Basic Value

SYMBOL% OF PORTFOLIO
JPMorgan Chase & Co.JPM4.3%
Citigroup, Inc.C3.4%
TRI Pointe Homes, Inc.TPH2.7%
Enterprise Products Partners L.P.EPD2.6%
Assured Guaranty Ltd.AGO2.4%
Nomad Foods Ltd.NOMD2.2%
General Electric Co.GE2.1%
Oaktree Capital Group, LLCOAK2.0%
PennyMac Mortgage Investment TrustPMT2.0%
Devon Energy Corp.DVN1.9%
Apollo Global Management, LLCAPO1.9%
HP, Inc.HPQ1.9%
Acushnet Holdings Corp.GOLF1.7%
ARRIS International plcARRS1.5%
Warrior Met Coal, Inc.HCC1.2%
Callaway Golf Co.ELY1.0%
Citizens Financial Group, Inc.CFG0.9%
CBRE Group, Inc.CBG0.6%

Consistent Earners

Emerging Franchises

SYMBOL% OF PORTFOLIO
Alkermes plcALKS1.7%
Expedia, Inc.EXPE1.5%
Pure Storage, Inc.PSTG1.2%
Palo Alto Networks, Inc.PANW1.1%
Echostar Corp.SATS0.9%
Akorn, Inc.AKRX0.5%
% OF PORTFOLIO
Cash & Cash Equivalents8.8%

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.

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.