Basic Value

Resona Holdings, Inc.8308 JP3.4%
ING Groep N.V.INGA NA3.4%
CRH plcCRH ID2.6%
Enel SpAENEL IM2.6%
Sony Corp.6758 JP2.6%
Mondi plcMNDI LN2.4%
The Weir Group, plc.WEIR LN2.4%
Deutsche Post AGDPW GR2.3%
United Overseas Bank Ltd.UOB SP2.2%
Intact Financial Corp.IFC CN2.2%
ASML Holding N.V.ASML NA2.2%
Taiwan Semiconductor Manufacturing Co. Ltd.TSM US2.1%
Subaru Corp.7270 JP1.8%
Legrand S.A.LR FP1.4%

Consistent Earners

Compass Group plcCPG LN2.6%
Novartis AGNOVN SW2.5%
Cerved Information Solutions SpACERV IM2.3%
Equinix, Inc.EQIX US2.3%
Aena SME S.A.AENA SM2.3%
Brenntag AGBNR GR2.2%
Orange S.A.ORA FP2.2%
Nippon Telegraph & Telephone Corp.9432 JP2.2%
Galenica AGGALE SW2.0%
Kyushu Railway Co.9142 JP1.8%
Thermo Fisher Scientific, Inc.TMO US1.8%
Industria de Diseno Textil S.A.ITX SM1.8%
Shaw Communications, Inc.SJR/B CN1.8%
RELX plcREL LN1.6%
Kao Corp.4452 JP1.5%
GreenTree Hospitality Group Ltd.GHG US1.4%
Shanghai International Airport Co. Ltd.600009 C11.3%
Reckitt Benckiser Group plcRB/ LN1.2%
Bureau Veritas S.A.BVI FP1.1%

Emerging Franchises

AIA Group Ltd.1299 HK3.6%
Grupo Nutresa S.A.NUTRESA C2.2%
Alibaba Group Holding Ltd.BABA US2.2%
Tencent Holdings Ltd.700 HK1.8%
Vietnam Dairy Products JSCVNM VN1.6%
Scout24 AGG24 GR1.3%
Cielo S.A.CIEL3 BZ1.3%
Schibsted ASASCHA NO1.2% International Ltd.CTRP US1.1%
BBVA Banco Frances S.A.BFR US1.0%
WessanenWES NA0.9%
Cash & Cash Equivalents6.2%

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 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. 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.