inc.ATVI1.8%
ADT, Inc.ADT1.7%
Echostar Corp.SATS1.5%
Casa Systems, Inc.CASA1.1%
Warrior Met Coal, Inc.HCC0.6%
Akorn, Inc.AKRX0.2%

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.