Basic Value

SYMBOL% OF PORTFOLIO
Resona Holdings, Inc.8308 JP3.6%
Sony Corp.6758 JP2.8%
ING Groep N.V.INGA NA2.7%
UBS Group AGUBSG SW2.6%
Intact Financial Corp.IFC CN2.4%
CRH plcCRH ID2.1%
Mondi plcMNDI LN2.0%
Enel SpAENEL IM1.9%
United Overseas Bank Ltd.UOB SP1.7%
ASML Holding N.V.ASML NA1.7%
Taiwan Semiconductor Manufacturing Co. Ltd.TSM US1.5%
Subaru Corp.7270 JP1.4%
NXP Semiconductors N.V.NXPI US1.4%
The Weir Group, plc.WEIR LN1.3%
Legrand S.A.LR FP1.3%
BNP Paribas S.A.BNP FP1.2%
Intesa Sanpaolo SpAISP IM1.2%
Prysmian SpAPRY IM1.2%
KION Group AGKGX GR1.1%
Sika AGSIKA SW1.1%
CNH Industrial N.V.CNHI IM1.0%
Ferguson plcFERG LN1.0%
Royal Bank of Scotland Group plcRBS LN0.9%

Consistent Earners

SYMBOL% OF PORTFOLIO
Compass Group plcCPG LN3.1%
Novartis AGNOVN SW2.6%
Reckitt Benckiser Group plcRB/ LN2.4%
Kao Corp.4452 JP2.3%
Lonza Group AGLONN SW2.3%
Nippon Telegraph & Telephone Corp.9432 JP2.1%
Thermo Fisher Scientific, Inc.TMO US2.1%
SAP SESAP GR2.1%
Orange S.A.ORA FP2.1%
Equinix, Inc.EQIX US2.0%
Aena SME S.A.AENA SM2.0%
Allegion plcALLE US1.8%
Shaw Communications, Inc.SJR/B CN1.8%
Industria de Diseno Textil S.A.ITX SM1.7%
Terumo Corp.4543 JP1.6%
Thomson Reuters Corp.TRI US1.6%
Henkel AG & Co. KGaAHEN3 GR1.6%
Shanghai International Airport Co. Ltd.600009 C11.5%
Informa plcINF LN1.4%
RPC Group plcRPC LN1.0%
GrandVision N.V.GVNV NA1.0%
DNA OyjDNA FH1.0%
Bureau Veritas S.A.BVI FP1.0%

Emerging Franchises

SYMBOL% OF PORTFOLIO
AIA Group Ltd.1299 HK2.9%
Alibaba Group Holding Ltd.BABA US2.0%
Ctrip.com International Ltd.CTRP US1.6%
Focused Photonics Hangzhou, Inc.300203 C21.5%
Tencent Holdings Ltd.700 HK1.4%
ZOZO, Inc.3092 JP1.3%
Ubisoft Entertainment S.A.UBI FP1.3%
GreenTree Hospitality Group Ltd.GHG US1.2%
Schibsted ASASCHA NO0.9%
% OF PORTFOLIO
Cash & Cash Equivalents4.4%

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 thornburg.com. 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.