Thornburg Investment Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ACTIVISION BLIZZARD INC	COM	00507V109	45,109	1,249,219	SH		SOLE		1,182,635	0	66,584
ACUITY BRANDS INC	COM	00508Y102	12,836	55,600	SH		SOLE		55,600	0	0
ACUSHNET HOLDINGS CORP	COM	005098108	36,269	1,840,112	SH		SOLE		1,736,733	0	103,379
AFFILIATED MANAGERS GROUP	COM	008252108	17,466	120,206	SH		SOLE		120,206	0	0
AGRIBANK FCB	PFD	00850L203	4,255	40,000	SH		SOLE		40,000	0	0
AKAMAI TECHNOLOGIES INC	COM	00971T101	12,174	182,574	SH		SOLE		182,574	0	0
ALEXION PHARMACEUTICALS INC CO	COM	015351109	12,412	101,447	SH		SOLE		101,447	0	0
ALIBABA GROUP HOLDING-SP ADR	ADR	01609W102	48,042	547,116	SH		SOLE		546,667	0	449
ALLERGAN PLC	COM	G0177J108	43,496	207,113	SH		SOLE		207,113	0	0
ALLISON TRANSMISSION HOLDING	COM	01973R101	21,822	647,727	SH		SOLE		613,944	0	33,783
ALPHABET INC CLASS A	COM	02079K305	131,177	165,533	SH		SOLE		165,533	0	0
ALPHABET INC CLASS C	COM	02079K107	77,945	100,988	SH		SOLE		97,264	0	3,724
ALSEA SAB DE CV	COM	P0212A104	3,389	1,176,862	SH		SOLE		1,157,081	0	19,781
AMAZON. COM INC	COM	023135106	18,674	24,903	SH		SOLE		24,903	0	0
ANHEUSER BUSCH COS INC COM	ADR	03524A108	1,840	17,451	SH		SOLE		17,451	0	0
ANHUI CONCH CEMENT-H-UNS ADR	ADR	035243104	19,813	1,414,585	SH		SOLE		1,297,317	0	117,268
APOLLO GLOBAL MANAGEMENT - A	COM	037612306	106,528	5,502,481	SH		SOLE		5,412,630	0	89,851
APOLLO INVESTMENT CORP	COM	03761U106	145,403	24,812,759	SH		SOLE		24,812,759	0	0
APPLE INC COM	COM	037833100	138,300	1,194,093	SH		SOLE		1,167,653	0	26,440
ARAMARK	COM	03852U106	39,242	1,098,593	SH		SOLE		1,039,530	0	59,063
ARES CAPITAL CORP	COM	04010L103	252,387	15,305,477	SH		SOLE		15,305,477	0	0
ARRIS INTERNATIONAL PLC	COM	G0551A103	868	28,824	SH		SOLE		28,824	0	0
ASSURED GUARANTY LTD	COM	G0585R106	43,317	1,146,859	SH		SOLE		1,089,513	0	57,346
AT&T INC COM	COM	00206R102	234,129	5,505,023	SH		SOLE		5,505,023	0	0
ATLANTIA SPA-UNSPONSORED ADR	ADR	048173108	21,345	1,833,777	SH		SOLE		1,679,229	0	154,548
AUTO TRADER GROUP-UNSP ADR	ADR	05277E104	2,966	2,391,560	SH		SOLE		2,354,086	0	37,474
AUTOZONE INC COM	COM	053332102	15,002	18,995	SH		SOLE		18,090	0	905
AVINGER INC	COM	053734109	5,364	1,449,711	SH		SOLE		1,449,711	0	0
AVIVA PLC - SPON ADR	ADR	05382A104	28,197	2,387,535	SH		SOLE		2,188,064	0	199,471
AXA SA SPONSORED ADR	ADR	054536107	26,714	1,060,069	SH		SOLE		972,041	0	88,028
B&M EUROPEAN VALUE-UNSP ADR	ADR	05590Y100	5,821	428,296	SH		SOLE		421,006	0	7,290
BAIDU INC SPON ADR REP A	ADR	056752108	287,288	1,747,386	SH		SOLE		1,740,538	0	6,848
BANK OF NT BUTTERFIELD & SON	COM	G0772R208	3,374	107,301	SH		SOLE		107,301	0	0
BARCLAYS BANK PLC SP ADR	PFD	06739H776	5,072	200,000	SH		SOLE		200,000	0	0
BAYER AG-SPONSORED ADR	ADR	072730302	7,094	68,027	SH		SOLE		66,882	0	1,145
BETSSON AB	COM	W1556U310	2,741	284,086	SH		SOLE		279,290	0	4,796
BLACKSTONE GROUP LP/THE	COM	09253U108	154,638	5,720,994	SH		SOLE		5,720,994	0	0
BNP PARIBAS-ADR	ADR	05565A202	32,659	1,025,397	SH		SOLE		941,234	0	84,163
BUREAU VERITAS SA	COM	F96888114	6,597	339,756	SH		SOLE		333,852	0	5,904
BYD CO LTD-UNSPONSORED ADR	ADR	05606L100	9,089	872,777	SH		SOLE		798,214	0	74,563
CALLAWAY GOLF COMPANY	COM	131193104	10,601	967,210	SH		SOLE		921,130	0	46,080
CANADIAN PACIFIC RAILWAY LTD	COM	13645T100	119,903	839,836	SH		SOLE		827,038	0	12,798
CAPITAL ONE FINL CORP COM	COM	14040H105	91,365	1,047,286	SH		SOLE		1,047,286	0	0
CARREFOUR SA-SP ADR	ADR	144430204	12,215	2,523,699	SH		SOLE		2,313,389	0	210,310
CARSALES.COM LTD-UNSP ADR	ADR	14575D107	5,044	306,885	SH		SOLE		301,768	0	5,117
CAVIUM INC	COM	14964U108	10,051	160,973	SH		SOLE		160,973	0	0
CBRE GROUP INC - A	COM	12504L109	9,398	298,440	SH		SOLE		284,557	0	13,883
CDW CORP	COM	12514G108	24,444	469,258	SH		SOLE		449,456	0	19,802
CENTAUR FUNDING CORP	PFD	151327202	20,335	17,380	SH		SOLE		17,380	0	0
CENTURYLINK INC	COM	156700106	74,630	3,138,342	SH		SOLE		3,138,342	0	0
CF INDUSTRIES HOLDINGS INC	COM	125269100	117,212	3,723,389	SH		SOLE		3,723,389	0	0
CHARLES SCHWAB CORP	COM	808513105	6,379	161,608	SH		SOLE		161,608	0	0
CHIMERA INVT CORP COM	COM	16934Q208	97,135	5,707,084	SH		SOLE		5,707,084	0	0
CHINA MOBILE LTD-SPON ADR	ADR	16941M109	19,204	366,274	SH		SOLE		324,313	0	41,961
CHINA PETE & CHEM CORP SPON AD	ADR	16941R108	26,701	375,966	SH		SOLE		344,640	0	31,326
CHIPOTLE MEXICAN GRILL INC	COM	169656105	9,906	26,254	SH		SOLE		26,254	0	0
CITIGROUP INC COM	COM	172967424	169,659	2,854,765	SH		SOLE		2,815,215	0	39,550
CITIZENS FINANCIAL GROUP	COM	174610105	54,393	1,526,610	SH		SOLE		1,448,397	0	78,213
CME GROUP INC	COM	12572Q105	544,324	4,718,894	SH		SOLE		4,718,894	0	0
COBANK ACB	PFD	19075Q805	5,095	50,000	SH		SOLE		50,000	0	0
COCA-COLA ICECEK AS-SP ADR	ADR	1912ER308	1,743	189,292	SH		SOLE		186,250	0	3,042
COGNIZANT TECH SOLUTIONS-A	COM	192446102	51,540	919,873	SH		SOLE		890,410	0	29,463
COLOPLAST AS- UNSPON ADR	ADR	19624Y101	5,175	768,888	SH		SOLE		755,653	0	13,235
COMCAST CORP-CLASS A	COM	20030N101	11,884	172,106	SH		SOLE		172,106	0	0
COMPAGNIE DE SAINT-UNSP ADR	ADR	204280309	25,602	2,776,843	SH		SOLE		2,546,651	0	230,192
COMPAGNIE FIN RICHEMONTAG SWI	ADR	204319107	29,743	4,533,948	SH		SOLE		4,162,515	0	371,433
CONCHO RESOURCES INC	COM	20605P101	10,387	78,333	SH		SOLE		78,333	0	0
CONSTELLATION SOFTWARE INC	COM	21037X100	7,309	16,065	SH		SOLE		15,773	0	292
COOPER COS INC	COM	216648402	7,970	45,560	SH		SOLE		45,560	0	0
CORCEPT THERAPEUTICS INC	COM	218352102	472	64,962	SH		SOLE		64,962	0	0
COSTAR GROUP INC	COM	22160N109	10,113	53,652	SH		SOLE		53,652	0	0
COVANTA HOLDING CORP	COM	22282E102	22,274	1,427,794	SH		SOLE		1,345,629	0	82,165
CRITEO SA-SPON ADR	ADR	226718104	32,558	792,555	SH		SOLE		790,796	0	1,759
CROWN CASTLE INTL CORP	COM	22822V101	177,139	2,041,472	SH		SOLE		2,041,472	0	0
CTRIP.COM INTERNATIONAL ADR	ADR	22943F100	180,868	4,521,700	SH		SOLE		4,477,302	0	44,398
CVS HEALTH CORP	COM	126650100	162,399	2,058,031	SH		SOLE		2,058,031	0	0
DAIKIN INDUSTRIES-UNSPON ADR	ADR	23381B106	15,767	85,526	SH		SOLE		78,471	0	7,055
DAIMLER AG- SPN ADR	ADR	233825108	25,139	338,111	SH		SOLE		310,262	0	27,849
DAVITA INC	COM	23918K108	11,052	172,153	SH		SOLE		172,153	0	0
DELPHI AUTOMOTIVE PLC	COM	G27823106	98,584	1,463,751	SH		SOLE		1,463,751	0	0
DEUTSCHE TELEKOM AG-SPON ADR	ADR	251566105	23,836	1,393,930	SH		SOLE		1,278,817	0	115,113
DEVON ENERGY CORP	COM	25179M103	19,117	418,592	SH		SOLE		399,308	0	19,284
DEXCOM INC	COM	252131107	9,725	162,903	SH		SOLE		162,903	0	0
DOLLAR TREE INC	COM	256746108	13,156	170,464	SH		SOLE		170,464	0	0
DYNEX CAPITAL INC	COM	26817Q506	13,552	1,987,135	SH		SOLE		1,987,135	0	0
EAST JAPAN RAILWAY-UNSP ADR	ADR	273202101	27,219	1,899,419	SH		SOLE		1,740,106	0	159,313
ECHOSTAR CORP-A	COM	278768106	85,651	1,666,688	SH		SOLE		1,666,688	0	0
EDENRED SA-UNSP ADR	ADR	279655104	6,779	688,192	SH		SOLE		677,179	0	11,013
EDF-UNSPON ADR	ADR	285039103	11,413	5,764,292	SH		SOLE		5,286,551	0	477,741
ENTERPRISE PRODUCTS PARTNERS	COM	293792107	41,446	1,532,748	SH		SOLE		1,429,165	0	103,583
ENVISION HEALTHCARE CORP	COM	29414D100	22,937	362,416	SH		SOLE		345,107	0	17,309
EQUINIX INC	COM	29444U700	1,108	3,099	SH		SOLE		3,099	0	0
ESSILOR INTL-UNSPON ADR	ADR	297284200	4,724	83,569	SH		SOLE		82,184	0	1,385
EUROFINS SCIENTIFIC	COM	F3322K104	2,121	4,966	SH		SOLE		4,886	0	80
EVOLUTION GAMING GROUP-ADR	ADR	30051E104	3,297	230,838	SH		SOLE		226,853	0	3,985
EXPEDIA INC	COM	30212P303	33,268	293,680	SH		SOLE		284,146	0	9,534
EXPRESS SCRIPTS INC COM	COM	30219G108	9,367	136,162	SH		SOLE		136,162	0	0
FACEBOOK INC-A	COM	30303M102	92,406	803,180	SH		SOLE		779,678	0	23,502
FARM CREDIT BANK/TEXAS	PFD	30767E307	11,975	10,000	SH		SOLE		10,000	0	0
FERROVIAL SA-UNSPONSORED ADR	ADR	315437103	21,040	1,179,357	SH		SOLE		1,078,457	0	100,900
FIRST TENN BK N A MEMPHIS TENN	PFD	337158208	8,220	12,000	SH		SOLE		12,000	0	0
FLEETCOR TECHNOLOGIES INC	COM	339041105	15,126	106,882	SH		SOLE		106,882	0	0
FOMENTO ECONOM MEX S A SPON AD	ADR	344419106	40,079	525,899	SH		SOLE		524,520	0	1,379
FORTIS INC	COM	349553107	23,082	747,468	SH		SOLE		706,396	0	41,072
FOXTONS GROUP PLC UNSP ADR	ADR	35166C109	2,482	1,088,721	SH		SOLE		1,068,354	0	20,367
FRESENIUS MEDICAL CARE-ADR	ADR	358029106	6,577	155,827	SH		SOLE		153,079	0	2,748
FRESENIUS SE & CO-SPN ADR	ADR	35804M105	21,322	1,094,560	SH		SOLE		1,004,710	0	89,850
GALAXY ENTERTAINMENT GROUP LTD	COM	Y2679D118	3,166	726,276	SH		SOLE		714,223	0	12,053
GDS HOLDINGS LTD - ADR	ADR	36165L108	4,254	494,613	SH		SOLE		494,613	0	0
GILDAN ACTIVEWEAR INC	COM	375916103	13,718	540,731	SH		SOLE		537,733	0	2,998
GILEAD SCIENCES INC COM	COM	375558103	33,379	466,116	SH		SOLE		439,733	0	26,383
GLAXOSMITHKLINE PLC SPONSORED	ADR	37733W105	33,500	869,904	SH		SOLE		783,413	0	86,491
GLOBANT SA	COM	L44385109	9,473	284,060	SH		SOLE		284,060	0	0
GMAC CAPITAL TRUST I	PFD	361860208	20,320	800,000	SH		SOLE		800,000	0	0
GRAND CANYON EDUCATION INC	COM	38526M106	50,520	864,334	SH		SOLE		814,816	0	49,518
GRIFOLS SA-ADR	ADR	398438408	6,034	375,459	SH		SOLE		369,076	0	6,383
GRUPO TELEVISA SA-SPON ADR	ADR	40049J206	557	26,672	SH		SOLE		0	0	26,672
HARGREAVES LANSDOWN PLC BRISTO	COM	G43940108	3,979	265,491	SH		SOLE		260,937	0	4,554
HDFC BANK LTD-ADR	ADR	40415F101	31,800	524,064	SH		SOLE		524,064	0	0
HEALTHEQUITY INC	COM	42226A107	3,018	74,482	SH		SOLE		74,482	0	0
HEINEKEN NV-SPN ADR	ADR	423012301	21,039	562,385	SH		SOLE		514,405	0	47,980
HELMERICH & PAYNE	COM	423452101	11,134	143,845	SH		SOLE		143,845	0	0
HOLLYFRONTIER CORP	COM	436106108	32,152	981,455	SH		SOLE		981,455	0	0
HOME DEPOT INC COM	COM	437076102	361,366	2,695,155	SH		SOLE		2,695,155	0	0
HONG KONG EXCHANGES-UNSP ADR	ADR	43858F109	28,418	1,209,259	SH		SOLE		1,106,333	0	102,926
HOWDEN JOINERY GROUP-UNS ADR	ADR	442879102	5,280	269,502	SH		SOLE		246,777	0	22,725
HP INC	COM	40434L105	25,970	1,749,989	SH		SOLE		1,654,179	0	95,810
IBERDROLA SA-SPONSORED ADR	ADR	450737101	17,265	658,213	SH		SOLE		602,689	0	55,524
ICICI BANK LTD-SPON ADR	ADR	45104G104	18,692	2,495,578	SH		SOLE		2,495,578	0	0
ILLUMINA INC	COM	452327109	10,692	83,508	SH		SOLE		83,508	0	0
INFINEON TECHNOLOGIES-ADR	ADR	45662N103	14,164	819,677	SH		SOLE		752,119	0	67,558
ING GROEP N V SPONSORED ADR	ADR	456837103	31,611	2,241,884	SH		SOLE		2,070,402	0	171,482
INGENICO GROUP ADR	ADR	45684W107	16,739	1,057,446	SH		SOLE		985,012	0	72,434
INOGEN INC	COM	45780L104	4,854	72,267	SH		SOLE		72,267	0	0
INTERXION HOLDING NV	COM	N47279109	74,631	2,128,050	SH		SOLE		2,128,050	0	0
INTESA SANPAOLO S P A SPON ADR	ADR	46115H107	16,003	1,050,747	SH		SOLE		964,070	0	86,677
INTL FLAVORS & FRAGRANCES	COM	459506101	43,843	372,091	SH		SOLE		353,879	0	18,212
INVESCO MORTGAGE CAPITAL INC C	COM	46131B100	164,981	11,300,050	SH		SOLE		11,300,050	0	0
ISHARES MSCI EAFE ETF	ETF	464287465	12,760	221,027	SH		SOLE		198,850	0	22,177
ITAU UNIBANCO HLDNG-PREF ADR	ADR	465562106	15,752	1,532,249	SH		SOLE		1,532,249	0	0
JAPAN AIRPORT TERMI-UNSP ADR	ADR	471042101	24,121	1,360,479	SH		SOLE		1,244,919	0	115,560
JAPAN EXCHANGE GROUP INC-ADR	ADR	471059105	26,924	3,770,857	SH		SOLE		3,489,274	0	281,583
JD.COM INC-ADR	ADR	47215P106	207,819	8,168,969	SH		SOLE		8,070,332	0	98,637
JPMORGAN CHASE & CO COM	COM	46625H100	631,749	7,321,227	SH		SOLE		7,274,461	0	46,766
JUST EAT PLC - UNSP ADR	ADR	48213U105	2,953	791,640	SH		SOLE		778,799	0	12,841
KELLOGG CO	COM	487836108	1,485	20,146	SH		SOLE		20,146	0	0
KEYCORP	PFD	493267504	4,105	161,027	SH		SOLE		161,027	0	0
KKR & CO LP	COM	48248M102	101,574	6,600,000	SH		SOLE		6,600,000	0	0
KOMATSU LTD -SPONS ADR	ADR	500458401	18,510	816,142	SH		SOLE		748,900	0	67,242
KONINKLIJKE PHILIPS NVR- NY	ADR	500472303	25,619	838,044	SH		SOLE		769,251	0	68,793
KRAFT HEINZ CO	COM	500754106	1,091	12,500	SH		SOLE		12,500	0	0
KROGER CO	COM	501044101	1,503	43,550	SH		SOLE		43,550	0	0
LAFARGEHOLCIM LTD-UNSP ADR	ADR	50586V108	26,361	2,505,836	SH		SOLE		2,300,194	0	205,642
LAMAR ADVERTISING CO-A	COM	512816109	120,424	1,790,959	SH		SOLE		1,790,959	0	0
LAS VEGAS SANDS CORP	COM	517834107	160,891	3,012,371	SH		SOLE		3,012,371	0	0
LEGAL & GEN GROUP -SPON ADR	ADR	52463H103	6,029	399,772	SH		SOLE		366,089	0	33,683
LEVEL 3 COMMUNICATIONS COM	COM	52729N308	213,057	3,780,290	SH		SOLE		3,745,819	0	34,471
LIBERTY GLOBAL INC COM SER C	COM	G5480U120	13,850	466,332	SH		SOLE		466,332	0	0
LIBERTY GLOBAL PLC LILAC - C	COM	G5480U153	741	35,004	SH		SOLE		35,004	0	0
LINE CORP-SPONSORED ADR	ADR	53567X101	29,595	870,196	SH		SOLE		844,912	0	25,284
LKQ CORP	COM	501889208	4,595	149,911	SH		SOLE		149,911	0	0
LLOYDS BANKING GROUP PLC-ADR	ADR	539439109	13,317	4,295,755	SH		SOLE		3,931,245	0	364,510
LYONDELLBASELL INDU-CL A	COM	N53745100	156,756	1,827,421	SH		SOLE		1,827,421	0	0
MALAMUTE ENERGY, INC	COM	MALAMUTE1	0	13,286	SH		SOLE		13,286	0	0
MARIN SOFTWARE INC	COM	56804T106	4,768	2,028,760	SH		SOLE		1,952,482	0	76,278
MASTERCARD INC-CLASS A	COM	57636Q104	54,722	529,991	SH		SOLE		528,508	0	1,483
MEAD JOHNSON NUTRITION CO	COM	582839106	19,905	281,304	SH		SOLE		266,920	0	14,384
MEDTRONIC INC COM	COM	G5960L103	47,982	673,617	SH		SOLE		636,676	0	36,941
MERCK & CO INC COM	COM	58933Y105	289,376	4,915,516	SH		SOLE		4,915,516	0	0
MERLIN ENTERTAINMENT-SP ADR	ADR	59010Q205	3,306	288,199	SH		SOLE		283,225	0	4,974
MFA FINANCIAL INC	COM	55272X102	255,824	33,528,741	SH		SOLE		33,528,741	0	0
MICROSOFT CORP COM	COM	594918104	1,431	23,024	SH		SOLE		23,024	0	0
MITSUBISHI UFJ FINL-SPON ADR	ADR	606822104	16,362	2,656,232	SH		SOLE		2,437,616	0	218,616
MONDELEZ INTERNATIONAL INC-A	COM	609207105	174,973	3,947,046	SH		SOLE		3,900,046	0	47,000
MONSTER BEVERAGE CORP	COM	61174X109	12,703	286,490	SH		SOLE		286,490	0	0
MORGAN STANLEY PFD A 1/1000	PFD	61747S504	2,760	120,000	SH		SOLE		120,000	0	0
NATIONAL GRID PLC-SP ADR	ADR	636274300	10,911	187,060	SH		SOLE		171,354	0	15,706
NESTLE SA-SPONS ADR	ADR	641069406	17,866	249,037	SH		SOLE		228,148	0	20,889
NETENT AB-UNSPONSORED ADR	ADR	64112W100	3,039	202,572	SH		SOLE		199,251	0	3,321
NETFLIX INC	COM	64110L106	27,707	223,803	SH		SOLE		216,186	0	7,617
NEWELL BRANDS INC	COM	651229106	13,526	302,931	SH		SOLE		302,931	0	0
NEXTERA ENERGY INC	COM	65339F101	434	3,631	SH		SOLE		3,631	0	0
NIELSEN HOLDINGS PLC	COM	G6518L108	550	13,122	SH		SOLE		13,122	0	0
NIKE INC CL B	COM	654106103	31,577	621,218	SH		SOLE		590,161	0	31,057
NIPPON SHINYAKU CO-UNSP ADR	ADR	65461U108	12,533	1,066,631	SH		SOLE		979,527	0	87,104
NIPPON TELEGRAPH & TELE-ADR	ADR	654624105	27,792	660,625	SH		SOLE		606,417	0	54,208
NOKIA CORP-SPON ADR	ADR	654902204	3,574	743,084	SH		SOLE		583,822	0	159,262
NOMAD FOODS LTD	COM	G6564A105	3,523	368,134	SH		SOLE		344,777	0	23,357
NORD ANGLIA EDUCATION INC	COM	G6583A102	709	30,449	SH		SOLE		30,449	0	0
NORTHSTAR ASSET MANAGEMENT	COM	66705Y104	72,203	4,839,373	SH		SOLE		4,839,373	0	0
NORWEGIAN CRUISE LINE HOLDINGS	COM	G66721104	10,338	243,077	SH		SOLE		243,077	0	0
NOVARTIS AG-SPONSORED ADR	ADR	66987V109	40,554	556,755	SH		SOLE		523,794	0	32,961
NOVOZYMES A/S-UNSPONS ADR	ADR	670108109	3,887	112,635	SH		SOLE		110,783	0	1,852
NXP SEMICONDUCTORS NV	COM	N6596X109	94,232	961,452	SH		SOLE		938,064	0	23,388
OAKTREE CAPITAL GROUP LLC	COM	674001201	26,780	714,136	SH		SOLE		676,428	0	37,708
OFFICE DEPOT INC COM	COM	676220106	8,954	1,981,044	SH		SOLE		1,894,645	0	86,399
ONEOK INC	COM	682680103	200,404	3,490,756	SH		SOLE		3,490,756	0	0
PALO ALTO NETWORKS INC	COM	697435105	15,136	121,043	SH		SOLE		121,043	0	0
PARTNERS GROUP HOLDING AG	COM	H6120A101	2,900	6,176	SH		SOLE		6,080	0	96
PAYPAL HOLDINGS INC	COM	70450Y103	13,243	335,517	SH		SOLE		335,517	0	0
PAYSAFE GROUP PLC	COM	G6963K100	11,914	2,596,866	SH		SOLE		2,553,861	0	43,005
PENNYMAC MORTGAGE INVESTMENT	COM	70931T103	35,205	2,150,567	SH		SOLE		2,049,971	0	100,596
PFIZER INC COM	COM	717081103	164,659	5,069,553	SH		SOLE		5,069,553	0	0
PHIBRO ANIMAL HEALTH CORP-A	COM	71742Q106	29,301	1,000,050	SH		SOLE		947,342	0	52,708
POTASH CORP OF SASKATCHEWAN	COM	73755L107	130,900	7,236,047	SH		SOLE		7,110,600	0	125,447
PRA GROUP INC	COM	69354N106	735	18,801	SH		SOLE		18,801	0	0
PRICELINE COM INC COM NEW	COM	741503403	41,696	28,441	SH		SOLE		28,381	0	60
PRICESMART INC	COM	741511109	11,231	134,498	SH		SOLE		134,041	0	457
PROOFPOINT INC	COM	743424103	9,462	133,928	SH		SOLE		133,928	0	0
QUALCOMM INC COM	COM	747525103	191,043	2,930,111	SH		SOLE		2,930,111	0	0
RAKUTEN INC-ADR	ADR	75102W108	5,358	547,330	SH		SOLE		538,252	0	9,078
RAPID7 INC	COM	753422104	7,212	592,614	SH		SOLE		592,614	0	0
REA GROUP LTD - UNSP ADR	ADR	74945L106	3,338	332,124	SH		SOLE		326,542	0	5,582
RECKITT BENCKISER-SPON ADR	ADR	756255204	11,299	672,552	SH		SOLE		615,675	0	56,877
REMY COINTREAU-UNSP ADR	ADR	759655103	2,350	282,431	SH		SOLE		278,054	0	4,377
ROYAL DUTCH SHELL PLC SPONS AD	ADR	780259206	507,405	9,330,733	SH		SOLE		9,287,705	0	43,028
RYANAIR HOLDINGS PLC-SP ADR	ADR	783513203	101,533	1,219,465	SH		SOLE		1,219,465	0	0
SANDS CHINA LTD-UNSPONS ADR	ADR	80007R105	2,724	62,014	SH		SOLE		60,964	0	1,050
SBA COMMUNICATIONS CORP	COM	78410G104	16,368	158,515	SH		SOLE		158,515	0	0
SCHRODERS PLC	COM	G78602136	5,472	147,704	SH		SOLE		145,393	0	2,311
SEATTLE GENETICS INC	COM	812578102	16,820	318,740	SH		SOLE		302,089	0	16,651
SERVICENOW INC	COM	81762P102	9,220	124,019	SH		SOLE		124,019	0	0
SEVEN & I HOLDINGS-UNSPN ADR	ADR	81783H105	11,729	618,594	SH		SOLE		566,254	0	52,340
SGS SA-UNSPONSORED ADR	ADR	818800104	3,634	179,433	SH		SOLE		176,477	0	2,956
SHIN-ETSU CHEM-UNSPON ADR	ADR	824551105	18,834	974,316	SH		SOLE		893,892	0	80,424
SHIRE PLC-ADR	ADR	82481R106	19,787	116,135	SH		SOLE		106,303	0	9,832
SOLAR CAPITAL LTD	COM	83413U100	96,055	4,613,589	SH		SOLE		4,613,589	0	0
SOLAREDGE TECHNOLOGIES INC	COM	83417M104	10,253	826,836	SH		SOLE		785,331	0	41,505
SONY CORP ADR NEW	ADR	835699307	11,595	413,681	SH		SOLE		379,633	0	34,048
SPDR S&P 500 ETF TRUST	ETF	78462F103	1,680	7,517	SH		SOLE		7,511	0	6
SPLUNK INC	COM	848637104	9,892	193,401	SH		SOLE		193,401	0	0
SPROUTS FARMERS MARKETS INC	COM	85208M102	13,887	734,003	SH		SOLE		734,003	0	0
ST JAMES'S PLACE PLC	COM	G5005D124	5,819	464,445	SH		SOLE		456,437	0	8,008
STAPLES INC COM	COM	855030102	9,856	1,089,102	SH		SOLE		1,033,664	0	55,438
SUNOPTA INC	COM	8676EP108	526	74,582	SH		SOLE		74,582	0	0
SVB FINL GROUP COM	COM	78486Q101	23,836	138,853	SH		SOLE		138,853	0	0
TAIWAN SEMICONDUCTOR SPONSORED	ADR	874039100	1,641	57,089	SH		SOLE		57,089	0	0
TARGET CORP COM	COM	87612E106	188,104	2,604,234	SH		SOLE		2,604,234	0	0
TEEKAY LNG PARTNERS LP	COM	Y8564M105	11,429	790,952	SH		SOLE		790,952	0	0
TENCENT HOLDINGS LTD-UNS ADR	ADR	88032Q109	3,249	134,149	SH		SOLE		131,884	0	2,265
THERMO FISHER SCIENTIFIC INC	COM	883556102	65,712	465,713	SH		SOLE		443,014	0	22,699
T-MOBILE US INC	COM	872590104	150,042	2,608,965	SH		SOLE		2,590,663	0	18,302
TOTAL S A SPONSORED ADR	ADR	89151E109	39,898	782,780	SH		SOLE		725,391	0	57,389
TOYOTA MOTOR CORP-SPON ADR	ADR	892331307	30,624	261,295	SH		SOLE		239,894	0	21,401
TRI POINTE GROUP	COM	87265H109	29,015	2,527,426	SH		SOLE		2,388,191	0	139,235
TWO HARBORS INVESTMENT CORP	COM	90187B101	188,963	21,670,020	SH		SOLE		21,670,020	0	0
UBS GROUP AG	COM	H42097107	32,102	2,048,653	SH		SOLE		1,885,987	0	162,666
UNDER ARMOUR INC-CLASS A	COM	904311107	9,788	336,946	SH		SOLE		336,946	0	0
UNILEVER N V-NY SHARES	COM	904784709	14,717	358,437	SH		SOLE		358,437	0	0
UNITED PARCEL SERVICE-CL B	COM	911312106	24,868	216,921	SH		SOLE		201,227	0	15,694
VANGUARD EUROPE PACIFIC ETF	ETF	921943858	34,956	956,650	SH		SOLE		921,701	0	34,949
VANGUARD FTSE ALL-WORLD EX-U	ETF	922042775	119	2,683	SH		SOLE		2,683	0	0
VEREIT INC	COM	92339V100	31,460	3,718,644	SH		SOLE		3,718,644	0	0
VEREIT PFD	PFD	92339V209	654	25,857	SH		SOLE		25,857	0	0
VERISK ANALYTICS INC-CLASS A	COM	92345Y106	12,890	158,800	SH		SOLE		158,800	0	0
VINCI S A ADR	ADR	927320101	17,336	1,021,578	SH		SOLE		937,654	0	83,924
VIPSHOP HOLDINGS LTD - ADR	ADR	92763W103	11,863	1,077,463	SH		SOLE		1,073,595	0	3,868
VISA INC	COM	92826C839	91,151	1,168,308	SH		SOLE		1,168,308	0	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	306,021	3,697,698	SH		SOLE		3,697,698	0	0
WAL-MART STORES INC COM	COM	931142103	62,338	901,881	SH		SOLE		858,001	0	43,880
WASHINGTON REIT	COM	939653101	151,905	4,646,845	SH		SOLE		4,646,845	0	0
WELLS FARGO & CO	COM	949746101	1,180	21,403	SH		SOLE		21,403	0	0
WILLIAMS COS INC	COM	969457100	101,446	3,257,725	SH		SOLE		3,257,725	0	0
WIRECARD AG	COM	D22359133	9,974	231,266	SH		SOLE		227,052	0	4,214
WISDOMTREE INVESTMENTS INC	COM	97717P104	29,391	2,638,348	SH		SOLE		2,632,110	0	6,238
WORKDAY INC	COM	98138H101	9,778	147,948	SH		SOLE		147,948	0	0
WORLDPAY GROUP PLC-UNSP ADR	ADR	981560105	5,589	564,285	SH		SOLE		554,247	0	10,038
WYNN RESORTS LTD	COM	983134107	88,090	1,018,261	SH		SOLE		1,018,261	0	0
YANDEX NV-A	COM	N97284108	66,571	3,307,052	SH		SOLE		3,237,425	0	69,627
YOOX SPA-UNSPON ADR	ADR	98615U104	5,594	196,874	SH		SOLE		193,642	0	3,232
YUM CHINA HOLDINGS INC	COM	98850P109	83,800	3,208,260	SH		SOLE		3,168,146	0	40,114
ZALANDO SE - UNSPONSORED ADR	ADR	98887L105	4,175	218,149	SH		SOLE		214,240	0	3,909
ZILLOW GROUP INC - C	COM	98954M200	7,062	193,646	SH		SOLE		193,646	0	0
ZTO EXPRESS CAYMAN INC-ADR	ADR	98980A105	55,882	4,629,803	SH		SOLE		4,587,555	0	42,248