TOP TEN COUNTRIES as of 6/30/2018

  • 1.Japan14.0%
  • 2.United Kingdom13.0%
  • 3.China11.2%
  • 4.Switzerland10.2%
  • 5.Netherlands6.9%
  • 6.United States6.2%
  • 7.Germany4.9%
  • 8.France4.7%
  • 9.Spain4.2%
  • 10.Canada4.1%
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

SECTOR ALLOCATION as of 6/30/2018

  • Financials19.2%
  • Consumer Discretionary18.9%
  • Industrials15.2%
  • Consumer Staples8.8%
  • Information Technology8.6%
  • Health Care7.9%
  • Telecommunication Services5.5%
  • Materials4.9%
  • Real Estate2.3%
  • Utilities2.1%
  • Cash and Cash Equivalents6.7%

TOP TEN INDUSTRY GROUPS as of 6/30/2018

  • Banks11.8%
  • Pharma, Biotech & Life Sciences7.9%
  • Capital Goods6.4%
  • Telecommunication Services5.5%
  • Transportation5.1%
  • Retailing5.1%
  • Materials4.9%
  • Insurance4.9%
  • Food, Beverage & Tobacco4.5%
  • Semiconductors & Equipment4.5%

Top Ten Positions as of 5/31/2018

% OF PORTFOLIO
Resona Holdings, Inc.3.5%
Compass Group plc3.0%
AIA Group Ltd.3.0%
ING Groep N.V.2.9%
CRH plc2.8%
Sony Corp.2.5%
ASML Holding N.V.2.3%
UBS Group AG2.3%
Taiwan Semiconductor Manufacturing Co. Ltd.2.3%
Novartis AG2.2%
Portfolio holdings are subject to change.

KEY PORTFOLIO ATTRIBUTES as of 6/30/2018

Assets$67.9 M
Portfolio P/E Trailing 12 Months*19.7x
Portfolio Price to Cash Flow*11.1x
Portfolio Price to Book*2.2x
Median Market Capitalization*$26.5 B
Number of Holdings52
Emerging Markets Exposure17.2%
Active Share* (vs. MSCI AC World ex-U.S. Index)91.1%
* Source: FactSet

PORTFOLIO COMPOSITION as of 6/30/2018

  • Basic Value35.4%
  • Consistent Earners39.9%
  • Emerging Franchises18.1%
  • Cash & Cash Equivalents6.7%
The percentages may not add up to 100 due to rounding.

CAPITALIZATION EXPOSURE as of 6/30/2018

  • Large Cap (> $12 B)75.3%
  • Mid Cap ($2.5 to $12 B)20.8%
  • Small Cap (< $2.5 B)3.9%
The percentages may not add up to 100 due to rounding.
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.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

Please see our glossary for a definition of terms.

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.