Basic Value

ING Groep N.V.INGA NA2.9%
Resona Holdings, Inc.8308 JP2.3%
CRH plcCRH LN2.3%
Intact Financial Corp.IFC CN2.2%
Deutsche Post AGDPW GR2.2%
The Weir Group plcWEIR LN1.9%
Sony Corp.6758 JP1.8%
Taiwan Semiconductor Manufacturing Co., Ltd. ADRTSM1.8%
DP World Ltd.DPW DU1.6%
United Overseas Bank Ltd.UOB SP1.5%
GT Capital Holdings, Inc.GTCAP PM1.4%
Subaru Corp.7270 J1.3%
Cairn Homes plcCRN LN1.1%
ASML Holding N.V.ASML NL1.0%
Marine Harvest ASAMHG NO0.4%

Consistent Earners

Brenntag AGBNR GR2.7%
Compass Group plcCPG LN2.5%
Cerved Information Solutions S.p.A.CERV IM2.3%
Orange SAORA FP2.3%
Nippon Telegraph & Telephone Corp.9432 JP2.3%
Europris ASAEPR NO2.3%
US Foods Holding Corp.USFD2.2%
National Grid plcNG/ LN2.1%
Reckitt Benckiser plcRB/ LN2.1%
Grupo Nutresa SANUTRESA CB2.0%
Galenica Sante Ltd.GALE SW1.9%
Asaleo Care Ltd.AHY AU1.8%
Thermo Fisher Scientific, Inc.TMO1.7%
Vietnam Dairy Products JSCVNM VN1.6%
Olympus Corp.7733 JP1.5%
Tsuruha Holdings, Inc.3391 JP1.5%
Gilead Sciences, Inc.GILD1.4%
Bharti Infratel Ltd.BHIN IN1.4%
China South Publishing & Media Group Co., Ltd.601098 C11.3%
Novartis AGNOVN VX1.3%
Roche Holding AGROG VX1.2%
RELX plcREL LN1.2%
Nielsen Holdings plcNLSN1.2%
Orkla ASAORK NO1.1%
Shanghai International Air Co., Ltd.600009 C11.1%
Bureau Veritas SABVI FP1.0%
Nextera Energy, Inc.NEE0.2%

Emerging Franchises

Switch, Inc.SWCH3.5%
AIA Group Ltd.1299 HK2.6%
Megacable Holdings S.A.B. de C.V.MEGACPO MM1.4%
Cielo S.A.CIEL3 BR1.3%
BBVA Banco Frances SA ADRBFR1.1%
Scout24 AGG24 GR1.0%
Alkermes plcALKS0.9%
Wessanen NVWES NA0.7%
Premium Brands Holdings Corp.PBH CN0.5%
Cash & Cash Equivalents9.4%

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. 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.