Basic Value

SYMBOL% OF PORTFOLIO
Reliance Industries Ltd.RIL IN3.8%
ICICI Bank Ltd.IBN US3.7%
Industrial & Commercial Bank of China Ltd.1398 HK3.5%
Samsung Electronics Co. Ltd.005930 KS3.4%
Grupo Financiero Banorte S.A.B. de C.V.GFNORTEO2.8%
Taiwan Semiconductor Manufacturing Co. Ltd.2330 TT2.8%
Itau Unibanco Holding S.A.ITUB US2.6%
Halliburton Co.HAL US2.0%
Baidu, Inc.BIDU US1.9%
Glencore plcGLEN LN1.7%
Sberbank of Russia PJSCSBER LI1.7%
Galaxy Entertainment Group Ltd.27 HK1.6%
Cielo S.A.CIEL3 BZ1.6%
First Quantum Minerals Ltd.FM CN1.2%
Grupo Mexico S.A.B. de C.V.GMEXICOB1.1%
LUKOIL PJSCLKOD LI1.1%
Novatek PJSCNVTK LI0.8%

Consistent Earners

SYMBOL% OF PORTFOLIO
Alibaba Group Holding Ltd.BABA US5.1%
Tencent Holdings Ltd.700 HK5.1%
HDFC Bank Ltd.HDFCB IN4.3%
AIA Group Ltd.1299 HK3.8%
Unilever N.V.UN US3.8%
China Unicom Hong Kong Ltd.762 HK3.3%
Novartis AGNVS US2.8%
British American Tobacco plcBTI US2.1%
QUALCOMM, Inc.QCOM US2.0%
Bank Central Asia Tbk PTBBCA IJ1.8%
Yum China Holdings, Inc.YUMC US1.8%
Fibra UNO Administracion S.A. de C.V.FUNO11 MM1.7%
Shanghai International Airport Co. Ltd.600009 C11.7%
Sanlam Ltd.SLM SJ1.5%
Midea Group Co. Ltd.000333 C21.0%
Facebook, Inc.FB US1.0%

Emerging Franchises

SYMBOL% OF PORTFOLIO
Ctrip.com International Ltd.CTRP US1.8%
Sunny Optical Technology Group Co. Ltd.2382 HK1.7%
Hangzhou Hikvision Digital Technology Co. Ltd.002415 C21.6%
ams AGAMS SW1.2%
B3 SA - Brasil Bolsa BalcaoB3SA3 BZ1.2%
Yandex N.V.YNDX US1.1%
GT Capital Holdings, Inc.GTCAP PM1.1%
Han's Laser Technology Industry Group Co. Ltd.002008 C21.0%
Vietnam Dairy Products JSCVNM VN0.9%
Naspers Ltd.NPN SJ0.9%
Hapvida Participacoes e Investimentos S.A.HAPV3 BZ0.5%
BBVA Banco Frances S.A.BFR US0.5%
China Animal Healthcare Ltd.940 HK0.1%
% OF PORTFOLIO
Cash & Cash Equivalents6.4%

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.