Basic Value

Electricite de France S.A.EDF FP6.6%
UniCredit SpAUCG IM4.2%
SoftBank Group Corp.9984 JP4.0%
Credit Suisse Group AGCSGN SW3.9%
Royal Dutch Shell plcRDS/A US3.9%
Infineon Technologies AGIFX GR3.2%
Commerzbank AGCBK GR3.2%
NN Group N.V.NN NA3.1%
Shin-Etsu Chemical Co. Ltd.4063 JP2.5%
LafargeHolcim Ltd.LHN SW2.2%
China Petroleum & Chemical Corp.386 HK2.1%
NXP Semiconductors N.V.NXPI US2.0%
Prysmian SpAPRY IM1.9%
Teva Pharmaceutical Industries Ltd.TEVA US1.6%
Eni SpAENI IM1.4%
Omron Corp.6645 JP1.4%
CNH Industrial N.V.CNHI IM1.0%
Veolia Environnement S.A.VIE FP0.8%
Royal Bank of Scotland Group plcRBS LN0.5%
Cie de Saint-GobainSGO FP0.1%
Halliburton Co.HAL US0.1%

Consistent Earners

Canadian Pacific Railway Ltd.CP US3.3%
Ferrovial S.A.FER SM3.0%
Danone S.A.BN FP2.8%
Fresenius SE & Co. KGaAFRE GR2.6%
Reckitt Benckiser Group plcRB/ LN2.2%
Vinci S.A.DG FP2.0%
adidas AGADS GR1.9%
Iberdrola S.A.IBE SM1.6%
Yunnan Baiyao Group Co. Ltd.000538 C21.5%
Industria de Diseno Textil S.A.ITX SM0.7%
China Unicom Hong Kong Ltd.762 HK0.3%

Emerging Franchises

Ping An Insurance Group Co. of China Ltd.2318 HK4.3%
Reliance Industries Ltd.RIL IN2.7%
Tencent Holdings Ltd.700 HK2.4%
TAL Education GroupTAL US2.2%
Alibaba Group Holding Ltd.BABA US2.2%
Inner Mongolia Yili Industrial Group Co. Ltd.600887 C12.0%
Ubisoft Entertainment S.A.UBI FP1.2%
ams AGAMS SW0.3%
Midea Group Co. Ltd.000333 C20.1%
Cash & Cash Equivalents6.3%

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 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.