Thornburg International Value Fund Holdings

The Thornburg International Value Fund sets itself apart from other equity value funds by redefining traditional value investing. We believe that value and growth go hand in hand, and find value in 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 Mmerging Franchise stocks, which are rapidly growing firms that are considered favorably valued.

Holdings as of 5/31/2008

Basic Value Holdings

TickerCompany Name% of Portfolio
FUM1V FHFortum Oyj3.0%
EOA GRE. ON AG2.6%
CS FPAXA2.5%
NOK1V FHNokia Oyj2.5%
BAS GRBasf AG2.4%
OGZD LIOAO Gazprom ADR2.3%
CNQ CNCanadian Natural Resources Ltd.2.0%
RUKN VXSwiss Re1.9%
7203 JPToyota Motor Corp.1.9%
6954 JPFanuc Ltd.1.8%
POR3 GRPorsche Automobil Holding SE1.8%
CNR CACanadian National Railway Co.1.7%
FTE FPFrance Telecom SA1.7%
STAN LNStandard Chartered plc1.6%
6301 JPKomatsu Ltd.1.4%
OPAP GAOPAP SA0.9%
BNP FPBNP Paribas0.9%
NXT LNNext plc0.9%
COS-U CNCanadian Oil Sands Trust0.5%
BHP AUBHP Billiton Ltd.0.2%
055550 KSShinhan Financial Group Co.0.1%

Consistent Earners

TickerCompany Name% of Portfolio
NESN VXNestle SA2.7%
NOVOB DCNovo Nordisk A/S2.7%
TEVATeva Pharmaceutical Industries Ltd. ADR2.7%
ROG VXRoche Holding AG2.6%
TEF SMTelefonica SA2.4%
AI FPAir Liquide2.4%
SLBSchlumberger Ltd.2.4%
RCI/B CNRogers Communications, Inc.2.3%
BN FPGroupe Danone2.2%
MC FPLVMH Moet Hennessy Louis Vuitton SA2.1%
AMXAmerica Movil SAB de C.V.2.1%
941 HKChina Mobile Ltd.2.1%
VODVodafone Group plc ADR1.9%
CCL LNCarnival plc1.8%
RB/ LNReckitt Benckiser plc1.8%
SAB LNSabmiller plc1.6%
2628 HKChina Life Insurance Co.1.6%
ETE GANational Bank of Greece SA1.5%
WALMEXV MMWal-Mart de Mexico SAB de C.V.1.3%
DOXAmdocs Ltd.1.1%
NOVN VXNovartis AG1.0%
CARLB DCCarlsberg A/S Class B1.0%
GIVN VXGivaudan AG0.9%
MKS LNMarks & Spencer Group plc0.9%
SAP GRSap AG0.7%
NVSNovartis AG ADR0.6%

Emerging Franchises

TickerCompany Name% of Portfolio
7974 JPNintendo Co, Ltd.2.5%
POTPotash Corp. of Saskatchewan, Inc.2.2%
SBER RUSberbank-CLS1.3%
388 HKHong Kong Exchanges & Clearing Ltd.1.0%
TCELL TITurkcell1.0%
LOGN VXLogitech International SA1.0%
ERJEmpresa Brasileira de Aeronautica SA ADR1.0%
3968 HKChina Merchants Bank Co., Ltd.0.9%
2007 HKCountry Garden Holdings Co.0.7%
NXY CNNexen, Inc.0.5%
RDCD3 BZRedecard SA0.5%
ARM LNArm Holdings plc0.5%
410 HKSoho China Ltd.0.3%

Special Situations

CUSIPCompany Name% of Portfolio
None--

   
Cash5.6%

The securities mentioned above are provided for the general information of Thornburg International Value 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 International Value 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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