Basic Value

UniCredit S.p.A.UCG IM4.7%
Electricite de France SAEDF FP3.8%
Commerzbank AGCBK GR3.4%
Canadian Pacific Railway Ltd.CP3.2%
Credit Suisse Group AGCSGN VX3.2%
Infineon Technologies AGIFX GR3.1%
China Petroleum & Chemical Corp.386 HK3.1%
LafargeHolcim Ltd.LHN VX2.7%
Reliance Industries Ltd.RIL IN2.7%
Shin-Etsu Chemical Co., Ltd.4063 JP2.6%
Halliburton Co.HAL2.6%
NN Group NVNN NA2.2%
Veolia Environnement SAVIE FP2.0%
General Electric Co.GE1.6%
OMRON Corporation6645 JP1.5%
Korea Electric Power Corp.015760 KS1.4%
Compagnie de Saint-GobainSGO FP1.2%
ING Life Insurance Korea Ltd.079440 KS1.1%
Kingfisher plcKGF LN0.8%

Consistent Earners

Daikin Industries, Ltd.6367 JP2.7%
Ferrovial SAFER SM2.6%
Fresenius SE & Co. KGaAFRE GR2.5%
Vinci S.A.DG FP2.4%
China Unicom (Hong Kong) Ltd.762 HK2.4%
PTC, Inc.PTC2.2%
Iberdrola S.A.IBE SM2.1%
Deutsche Telekom AGDTE GR2.1%
British American Tobacco plc ADRBTI2.1%
Danone SABN FP2.0%
Yunnan Baiyao Group Co., Ltd.000538 C21.8%
Nike, Inc.NKE1.7%
China Mobile Ltd.941 HK1.5%
Reckitt Benckiser plcRB/ LN1.5%
Dong-E-E-Jiao Co., Ltd.000423 C21.3%
Convatec Ltd.CTEC LN1.1%
Nielsen Holdings plcNLSN1.0%
National Grid plcNG/ LN1.0%
Liberty Global plcLBTYK0.8%
Yum China Holdings, Inc.YUMC0.5%
Teva Pharmaceutical Industries Ltd. ADRTEVA0.0%

Emerging Franchises

SYMBOL% OF PORTFOLIO International, Ltd. ADRCTRP2.7%
Ping An Insurance Group Co.2318 HK2.3%
Inner Mongolia Yili Industrial Group Co., Ltd.6008871.7%
TAL Education Group ADRTAL1.6%
Tencent Holdings Ltd.700 HK1.1%
Alibaba Group Holding Ltd. ADRBABA1.1%
Alkermes plcALKS1.0%
ams AGAMS SW0.9%
Cash & Cash Equivalents1.1%

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.