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 03/31/2013

Basic Value Holdings

TickerCompany Name% of Portfolio
SCB/F TBSiam Commercial Bank plc2.8%
KROT3 BZKroton Educacional S.A.2.3%
27 HKGalaxy Entertainment Group Ltd.2.3%
BAPCredicorp Ltd.2.2%
GTE CNGran Tierra Energy, Inc.2.1%
SCCOSouthern Copper Corp.2.0%
BMRI IJPT Bank Mandiri1.8%
SECB PMSecurity Bank Corp.1.6%
CIBBancolombia S.A. ADR1.5%
CTIP3 BZCETIP SA1.5%
2333 HKGreat Wall Motor Co. Ltd.1.2%
SQMSociedad Quimica Minera de Chile SA ADR1.0%
SBER RUSberbank-CLS0.9%
ICT PMInternational Container Terminal Services, Inc.0.6%
NTESNetEase.com, Inc. ADR0.4%

Consistent Earners

TickerCompany Name% of Portfolio
700 HKTencent Holdings Ltd.2.7%
QCOMQualcomm, Inc.2.5%
MGNT LIMagnit OJCS GDR2.4%
PSMTPriceSmart, Inc.2.3%
YUMYum! Brands, Inc.2.3%
LABB MMGenomma Lab Internacional SA2.2%
MJNMead Johnson Nutrition Co.2.1%
JMT PLJeronimo Martins SGPS SA1.9%
HDBHDFC Bank Ltd. ADR1.8%
CLS SJClicks Group Ltd.1.5%
CPALL/F TBCP All plc1.5%
QUAL3 BZQualicorp SA1.4%
1044 HKHengan International Group Co. Ltd.1.0%
BIMAS TIBim Birlesik Magazalar A.S.0.9%
HERFY ABHerfy Food Services Co.0.9%

Emerging Franchises

TickerCompany Name% of Portfolio
3918 HKNagaCorp Ltd.3.0%
1913 HKPrada S.p.A.2.5%
YNDXYandex NV2.4%
1112 HKBiostime International Holdings Ltd.2.4%
MAPI IJPT Mitra Adiperkasa2.4%
PGOLD PMPuregold Price Club, Inc.2.3%
TTKPT INTTK Prestige Ltd.2.3%
3658 TTHermes Microvision, Inc.2.3%
ERAA IJPT Erajaya Swasembada Tbk2.2%
867 HKChina Medical System Holdings Ltd.2.2%
LINX3 BZLinx S.A.2.2%
BLOOM PMBloomberry Resorts Corp.1.9%
IMCH3 BZInternational Meal Co. Holdings S.A.1.7%
JUBI INJubilant FoodWorks Ltd.1.7%
TLW LNTullow Oil plc1.7%
VGI/F TBVGI Global Media PCL1.6%
3337 HKAnton Oilfield Services Group1.4%
MELIMercadoLibre, Inc.1.2%
OTB MKOldtown Berhad0.9%
Forus CIForus SA0.6%
VIPSVipshop Holdings Ltd. ADR0.5%
SINASINA Corp.0.5%

Special Situations/Fixed Income

TickerCompany Name% of Portfolio
 None--

   
 Cash8.3%

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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