Thornburg International Value Fund

Basic Value as of

Citigroup, Inc. C 3.2%
Ping An Bank Co. Ltd. 000001 3.2%
Telefonaktiebolaget LM Ericsson ERICB 2.8%
JPMorgan Chase & Co. JPM 2.7%
China Merchants Bank Co. Ltd. 600036 2.6%
Infineon Technologies AG IFX 2.4%
Sika AG SIKA 2.3%
CME Group, Inc. CME 2.2%
ABB Ltd. ABBN 2.2%
Kuehne + Nagel International AG KNIN 2.0%
Anhui Conch Cement Co. Ltd. 600585 2.0%
Schneider Electric SE SU 1.9%
Keyence Corp. 6861 1.9%
Samsung Electronics Co. Ltd. 005930 1.8%
The Walt Disney Co. DIS 1.8%
Intesa Sanpaolo SpA ISP 1.6%
Taiwan Semiconductor Manufacturing Co. Ltd. TSM 1.6%
Linde plc LIN 1.6%
Sony Corp. 6758 1.6%
Shiseido Co. Ltd. 4911 1.6%
Mitsubishi UFJ Financial Group, Inc. 8306 1.5%
Air Liquide S.A. AI 1.5%
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. 002271 1.0%
Knorr-Bremse AG KBX 0.9%
Assicurazioni Generali SpA G 0.5%
Electricite de France S.A. EDF 0.4%

Consistent Earners as of

adidas AG ADS 2.8%
LVMH Moet Hennessy Louis Vuitton SE MC 2.4%
Safran S.A. SAF 2.2%
Canadian Pacific Railway Ltd. CP 2.0%
Vinci S.A. DG 1.9%
Z Holdings Corp. 4689 1.9%
Mastercard, Inc. MA 1.8%
Kweichow Moutai Co. Ltd. 600519 1.8%
Iberdrola S.A. IBE 1.8%
Wuliangye Yibin Co Ltd 000858 1.7%
Ferrovial S.A. FER 1.6%
Enel SpA ENEL 1.5%
Amadeus IT Group S.A. AMS 1.5%
Lonza Group AG LONN 1.4%
Roche Holding AG ROG 1.1%
Kone Oyj KNEBV 1.0%
AstraZeneca plc AZN 0.7%
Ferrari N.V. RACE 0.3%

Emerging Franchises as of

Alibaba Group Holding Ltd. BABA 2.7%
Tencent Holdings Ltd. 700 2.6%
Recruit Holdings Co. Ltd. 6098 1.8%
Nintendo Co. Ltd. 7974 1.3%
Meituan 3690 1.2%
Swedish Match AB SWMA 1.1%
Kering S.A. KER 1.0%
LONGi Green Energy Technology Co. Ltd. 601012 0.6%
NIO, Inc. NIO 0.2%

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