Basic Value

UniCredit S.p.A.UCG IM4.2%
Credit Suisse Group AGCSGN VX3.7%
Electricite de France SAEDF FP3.7%
Commerzbank AGCBK GR3.6%
Canadian Pacific Railway Ltd.CP3.5%
China Petroleum & Chemical Corp.386 HK3.2%
Infineon Technologies AGIFX GR3.1%
Halliburton Co.HAL3.1%
Reliance Industries Ltd.RIL IN2.7%
NN Group NVNN NA2.4%
Shin-Etsu Chemical Co., Ltd.4063 JP2.3%
Veolia Environnement SAVIE FP2.0%
LafargeHolcim Ltd.LHN VX2.0%
OMRON Corporation6645 JP1.7%
Compagnie de Saint-GobainSGO FP1.5%
Korea Electric Power Corp.015760 KS1.5%
General Electric Co.GE1.4%
Kingfisher plcKGF LN1.1%
ING Life Insurance Korea Ltd.079440 KS0.2%

Consistent Earners

Ferrovial SAFER SM2.8%
Vinci S.A.DG FP2.6%
China Unicom (Hong Kong) Ltd.762 HK2.5%
Fresenius SE & Co. KGaAFRE GR2.4%
Danone SABN FP2.4%
British American Tobacco plc ADRBTI2.2%
Iberdrola S.A.IBE SM2.1%
Nike, Inc.NKE2.0%
Daikin Industries, Ltd.6367 JP2.0%
Yunnan Baiyao Group Co., Ltd.000538 C21.8%
National Grid plcNG/ LN1.5%
China Mobile Ltd.941 HK1.5%
Dong-E-E-Jiao Co., Ltd.000423 C21.3%
Liberty Global plcLBTYK1.1%
Reckitt Benckiser plcRB/ LN1.0%
Nielsen Holdings plcNLSN1.0%
Teva Pharmaceutical Industries Ltd. ADRTEVA0.7%
PTC, Inc.PTC0.5%
Convatec Ltd.CTEC LN0.1%
Deutsche Telekom AGDTE GR0.1%

Emerging Franchises

Ping An Insurance Group Co.2318 HK3.4% International, Ltd. ADRCTRP2.6%
Inner Mongolia Yili Industrial Group Co., Ltd.6008872.4%
TAL Education Group ADRTAL2.1%
Tencent Holdings Ltd.700 HK1.3%
ams AGAMS SW1.3%
Alkermes plcALKS1.2%
Alibaba Group Holding Ltd. ADRBABA0.0%
Cash & Cash Equivalents2.7%

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.