Domestic Equity

SYMBOL% OF PORTFOLIO
JPMorgan Chase & Co.JPM3.4%
CME Group, Inc.CME2.4%
The Home Depot, Inc.HD1.8%
Walgreens Boots Alliance, Inc.WBA1.4%
MFA Financial, Inc.MFA1.3%
QualcommQCOM1.3%
StaplesSPLS1.2%
Pfizer Inc.PFE1.2%
Intel CorporationINTC1.1%
Target CorporationTGT1.1%
Ares Capital CorporationARCC1.0%
Kinder Morgan, Inc.KMI1.0%
Two Harbors Investment Corp.TWO1.0%
Crown CastleTWRS1.0%
Invesco Mortgage CapitalIVR1.0%
KKR & Co. LPKKR0.9%
The Williams Companies, Inc.WMB0.9%
Lorillard, Inc.LO0.9%
Nucor Corp.NUE0.9%
The Blackstone Group LPBX0.9%
Apollo Investment Corp.AINV0.8%
LyondellBasell Industries NVLYB0.8%
Duke Energy Corp.DUK0.8%
Washington Real Estate Investment TrustWRE0.8%
HollyFrontier CorporationHFC0.7%
Dominion ResourcesD0.7%
Apple, Inc.APPL0.7%
AT&T Inc.T0.6%
Och-Ziff Capital Management Group, LLCOZM0.5%
Wynn ResortsWYNN0.5%
Senior Housing Properties TrustSNH0.5%
Solar Capital SLRC0.5%
Apollo Global Management, LLCAPO0.5%
Sempra EnergySRE0.4%
Chimera Investments Corp.CIM0.4%
Digital Realty Trust, Inc.DLR0.4%
Entergy CorporationETR0.4%
Las Vegas Sands Corp.LVS0.4%
Lamar Advertising Co.LAMR0.4%
Outfront Media, Inc.OUT0.4%
Helmerich & Payne, Inc.HP0.4%
Microsoft CorporationMSFT0.3%
Philip Morris CRTABAK CP0.3%
Dynex Capital, Inc.DX0.2%
Capstead Mortgage Corp.CMO0.2%

Foreign Equity

SYMBOL% OF PORTFOLIO
China Mobile Ltd.941 HK3.1%
Roche Holding AGROG VX1.9%
Vinci DG FP1.9%
Atlantia S.p.A.ATL IM1.8%
Royal Dutch Shell plc ADRRDSA1.8%
Sanofi-AventisSAN FP1.8%
Swisscom AGSCMN VX1.6%
UBS Group AGUBSG VX1.6%
Novartis AGNOVN VX1.6%
Vodafone Group PLCVOD1.6%
TDC A/STDC DC1.3%
Koninklijke Ahold NVAH NA1.3%
Nestle SANESN VX1.2%
Telenor ASATEL NO1.1%
VivendiVIV FP1.1%
Zurich Financial Services AGZURN VX1.1%
Munich Reinsurance GroupMUV2 GR1.0%
DBS Group Holdings Ltd.DBS SP1.0%
Singapore Telecommunications LimitedST SP1.0%
Husky Energy, Inc.HSE CN1.0%
Toyota Motor Corp.7203 JP1.0%
Taiwan Semiconductor Manufacturing Co. Ltd.2330 TT0.9%
Hopewell Holdings Ltd.54 HK0.8%
Canadian Oil Sands Ltd.COS CN0.8%
Electricite de France SAEDF FP0.7%
Korea Tobacco & Ginseng Corp.033780.KS0.7%
Turkcell Iletisim Hizmetleri A.S.TCELL.TI0.7%
Reckitt Benckiser plcRB/ LN0.7%
BT Group plcBT/A LN0.7%
GAM Holding AGGAM SW0.6%
Telefonica Brasil ADRVIV0.6%
Saudi Basic Industries Corp.SABIC AB0.6%
Total SAFP FP0.6%
Norilsk Nickel, JSCNILSY0.5%
China Merchants Holdings International 144 HK0.5%
Wolters Kluwer N.V.WKL NA0.5%
Jasmine Broadband Internet Infrastructure FundJASIF/F TB0.5%
Allianz SEALV GY0.5%
Daqin Railway Co. Ltd.601006 C10.5%
MTN Group Ltd.MTN SJ0.5%
AXACS FP0.5%
Sands China Ltd.1928 HK0.5%
GlaxoSmithKline plcGSK LN0.5%
MegaFon OAO17GK LN0.4%
Gjensidige Forsikring ASAGJF NO0.4%
Enagas SAENG SM0.3%
Huaneng Power International, Inc.902 HK0.3%
Scor SESCR FP0.3%
NWS Holdings Ltd.659 HK0.3%
Ambev SA ADRABEV0.3%
Jiangsu Express Co., Ltd.177 HK0.3%
Wynn Macau Ltd.1128 HK0.3%
Sydney AirportSYD AU0.3%
Ensco PLC ESV0.3%
Snam S.p.A.SRG IM0.3%
Bank of China3988 HK0.3%
Industrial & Commercial Bank of China Ltd.1398 HK0.2%
Terna Rete Elettrica Nazionale S.p.A.TRN IM0.2%
Aberdeen Asset Management plcADN LN0.2%
EDP - Energias do Brasil SAENBR3 BZ0.2%
Liechtensteinische Landesbank AGLLB SW0.2%
Mighty River Power Ltd.MRP NZ0.2%
China Resources Power Holdings Co.836 HK0.2%
Saic Motor Corp., Ltd.600104 C10.1%
St. Galler KantonalbankSGKN SW0.1%
Statoil ASASTL NO0.1%
Banque Cantonale VaudoiseBCVN SW0.1%
Yanbu National Petrochemical Co.YANSAB AB0.1%
Endesa, S.A.ELE SM0.1%
Santos Brasil Participacoes S.A.STBP11 BZ0.1%
TeliaSonera ABTLSN SS0.1%
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%
Halcon Resources Corp.HK0.0%
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%
CRH America, Inc.12626PAJ20.1%
Zachry Holdings, Inc.988745AA30.1%
Enbridge Energy Partners LP29250RAR70.1%
Energy Transfer Partners LP29273RBA60.1%
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 LP68268NAE30.0%
Level 3 Communications, Inc.52729NBP40.0%
Entergy Gulf States Louisiana, LLC29365PAN20.0%
Gastar Exploration USA, Inc.36729WAA10.0%
Goldman Sachs Group, Inc.38141GEU40.0%
Transatlantic Holdings, Inc.893521AA20.0%
Arizona Public Service Co.040555CL60.0%
Yahoo!, Inc.984332AC00.0%
Teppco Partners LP872384AC60.0%
Coeur d'Alene Mines Corp.192108AY40.0%
WMG Holdings Corp.92930MAG80.0%
National Rural Utilities CFC637432LR40.0%
Ameren Illinois Co.02361DAG50.0%
Anheuser-Busch InBev (BRL)03523TAY40.0%
Comcast Cable Communications, LLC20029PAG40.0%
RAAM Global Energy Co.74920AAC30.0%
TMX Finance, LLC/Titlemax Finance87261NAG50.0%
DCP Midstream, LLC23311RAC00.0%
American Airlines02376TAA60.0%
MetLife, Inc.59156RAR90.0%
Alabama Power Capital Trust V01039XAA80.0%
National Life Insurance of Vermont636792AA10.0%
Enable Oklahoma Intrastate Transmission, 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%
Northwind Holdings, LLC, Series 2007-1A Class A1 Floating Rate Note668457AA20.0%
San Bernardino County California Redevelopment Agency (San Sevaine)79685PCK40.0%
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%
Residential Asset Securities Corp., Series 2006-KS4 Class A375406EAC50.0%
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%
Enel Finance International S.A.29268BAB70.2%
Federative Republic of Brazil (BRL)105756BJ80.2%
Deutsche Telekom International Finance BV25156PAC70.2%
Odebrecht Offshore Drilling Finance Ltd.67576GAA50.2%
Sirius International Group964152AB80.2%
CFG Holdings Ltd./CFG Finance, LLC12527MAA80.1%
Bakkavor Finance 2 plc (GBP)EJ71149720.1%
Anglogold Holdings03512TAD30.1%
Arcos Dorados Holdings, Inc. (BRL)03965UAA80.1%
Lowell Group Financing plc (GBP)EJ10733070.1%
Cimpor Financial Operations B.V.17186LAA10.1%
KFW (BRL)EJ34220640.1%
ELM B.V. (AUD)EG38916600.1%
Groupe BPCE05571AAA30.1%
VimpelCom (UBS SA)90263MAE40.1%
Tullow Oil plc899415AC70.1%
Banco Santander Brasil S.A. (BRL)EJ58964550.1%
Dai Ichi Mutual Life Insurance Co., Ltd.23380YAB30.1%
GFL Environmental Corp. (CAD)36168PAA40.0%
Telemar Norte Leste SA87944LAE90.0%
DEPFA Bank plc (EUR)EF08301270.0%
Schahin II Finance Co. (SPV) Ltd.80629QAA30.0%
Ambev International Finance Co., Ltd. (BRL)02319LAB10.0%
B.A.T. International Finance, plc05530QAB60.0%
Alrosa Finance S.A.02109TAC60.0%
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%
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
Academi Holdings, LLC, 11.00%, 7/24/202000400KAB70.1%
Private Restaurants Properties, Inc.ACI01N7630.1%
NCP Finance LP, 11.00%, 9/25/201862886YAB00.1%
Texas Competitive Electric Holdings Co., LLC, 4.648%, 10/10/2015955XXEII90.1%
Synergy Aerospace Corp., 6.50%, 3/3/2015065433A240.1%
North Atlantic Trading Co., Inc., 7.75%-8.75%, 1/13/202065733EAB20.1%
Laureate Education, Inc.BL11867270.0%
Rue21, Inc., 5.63%, 10/9/202078128EAB80.0%
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%

Cash & Cash Equivalents

SYMBOL% OF PORTFOLIO
Cash2.9%

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.