Basic Value

SYMBOL% OF PORTFOLIO
Industrial & Commercial Bank of China Ltd.1398 HK3.8%
ICICI Bank Ltd.IBN US3.8%
Samsung Electronics Co. Ltd.005930 KS3.7%
Reliance Industries Ltd.RIL IN3.5%
Grupo Financiero Banorte S.A.B. de C.V.GFNORTEO3.3%
China Unicom Hong Kong Ltd.762 HK3.2%
Itau Unibanco Holding S.A.ITUB US3.1%
QUALCOMM, Inc.QCOM US2.6%
Halliburton Co.HAL US2.1%
Baidu, Inc.BIDU US1.8%
Glencore plcGLEN LN1.6%
Sberbank of Russia PJSCSBER LI1.6%
Azul S.A.AZUL US1.6%
LUKOIL PJSCLKOD LI1.3%
Grupo Mexico S.A.B. de C.V.GMEXICOB1.2%
First Quantum Minerals Ltd.FM CN1.0%

Consistent Earners

SYMBOL% OF PORTFOLIO
Tencent Holdings Ltd.700 HK5.5%
Alibaba Group Holding Ltd.BABA US5.4%
AIA Group Ltd.1299 HK4.2%
HDFC Bank Ltd.HDFCB IN4.1%
Unilever N.V.UN US4.0%
Taiwan Semiconductor Manufacturing Co. Ltd.2330 TT3.8%
Novartis AGNVS US3.4%
Bank Central Asia Tbk PTBBCA IJ2.0%
Sanlam Ltd.SLM SJ1.8%
Shanghai International Airport Co. Ltd.600009 C11.3%
Kweichow Moutai Co. Ltd.600519 C11.2%
Vietnam Dairy Products JSCVNM VN1.0%
Naspers Ltd.NPN SJ1.0%
British American Tobacco plcBTI US1.0%
Facebook, Inc.FB US0.9%

Emerging Franchises

SYMBOL% OF PORTFOLIO
Ctrip.com International Ltd.CTRP US2.1%
B3 SA - Brasil Bolsa BalcaoB3SA3 BZ1.9%
Galaxy Entertainment Group Ltd.27 HK1.9%
Sunny Optical Technology Group Co. Ltd.2382 HK1.6%
Novatek PJSCNVTK LI1.5%
Hangzhou Hikvision Digital Technology Co. Ltd.002415 C21.4%
Han's Laser Technology Industry Group Co. Ltd.002008 C21.2%
Yandex N.V.YNDX US1.1%
Midea Group Co. Ltd.000333 C21.1%
Hapvida Participacoes e Investimentos S.A.HAPV3 BZ0.5%
GT Capital Holdings, Inc.GTCAP PM0.3%
China Animal Healthcare Ltd.940 HK0.0%
% OF PORTFOLIO
Cash & Cash Equivalents5.8%

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.