Domestic Equity

SYMBOL% OF PORTFOLIO
JPMorgan Chase & Co.JPM3.6%
CME Group, Inc.CME2.8%
The Home Depot, Inc.HD2.1%
AT&T Inc.T1.7%
Walgreens Boots Alliance, Inc.WBA1.4%
Target CorporationTGT1.3%
MFA Financial, Inc.MFA1.2%
Ares Capital CorporationARCC1.1%
QualcommQCOM1.1%
StaplesSPLS1.0%
Crown CastleTWRS1.0%
Pfizer Inc.PFE1.0%
LyondellBasell Industries NVLYB1.0%
The Blackstone Group LPBX1.0%
KKR & Co. LPKKR0.9%
Kinder Morgan, Inc.KMI0.9%
Invesco Mortgage CapitalIVR0.9%
The Williams Companies, Inc.WMB0.9%
Two Harbors Investment Corp.TWO0.9%
Intel CorporationINTC0.9%
Duke Energy Corp.DUK0.9%
Apollo Investment Corp.AINV0.8%
Dominion ResourcesD0.8%
HollyFrontier CorporationHFC0.8%
Washington Real Estate Investment TrustWRE0.8%
Apple, Inc.APPL0.6%
Outfront Media, Inc.OUT0.5%
Digital Realty Trust, Inc.DLR0.4%
Och-Ziff Capital Management Group, LLCOZM0.4%
Solar Capital SLRC0.4%
Senior Housing Properties TrustSNH0.4%
Lamar Advertising Co.LAMR0.4%
Sempra EnergySRE0.4%
Nucor Corp.NUE0.4%
Las Vegas Sands Corp.LVS0.3%
Microsoft CorporationMSFT0.3%
Helmerich & Payne, Inc.HP0.3%
Apollo Global Management, LLCAPO0.3%
Chimera Investments Corp.CIM0.3%
Dynex Capital, Inc.DX0.2%
Capstead Mortgage Corp.CMO0.2%
Halcon Resources Corp.HK0.0%

Foreign Equity

SYMBOL% OF PORTFOLIO
China Mobile Ltd.941 HK3.1%
Vodafone Group PLCVOD2.2%
Sanofi-AventisSAN FP2.1%
Roche Holding AGROG VX1.9%
Royal Dutch Shell plc ADRRDSA1.9%
Atlantia S.p.A.ATL IM1.9%
Vinci DG FP1.9%
BT Group plcBT/A LN1.8%
Telenor ASATEL NO1.7%
Swisscom AGSCMN VX1.5%
TDC A/STDC DC1.5%
Taiwan Semiconductor Manufacturing Co. Ltd.2330 TT1.4%
Novartis AGNOVN VX1.3%
DBS Group Holdings Ltd.DBS SP1.3%
Nestle SANESN VX1.2%
UBS Group AGUBSG VX1.2%
VivendiVIV FP1.1%
Bank of China3988 HK1.0%
Singapore Telecommunications LimitedST SP1.0%
Industrial & Commercial Bank of China Ltd.1398 HK0.9%
Koninklijke Ahold NVAH NA0.9%
AXACS FP0.9%
Telefonica Brasil ADRVIV0.8%
Electricite de France SAEDF FP0.8%
Total SAFP FP0.7%
Saudi Basic Industries Corp.SABIC AB0.7%
Hopewell Holdings Ltd.54 HK0.7%
Husky Energy, Inc.HSE CN0.7%
BNP ParibasBNP FP0.7%
Sands China Ltd.1928 HK0.7%
Reckitt Benckiser plcRB/ LN0.6%
Daqin Railway Co. Ltd.601006 C10.6%
Korea Tobacco & Ginseng Corp.033780.KS0.6%
Toyota Motor Corp.7203 JP0.6%
China Merchants Holdings International 144 HK0.6%
Huaneng Power International, Inc.902 HK0.6%
GAM Holding AGGAM SW0.5%
Jasmine Broadband Internet Infrastructure FundJASIF/F TB0.5%
Canadian Oil Sands Ltd.COS CN0.5%
Norilsk Nickel, JSCNILSY0.5%
Munich Reinsurance GroupMUV2 GR0.5%
MTN Group Ltd.MTN SJ0.5%
Wolters Kluwer N.V.WKL NA0.5%
GlaxoSmithKline plcGSK LN0.4%
Saic Motor Corp., Ltd.600104 C10.4%
Koninklijke Philips NV0.4%
Terna Rete Elettrica Nazionale S.p.A.TRN IM0.4%
National Grid plcNG/ LN0.4%
NN Group NVNN NA0.4%
MegaFon OAO17GK LN0.4%
Gjensidige Forsikring ASAGJF NO0.3%
Enagas SAENG SM0.3%
Allianz SEALV GY0.3%
Aberdeen Asset Management plcADN LN0.3%
Jiangsu Express Co., Ltd.177 HK0.3%
Sydney AirportSYD AU0.3%
NWS Holdings Ltd.659 HK0.3%
EDP - Energias do Brasil SAENBR3 BZ0.3%
ING Groep N.V.INGA NA0.3%
Ensco PLC ESV0.2%
Liechtensteinische Landesbank AGLLB SW0.2%
China Resources Power Holdings Co.836 HK0.2%
Wynn Macau Ltd.1128 HK0.2%
Mighty River Power Ltd.MRP NZ0.2%
Yanbu National Petrochemical Co.YANSAB AB0.2%
Endesa, S.A.ELE SM0.2%
Statoil ASASTL NO0.1%
St. Galler KantonalbankSGKN SW0.1%
Santos Brasil Participacoes S.A.STBP11 BZ0.1%
Banque Cantonale VaudoiseBCVN SW0.1%
Ambev SA ADRABEV0.1%
Mobile TeleSystems ADRMBT0.0%
Jaguar Mining, Inc.JAGGD US0.0%

Preferred Stock

SYMBOL% OF PORTFOLIO
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

SYMBOL% OF PORTFOLIO
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%
Yahoo!, Inc.984332AC00.0%
Arizona Public Service Co.040555CL60.0%
Gastar Exploration USA, Inc.36729WAA10.0%
Teppco Partners LP872384AC60.0%
WMG Holdings Corp.92930MAG80.0%
TMX Finance, LLC/Titlemax Finance87261NAG50.0%
Coeur d'Alene Mines Corp.192108AY40.0%
National Rural Utilities CFC637432LR40.0%
Anheuser-Busch InBev (BRL)03523TAY40.0%
Ameren Illinois Co.02361DAG50.0%
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

SYMBOL% OF PORTFOLIO
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%
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%
Residential Asset Securities Corp., Series 2006-KS4 Class A375406EAC50.0%
Bear Stearns ARM Mtg, Series 2003-6 Class 2B-107384MXJ60.0%

Foreign Bonds

SYMBOL% OF PORTFOLIO
Telefonica Emisiones SAU87938WAB90.5%
Enel Finance International S.A.29268BAB70.2%
Federative Republic of Brazil (BRL)105756BJ80.2%
Deutsche Telekom International Finance BV25156PAC70.2%
Sirius International Group964152AB80.2%
CFG Holdings Ltd./CFG Finance, LLC12527MAA80.1%
Bakkavor Finance 2 plc (GBP)EJ71149720.1%
Odebrecht Offshore Drilling Finance Ltd.67576GAA50.1%
Arcos Dorados Holdings, Inc. (BRL)03965UAA80.1%
Anglogold Holdings03512TAD30.1%
Lowell Group Financing plc (GBP)EJ10733070.1%
KFW (BRL)EJ34220640.1%
ELM B.V. (AUD)EG38916600.1%
Cimpor Financial Operations B.V.17186LAA10.1%
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%
Abengoa Greenfield, S.A.00289WAA90.0%
Consolidated Energy Finance S.A.20914UAB20.0%
Petro Co., Trinidad Tobago Ltd.71657YAD40.0%
Schahin II Finance Co. (SPV) Ltd.80629QAA30.0%
Cia de Eletricidade do Estado da Bahia (BRL)20442CAA50.0%
Petrobras Global Finance B.V.71647NAB50.0%
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

SYMBOL% OF PORTFOLIO
Coeur Mining, Inc., 9.00%, 6/9/2020BL17602990.1%
Laureate Education, Inc.BL11867270.1%
Private Restaurants Properties, Inc.ACI01N7630.1%
NCP Finance LP, 11.00%, 9/25/201862886YAB00.1%
Abg Intermediate Holdings 2, LLC, 9.00%, 5/27/202200076VAJ90.1%
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%
Synergy Aerospace Corp., 6.50%, 3/3/2015065433A240.0%
ET Two LLC, 10.00%, 9/30/201926924BAA10.0%
ET Three LLC, 10.00%, 9/30/201929760LAA00.0%
CEMEX S.A.B. de C.V., 4.661%, 2/17/2017LN3005220.0%
Rue21, Inc., 5.63%, 10/9/202078128EAB80.0%

Cash & Cash Equivalents

SYMBOL% OF PORTFOLIO
Cash2.5%

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.