Domestic Equity

JPMorgan Chase & Co.JPM3.4%
CME Group, Inc.CME2.3%
The Home Depot, Inc.HD1.7%
Walgreens Boots Alliance, Inc.WBA1.4%
Intel CorporationINTC1.2%
MFA Financial, Inc.MFA1.2%
Pfizer Inc.PFE1.1%
Lorillard, Inc.LO1.1%
Ares Capital CorporationARCC1.1%
Crown CastleTWRS1.0%
Kinder Morgan, Inc.KMI1.0%
Target CorporationTGT1.0%
Duke Energy Corp.DUK1.0%
KKR & Co. LPKKR0.9%
Apple, Inc.APPL0.9%
Two Harbors Investment Corp.TWO0.9%
Invesco Mortgage CapitalIVR0.9%
Nucor Corp.NUE0.9%
The Blackstone Group LPBX0.8%
Washington Real Estate Investment TrustWRE0.8%
HollyFrontier CorporationHFC0.8%
LyondellBasell Industries NVLYB0.8%
Apollo Investment Corp.AINV0.8%
The Williams Companies, Inc.WMB0.7%
Dominion ResourcesD0.7%
Wynn ResortsWYNN0.6%
Senior Housing Properties TrustSNH0.5%
Och-Ziff Capital Management Group, LLCOZM0.5%
Apollo Global Management, LLCAPO0.5%
AT&T Inc.T0.5%
Solar Capital SLRC0.5%
Digital Realty Trust, Inc.DLR0.4%
Sempra EnergySRE0.4%
Helmerich & Payne, Inc.HP0.4%
United Parcel Service, Inc.UPS0.4%
Chimera Investments Corp.CIM0.4%
Microsoft CorporationMSFT0.4%
Philip Morris CRTABAK CP0.4%
Entergy CorporationETR0.3%
Outfront Media, Inc.OUT0.3%
Lamar Advertising Co.LAMR0.3%
Dynex Capital, Inc.DX0.2%
Capstead Mortgage Corp.CMO0.2%
American Realty Capital Properties, Inc.ARCP0.2%
Halcon Resources Corp.HK0.0%

Foreign Equity

China Mobile Ltd.941 HK3.2%
Roche Holding AGROG VX2.4%
Novartis AGNOVN VX2.3%
Royal Dutch Shell plc ADRRDSA2.2%
Vodafone Group PLCVOD1.7%
Vinci DG FP1.7%
Atlantia S.p.A.ATL IM1.7%
Swisscom AGSCMN VX1.5%
Sanofi-AventisSAN FP1.3%
Nestle SANESN VX1.2%
Husky Energy, Inc.HSE CN1.1%
Telenor ASATEL NO1.0%
VivendiVIV FP1.0%
Singapore Telecommunications LimitedST SP1.0%
Koninklijke Ahold NVAH NA1.0%
Taiwan Semiconductor Manufacturing Co. Ltd.2330 TT1.0%
Telefonica Brasil ADRVIV0.9%
Canadian Oil Sands Ltd.COS CN0.9%
Electricite de France SAEDF FP0.9%
BT Group plcBT/A LN0.8%
Hopewell Holdings Ltd.54 HK0.8%
DBS Group Holdings Ltd.DBS SP0.7%
Reckitt Benckiser plcRB/ LN0.7%
Korea Tobacco & Ginseng Corp.033780.KS0.7%
Zurich Financial Services AGZURN VX0.7%
Toyota Motor Corp.7203 JP0.7%
Munich Reinsurance GroupMUV2 GR0.6%
Nordea Bank ABNDA SS0.6%
Norilsk Nickel, JSCNILSY0.6%
Jasmine Broadband Internet Infrastructure FundJASIF/F TB0.5%
GAM Holding AGGAM SW0.5%
Wolters Kluwer N.V.WKL NA0.5%
China Merchants Holdings International 144 HK0.5%
Turkcell Iletisim Hizmetleri A.S.TCELL.TI0.5%
MegaFon OAO17GK LN0.5%
Total SAFP FP0.5%
Daqin Railway Co. Ltd.601006 C10.4%
Sands China Ltd.1928 HK0.4%
Gjensidige Forsikring ASAGJF NO0.4%
Allianz SEALV GY0.4%
Enagas SAENG SM0.4%
Ambev SA ADRABEV0.4%
NWS Holdings Ltd.659 HK0.4%
Mighty River Power Ltd.MRP NZ0.3%
British American Tobacco plcBATS LN0.3%
Ensco PLC ESV0.3%
Sydney AirportSYD AU0.3%
Huaneng Power International, Inc.902 HK0.3%
Saudi Basic Industries Corp.SABIC AB0.3%
TelstraTLS AU0.3%
Jiangsu Express Co., Ltd.177 HK0.3%
Scor SESCR FP0.3%
Wynn Macau Ltd.1128 HK0.3%
Aberdeen Asset Management plcADN LN0.3%
Terna Rete Elettrica Nazionale S.p.A.TRN IM0.3%
Statoil ASASTL NO0.2%
Liechtensteinische Landesbank AGLLB SW0.2%
EDP - Energias do Brasil SAENBR3 BZ0.2%
Bank of China3988 HK0.2%
Philippine Long Distance Telephone Co.TEL PM0.2%
America Movil SAB de C.V. ADRAMX0.2%
Industrial & Commercial Bank of China Ltd.1398 HK0.2%
China Resources Power Holdings Co.836 HK0.2%
Snam S.p.A.SRG IM0.2%
Yanbu National Petrochemical Co.YANSAB AB0.1%
St. Galler KantonalbankSGKN SW0.1%
Banque Cantonale VaudoiseBCVN SW0.1%
Santos Brasil Participacoes S.A.STBP11 BZ0.1%
Endesa, S.A.ELE SM0.1%
Indivior plcINDV LN0.0%
Hopewell Highway Infrastructure Ltd.737 HK0.0%
Jaguar Mining, Inc.JAGGD US0.0%

Preferred Stock

Ally Financial, Inc.ALLY0.1%
Principal Financial GroupPFG0.1%
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%
Linc Energy53278TAA80.1%
ZFS Finance USA Trust II98876YAA80.1%
Capital One Bank14040HAN50.1%
NiSource Finance Corp.65473QAS20.1%
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%
CRH America, Inc.12626PAJ20.1%
Level 3 Communications, Inc.52729NBP40.1%
Zachry Holdings, Inc.988745AA30.1%
Enbridge Energy Partners LP29250RAR70.1%
Energy Transfer Partners LP29273RBA60.1%
Hartford Financial Services Group416515AW40.1%
Qwest Corp.74913GAX30.1%
PNC Financial Services Group, Inc.693475AJ40.1%
Sempra Energy816851AK50.1%
Kinder Morgan Energy Partners LP494550AZ90.1%
Oneok Partners LP68268NAE30.0%
Gastar Exploration USA, Inc.36729WAA10.0%
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%
Teppco Partners LP872384AC60.0%
Anheuser-Busch InBev (BRL)03523TAY40.0%
Coeur d'Alene Mines Corp.192108AY40.0%
RAAM Global Energy Co.74920AAC30.0%
WMG Holdings Corp.92930MAG80.0%
National Rural Utilities CFC637432LR40.0%
TMX Finance, LLC/Titlemax Finance87261NAG50.0%
Ameren Illinois Co.02361DAG50.0%
Comcast Cable Communications, LLC20029PAG40.0%
DCP Midstream, LLC23311RAC00.0%
American Airlines02376TAA60.0%
MetLife, Inc.59156RAR90.0%
Alabama Power Capital Trust V01039XAA80.0%
National Life Insurance of Vermont636792AA10.0%
Altria Group, Inc.02209SAD50.0%
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%
Morgan Stanley Capital, Inc., Series 2005-HE7 Class A2C61744CWK80.0%
Merrill Lynch Mtg Investors Trust, Series 2004-A4 Class M159020ULT00.0%
JPR Royalty, LLC46635XAA10.0%
Northwind Holdings, LLC, Series 2007-1A Class A1 Floating Rate Note668457AA20.0%
San Bernardino County California Redevelopment Agency (San Sevaine)79685PCK40.0%
Alaska Communication Systems Group, Inc.01167PAE10.0%
Wells Fargo Asset Securities Corp., Series 2005-AR1 Class 1B1949781AG30.0%
Banc of America Funding Corp., Series 2006-I Class SB105951VAN90.0%
Residential Asset Securities Corp., Series 2006-KS4 Class A375406EAC50.0%
Citigroup Commercial Mtg Trust, Series 2004-HYB2 Class B117307GEF10.0%
Bear Stearns ARM Mtg, Series 2003-6 Class 2B-107384MXJ60.0%

Foreign Bonds

Telefonica Emisiones SAU87938WAB90.6%
Federative Republic of Brazil (BRL)105756BJ80.2%
Enel Finance International S.A.29268BAB70.2%
Deutsche Telekom International Finance BV25156PAC70.2%
Odebrecht Offshore Drilling Finance Ltd.67576GAA50.2%
Sirius International Group964152AB80.2%
CFG Holdings Ltd./CFG Finance, LLC12527MAA80.1%
Arcos Dorados Holdings, Inc. (BRL)03965UAA80.1%
Bakkavor Finance 2 plc (GBP)EJ71149720.1%
Anglogold Holdings03512TAD30.1%
Lowell Group Financing plc (GBP)EJ10733070.1%
KFW (BRL)EJ34220640.1%
Inkia Energy Ltd.45721RAA10.1%
Cimpor Financial Operations B.V.17186LAA10.1%
ELM B.V. (AUD)EG38916600.1%
Banco Santander Brasil S.A. (BRL)EJ58964550.1%
Groupe BPCE05571AAA30.1%
Tullow Oil plc899415AC70.1%
VimpelCom (UBS SA)90263MAE40.1%
Dai Ichi Mutual Life Insurance Co., Ltd.23380YAB30.1%
DEPFA Bank plc (EUR)EF08301270.0%
Telemar Norte Leste SA87944LAE90.0%
Ambev International Finance Co., Ltd. (BRL)02319LAB10.0%
Schahin II Finance Co. (SPV) Ltd.80629QAA30.0%
B.A.T. International Finance, plc05530QAB60.0%
BRF S.A.10552TAF40.0%
Alrosa Finance S.A.02109TAC60.0%
Abengoa Greenfield, S.A.00289WAA90.0%
Consolidated Energy Finance S.A.20914UAB20.0%
Petro Co., Trinidad Tobago Ltd.71657YAD40.0%
Cia de Eletricidade do Estado da Bahia (BRL)20442CAA50.0%
Itau Unibanco Holding S.A. (BRL)46556LAC80.0%
Petrobras Global Finance B.V.71647NAB50.0%
Gaz Capital SA368287AE80.0%
CEMEX Espana Luxembourg151288AB30.0%
Cash Store Financial (CAD)14756FAB90.0%
Morgan Stanley (BRL)61747YBA20.0%

Special Situations

Academi Holdings, LLC, 11.00%, 7/24/202000400KAB70.1%
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%
Synergy Aerospace Corp., 6.50%, 3/3/2015065433A240.1%
North Atlantic Trading Co., Inc., 7.75%-8.75%, 1/13/202065733EAB20.1%
Laureate Education, Inc.BL11867270.0%
Rue21, Inc., 5.63%, 10/9/202078128EAB80.0%
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%

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 in the Fund carry risks, including possible loss of principal. Special 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 capitalization companies may increase the risk of greater price fluctuations. Funds investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The principal 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 deposits of 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.