Basic Value

SYMBOL% OF PORTFOLIO
Samsung Electronics Co. Ltd.005930 KS4.3%
ICICI Bank Ltd. ADRIBN3.2%
Baidu, Inc. ADRBIDU3.0%
Cielo S.A.CIEL3 BZ2.8%
Industrial and Commercial Bank of China Ltd.1398 HK2.7%
Sberbank ADRSBER LI2.7%
Reliance Industries Ltd.RIL IN2.4%
China Mobile Ltd.941 HK2.4%
Kroton Educacional S.A.KROT3 BZ2.2%
Citigroup, Inc.C1.8%
Rio Tinto plc ADRRIO1.7%
Taiwan Semiconductor Manufacturing Co., Ltd.2330 TT1.7%
KT&G Corp.033780 KS1.7%
Halliburton Co.HAL1.5%
Emaar Properties PJSCEMAAR UH1.5%
Mining and Metallurgical Co. Norilsk Nickel PJSC ADRMNOD L1.4%
Applied Materials, Inc.AMAT1.3%
Grupo Financiero Banorte, S.A.B. de C.V.GFNORTEO MM1.3%
Lukoil PJSC ADRLKOD LI1.1%
China Resources Land Ltd.1109 HK1.1%
Itau Unibanco Holding SA ADRITUB US0.9%

Consistent Earners

SYMBOL% OF PORTFOLIO
Alibaba Group Holding Ltd. ADRBABA6.0%
Tencent Holdings Ltd.700 HK5.4%
HDFC Bank Ltd.HDFCB/F IN2.8%
Sanlam Ltd.SLM SJ2.8%
British American Tobacco plc ADRBTI2.7%
AIA Group Ltd.1299 HK2.5%
PT Bank Central AsiaBBCA IJ2.2%
Novartis AG ADRNVS2.1%
Fibra UNO Administracion S.A. de C.V.FUNO11 MM2.1%
Bharti Infratel Ltd.BHIN IN1.8%
Yum China Holdings, Inc.YUMC1.7%
Unilever N.V.UN1.5%
Facebook, Inc.FB1.5%
Shanghai International Air Co., Ltd.600009 C11.2%
QUALCOMM, Inc.QCOM1.0%
Credicorp Ltd.BAP1.0%
Kweichow Moutai Co., Ltd.600519 C10.9%

Emerging Franchises

SYMBOL% OF PORTFOLIO
MGM China Holdings Ltd.2282 HK2.3%
BBVA Banco Frances SA ADRBFR2.3%
Hangzhou Hikvision Digital Technology Co., Ltd.002415 C22.2%
Yandex NVYNDX1.5%
GT Capital Holdings, Inc.GTCAP PM1.5%
Imax China Holding, Inc.1970 HK1.0%
TAL Education Group ADRTAL1.0%
Celltrion Healthcare Co., Ltd.091990 KS0.8%
Controladora Vuela Compania de Aviacion, S.A.B. de C.V. ADRVLRS0.8%
Largan Precision Co., Ltd.3008 TT0.5%
China Animal Healthcare Ltd.940 HK0.0%
% OF PORTFOLIO
Cash & Cash Equivalents4.5%

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 our literature center. 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.