Domestic Equity

JPMorgan Chase & Co.JPM3.4%
CME Group, Inc.CME3.4%
The Home Depot, Inc.HD2.6%
AT&T, Inc.T2.4%
Target Corp.TGT1.8%
Walgreens Boots Alliance, Inc.WBA1.6%
Merck & Co., Inc.MRK1.5%
MFA Financial, Inc.MFA1.5%
Pfizer, Inc.PFE1.3%
Ares Capital Corp.ARCC1.3%
Las Vegas Sands Corp.LVS1.2%
Qualcomm, Inc.QCOM1.2%
Two Harbors Investment Corp.TWO1.1%
Invesco Mortgage Capital, Inc.IVR1.1%
Crown Castle International Corp.CCI1.1%
The Blackstone Group LPBX1.0%
Washington REITWRE0.9%
KKR & Co. LPKKR0.9%
Apple, Inc.AAPL0.8%
Dominion Resources, Inc.D0.8%
Apollo Investment Corp.AINV0.8%
LyondellBasell Industries NVLYB0.7%
Duke Energy Corp.DUK0.7%
ONEOK, Inc.OKE0.6%
Staples, Inc.SPLS0.6%
Lamar Advertising Co.LAMR0.6%
OUTFRONT Media, Inc.OUT0.5%
Chimera Investment Corp.CIM0.5%
Digital Realty Trust, Inc.DLR0.5%
Senior Housing Properties TrustSNH0.5%
Solar Capital Ltd.SLRC0.5%
The Williams Companies, Inc.WMB0.4%
HollyFrontier Corp.HFC0.4%
Apollo Global Management, LLCAPO0.4%
Capstead Mortgage Corp.CMO0.3%
Helmerich & Payne, Inc.HP0.2%
Och-Ziff Capital Management Group, LLCOZM0.2%
Dynex Capital, Inc.DX0.2%
Ally Financial, Inc. Pfd, 8.50%ALLY0.1%
GMAC Capital Trust I Pfd, 8.125%3618602080.1%
Farm Credit Bank of Texas Pfd, 10.00%30767E3070.1%
First Tennessee Bank Pfd, 3.75%3371582080.0%
First Niagara Financial Group Pfd, 8.625%33582V2070.0%
Morgan Stanley Pfd, 4.00%61747s5040.0%
The RMR Group, Inc.RMR0.0%
Halcon Resources Corp. Pfd, 5.75%40537Q4070.0%
Halcon Resources Corp.HK0.0%

Foreign Equity

China Mobile Ltd.941 HK4.3%
Roche Holding AGROG VX2.7%
BT Group plcBT/A LN2.6%
Atlantia S.p.A.ATL IM2.5%
Royal Dutch Shell plcRDS/A2.5%
Vinci S.A.DG FP2.3%
Novartis AGNOVN VX2.1%
Vodafone Group plcVOD1.8%
Swisscom AGSCMN VX1.7%
Taiwan Semiconductor Manufacturing Co., Ltd.TSM1.5%
Telenor ASATEL NO1.5%
SanofiSAN FP1.4%
VivendiVIV FP1.4%
Nestle SANESN VX1.4%
Singapore Telecommunications Ltd.ST SP1.3%
DBS Group Holdings Ltd.DBS SP1.2%
Electricite de France SAEDF FP1.1%
Suncor Energy, Inc.SU CN1.0%
Koninklijke Ahold NVAH NA0.8%
Wolters Kluwer N.V.WKL NA0.8%
KT&G Corp.033780 KS0.8%
Hopewell Holdings Ltd.54 HK0.7%
National Grid plcNG/ LN0.7%
Telefonica Brasil SAVIV0.6%
ING Groep N.V.INGA NA0.6%
Reckitt Benckiser plcRB/ LN0.6%
MegaFon PJSC GDR17GK LN0.6%
China Merchants Holdings International Co., Ltd.144 HK0.6%
Jasmine Broadband Internet Infrastructure FundJASIF/F TB0.5%
NN Group NVNN NA0.5%
Gjensidige Forsikring ASAGJF NO0.4%
MTN Group Ltd.MTN SJ0.4%
Advanced Semiconductor Engineering, Inc.2311 TT0.4%
GAM Holding AGGAM SW0.4%
Mining and Metallurgical Co. Norilsk Nickel JSC ADRMNOD LI0.4%
Numericable SASNUM FP0.4%
Sydney AirportSYD AU0.3%
NWS Holdings Ltd.659 HK0.3%
Coca-Cola Amatil Ltd.CCL AU0.3%
Terna Rete Elettrica Nazionale S.p.A.TRN IM0.3%
Mighty River Power Ltd.MRP NZ0.3%
Liechtensteinische Landesbank AGLLB SW0.3%
Husky Energy, Inc.HSE CN0.2%
Jiangsu Express Co., Ltd.177 HK0.2%
Zurich Financial Services AGZURN VX0.2%
Aberdeen Asset Management plcADN LN0.2%
Huaneng Power International, Inc.902 HK0.1%
Centaur Funding Corp. Pfd, 9.08%CNTAUR0.1%
Barclays Bank plc Pfd, 7.10%06739H7760.0%
Total SAFP FP0.0%
Jaguar Mining, Inc.JAGGD US0.0%

Domestic Corporate Bonds

The Williams Companies, Inc.969457BU30.3%
Transcontinental Gas Pipe Line Co., LLC893574AG80.2%
Solera Capital, LLC83422AAA10.2%
Sirius International Group964152AB80.2%
Capital One Bank14040HAN50.2%
Laureate Education, Inc.518613AD60.2%
Citgo Petroleum Corp.17302XAJ50.2%
NiSource Finance Corp.65473QAS20.1%
The Williams Companies, Inc.969457BU30.1%
Kinder Morgan, Inc.49456BAG60.1%
Otter Tail Corp.689648AR40.1%
NuStar Logistics LP67059TAA30.1%
Time Warner Cable, Inc.88732JAP30.1%
MetLife Capital Trust X59156CAB70.1%
JPMorgan Chase & Co.46625HHA10.1%
Zachry Holdings, Inc.988745AA30.1%
Enterprise Products Operating LP293791AW90.1%
Genworth Holdings, Inc.372491AA80.1%
Enbridge Energy Partners LP29250RAR70.1%
Hartford Financial Services Group416515AW40.1%
First Cash Financial Services, Inc.31942DAB30.1%
Qwest Corp.74913GAX30.1%
Sempra Energy816851AK50.1%
The Williams Companies, Inc.969457BU30.1%
Calumet Specialty Products Partners, L.P.131477AL50.1%
Entergy Gulf States Louisiana, LLC29365PAN20.1%
Kinder Morgan Energy Partners LP494550AZ90.1%
Goldman Sachs Group, Inc.38141GEU40.1%
Oneok Partners LP68268NAE30.1%
Kinder Morgan Energy Partners LP494550AZ90.1%
Yahoo!, Inc.984332AC00.0%
Arizona Public Service Co.040555CL60.0%
Kinder Morgan Energy Partners LP494550AZ90.0%
Neustar, Inc.64126XAC60.0%
Energizer Holdings, Inc.92345YAD80.0%
C&S Group Enterprises, LLC12467AAD00.0%
TMX Finance, LLC/Titlemax Finance87261NAG50.0%
Energy Transfer Partners LP29273RBA60.0%
National Rural Utilities Cooperative Finance Corp.637432LR40.0%
Ameren Illinois Co.02361DAG50.0%
Summit Midstream Holdings, LLC86614WAC00.0%
Comcast Cable Communications, LLC20029PAG40.0%
Teppco Partners LP872384AC60.0%
American Airlines Group, Inc.02377UAB00.0%
DCP Midstream, LLC23311RAC00.0%
MetLife, Inc.59156RAR90.0%
WMG Holdings Corp.92930MAG80.0%
Kinder Morgan, Inc.49456BAG60.0%
Calumet Specialty Products Partners, L.P.131477AL50.0%
Gastar Exploration USA, Inc.36729WAA10.0%
Coeur d'Alene Mines Corp.192108AY40.0%
National Life Insurance of Vermont636792AA10.0%
Calumet Specialty Products Partners, L.P.131477AL50.0%
US Airways90345KAA80.0%
Enable Oklahoma Intrastate Transmission, LLC29348QAB80.0%
R.R. Donnelley & Sons257867AW10.0%
Bank of America Corp. (BRL)EI35134920.0%
Morgan Stanley (BRL)61747YBA20.0%
Great River Energy39121JAA80.0%
RAAM Global Energy Co.74920AAC30.0%

Domestic Other Bonds

Neustar, Inc., 4.00%, 01/22/2018BL18661950.2%
Laureate Education, Inc., 5.00%, 6/15/201851861JAW90.1%
Coeur Mining, Inc., 9.00%, 6/9/2020BL17602990.1%
FBR Securitization Trust, Series 2005-2 Class M130246QAG80.1%
NCP Finance LP, 11.00%, 10/1/201862886YAB00.1%
ABG Intermediate Holdings (2), LLC, 9.50%, 5/27/2022BL13014090.1%
North Atlantic Trading Co., Inc., 7.75%-9.00%, 1/13/202065733EAB20.1%
Agribank FCB00850LAA20.1%
Fairway Outdoor Funding, LLC, Series 2012-1 Class B30605XAB90.0%
Texas Competitive Electric Holdings Co. LLC, 4.7258%, 10/10/2015955XXEII90.0%
Merrill Lynch Mtg Investors Trust, Series 2004-A4 Class M159020ULT00.0%
Morgan Stanley Capital, Inc., Series 2005-HE7 Class A2C61744CWK80.0%
San Bernardino County California Redevelopment Agency (San Sevaine)79685PCK40.0%
Northwind Holdings, LLC, Series 2007-1A Class A1 Floating Rate Note668457AA20.0%
JPR Royalty, LLC46635XAA10.0%
Wells Fargo Asset Securities Corp., Series 2005-AR1 Class 1B1949781AG30.0%
Citigroup Commercial Mtg Trust, Series 2004-HYB2 Class B117307GEF10.0%
Banc of America Funding Corp., Series 2006-I Class SB105951VAN90.0%
Bear Stearns ARM Mtg, Series 2003-6 Class 2B-107384MXJ60.0%

Foreign Bonds

Telefonica Emisiones SAU87938WAC70.6%
Digicel Ltd.25380QAG40.4%
QBE Capital Funding III Ltd.74734PAA00.3%
Enel Finance International S.A.29268BAB70.3%
Deutsche Telekom International Finance BV25156PAC70.2%
Concordia Healthcare Corp., 9.50%, 10/21/2022BL18259690.2%
CFG Holdings Ltd./CFG Finance, LLC12527MAA80.2%
ZFS Finance USA Trust II98876YAA80.2%
Millicom International Cellular S.A.600814AM90.2%
Bakkavor Finance (2) plc (GBP)EJ71149720.1%
Arcos Dorados Holdings, Inc. (BRL)03965UAA80.1%
Guanay Finance Ltd.40066NAA40.1%
CRH America, Inc.12626PAJ20.1%
Groupe BPCE05571AAA30.1%
Mood Media Corp.61534JAG00.1%
Cimpor Financial Operations B.V.17186LAA10.1%
Dai Ichi Mutual Life Insurance Co., Ltd.23380YAB30.1%
Banco Santander Brasil S.A. (BRL)EJ58964550.1%
Petrobras Global Finance B.V.71647NAB50.1%
Concordia Healthcare Corp.206519AA80.1%
Consolidated Energy Finance S.A.20914UAB20.1%
VimpelCom Holdings B.V.92718WAB50.1%
Tullow Oil plc899415AC70.1%
GFL Escrow Corp.36252QAA90.1%
ELM B.V. (AUD)EG38916600.0%
Mood Media Corp., 7.00%, 5/1/2019C5818LAG60.0%
GFL Environmental, Inc.36168PAC00.0%
Odebrecht Offshore Drilling Finance Ltd.67576GAA50.0%
B.A.T. International Finance, plc05530QAB60.0%
CBC Ammo, LLC12480AAA90.0%
ELM B.V. (AUD)EG38916600.0%
BRF S.A.10552TAF40.0%
Ambev International Finance Co., Ltd. (BRL)02319LAB10.0%
Federative Republic of Brazil (BRL)105756BJ80.0%
Nexteer Automotive Group Ltd.65341EAA80.0%
Petro Co., Trinidad Tobago Ltd.71657YAD40.0%
OS Two, LLC, 10.00%, 12/15/202067112PAA60.0%
Petrobras Global Finance B.V.71647NAB50.0%
Telefonica Emisiones SAU87938WAC70.0%
Cia de Eletricidade do Estado da Bahia (BRL)20442CAA50.0%
Telemar Norte Leste SA87944LAE90.0%
Linc Energy53278TAA80.0%
Arcos Dorados Holdings, Inc.03965UAB60.0%
ET Two, LLC, 10.00%, 9/30/201926924BAA10.0%
ET Three, LLC, 10.00%, 9/30/201929760LAA00.0%
Gaz Capital SA368287AE80.0%
Schahin II Finance Co. (SPV) Ltd.80629QAA30.0%
CEMEX Espana Luxembourg151288AB30.0%
Cash Store Financial (CAD)14756FAB90.0%
ZFS Finance USA Trust V98877CAA50.0%
Abengoa Finance SAU00289RAA00.0%
Linc Energy53278TAA80.0%

Cash & Cash Equivalents

Cash & Cash Equivalents1.5%

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.