Basic Value

SYMBOL% OF PORTFOLIO
Electricite de France S.A.EDF FP4.6%
UniCredit SpAUCG IM4.2%
China Petroleum & Chemical Corp.386 HK3.6%
Credit Suisse Group AGCSGN SW3.6%
Royal Dutch Shell plcRDS/A US3.5%
Infineon Technologies AGIFX GR3.2%
Canadian Pacific Railway Ltd.CP US3.2%
Halliburton Co.HAL US3.0%
Reliance Industries Ltd.RIL IN3.0%
Barclays plcBARC LN2.8%
Commerzbank AGCBK GR2.6%
NN Group N.V.NN NA2.5%
Shin-Etsu Chemical Co. Ltd.4063 JP2.2%
SoftBank Group Corp.9984 JP2.0%
LafargeHolcim Ltd.LHN SW2.0%
Omron Corp.6645 JP1.8%
Cie de Saint-GobainSGO FP1.6%
AXA S.A.CS FP1.5%
Kingfisher plcKGF LN1.3%
Veolia Environnement S.A.VIE FP1.0%
BRF S.A.BRFS3 BZ0.7%

Consistent Earners

SYMBOL% OF PORTFOLIO
China Unicom Hong Kong Ltd.762 HK3.1%
SAP SESAP GR3.0%
Ferrovial S.A.FER SM2.9%
Fresenius SE & Co. KGaAFRE GR2.8%
Danone S.A.BN FP2.5%
Vinci S.A.DG FP2.3%
Yunnan Baiyao Group Co. Ltd.000538 C22.1%
Reckitt Benckiser Group plcRB/ LN1.8%
British American Tobacco plcBTI US1.5%
Teva Pharmaceutical Industries Ltd.TEVA US1.5%
Iberdrola S.A.IBE SM1.5%
adidas AGADS GR1.1%
Industria de Diseno Textil S.A.ITX SM0.5%
Liberty Global plcLBTYK US0.5%
Daikin Industries Ltd.6367 JP0.3%

Emerging Franchises

SYMBOL% OF PORTFOLIO
Ping An Insurance Group Co. of China Ltd.2318 HK3.4%
TAL Education GroupTAL US2.9%
Inner Mongolia Yili Industrial Group Co. Ltd.600887 C12.4%
Tencent Holdings Ltd.700 HK1.7%
Midea Group Co. Ltd.000333 C21.2%
ams AGAMS SW1.1%
Alibaba Group Holding Ltd.BABA US0.5%
% OF PORTFOLIO
Cash & Cash Equivalents5.3%

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.