Top Ten Holdings – All Funds

Thornburg Investment Income Builder Fund as of

% OF PORTFOLIO
Orange S.A.4.8%
Taiwan Semiconductor Manufacturing Co. Ltd.4.7%
Vodafone Group plc4.2%
Samsung Electronics Co. Ltd.3.5%
Broadcom, Inc.3.3%
China Mobile Ltd.3.2%
Deutsche Telekom AG3.0%
QUALCOMM, Inc.3.0%
AbbVie, Inc.2.9%
The Home Depot, Inc.2.9%
Portfolio holdings are subject to change.

Thornburg Global Opportunities Fund as of

% OF PORTFOLIO
Vestas Wind Systems A/S5.5%
Capital One Financial Corp.5.4%
Samsung Electronics Co. Ltd.5.2%
Reliance Industries Ltd.5.0%
Citigroup, Inc.4.8%
Qorvo, Inc.4.7%
Alphabet, Inc.4.6%
NN Group N.V.4.5%
Facebook, Inc.4.4%
Barratt Developments plc4.1%
Portfolio holdings are subject to change.

Thornburg International Value Fund as of

% OF PORTFOLIO
Alibaba Group Holding Ltd.3.1%
Ping An Bank Co. Ltd.3.1%
Nintendo Co. Ltd.3.0%
Telefonaktiebolaget LM Ericsson3.0%
Tencent Holdings Ltd.2.8%
adidas AG2.8%
Sika AG2.7%
Z Holdings Corp.2.6%
Safran S.A.2.5%
Citigroup, Inc.2.5%
Portfolio holdings are subject to change.

Thornburg Better World International Fund as of

% OF PORTFOLIO
Tencent Holdings Ltd.3.0%
Alibaba Group Holding Ltd.2.9%
Murata Manufacturing Co. Ltd.2.5%
Meituan2.4%
Enel SpA2.2%
Infineon Technologies AG2.1%
Li Ning Co. Ltd.2.1%
Vinci S.A.2.0%
Fresenius Medical Care AG & Co. KGaA2.0%
Alstom S.A.1.9%
Portfolio holdings are subject to change.

Thornburg International Growth Fund as of

% OF PORTFOLIO
Alibaba Group Holding Ltd.5.7%
Tencent Holdings Ltd.4.6%
Adyen N.V.4.3%
Taiwan Semiconductor Manufacturing Co. Ltd.3.7%
Activision Blizzard, Inc.3.3%
Lonza Group AG3.2%
AstraZeneca plc3.0%
MercadoLibre, Inc.2.9%
Nihon M&A Center, Inc.2.9%
Nestle S.A.2.8%
Portfolio holdings are subject to change.

Thornburg Developing World Fund as of

% OF PORTFOLIO
Alibaba Group Holding Ltd.8.6%
Taiwan Semiconductor Manufacturing Co. Ltd.6.5%
Tencent Holdings Ltd.6.5%
Samsung Electronics Co. Ltd.4.6%
AIA Group Ltd.3.8%
HDFC Bank Ltd.3.3%
Adani Ports & Special Economic Zone Ltd.2.8%
Ping An Insurance Group Co. of China Ltd.2.8%
China Gas Holdings Ltd.2.6%
Prosus N.V.2.5%
Portfolio holdings are subject to change.

Thornburg Small/Mid Cap Core Fund as of

% OF PORTFOLIO
Alphabet, Inc.6.5%
Nomad Foods Ltd.5.1%
Facebook, Inc.5.0%
Assured Guaranty Ltd.4.9%
Crown Holdings, Inc.4.9%
JPMorgan Chase & Co.4.8%
Comcast Corp.4.4%
Thermo Fisher Scientific, Inc.4.1%
Quanta Services, Inc.3.9%
Activision Blizzard, Inc.3.6%
Portfolio holdings are subject to change.

Thornburg Small/Mid Cap Growth Fund as of

% OF PORTFOLIO
Amazon.com, Inc.7.0%
Apple, Inc.6.2%
Microsoft Corp.5.8%
Alphabet, Inc.5.1%
PayPal Holdings, Inc.4.3%
Activision Blizzard, Inc.4.0%
Visa, Inc.3.5%
Facebook, Inc.3.1%
Comcast Corp.3.0%
ServiceNow, Inc.2.6%
Portfolio holdings are subject to change.
Important Information