Basic Value

Resona Holdings, Inc.8308 JP3.4%
ING Groep N.V.INGA NA3.0%
Sony Corp.6758 JP2.7%
ASML Holding N.V.ASML NA2.4%
Taiwan Semiconductor Manufacturing Co. Ltd.TSM US2.1%
Enel SpAENEL IM2.1%
Intact Financial Corp.IFC CN2.0%
Mondi plcMNDI LN2.0%
CRH plcCRH ID2.0%
United Overseas Bank Ltd.UOB SP1.7%
Deutsche Post AGDPW GR1.7%
The Weir Group, plc.WEIR LN1.5%
Skandinaviska Enskilda Banken ABSEBA SS1.5%
Intesa Sanpaolo SpAISP IM1.3%
Subaru Corp.7270 JP1.3%
Legrand S.A.LR FP1.3%
Royal Bank of Scotland Group plcRBS LN1.0%

Consistent Earners

Compass Group plcCPG LN3.0%
Equinix, Inc.EQIX US2.3%
Novartis AGNOVN SW2.3%
Lonza Group AGLONN SW2.2%
Kao Corp.4452 JP2.1%
Orange S.A.ORA FP2.1%
Nippon Telegraph & Telephone Corp.9432 JP2.1%
Brenntag AGBNR GR2.1%
Reckitt Benckiser Group plcRB/ LN2.1%
Aena SME S.A.AENA SM2.0%
Thermo Fisher Scientific, Inc.TMO US1.9%
Industria de Diseno Textil S.A.ITX SM1.9%
Shaw Communications, Inc.SJR/B CN1.8%
RELX plcREL LN1.6%
GreenTree Hospitality Group Ltd.GHG US1.5%
Allegion plcALLE US1.5%
Galenica AGGALE SW1.5%
Shanghai International Airport Co. Ltd.600009 C11.5%
Informa plcINF LN1.0%
Sika AGSIKA SW1.0%
Bureau Veritas S.A.BVI FP1.0%

Emerging Franchises

AIA Group Ltd.1299 HK2.8%
Grupo Nutresa S.A.NUTRESA C2.2% International Ltd.CTRP US1.7%
Tencent Holdings Ltd.700 HK1.7%
Alibaba Group Holding Ltd.BABA US1.6%
Start Today Co. Ltd.3092 JP1.4%
Midea Group Co. Ltd.000333 C21.4%
Vietnam Dairy Products JSCVNM VN1.3%
WessanenWES NA1.1%
Schibsted ASASCHA NO1.0%
Focused Photonics Hangzhou, Inc.300203 C21.0%
Scout24 AGG24 GR0.8%
Cash & Cash Equivalents6.7%

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.