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 Corp.TGT1.3%
MFA Financial, Inc.MFA1.2%
Ares Capital Corp.ARCC1.1%
Qualcomm, Inc.QCOM1.1%
Staples, Inc.SPLS1.0%
Crown Castle International Corp.CCI1.0%
Pfizer, Inc.PFE1.0%
LyondellBasell Industries NVLYB1.0%
The Blackstone Group LPBX1.0%
KKR & Co. LPKKR0.9%
Kinder Morgan, Inc.KMI0.9%
Invesco Mortgage Capital, Inc.IVR0.9%
The Williams Companies, Inc.WMB0.9%
Two Harbors Investment Corp.TWO0.9%
Intel Corp.INTC0.9%
Duke Energy Corp.DUK0.9%
Apollo Investment Corp.AINV0.8%
Dominion Resources, Inc.D0.8%
HollyFrontier Corp.HFC0.8%
Washington REITWRE0.8%
Apple, Inc.AAPL0.6%
OUTFRONT Media, Inc.OUT0.5%
Digital Realty Trust, Inc.DLR0.4%
Och-Ziff Capital Management Group, LLCOZM0.4%
Solar Capital Ltd.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 Corp.MSFT0.3%
Helmerich & Payne, Inc.HP0.3%
Apollo Global Management, LLCAPO0.3%
Chimera Investment Corp.CIM0.3%
Dynex Capital, Inc.DX0.2%
Capstead Mortgage Corp.CMO0.2%
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%
Halcon Resources Corp. Pfd, 5.75%40537Q4070.0%
First Niagara Financial Group Pfd, 8.625%33582V2070.0%
Morgan Stanley Pfd, 4.00%61747s5040.0%
Halcon Resources Corp.HK0.0%

Foreign Equity

SYMBOL% OF PORTFOLIO
China Mobile Ltd.941 HK3.1%
Vodafone Group plcVOD LN2.2%
SanofiSAN FP2.1%
Roche Holding AGROG VX1.9%
Royal Dutch Shell plcRDSA1.9%
Atlantia S.p.A.ATL IM1.9%
Vinci S.A.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 China Ltd.3988 HK1.0%
Singapore Telecommunications Ltd.ST SP1.0%
Industrial and Commercial Bank of China Ltd.1398 HK0.9%
Koninklijke Ahold NVAH NA0.9%
AXA S.A.CS FP0.9%
Telefonica Brasil SAVIV0.8%
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 Paribas SABNP FP0.7%
Sands China Ltd.1928 HK0.7%
Reckitt Benckiser plcRB/ LN0.6%
Daqin Railway Co., Ltd.601006 C10.6%
KT&G Corp.033780 KS0.6%
Toyota Motor Corp.7203 JP0.6%
China Merchants Holdings International Co., Ltd.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%
MMC Norilsk Nickel JSCMNOD LI0.5%
Munich ReMUV2 GY0.5%
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 N.V.PHIA NA0.4%
Terna Rete Elettrica Nazionale S.p.A.TRN IM0.4%
National Grid plcNG/ LN0.4%
NN Group NVNN NA0.4%
MegaFon OAOMFON LI0.4%
Gjensidige Forsikring ASAGJF NO0.3%
Enagas SAENG SM0.3%
Allianz SEALV GR0.3%
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 plcESV0.2%
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 Kantonalbank AGSGKN SW0.1%
Santos Brasil Participacoes S.A.STBP11 BZ0.1%
Banque Cantonale VaudoiseBCVN SW0.1%
Ambev SA ADRABEV0.1%
Centaur Funding Corp. Pfd, 9.08%CNTAUR0.1%
Mobile TeleSystems ADRMBT0.0%
Barclays Bank plc Pfd, 7.10%06739H7760.0%
Jaguar Mining, Inc.JAGGD US0.0%

Domestic Corporate Bonds

SYMBOL% OF PORTFOLIO
QBE Capital Funding III Ltd.74734PAA00.2%
Capital One Bank14040HAN50.1%
ZFS Finance USA Trust II98876YAA80.1%
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%
Linc Energy53278TAC40.1%
JPMorgan Chase & Co.46625HHA10.1%
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%
Linc Energy53278TAA80.0%
American Airlines02377UAB00.0%
MetLife, Inc.59156RAR90.0%
RAAM Global Energy Co.74920AAC30.0%
National Life Insurance of Vermont636792AA10.0%
Enable Oklahoma Intrastate Transmission, LLC29348QAB80.0%
US Airways90345KAA80.0%
Bank of America Corp. (BRL)EI35134920.0%
ZFS Finance USA Trust V98877CAA50.0%
Great River Energy39121JAA80.0%

Domestic Other Bonds

SYMBOL% OF PORTFOLIO
Coeur Mining, Inc., 9.00%, 6/9/2020BL17602990.1%
FBR Securitization Trust, Series 2005-2 Class M130246QAG80.1%
CVS Pass-Through Trust336249AC10.1%
Laureate Education, Inc., 5.00%, 6/15/201851861JAW90.1%
Private Restaurants Properties, Inc., 9.00%, 4/10/2017OSI0301170.1%
NCP Finance LP, 11.00%, 9/25/201862886YAB00.1%
ABG Intermediate Holdings 2, LLC, 9.00%, 5/27/2022BL13014090.1%
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%
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%
Rue21, Inc., 5.63%, 10/9/202078128EAB80.0%

Foreign Bonds

SYMBOL% OF PORTFOLIO
Telefonica Emisiones SAU87938WAC70.5%
Enel Finance International S.A.29268BAB70.2%
Deutsche Telekom International Finance BV25156PAC70.2%
Federative Republic of Brazil (BRL)105756BJ80.2%
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%
Anglogold Holdings03512TAD30.1%
Lowell Group Financing plc (GBP)EJ10733070.1%
Arcos Dorados Holdings, Inc. (BRL)03965UAA80.1%
KFW (BRL)EJ34220640.1%
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%
ELM B.V. (AUD)EG38916600.0%
VimpelCom Holdings B.V.92718WAB50.0%
Telemar Norte Leste SA87944LAE90.0%
GFL Environmental, Inc.36168PAC00.0%
DEPFA Bank plc (EUR)EF08301270.0%
Federative Republic of Brazil (BRL)105756BL30.0%
Ambev International Finance Co., Ltd. (BRL)02319LAB10.0%
Alrosa Finance S.A.02109TAC60.0%
B.A.T. International Finance, plc05530QAB60.0%
Synergy Aerospace Corp., 6.50%, 3/3/2015065433A240.0%
ELM B.V. (AUD)EG38918680.0%
BRF S.A.10552TAF40.0%
Abengoa Finance, S.A.U.00289RAA00.0%
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%
Telefonica Emisiones SAU87938WAG80.0%
ET Three LLC, 10.00%, 9/30/201929760LAA00.0%
ET Two LLC, 10.00%, 9/30/201926924BAA10.0%
Arcos Dorados Holdings, Inc.03965UAB60.0%
Gaz Capital SA368287AE80.0%
CEMEX S.A.B. de C.V., 4.661%, 2/17/2017LN3005220.0%
CEMEX Espana Luxembourg151288AB30.0%
Cash Store Financial (CAD)14756FAB90.0%
Morgan Stanley (BRL)61747YBA20.0%

Cash & Cash Equivalents

SYMBOL% OF PORTFOLIO
Cash & Cash Equivalents2.5%

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.