Basic Value

UniCredit SpAUCG IM4.8%
Electricite de France S.A.EDF FP4.5%
China Petroleum & Chemical Corp.386 HK3.9%
Credit Suisse Group AGCSGN SW3.6%
Canadian Pacific Railway Ltd.CP US3.5%
Commerzbank AGCBK GR3.3%
Halliburton Co.HAL US3.2%
Infineon Technologies AGIFX GR3.1%
Barclays plcBARC LN2.8%
Royal Dutch Shell plcRDS/A US2.8%
Reliance Industries Ltd.RIL IN2.7%
NN Group N.V.NN NA2.6%
Shin-Etsu Chemical Co. Ltd.4063 JP2.4%
LafargeHolcim Ltd.LHN SW2.1%
Omron Corp.6645 JP2.0%
Cie de Saint-GobainSGO FP1.7%
Kingfisher plcKGF LN1.3%
Veolia Environnement S.A.VIE FP1.3%
Subaru Corp.7270 JP0.5%
General Electric Co.GE US0.3%

Consistent Earners

China Unicom Hong Kong Ltd.762 HK2.9%
Ferrovial S.A.FER SM2.7%
Vinci S.A.DG FP2.6%
Danone S.A.BN FP2.5%
Fresenius SE & Co. KGaAFRE GR2.4%
British American Tobacco plcBTI US2.0%
Yunnan Baiyao Group Co. Ltd.000538 C21.9%
Reckitt Benckiser Group plcRB/ LN1.7%
Daikin Industries Ltd.6367 JP1.4%
Dong-E-E-Jiao Co. Ltd.000423 C21.4%
Iberdrola S.A.IBE SM1.3%
Liberty Global plcLBTYK US1.2%
Teva Pharmaceutical Industries Ltd.TEVA US0.9%
NIKE, Inc.NKE US0.3%
Industria de Diseno Textil S.A.ITX SM0.2%

Emerging Franchises

Ping An Insurance Group Co. of China Ltd.2318 HK3.5%
TAL Education GroupTAL US2.7%
Inner Mongolia Yili Industrial Group Co. Ltd.600887 C12.3%
ams AGAMS SW1.7%
Alkermes plcALKS US1.3%
Tencent Holdings Ltd.700 HK1.2% International Ltd.CTRP US0.6%
Alibaba Group Holding Ltd.BABA US0.5%
iQIYI, Inc.IQ US0.2%
Cash & Cash Equivalents4.0%

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.