Thornburg Developing World Fund Holdings

The Thornburg Developing World Fund invests in equity securities and debt obligations of developing country issuers. A developing country issuer is a company or sovereign entity that is domiciled or otherwise tied economically to one or more developing countries. The Fund portfolio is diversified to include three kinds of holdings. The first is Basic Value - traditional low P/E ratio stocks. The second, Consistent Earners, are high-quality firms with consistent growth. The third is Emerging Franchise stocks, which are rapidly growing firms that are considered favorably valued.

Holdings as of 12/31/2011

Basic Value Holdings

TickerCompany Name% of Portfolio
891 HKTrinity Ltd.3.4%
POT CNPotash Corp. of Saskatchewan, Inc.3.1%
700 HKTencent Holdings Ltd.3.1%
BAPCredicorp Ltd.3.0%
HGTX3 BZCia Hering2.9%
INTP IJPT Indocement Tunggal Prakarsa Tbk2.9%
1128 HKWynn Macau Ltd.2.9%
SCCOSouthern Copper Corp.2.7%
BMRI IJPT Bank Mandiri2.6%
SBER RUSberbank of Russia2.6%
HDBHDFC Bank Ltd. ADR2.5%
SLBSchlumberger Ltd.2.5%
883 HKCNOOC Ltd.2.4%
SANBanco Santander Chile ADR2.2%
DASA3 BZDiagnosticos da America SA2.0%
GARAN TITurkiye Garanti Bankasi A.S.1.9%
BNK CNBankers Petroleum Ltd.1.8%
NVTK LINovatek OAO GDR1.5%
TTRAK TITurk Traktor Ve Ziraat Makineleri AS1.0%

Consistent Earners

TickerCompany Name% of Portfolio
CLColgate Palmolive Co.3.2%
CLS SJClicks Group Ltd.2.9%
CPALL/F TBCP All plc2.8%
TOTS3 BZTotvs SA2.5%
1066 HKShandong Weigao Group Medical Polymer Co. Ltd.2.3%
RADL3 BZRaia Drogasil SA2.3%
KOCoca Cola Co.2.2%
COAL INCoal India Ltd.1.9%
1044 HKHengan International Group Co. Ltd.1.9%
APNT INAsian Paints Ltd.1.8%
BIZIM TIBizim Toptan Satis Magazalari AS0.9%

Emerging Franchises

TickerCompany Name% of Portfolio
LABB MMGenomma Lab Internacional SA3.4%
YNDXYandex NV3.1%
MYOR IJMayora Indah3.0%
BIDUBaidu, Inc. ADR2.8%
MELIMercadolibre, Inc.2.8%
PGOLD PMPuregold Price Club, Inc.2.8%
8044 TTPChome Online, Inc.2.1%
OKEY LIO'Key Group S.A.2.0%
MAPI IJPT Mitra Adiperkasa Tbk1.7%
JUBI INJubilant Foodworks Ltd.1.5%

Special Situations/Fixed Income

TickerCompany Name% of Portfolio
 None--

   
 Cash2.8%

The securities mentioned above are provided for the general information of Thornburg Developing World Fund shareholders. This information should not be interpreted as a buy or sell recommendation. It should not be assumed that the investments in the securities were or will be profitable.

It is probable that buying or selling in the Thornburg Developing World 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.

Holdings can and do vary over time.

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