Domestic Equity

JPMorgan Chase & Co.JPM3.5%
CME Group, Inc.CME2.5%
The Home Depot, Inc.HD1.9%
Walgreens Boots Alliance, Inc.WBA1.4%
MFA Financial, Inc.MFA1.3%
Target CorporationTGT1.2%
Ares Capital CorporationARCC1.0%
Pfizer Inc.PFE1.0%
Kinder Morgan, Inc.KMI1.0%
Two Harbors Investment Corp.TWO1.0%
Intel CorporationINTC1.0%
The Blackstone Group LPBX1.0%
Crown CastleTWRS1.0%
LyondellBasell Industries NVLYB0.9%
Invesco Mortgage CapitalIVR0.9%
The Williams Companies, Inc.WMB0.9%
Duke Energy Corp.DUK0.9%
Apollo Investment Corp.AINV0.9%
KKR & Co. LPKKR0.9%
Dominion ResourcesD0.8%
Lorillard, Inc.LO0.7%
Washington Real Estate Investment TrustWRE0.7%
HollyFrontier CorporationHFC0.7%
Kraft Foods Group, Inc.KRFT0.7%
Apple, Inc.APPL0.6%
AT&T Inc.T0.5%
Outfront Media, Inc.OUT0.5%
Senior Housing Properties TrustSNH0.5%
Och-Ziff Capital Management Group, LLCOZM0.4%
Solar Capital SLRC0.4%
Sempra EnergySRE0.4%
Nucor Corp.NUE0.4%
Digital Realty Trust, Inc.DLR0.4%
Lamar Advertising Co.LAMR0.4%
Entergy CorporationETR0.4%
Microsoft CorporationMSFT0.3%
Las Vegas Sands Corp.LVS0.3%
Helmerich & Payne, Inc.HP0.3%
Apollo Global Management, LLCAPO0.3%
Wynn ResortsWYNN0.3%
Dynex Capital, Inc.DX0.2%
Capstead Mortgage Corp.CMO0.2%
Chimera Investments Corp.CIM0.1%
Halcon Resources Corp.HK0.0%

Foreign Equity

China Mobile Ltd.941 HK3.0%
Vodafone Group PLCVOD2.5%
Sanofi-AventisSAN FP2.0%
Roche Holding AGROG VX2.0%
Royal Dutch Shell plc ADRRDSA2.0%
Atlantia S.p.A.ATL IM1.9%
Vinci DG FP1.8%
Telenor ASATEL NO1.8%
Swisscom AGSCMN VX1.5%
Novartis AGNOVN VX1.4%
DBS Group Holdings Ltd.DBS SP1.2%
Nestle SANESN VX1.2%
BNP ParibasBNP FP1.1%
Taiwan Semiconductor Manufacturing Co. Ltd.2330 TT1.0%
VivendiVIV FP1.0%
Koninklijke Ahold NVAH NA1.0%
Singapore Telecommunications LimitedST SP0.9%
Electricite de France SAEDF FP0.8%
Industrial & Commercial Bank of China Ltd.1398 HK0.8%
Telefonica Brasil ADRVIV0.8%
Bank of China3988 HK0.8%
Saudi Basic Industries Corp.SABIC AB0.8%
Munich Reinsurance GroupMUV2 GR0.8%
Hopewell Holdings Ltd.54 HK0.7%
Allianz SEALV GY0.7%
Husky Energy, Inc.HSE CN0.7%
BT Group plcBT/A LN0.7%
Total SAFP FP0.7%
Reckitt Benckiser plcRB/ LN0.7%
Korea Tobacco & Ginseng Corp.033780.KS0.6%
Toyota Motor Corp.7203 JP0.6%
Canadian Oil Sands Ltd.COS CN0.6%
China Merchants Holdings International 144 HK0.6%
GAM Holding AGGAM SW0.6%
Daqin Railway Co. Ltd.601006 C10.5%
Jasmine Broadband Internet Infrastructure FundJASIF/F TB0.5%
Norilsk Nickel, JSCNILSY0.5%
Wolters Kluwer N.V.WKL NA0.5%
MTN Group Ltd.MTN SJ0.5%
GlaxoSmithKline plcGSK LN0.4%
Sands China Ltd.1928 HK0.4%
Huaneng Power International, Inc.902 HK0.4%
National Grid plcNG/ LN0.4%
MegaFon OAO17GK LN0.4%
Koninklijke Philips NV0.4%
Saic Motor Corp., Ltd.600104 C10.4%
NN Group NVNN NA0.4%
Terna Rete Elettrica Nazionale S.p.A.TRN IM0.4%
Enagas SAENG SM0.3%
Sydney AirportSYD AU0.3%
Aberdeen Asset Management plcADN LN0.3%
Jiangsu Express Co., Ltd.177 HK0.3%
NWS Holdings Ltd.659 HK0.3%
Gjensidige Forsikring ASAGJF NO0.3%
ING Groep N.V.INGA NA0.3%
Ensco PLC ESV0.3%
Scor SESCR FP0.2%
EDP - Energias do Brasil SAENBR3 BZ0.2%
Liechtensteinische Landesbank AGLLB SW0.2%
Wynn Macau Ltd.1128 HK0.2%
Mighty River Power Ltd.MRP NZ0.2%
China Resources Power Holdings Co.836 HK0.2%
Yanbu National Petrochemical Co.YANSAB AB0.2%
Snam S.p.A.SRG IM0.1%
Zurich Financial Services AGZURN VX0.1%
Ambev SA ADRABEV0.1%
Statoil ASASTL NO0.1%
St. Galler KantonalbankSGKN SW0.1%
Turkcell Iletisim Hizmetleri A.S.TCELL.TI0.1%
Banque Cantonale VaudoiseBCVN SW0.1%
Santos Brasil Participacoes S.A.STBP11 BZ0.1%
Endesa, S.A.ELE SM0.1%
Jaguar Mining, Inc.JAGGD US0.0%

Preferred Stock

Ally Financial, Inc.ALLY0.1%
Centaur Funding Corp.1513272020.1%
GMAC Capital Trust3618602080.1%
Farm Credit Bank of Texas30767E3070.1%
First Tennessee Bank3371582080.0%
Barclays Bank plc06739H7760.0%
First Niagara Financial Group33582V2070.0%
Morgan StanleyMWD0.0%

Domestic Corporate Bonds

QBE Capital Funding III Ltd.74734PAA00.2%
ZFS Finance USA Trust II98876YAA80.1%
Capital One Bank14040HAN50.1%
NiSource Finance Corp.65473QAS20.1%
Linc Energy53278TAA80.1%
Genworth Holdings, Inc.372491AA80.1%
NuStar Logistics LP67059TAA30.1%
Otter Tail Corp.689648AR40.1%
MetLife Capital Trust X59156CAB70.1%
Time Warner Cable, Inc.88732JAP30.1%
JP Morgan Chase & Co.46625HJQ40.1%
Enterprise Products Operating LP293791AW90.1%
Zachry Holdings, Inc.988745AA30.1%
CRH America, Inc.12626PAJ20.1%
Enbridge Energy Partners LP29250RAR70.1%
Energy Transfer Partners LP29273RBA60.1%
Hartford Financial Services Group416515AW40.1%
Qwest Corp.74913GAX30.1%
Sempra Energy816851AK50.0%
Kinder Morgan Energy Partners LP494550AZ90.0%
Oneok Partners LP68268NAE30.0%
Entergy Gulf States Louisiana, LLC29365PAN20.0%
Goldman Sachs Group, Inc.38141GEU40.0%
Transatlantic Holdings, Inc.893521AA20.0%
Arizona Public Service Co.040555CL60.0%
Yahoo!, Inc.984332AC00.0%
Gastar Exploration USA, Inc.36729WAA10.0%
Teppco Partners LP872384AC60.0%
TMX Finance, LLC/Titlemax Finance87261NAG50.0%
Coeur d'Alene Mines Corp.192108AY40.0%
WMG Holdings Corp.92930MAG80.0%
National Rural Utilities CFC637432LR40.0%
Ameren Illinois Co.02361DAG50.0%
Anheuser-Busch InBev (BRL)03523TAY40.0%
DCP Midstream, LLC23311RAC00.0%
Comcast Cable Communications, LLC20029PAG40.0%
American Airlines02376TAA60.0%
MetLife, Inc.59156RAR90.0%
RAAM Global Energy Co.74920AAC30.0%
National Life Insurance of Vermont636792AA10.0%
Enable Oklahoma Intrastate Transmission, LLC29348QAB80.0%
US Airways90332UAN30.0%
Bank of America Corp.06051GFH70.0%
Great River Energy39121JAA80.0%

Domestic Other Bonds

FBR Securitization Trust, Series 2005-2 Class M130246QAG80.1%
CVS Pass-Through Trust336249AC10.1%
Agribank FCB00850LAA20.0%
Fairway Outdoor Funding, LLC, Series 2012-1 Class B30605XAB90.0%
Merrill Lynch Mtg Investors Trust, Series 2004-A4 Class M159020ULT00.0%
Morgan Stanley Capital, Inc., Series 2005-HE7 Class A2C61744CWK80.0%
Northwind Holdings, LLC, Series 2007-1A Class A1 Floating Rate Note668457AA20.0%
San Bernardino County California Redevelopment Agency (San Sevaine)79685PCK40.0%
JPR Royalty, LLC46635XAA10.0%
Wells Fargo Asset Securities Corp., Series 2005-AR1 Class 1B1949781AG30.0%
Banc of America Funding Corp., Series 2006-I Class SB105951VAN90.0%
Citigroup Commercial Mtg Trust, Series 2004-HYB2 Class B117307GEF10.0%
Residential Asset Securities Corp., Series 2006-KS4 Class A375406EAC50.0%
Bear Stearns ARM Mtg, Series 2003-6 Class 2B-107384MXJ60.0%

Foreign Bonds

Telefonica Emisiones SAU87938WAB90.6%
Enel Finance International S.A.29268BAB70.2%
Federative Republic of Brazil (BRL)105756BJ80.2%
Deutsche Telekom International Finance BV25156PAC70.2%
Sirius International Group964152AB80.2%
Odebrecht Offshore Drilling Finance Ltd.67576GAA50.1%
CFG Holdings Ltd./CFG Finance, LLC12527MAA80.1%
Bakkavor Finance 2 plc (GBP)EJ71149720.1%
Anglogold Holdings03512TAD30.1%
Arcos Dorados Holdings, Inc. (BRL)03965UAA80.1%
Lowell Group Financing plc (GBP)EJ10733070.1%
KFW (BRL)EJ34220640.1%
Cimpor Financial Operations B.V.17186LAA10.1%
ELM B.V. (AUD)EG38916600.1%
Groupe BPCE05571AAA30.1%
Banco Santander Brasil S.A. (BRL)EJ58964550.1%
Tullow Oil plc899415AC70.1%
Dai Ichi Mutual Life Insurance Co., Ltd.23380YAB30.1%
VimpelCom (UBS SA)90263MAE40.0%
Telemar Norte Leste SA87944LAE90.0%
GFL Environmental Corp. (CAD)36168PAA40.0%
DEPFA Bank plc (EUR)EF08301270.0%
Ambev International Finance Co., Ltd. (BRL)02319LAB10.0%
Alrosa Finance S.A.02109TAC60.0%
B.A.T. International Finance, plc05530QAB60.0%
BRF S.A.10552TAF40.0%
Schahin II Finance Co. (SPV) Ltd.80629QAA30.0%
Abengoa Greenfield, S.A.00289WAA90.0%
Consolidated Energy Finance S.A.20914UAB20.0%
Petro Co., Trinidad Tobago Ltd.71657YAD40.0%
Petrobras Global Finance B.V.71647NAB50.0%
Cia de Eletricidade do Estado da Bahia (BRL)20442CAA50.0%
Itau Unibanco Holding S.A. (BRL)46556LAC80.0%
Gaz Capital SA368287AE80.0%
CEMEX Espana Luxembourg151288AB30.0%
Cash Store Financial (CAD)14756FAB90.0%
Morgan Stanley (BRL)61747YBA20.0%

Special Situations

Private Restaurants Properties, Inc.ACI01N7630.1%
NCP Finance LP, 11.00%, 9/25/201862886YAB00.1%
Texas Competitive Electric Holdings Co., LLC, 4.648%, 10/10/2015955XXEII90.1%
North Atlantic Trading Co., Inc., 7.75%-8.75%, 1/13/202065733EAB20.0%
Laureate Education, Inc.BL11867270.0%
Synergy Aerospace Corp., 6.50%, 3/3/2015065433A240.0%
ET Three LLC, 10.00%, 9/30/201929760LAA00.0%
ET Two LLC, 10.00%, 9/30/201926924BAA10.0%
CEMEX S.A.B. de C.V., 4.661%, 2/17/2017LN3005220.0%
Rue21, Inc., 5.63%, 10/9/202078128EAB80.0%

Cash & Cash Equivalents


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. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. 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.