Domestic Equity

SYMBOL% OF PORTFOLIO
JPMorgan Chase & Co.JPM3.6%
CME Group, Inc.CME2.1%
The Home Depot, Inc.HD1.7%
Intel CorporationINTC1.5%
Walgreens Boots Alliance, Inc.WBA1.5%
StaplesSPLS1.4%
Pfizer Inc.PFE1.3%
QualcommQCOM1.2%
MFA Financial, Inc.MFA1.2%
Lorillard, Inc.LO1.1%
Duke Energy Corp.DUK1.1%
Apple, Inc.APPL1.1%
Kinder Morgan, Inc.KMI1.1%
KKR & Co. LPKKR1.0%
Ares Capital CorporationARCC1.0%
United Parcel Service, Inc.UPS1.0%
Crown CastleTWRS1.0%
Nucor Corp.NUE1.0%
AT&T Inc.T0.9%
Two Harbors Investment Corp.TWO0.9%
Washington Real Estate Investment TrustWRE0.9%
Invesco Mortgage CapitalIVR0.8%
The Blackstone Group LPBX0.8%
Wynn ResortsWYNN0.7%
Apollo Investment Corp.AINV0.7%
Microsoft CorporationMSFT0.7%
LyondellBasell Industries NVLYB0.7%
HollyFrontier CorporationHFC0.6%
Dominion ResourcesD0.6%
Senior Housing Properties TrustSNH0.6%
Apollo Global Management, LLCAPO0.5%
Och-Ziff Capital Management Group, LLCOZM0.5%
Chimera Investments Corp.CIM0.5%
Entergy CorporationETR0.5%
Sempra EnergySRE0.5%
The Williams Companies, Inc.WMB0.5%
Digital Realty Trust, Inc.DLR0.5%
Solar Capital SLRC0.4%
Philip Morris CRTABAK CP0.4%
Helmerich & Payne, Inc.HP0.3%
CoachCOH0.3%
Dynex Capital, Inc.DX0.2%
Capstead Mortgage Corp.CMO0.2%
American Realty Capital Properties, Inc.ARCP0.1%
Halcon Resources Corp.HK0.0%

Foreign Equity

SYMBOL% OF PORTFOLIO
China Mobile Communications Corporation941 HK2.9%
Royal Dutch Shell plc ADRRDSA2.0%
Novartis AGNOVN VX2.0%
Vodafone Group PLCVOD2.0%
Roche Holding AGROG VX1.7%
Vinci DG FP1.7%
Atlantia S.p.A.ATL IM1.6%
TDC A/STDC DC1.4%
Sanofi-AventisSAN FP1.3%
Swisscom AGSCMN VX1.3%
Singapore Telecommunications LimitedST SP1.3%
Husky Energy, Inc.HSE CN1.2%
Nestle SANESN VX1.2%
Telenor ASATEL NO1.1%
America Movil SAB de C.V. ADRAMX1.1%
VivendiVIV FP1.0%
Telefonica Brasil ADRVIV1.0%
BT Group plcBT/A LN1.0%
Taiwan Semiconductor Manufacturing Co. Ltd.2330 TT0.9%
DBS Group Holdings Ltd.DBS SP0.9%
Electricite de France SAEDF FP0.9%
Canadian Oil Sands Ltd.COS CN0.9%
Koninklijke Ahold NVAH NA0.8%
Korea Tobacco & Ginseng Corp.033780.KS0.8%
Hopewell Holdings Ltd.54 HK0.8%
Zurich Financial Services AGZURN VX0.7%
Reckitt Benckiser plcRB/ LN0.7%
Toyota Motor Corp.7203 JP0.7%
Turkcell Iletisim Hizmetleri A.S.TCELL.TI0.6%
Munich Reinsurance GroupMUV2 GR0.5%
Total SAFP FP0.5%
TelstraTLS AU0.5%
China Merchants Holdings International 144 HK0.5%
GAM Holding AGGAM SW0.5%
Wolters Kluwer N.V.WKL NA0.5%
Norilsk Nickel, JSCNILSY0.5%
Enagas SAENG SM0.5%
Statoil ASASTL NO0.4%
Ensco PLC ESV0.4%
Allianz SEALV GY0.4%
Gjensidige Forsikring ASAGJF NO0.4%
MegaFon OAO17GK LN0.4%
NWS Holdings Ltd.659 HK0.4%
Ambev SA ADRABEV0.4%
Sydney AirportSYD AU0.4%
Huaneng Power International, Inc.902 HK0.4%
Daqin Railway Co. Ltd.601006 C10.4%
Sands China Ltd.1928 HK0.3%
British American Tobacco plcBATS LN0.3%
Mighty River Power Ltd.MRP NZ0.3%
Bank of China3988 HK0.3%
Wynn Macau Ltd.1128 HK0.3%
Industrial & Commercial Bank of China Ltd.1398 HK0.3%
Jiangsu Express Co., Ltd.177 HK0.3%
Saudi Basic Industries Corp.SABIC AB0.3%
Scor SESCR FP0.3%
Terna Rete Elettrica Nazionale S.p.A.TRN IM0.3%
EDP - Energias do Brasil SAENBR3 BZ0.3%
Aberdeen Asset Management plcADN LN0.3%
Liechtensteinische Landesbank AGLLB SW0.2%
Standard Chartered PLCSTAN LN0.2%
China Resources Power Holdings Co.836 HK0.2%
Philippine Long Distance Telephone Co.TEL PM0.2%
St. Galler KantonalbankSGKN SW0.2%
Santos Brasil Participacoes S.A.STBP11 BZ0.2%
Yanbu National Petrochemical Co.YANSAB AB0.2%
Mobile TeleSystems ADRMBT0.1%
SJM Holdings Ltd.880 HK0.1%
Banque Cantonale VaudoiseBCVN SW0.1%
Snam S.p.A.SRG IM0.1%
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

SYMBOL% OF PORTFOLIO
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

SYMBOL% OF PORTFOLIO
QBE Capital Funding III Ltd.74734PAA00.2%
ZFS Finance USA Trust II98876YAA80.2%
Capital One Bank14040HAN50.1%
NiSource Finance Corp.65473QAS20.1%
NuStar Logistics LP67059TAA30.1%
Genworth Holdings, Inc.372491AA80.1%
Otter Tail Corp.689648AR40.1%
Time Warner Cable, Inc.88732JAP30.1%
MetLife Capital Trust X59156CAB70.1%
JP Morgan Chase & Co.46625HJQ40.1%
Enterprise Products Operating LP293791AW90.1%
Gastar Exploration USA, Inc.36729WAA10.1%
CRH America, Inc.12626PAJ20.1%
Level 3 Communications, Inc.52729NBP40.1%
Energy Transfer Partners LP29273RBA60.1%
Enbridge Energy Partners LP29250RAR70.1%
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 LP68268NAE30.1%
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%
Anheuser-Busch InBev (BRL)03523TAY40.0%
Teppco Partners LP872384AC60.0%
WMG Holdings Corp.92930MAG80.0%
TMX Finance, LLC/Titlemax Finance87261NAG50.0%
National Rural Utilities CFC637432LR40.0%
RAAM Global Energy Co.74920AAC30.0%
Ameren Illinois Co.02361DAG50.0%
DCP Midstream, LLC23311RAC00.0%
Coeur d'Alene Mines Corp.192108AY40.0%
Comcast Cable Communications, LLC20029PAG40.0%
American Airlines02376TAA60.0%
MetLife, Inc.59156RAR90.0%
Alabama Power Capital Trust V01039XAA80.0%
National Life Insurance of Vermont636792AA10.0%
Altria Group, Inc.02209SAD50.0%
Enogex, LLC29348QAB80.0%
US Airways90332UAN30.0%
Alaska Communication Systems Group, Inc.01167PAE10.0%
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%
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%
Wells Fargo Asset Securities Corp., Series 2005-AR1 Class 1B1949781AG30.0%
Residential Asset Securities Corp., Series 2006-KS4 Class A375406EAC50.0%
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 SAU87938WAB90.6%
Federative Republic of Brazil (BRL)105756BJ80.3%
Enel Finance International S.A.29268BAB70.2%
Deutsche Telekom International Finance BV25156PAC70.2%
Linc Energy53278TAA80.2%
White Mountains Re Group Ltd.964152AB80.2%
Arcos Dorados Holdings, Inc. (BRL)03965UAA80.1%
CFG Holdings Ltd./CFG Finance, LLC12527MAA80.1%
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%
ELM B.V. (AUD)EG38916600.1%
Banco Santander Brasil S.A. (BRL)EJ58964550.1%
Groupe BPCE05571AAA30.1%
Tullow Oil plc899415AC70.1%
eAccess Ltd.26938NAA90.1%
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%
B.A.T. International Finance, plc05530QAB60.0%
BRF S.A.10552TAF40.0%
Alrosa Finance S.A.02109TAC60.0%
Consolidated Energy Finance S.A.20914UAB20.0%
Abengoa Greenfield, S.A.00289WAA90.0%
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%
CEMEX Espana Luxembourg151288AB30.0%
Gaz Capital SA368287AE80.0%
Cash Store Financial (CAD)14756FAB90.0%
Morgan Stanley (BRL)61747YBA20.0%

Special Situations

SYMBOL% OF PORTFOLIO
Academi Holdings, LLC00400KAB70.1%
Synergy Aerospace Corp.065433A240.1%
Private Restaurants Properties, Inc.ACI01N7630.1%
NCP Finance LPBL11190820.1%
Texas Competitive Electric Holdings Co., LLC,90210EAL00.1%
Baker & Taylor Acquisitions Corp.BTACMG0.1%
North Atlantic Trading Co., Inc.BL11828250.1%
Rue21, Inc.78128EAB80.0%
ET Two LLC26924BAA10.0%
ET Three LLC29760LAA00.0%
 % OF PORTFOLIO
Cash4.5%

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 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.