Basic Value

Industrial & Commercial Bank of China Ltd.1398 HK3.5%
Samsung Electronics Co. Ltd.005930 KS3.3%
ICICI Bank Ltd.IBN US3.3%
Reliance Industries Ltd.RIL IN2.9%
Baidu, Inc.BIDU US2.8%
Halliburton Co.HAL US2.7%
Itau Unibanco Holding S.A.ITUB US2.5%
Taiwan Semiconductor Manufacturing Co. Ltd.2330 TT2.2%
China Mobile Ltd.941 HK2.1%
Sberbank of Russia PJSCSBER LI2.1%
Grupo Financiero Banorte S.A.B. de C.V.GFNORTEO2.0%
Cielo S.A.CIEL3 BZ1.9%
Emaar Properties PJSCEMAAR UH1.9%
Kroton Educacional S.A.KROT3 BZ1.6%
Glencore plcGLEN LN1.6%
Citigroup, Inc.C US1.3%
KT&G Corp.033780 KS1.2%
Grupo Mexico S.A.B. de C.V.GMEXICOB1.1%
Galaxy Entertainment Group Ltd.27 HK1.1%
First Quantum Minerals Ltd.FM CN1.0%

Consistent Earners

Alibaba Group Holding Ltd.BABA US6.1%
Tencent Holdings Ltd.700 HK4.7%
Unilever N.V.UN US3.3%
British American Tobacco plcBTI US2.9%
HDFC Bank Ltd.HDFCB IN2.9%
AIA Group Ltd.1299 HK2.4%
China Unicom Hong Kong Ltd.762 HK2.1%
Novartis AGNVS US2.1%
Fibra UNO Administracion S.A. de C.V.FUNO11 MM2.1%
Sanlam Ltd.SLM SJ1.9%
Yum China Holdings, Inc.YUMC US1.7%
Bank Central Asia Tbk PTBBCA IJ1.4%
Shanghai International Airport Co. Ltd.600009 C11.3%
Bharti Infratel Ltd.BHIN IN1.3%
Facebook, Inc.FB US0.9%

Emerging Franchises

Yandex N.V.YNDX US1.6%
Hangzhou Hikvision Digital Technology Co. Ltd.002415 C21.6%
BBVA Banco Frances S.A.BFR US1.5%
ams AGAMS SW1.5%
Sunny Optical Technology Group Co. Ltd.2382 HK1.5%
TAL Education GroupTAL US1.4% International Ltd.CTRP US1.2%
GT Capital Holdings, Inc.GTCAP PM1.2%
Naspers Ltd.NPN SJ0.7%
China Animal Healthcare Ltd.940 HK0.1%
Cash & Cash Equivalents5.2%

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.