Basic Value

SYMBOL% OF PORTFOLIO
JPMorgan Chase & Co.JPM US4.4%
Assured Guaranty Ltd.AGO US3.4%
Citigroup, Inc.C US2.7%
Enterprise Products Partners L.P.EPD US2.7%
Nomad Foods Ltd.NOMD US2.6%
TRI Pointe Group, Inc.TPH US2.4%
Oaktree Capital Group, LLCOAK US2.3%
PennyMac Mortgage Investment TrustPMT US2.3%
Devon Energy Corp.DVN US2.2%
HP, Inc.HPQ US2.0%
ADT, Inc.ADT US1.8%
ARRIS International plcARRS US1.6%
Apollo Global Management, LLCAPO US1.4%
Acushnet Holdings Corp.GOLF US1.3%
Callaway Golf Co.ELY US1.1%
Warrior Met Coal, Inc.HCC US1.1%
ITT, Inc.ITT US1.0%
Citizens Financial Group, Inc.CFG US1.0%
Teekay LNG Partners L.P.TGP US1.0%
CBRE Group, Inc.CBG US0.8%

Consistent Earners

SYMBOL% OF PORTFOLIO
Thermo Fisher Scientific, Inc.TMO US4.7%
Gilead Sciences, Inc.GILD US4.2%
US Foods Holding Corp.USFD US4.2%
Alphabet, Inc.GOOG US3.6%
RPC Group plcRPC LN3.0%
Medtronic plcMDT US2.8%
O'Reilly Automotive, Inc.ORLY US2.7%
China Mobile Ltd.941 HK2.6%
Walmart, Inc.WMT US2.5%
Apple, Inc.AAPL US2.5%
Facebook, Inc.FB US2.4%
Starbucks Corp.SBUX US2.1%
Activision Blizzard, Inc.ATVI US1.7%
United Parcel Service, Inc.UPS US1.6%
AramarkARMK US1.6%
Domino's Pizza Group plcDOM LN1.3%
Cognizant Technology Solutions Corp.CTSH US1.3%
Fortis, Inc./CanadaFTS US1.3%
CarMax, Inc.KMX US0.2%

Emerging Franchises

SYMBOL% OF PORTFOLIO
Alkermes plcALKS US2.5%
Palo Alto Networks, Inc.PANW US1.4%
Evolent Health, Inc.EVH US1.4%
Expedia Group, Inc.EXPE US1.4%
Pure Storage, Inc.PSTG US1.2%
EchoStar Corp.SATS US0.9%
Akorn, Inc.AKRX US0.3%
% OF PORTFOLIO
Cash & Cash Equivalents5.7%

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.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

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.