The Thornburg 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 emerging franchise stocks, which are rapidly growing firms that are considered favorably valued.
Holdings as of 6/30/2008
Basic Value Holdings
Ticker Company Name % of Portfolio COP ConocoPhillips 4.8% XOM Exxon Mobil Corp. 4.3% ETR Entergy Corp. 3.2% 7203 JP Toyota Motor Corp. 3.1% OGZD LI OAO Gazprom ADR 2.8% ALL Allstate Corp. 2.7% GLW Corning, Inc. 2.7% INTC Intel Corp. 2.7% USB U.S. Bancorp 2.1% ACE ACE Ltd. 2.0% HIG Hartford Financial Services Group 1.8% FCX Freeport-McMoRan Copper & Gold, Inc. 1.7% JPM JPMorgan Chase & Co. 1.5% LVS Las Vegas Sands Corp. 1.5% ODP Office Depot, Inc. 1.3% RAD Rite Aid Corp. 1.2% KFN KKR Financial Holdings LLC 1.1% APA Apache Corp. 1.1% HTZ Hertz Global Holdings, Inc. 1.0% CIT CIT Group, Inc. 0.3%
Consistent Earners
Ticker Company Name % of Portfolio T AT&T Inc. 3.5% DELL Dell, Inc. 3.5% DNA Genentech, Inc. 3.3% CMCSK Comcast Corp. 3.2% LLY Eli Lilly & Co. 3.1% GILD Gilead Sciences, Inc. 3.1% DTV DIRECTV Group, Inc. 3.0% MSFT Microsoft Corp. 3.0% CME US CME Group, Inc. 2.6% CCI Crown Castle International Corp. 2.5% TEVA Teva Pharmaceutical Industries Ltd. ADR 2.3% PX Praxair, Inc. 2.1% FTE FP France Telecom SA 2.0% 941 HK China Mobile Ltd. 1.3% SPLS Staples, Inc. 1.1% APD Air Products & Chemicals, Inc. 1.0% ROG VX Roche Holdings AG 1.0% AIG American International Group, Inc. 0.9% PAYX Paychex, Inc. 0.9% KFT Kraft Foods, Inc. A 0.5% AB AllianceBernstein Holdings LP 0.4%
Emerging Franchises
Ticker Company Name % of Portfolio VAR Varian Medical Services, Inc. 2.7% PCLN Priceline.com, Inc. 1.9% LVLT Level 3 Communications, Inc. 1.5% ONNN ON Semiconductor Corp. 1.2% ECLP Eclipsys Corp. 1.0% LTM Life Time Fitness Inc. 0.8% AAPL Apple, Inc. 0.6% JBLU JetBlue Airways Corp. 0.4%
Bonds/Special Situations
CUSIP Company Name % of Portfolio 527298AM5 Level 3 Financing, Inc. 1.0% 125581603 CIT Group, Inc. 0.3%
Cash 1.4%
The securities mentioned above are provided for the general information of Thornburg 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 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.
