Domestic Equity

SYMBOL% OF PORTFOLIO
JPMorgan Chase & Co.JPM3.7%
CME Group, Inc.CME3.6%
The Home Depot, Inc.HD2.6%
AT&T, Inc.T2.3%
Walgreens Boots Alliance, Inc.WBA1.6%
Target Corp.TGT1.5%
Merck & Co., Inc.MRK1.4%
MFA Financial, Inc.MFA1.4%
Pfizer, Inc.PFE1.3%
Crown Castle International Corp.CCI1.2%
Ares Capital Corp.ARCC1.2%
Invesco Mortgage Capital, Inc.IVR1.1%
Two Harbors Investment Corp.TWO1.1%
Qualcomm, Inc.QCOM1.0%
Las Vegas Sands Corp.LVS1.0%
The Blackstone Group LPBX1.0%
KKR & Co. LPKKR1.0%
Washington REITWRE0.9%
Dominion Resources, Inc.D0.8%
Duke Energy Corp.DUK0.8%
Apple, Inc.AAPL0.8%
Apollo Investment Corp.AINV0.7%
LyondellBasell Industries NVLYB0.7%
Staples, Inc.SPLS0.7%
Digital Realty Trust, Inc.DLR0.6%
OUTFRONT Media, Inc.OUT0.6%
ONEOK, Inc.OKE0.6%
Lamar Advertising Co.LAMR0.6%
Chimera Investment Corp.CIM0.5%
The Williams Companies, Inc.WMB0.5%
HollyFrontier Corp.HFC0.5%
Senior Housing Properties TrustSNH0.4%
Solar Capital Ltd.SLRC0.4%
Kinder Morgan, Inc.KMI0.4%
Intel Corp.INTC0.3%
Apollo Global Management, LLCAPO0.3%
Och-Ziff Capital Management Group, LLCOZM0.3%
Capstead Mortgage Corp.CMO0.2%
Helmerich & Payne, Inc.HP0.2%
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%
Halcon Resources Corp. Pfd, 5.75%40537Q4070.0%
The RMR Group, Inc.RMR0.0%
Halcon Resources Corp.HK0.0%

Foreign Equity

SYMBOL% OF PORTFOLIO
China Mobile Ltd.941 HK3.9%
BT Group plcBT/A LN2.9%
Atlantia S.p.A.ATL IM2.5%
Roche Holding AGROG VX2.4%
Vinci S.A.DG FP2.0%
Vodafone Group plcVOD2.0%
Royal Dutch Shell plcRDS/A1.8%
Novartis AGNOVN VX1.6%
Telenor ASATEL NO1.5%
Swisscom AGSCMN VX1.4%
SanofiSAN FP1.4%
DBS Group Holdings Ltd.DBS SP1.4%
Taiwan Semiconductor Manufacturing Co., Ltd.TSM1.4%
Singapore Telecommunications Ltd.ST SP1.4%
TDC A/STDC DC1.3%
Nestle SANESN VX1.3%
VivendiVIV FP1.3%
Electricite de France SAEDF FP1.2%
National Grid plcNG/ LN0.9%
Numericable SASNUM FP0.9%
KT&G Corp.033780 KS0.8%
Hopewell Holdings Ltd.54 HK0.8%
Koninklijke Ahold NVAH NA0.7%
Wolters Kluwer N.V.WKL NA0.7%
Telefonica Brasil SAVIV0.6%
China Merchants Holdings International Co., Ltd.144 HK0.6%
Reckitt Benckiser plcRB/ LN0.6%
Jasmine Broadband Internet Infrastructure FundJASIF/F TB0.5%
MegaFon PJSC GDR17GK LN0.5%
NN Group NVNN NA0.5%
UBS Group AGUBSG VX0.5%
Terna Rete Elettrica Nazionale S.p.A.TRN IM0.5%
ING Groep N.V.INGA NA0.4%
Canadian Oil Sands Ltd.COS CN0.4%
Husky Energy, Inc.HSE CN0.4%
Sydney AirportSYD AU0.4%
GAM Holding AGGAM SW0.4%
Gjensidige Forsikring ASAGJF NO0.4%
BG Group plcBG/ LN0.4%
Mining and Metallurgical Co. Norilsk Nickel JSC ADRMNOD LI0.4%
NWS Holdings Ltd.659 HK0.3%
Advanced Semiconductor Engineering, Inc.2311 TT0.3%
Enagas SAENG SM0.3%
Coca-Cola Amatil Ltd.CCL AU0.3%
Mighty River Power Ltd.MRP NZ0.3%
Liechtensteinische Landesbank AGLLB SW0.2%
Aberdeen Asset Management plcADN LN0.2%
Jiangsu Express Co., Ltd.177 HK0.2%
Toyota Motor Corp.7203 JP0.2%
MTN Group Ltd.MTN SJ0.2%
Huaneng Power International, Inc.902 HK0.1%
Centaur Funding Corp. Pfd, 9.08%CNTAUR0.1%
Yanbu National Petrochemical Co.YANSAB AB0.1%
Banque Cantonale VaudoiseBCVN SW0.1%
St. Galler Kantonalbank AGSGKN SW0.0%
Barclays Bank plc Pfd, 7.10%06739H7760.0%
Jaguar Mining, Inc.JAGGD US0.0%

Domestic Corporate Bonds

SYMBOL% OF PORTFOLIO
Williams Companies, Inc.969457BU30.2%
Laureate Education, Inc.518613AD60.2%
Sirius International Group964152AB80.2%
Citgo Petroleum Corp.17302XAJ50.1%
Capital One Bank14040HAN50.1%
NiSource Finance Corp.65473QAS20.1%
NuStar Logistics LP67059TAA30.1%
Otter Tail Corp.689648AR40.1%
MetLife Capital Trust X59156CAB70.1%
Time Warner Cable, Inc.88732JAP30.1%
Genworth Holdings, Inc.372491AA80.1%
JPMorgan Chase & Co.46625HHA10.1%
Enterprise Products Operating LP293791AW90.1%
Zachry Holdings, Inc.988745AA30.1%
Kinder Morgan, Inc.49456BAG60.1%
Enbridge Energy Partners LP29250RAR70.1%
Hartford Financial Services Group416515AW40.1%
Williams Companies, Inc.969457BU30.1%
Qwest Corp.74913GAX30.1%
Sempra Energy816851AK50.1%
Oneok Partners LP68268NAE30.1%
Entergy Gulf States Louisiana, LLC29365PAN20.1%
Energy Transfer Partners LP29273RBA60.1%
Kinder Morgan Energy Partners LP494550AZ90.0%
Goldman Sachs Group, Inc.38141GEU40.0%
Yahoo!, Inc.984332AC00.0%
Arizona Public Service Co.040555CL60.0%
Kinder Morgan Energy Partners LP494550AZ90.0%
Williams Companies, Inc.969457BU30.0%
C&S Group Enterprises, LLC12467AAD00.0%
Summit Midstream Holdings, LLC86614WAC00.0%
WMG Holdings Corp.92930MAG80.0%
National Rural Utilities Cooperative Finance Corp.637432LR40.0%
Ameren Illinois Co.02361DAG50.0%
TMX Finance, LLC/Titlemax Finance87261NAG50.0%
Teppco Partners LP872384AC60.0%
Comcast Cable Communications, LLC20029PAG40.0%
DCP Midstream, LLC23311RAC00.0%
American Airlines Group, Inc.02377UAB00.0%
MetLife, Inc.59156RAR90.0%
Gastar Exploration USA, Inc.36729WAA10.0%
Kinder Morgan, Inc.49456BAH40.0%
National Life Insurance of Vermont636792AA10.0%
Enable Oklahoma Intrastate Transmission, LLC29348QAB80.0%
Coeur d'Alene Mines Corp.192108AY40.0%
US Airways90345KAA80.0%
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

SYMBOL% OF PORTFOLIO
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%
Private Restaurants Properties, Inc., 9.00%, 4/10/2017OSI0301170.1%
NCP Finance LP, 11.00%, 9/25/201862886YAB00.1%
ABG Intermediate Holdings (2), LLC, 9.50%, 5/27/2022BL13014090.1%
North Atlantic Trading Co., Inc., 7.75%-8.75%, 1/13/202065733EAB20.1%
Agribank FCB00850LAA20.0%
Fairway Outdoor Funding, LLC, Series 2012-1 Class B30605XAB90.0%
Texas Competitive Electric Holdings Co. LLC, 4.671%, 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%
Banc of America Funding Corp., Series 2006-I Class SB105951VAN90.0%
Citigroup Commercial Mtg Trust, Series 2004-HYB2 Class B117307GEF10.0%
Bear Stearns ARM Mtg, Series 2003-6 Class 2B-107384MXJ60.0%

Foreign Bonds

SYMBOL% OF PORTFOLIO
Telefonica Emisiones SAU87938WAC70.6%
Digicel Ltd.25380QAG40.3%
QBE Capital Funding III Ltd.74734PAA00.3%
Enel Finance International S.A.29268BAB70.2%
Deutsche Telekom International Finance BV25156PAC70.2%
Concordia Healthcare Corp., 9.50%, 10/21/2022BL18259690.2%
Federative Republic of Brazil (BRL)105756BJ80.2%
CFG Holdings Ltd./CFG Finance, LLC12527MAA80.2%
ZFS Finance USA Trust II98876YAA80.2%
Millicom International Cellular S.A.600814AM90.1%
Bakkavor Finance (2) plc (GBP)EJ71149720.1%
Arcos Dorados Holdings, Inc. (BRL)03965UAA80.1%
CRH America, Inc.12626PAJ20.1%
Groupe BPCE05571AAA30.1%
Linc Energy53278TAA80.1%
Cimpor Financial Operations B.V.17186LAA10.1%
Mood Media Corp.61534JAG00.1%
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%
Tullow Oil plc899415AC70.1%
VimpelCom Holdings B.V.92718WAB50.1%
GFL Environmental, Inc.36168PAC00.0%
ELM B.V. (AUD)EG38916600.0%
Mood Media Corp., 7.00%, 5/1/2019C5818LAG60.0%
Odebrecht Offshore Drilling Finance Ltd.67576GAA50.0%
B.A.T. International Finance, plc05530QAB60.0%
ELM B.V. (AUD)EG38916600.0%
BRF S.A.10552TAF40.0%
Federative Republic of Brazil (BRL)105756BJ80.0%
Ambev International Finance Co., Ltd. (BRL)02319LAB10.0%
Telemar Norte Leste SA87944LAE90.0%
Nexteer Automotive Group Ltd.65341EAA80.0%
Petro Co., Trinidad Tobago Ltd.71657YAD40.0%
CBC Ammo LLC12480AAA90.0%
OS Two, LLC, 10.00%, 8/30/202067112PAA60.0%
Petrobras Global Finance B.V.71647NAB50.0%
Telefonica Emisiones SAU87938WAC70.0%
Cia de Eletricidade do Estado da Bahia (BRL)20442CAA50.0%
ET Two, LLC, 10.00%, 9/30/201926924BAA10.0%
ET Three, LLC, 10.00%, 9/30/201929760LAA00.0%
Arcos Dorados Holdings, Inc.03965UAB60.0%
Schahin II Finance Co. (SPV) Ltd.80629QAA30.0%
Gaz Capital SA368287AE80.0%
CEMEX Espana Luxembourg151288AB30.0%
Cash Store Financial (CAD)14756FAB90.0%
ZFS Finance USA Trust V98877CAA50.0%
Consolidated Energy Finance S.A.20914UAB20.0%
Abengoa Finance SAU00289RAA00.0%
Linc Energy53278TAA80.0%

Cash & Cash Equivalents

SYMBOL% OF PORTFOLIO
Cash & Cash Equivalents3.4%

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.