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
AT&T INC COM	COM	00206R102	230,494	6,109,029	SH		SOLE		6,109,029	0	0
ACERINOX SA-UNSPON ADR	ADR	00444E103	22,027	3,192,346	SH		SOLE		2,923,344	0	269,002
ACTIVISION BLIZZARD INC	COM	00507V109	36,681	637,147	SH		SOLE		600,919	0	36,228
ACUITY BRANDS INC	COM	00508Y102	15,244	74,991	SH		SOLE		74,991	0	0
ACUSHNET HOLDINGS CORP	COM	005098108	31,742	1,599,911	SH		SOLE		1,507,832	0	92,079
AFFILIATED MANAGERS GROUP	COM	008252108	17,259	104,058	SH		SOLE		104,058	0	0
AGRIBANK FCB	PFD	00850L203	4,370	40,000	SH		SOLE		40,000	0	0
AKORN INC	COM	009728106	34,245	1,021,019	SH		SOLE		966,424	0	54,595
ALEXION PHARMACEUTICALS INC CO	COM	015351109	12,363	101,610	SH		SOLE		101,610	0	0
ALIBABA GROUP HOLDING-SP ADR	ADR	01609W102	287,749	2,042,219	SH		SOLE		2,019,425	0	22,794
ALLISON TRANSMISSION HOLDING	COM	01973R101	15,764	420,254	SH		SOLE		399,424	0	20,830
ALPHABET INC CLASS C	COM	02079K107	80,680	88,783	SH		SOLE		85,059	0	3,724
ALPHABET INC CLASS A	COM	02079K305	160,845	173,011	SH		SOLE		173,011	0	0
ALTICE USA INC- A	COM	02156K103	69,037	2,137,366	SH		SOLE		2,137,366	0	0
AMAZON. COM INC	COM	023135106	16,369	16,910	SH		SOLE		16,910	0	0
CONCH CEMENT-H-UNS ADR	ADR	035243104	21,918	1,251,743	SH		SOLE		1,145,652	0	106,091
ANHEUSER BUSCH COS INC COM	ADR	03524A108	1,926	17,451	SH		SOLE		17,451	0	0
APOLLO GLOBAL MANAGEMENT - A	COM	037612306	26,091	986,418	SH		SOLE		923,367	0	63,051
APOLLO INVESTMENT CORP	COM	03761U106	158,580	24,816,899	SH		SOLE		24,816,899	0	0
APPLE INC COM	COM	037833100	71,847	498,868	SH		SOLE		472,428	0	26,440
ARAMARK	COM	03852U106	44,846	1,094,332	SH		SOLE		1,035,269	0	59,063
ARES CAPITAL CORP	COM	04010L103	250,614	15,300,010	SH		SOLE		15,300,010	0	0
AUTO TRADER GROUP-UNSP ADR	ADR	05277E104	5,698	4,451,732	SH		SOLE		4,416,512	0	35,220
AUTOZONE INC COM	COM	053332102	17,522	30,715	SH		SOLE		29,132	0	1,583
BNP PARIBAS-ADR	ADR	05565A202	40,168	1,104,720	SH		SOLE		1,012,003	0	92,717
B&M EUROPEAN VALUE-UNSP ADR	ADR	05590Y100	5,714	325,186	SH		SOLE		322,603	0	2,583
BAIDU INC SPON ADR REP A	ADR	056752108	199,286	1,114,201	SH		SOLE		1,113,986	0	215
BAKER HUGHES INC	COM	057224107	80,461	1,476,084	SH		SOLE		1,476,084	0	0
BAYER AG-SPONSORED ADR	ADR	072730302	9,112	70,164	SH		SOLE		69,592	0	572
BRF SA-ADR	ADR	10552T107	14,473	1,227,564	SH		SOLE		1,123,506	0	104,058
CBRE GROUP INC - A	COM	12504L109	10,804	296,812	SH		SOLE		282,929	0	13,883
CF INDUSTRIES HOLDINGS INC	COM	125269100	135,827	4,857,912	SH		SOLE		4,857,912	0	0
CME GROUP INC	COM	12572Q105	463,689	3,702,403	SH		SOLE		3,702,403	0	0
CVS HEALTH CORP	COM	126650100	259,158	3,220,960	SH		SOLE		3,220,960	0	0
CALLAWAY GOLF COMPANY	COM	131193104	16,980	1,328,638	SH		SOLE		1,262,958	0	65,680
CANADIAN PACIFIC RAILWAY LTD	COM	13645T100	206,041	1,281,272	SH		SOLE		1,268,151	0	13,121
CAPITAL ONE FINL CORP COM	COM	14040H105	90,607	1,096,672	SH		SOLE		1,096,672	0	0
CARSALES.COM LTD-UNSP ADR	ADR	14575D107	5,448	305,716	SH		SOLE		303,278	0	2,438
CARVANA CO	COM	146869102	1,000	48,844	SH		SOLE		48,844	0	0
CAVIUM INC	COM	14964U108	13,155	211,728	SH		SOLE		211,728	0	0
CENTAUR FUNDING CORP	PFD	151327202	20,199	17,380	SH		SOLE		17,380	0	0
CENTURYLINK INC	COM	156700106	153,707	6,436,651	SH		SOLE		6,436,651	0	0
CHIMERA INVT CORP COM	COM	16934Q208	88,492	4,750,000	SH		SOLE		4,750,000	0	0
CHINA MOBILE LTD-SPON ADR	ADR	16941M109	11,330	213,403	SH		SOLE		174,000	0	39,403
CHINA PETE & CHEM CORP SPON AD	ADR	16941R108	36,649	466,272	SH		SOLE		427,009	0	39,263
CHINA UNICOM HONG KONG-ADR	ADR	16945R104	22,169	1,481,895	SH		SOLE		1,356,832	0	125,063
CHIPOTLE MEXICAN GRILL INC	COM	169656105	9,491	22,809	SH		SOLE		22,809	0	0
CIELO SA-SPONSORED ADR	ADR	171778202	5,270	701,778	SH		SOLE		696,081	0	5,697
CITIGROUP INC COM	COM	172967424	220,253	3,293,262	SH		SOLE		3,245,936	0	47,326
CITIZENS FINANCIAL GROUP	COM	174610105	18,601	521,316	SH		SOLE		498,939	0	22,377
COBANK ACB	PFD	19075Q805	5,222	50,000	SH		SOLE		50,000	0	0
COGNIZANT TECH SOLUTIONS-A	COM	192446102	19,216	289,393	SH		SOLE		276,611	0	12,782
COLOPLAST AS- UNSPON ADR	ADR	19624Y101	3,855	459,973	SH		SOLE		456,303	0	3,670
COLONY NORTHSTAR INC-CLASS A	COM	19625W104	91,954	6,526,214	SH		SOLE		6,526,214	0	0
COMCAST CORP-CLASS A	COM	20030N101	11,725	301,249	SH		SOLE		301,249	0	0
COMMERZBANK AG-SPONS ADR	ADR	202597605	32,928	2,739,427	SH		SOLE		2,507,968	0	231,459
CONCHO RESOURCES INC	COM	20605P101	9,518	78,318	SH		SOLE		78,318	0	0
CONTROLADORA VUELA CIA-ADR	ADR	21240E105	16,307	1,120,736	SH		SOLE		1,120,736	0	0
CONVATEC GROUP PLC-UNSP ADR	ADR	21244X109	22,751	1,338,269	SH		SOLE		1,255,188	0	83,081
COVANTA HOLDING CORP	COM	22282E102	1,957	148,272	SH		SOLE		137,820	0	10,452
CREDIT SUISSE GROUP-SPON ADR	ADR	225401108	25,230	1,728,072	SH		SOLE		1,581,671	0	146,401
CRESTWOOD EQUITY PARTNER	PFD	226344307	16,050	1,643,421	SH		SOLE		1,643,421	0	0
CRITEO SA-SPON ADR	ADR	226718104	32,984	672,450	SH		SOLE		671,720	0	730
CROWN CASTLE INTL CORP	COM	22822V101	204,169	2,038,026	SH		SOLE		2,038,026	0	0
CTRIP.COM INTERNATIONAL ADR	ADR	22943F100	249,965	4,641,008	SH		SOLE		4,579,023	0	61,985
DAIKIN INDUSTRIES-UNSPON ADR	ADR	23381B106	27,241	130,943	SH		SOLE		119,965	0	10,978
DAIMLER AG-UNSPONSORED ADR	ADR	233825207	21,901	301,084	SH		SOLE		275,909	0	25,175
DANONE-SPONS ADR	ADR	23636T100	28,657	1,907,944	SH		SOLE		1,779,623	0	128,321
DAVITA INC	COM	23918K108	11,169	172,472	SH		SOLE		172,472	0	0
DEUTSCHE TELEKOM AG-SPON ADR	ADR	251566105	22,968	1,274,945	SH		SOLE		1,168,405	0	106,540
DEVON ENERGY CORP	COM	25179M103	23,686	740,878	SH		SOLE		704,377	0	36,501
DEXCOM INC	COM	252131107	13,565	185,444	SH		SOLE		185,444	0	0
DOLLAR GENERAL CORP	COM	256677105	9,760	135,389	SH		SOLE		135,389	0	0
DOLLAR TREE INC	COM	256746108	8,194	117,187	SH		SOLE		117,187	0	0
DOMINO'S PIZZA E-UNSPON ADR	ADR	25754L108	4,252	212,887	SH		SOLE		211,219	0	1,668
DOMINOS PIZZA UK & IRL-ADR	ADR	25754W104	7,116	899,601	SH		SOLE		892,271	0	7,330
ECHOSTAR CORP-A	COM	278768106	101,578	1,673,435	SH		SOLE		1,673,435	0	0
EDENRED SA-UNSP ADR	ADR	279655104	7,842	597,249	SH		SOLE		592,558	0	4,691
EDF-UNSPON ADR	ADR	285039103	37,584	17,644,980	SH		SOLE		16,164,406	0	1,480,574
ENTERPRISE PRODUCTS PARTNERS	COM	293792107	45,238	1,670,522	SH		SOLE		1,557,818	0	112,704
EQUINIX INC	COM	29444U700	324	754	SH		SOLE		754	0	0
ESSILOR INTL-UNSPON ADR	ADR	297284200	5,375	84,245	SH		SOLE		83,572	0	673
EVOLUTION GAMING GROUP-ADR	ADR	30051E104	3,554	134,892	SH		SOLE		133,817	0	1,075
EXPEDIA INC	COM	30212P303	42,709	286,733	SH		SOLE		273,389	0	13,344
EXPRESS SCRIPTS INC COM	COM	30219G108	4,227	66,214	SH		SOLE		66,214	0	0
FACEBOOK INC-A	COM	30303M102	96,015	635,943	SH		SOLE		614,146	0	21,797
FARM CREDIT BANK/TEXAS	PFD	30767E307	12,297	10,000	SH		SOLE		10,000	0	0
FERROVIAL SA-UNSPONSORED ADR	ADR	315437103	34,436	1,546,292	SH		SOLE		1,416,616	0	129,676
FIRST TENN BK N A MEMPHIS TENN	PFD	337158208	9,223	12,000	SH		SOLE		12,000	0	0
FLEETCOR TECHNOLOGIES INC	COM	339041105	23,310	161,640	SH		SOLE		161,640	0	0
FOMENTO ECONOM MEX S A SPON AD	ADR	344419106	42,230	429,432	SH		SOLE		428,660	0	772
FORTIS INC	COM	349553107	26,203	745,451	SH		SOLE		704,379	0	41,072
FOXTONS GROUP PLC UNSP ADR	ADR	35166C109	3,080	1,222,362	SH		SOLE		1,212,561	0	9,801
FRESENIUS MEDICAL CARE-ADR	ADR	358029106	7,769	160,750	SH		SOLE		159,459	0	1,291
FRESENIUS SE & CO-SPN ADR	ADR	35804M105	20,407	946,070	SH		SOLE		865,743	0	80,327
GDS HOLDINGS LTD - ADR	ADR	36165L108	1,577	170,086	SH		SOLE		170,086	0	0
GENERAL ELECTRIC CO	COM	369604103	63,483	2,350,338	SH		SOLE		2,241,770	0	108,568
GILEAD SCIENCES INC COM	COM	375558103	87,413	1,235,001	SH		SOLE		1,174,403	0	60,598
GLOBALSTAR INC	COM	378973408	1,071	502,900	SH		SOLE		502,900	0	0
GRAND CANYON EDUCATION INC	COM	38526M106	41,873	534,022	SH		SOLE		490,633	0	43,389
GRIFOLS SA-ADR	ADR	398438408	5,852	276,974	SH		SOLE		274,761	0	2,213
HDFC BANK LTD-ADR	ADR	40415F101	21,346	245,442	SH		SOLE		245,442	0	0
HP INC	COM	40434L105	29,351	1,679,133	SH		SOLE		1,583,350	0	95,783
HALLIBURTON CO	COM	406216101	179,085	4,193,040	SH		SOLE		4,139,422	0	53,618
HEINEKEN NV-SPN ADR	ADR	423012301	26,112	535,908	SH		SOLE		490,491	0	45,417
HELMERICH & PAYNE	COM	423452101	86,739	1,596,220	SH		SOLE		1,596,220	0	0
HOLLYFRONTIER CORP	COM	436106108	12	455	SH		SOLE		455	0	0
HOME DEPOT INC COM	COM	437076102	306,969	2,001,100	SH		SOLE		2,001,100	0	0
IBERDROLA SA-SPONSORED ADR	ADR	450737101	28,963	912,954	SH		SOLE		836,200	0	76,754
ICICI BANK LTD-SPON ADR	ADR	45104G104	39,416	4,394,201	SH		SOLE		4,269,179	0	125,022
INFINEON TECHNOLOGIES-ADR	ADR	45662N103	24,862	1,167,219	SH		SOLE		1,069,470	0	97,749
ING GROEP N V SPONSORED ADR	ADR	456837103	3,530	203,017	SH		SOLE		201,391	0	1,626
INGENICO GROUP ADR	ADR	45684W107	6,652	365,108	SH		SOLE		362,166	0	2,942
INOGEN INC	COM	45780L104	5,134	53,800	SH		SOLE		53,800	0	0
INTL FLAVORS & FRAGRANCES	COM	459506101	52,777	390,938	SH		SOLE		368,150	0	22,788
INTESA SANPAOLO S P A SPON ADR	ADR	46115H107	38,826	2,023,242	SH		SOLE		1,853,510	0	169,732
INVESCO MORTGAGE CAPITAL INC C	COM	46131B100	64,546	3,862,717	SH		SOLE		3,862,717	0	0
ITAU UNIBANCO HLDNG-PREF ADR	ADR	465562106	11,913	1,078,065	SH		SOLE		1,078,065	0	0
JPMORGAN CHASE & CO COM	COM	46625H100	560,908	6,136,845	SH		SOLE		6,095,291	0	41,554
JAPAN EXCHANGE GROUP INC-ADR	ADR	471059105	5,529	610,937	SH		SOLE		606,099	0	4,838
JUST EAT PLC - UNSP ADR	ADR	48213U105	6,842	1,558,600	SH		SOLE		1,546,241	0	12,359
KOMATSU LTD -SPONS ADR	ADR	500458401	27,693	1,079,661	SH		SOLE		988,267	0	91,394
KOREA ELEC POWER CORP-SP ADR	ADR	500631106	14,720	819,133	SH		SOLE		748,923	0	70,210
KOSE CORP-UNSPONSORED ADR	ADR	500679105	6,311	285,301	SH		SOLE		283,022	0	2,279
KRAFT HEINZ CO	COM	500754106	115,719	1,351,231	SH		SOLE		1,341,436	0	9,795
LAFARGEHOLCIM LTD-UNSP ADR	ADR	50586V108	25,369	2,211,759	SH		SOLE		2,026,162	0	185,597
LAMAR ADVERTISING CO-A	COM	512816109	122,020	1,658,559	SH		SOLE		1,658,559	0	0
LAS VEGAS SANDS CORP	COM	517834107	267,556	4,187,766	SH		SOLE		4,187,766	0	0
LEVEL 3 COMMUNICATIONS COM	COM	52729N308	82,946	1,398,746	SH		SOLE		1,398,746	0	0
MFA FINANCIAL INC	COM	55272X102	283,016	33,732,526	SH		SOLE		33,732,526	0	0
MASTERCARD INC-CLASS A	COM	57636Q104	42,781	352,251	SH		SOLE		351,699	0	552
MERCK & CO INC COM	COM	58933Y105	300,601	4,690,289	SH		SOLE		4,690,289	0	0
MERLIN ENTERTAINMENT-SP ADR	ADR	59010Q205	4,482	345,309	SH		SOLE		342,552	0	2,757
MICROSOFT CORP COM	COM	594918104	1,587	23,024	SH		SOLE		23,024	0	0
MITSUBISHI UFJ FINL-SPON ADR	ADR	606822104	36,343	5,384,200	SH		SOLE		4,931,393	0	452,807
MONDELEZ INTERNATIONAL INC-A	COM	609207105	79,568	1,842,287	SH		SOLE		1,817,172	0	25,115
MONSANTO CO	COM	61166W101	10,375	87,659	SH		SOLE		87,659	0	0
MONSTER BEVERAGE CORP	COM	61174X109	14,256	286,955	SH		SOLE		286,955	0	0
MORGAN STANLEY PFD A 1/1000	PFD	61747S504	2,839	120,000	SH		SOLE		120,000	0	0
NN GROUP NV - UNSPON ADR	ADR	629334103	13,215	726,090	SH		SOLE		664,586	0	61,504
NATIONAL GRID PLC-SP ADR	ADR	636274409	22,106	351,888	SH		SOLE		322,371	0	29,517
NETFLIX INC	COM	64110L106	7,102	47,532	SH		SOLE		47,532	0	0
NETENT AB-UNSPONSORED ADR	ADR	64112W100	3,748	208,232	SH		SOLE		206,541	0	1,691
NEVRO CORP	COM	64157F103	18,568	249,470	SH		SOLE		249,470	0	0
NEWELL BRANDS INC	COM	651229106	17,490	326,184	SH		SOLE		326,184	0	0
NEXTERA ENERGY INC	COM	65339F101	269	1,921	SH		SOLE		1,921	0	0
NIKE INC CL B	COM	654106103	88,989	1,508,285	SH		SOLE		1,478,963	0	29,322
NIPPON SHINYAKU CO-UNSP ADR	ADR	65461U108	12,676	787,320	SH		SOLE		720,729	0	66,591
NOKIA CORP-SPON ADR	ADR	654902204	4,733	768,330	SH		SOLE		609,068	0	159,262
NOVARTIS AG-SPONSORED ADR	ADR	66987V109	18,334	219,647	SH		SOLE		219,647	0	0
NOVOZYMES A/S-UNSPONS ADR	ADR	670108109	4,572	104,352	SH		SOLE		103,510	0	842
OAKTREE CAPITAL GROUP LLC	COM	674001201	33,480	718,459	SH		SOLE		680,751	0	37,708
OFFICE DEPOT INC COM	COM	676220106	11,247	1,994,096	SH		SOLE		1,907,697	0	86,399
OLYMPUS CORP-SPON ADR	ADR	68163W109	11,623	318,189	SH		SOLE		300,044	0	18,145
OMRON CORP- SPONSORED ADR	ADR	682151303	38,858	883,142	SH		SOLE		809,059	0	74,083
ONEOK INC	COM	682680103	182,127	3,491,708	SH		SOLE		3,491,708	0	0
PTC INC	COM	69370C100	119,692	2,171,482	SH		SOLE		2,138,390	0	33,092
PADDY POWER BETFAIR-UNSP ADR	ADR	695274209	5,263	94,833	SH		SOLE		94,068	0	765
PALO ALTO NETWORKS INC	COM	697435105	31,580	236,004	SH		SOLE		228,114	0	7,890
PAYPAL HOLDINGS INC	COM	70450Y103	20,301	378,259	SH		SOLE		378,259	0	0
PENNYMAC MORTGAGE INVESTMENT	COM	70931T103	39,496	2,159,417	SH		SOLE		2,058,854	0	100,563
PETROLEO BRASILEIRO-SPON ADR	ADR	71654V408	12,968	1,623,053	SH		SOLE		1,486,435	0	136,618
PFIZER INC COM	COM	717081103	77,051	2,293,853	SH		SOLE		2,293,853	0	0
PHIBRO ANIMAL HEALTH CORP-A	COM	71742Q106	26,636	718,932	SH		SOLE		680,625	0	38,307
PRICELINE COM INC COM NEW	COM	741503403	35,815	19,147	SH		SOLE		19,120	0	27
PRICESMART INC	COM	741511109	11,263	128,573	SH		SOLE		128,384	0	189
PROOFPOINT INC	COM	743424103	12,129	139,685	SH		SOLE		139,685	0	0
PURE STORAGE INC - CLASS A	COM	74624M102	18,536	1,447,009	SH		SOLE		1,369,223	0	77,786
QUALCOMM INC COM	COM	747525103	178,207	3,227,224	SH		SOLE		3,227,224	0	0
REA GROUP LTD - UNSP ADR	ADR	74945L106	4,541	347,185	SH		SOLE		344,466	0	2,719
RECKITT BENCKISER-SPON ADR	ADR	756255204	27,300	1,318,825	SH		SOLE		1,207,442	0	111,383
RIO TINTO PLC-SPON ADR	ADR	767204100	13,685	323,444	SH		SOLE		323,444	0	0
ROYAL DUTCH SHELL PLC SPONS AD	ADR	780259206	404,265	7,600,398	SH		SOLE		7,599,528	0	870
RYANAIR HOLDINGS PLC-SP ADR	ADR	783513203	131,059	1,217,906	SH		SOLE		1,217,906	0	0
SVB FINL GROUP COM	COM	78486Q101	14,301	81,354	SH		SOLE		81,354	0	0
SANDS CHINA LTD-UNSPONS ADR	ADR	80007R105	7,141	154,703	SH		SOLE		153,443	0	1,260
SAP SE-SPONSORED ADR	ADR	803054204	19,101	182,492	SH		SOLE		167,114	0	15,378
SCHLUMBERGER LTD	COM	806857108	27,566	418,679	SH		SOLE		418,679	0	0
SERVICENOW INC	COM	81762P102	12,691	119,731	SH		SOLE		119,731	0	0
SHIN-ETSU CHEM-UNSPON ADR	ADR	824551105	38,518	1,695,339	SH		SOLE		1,552,595	0	142,744
SHIRE PLC-ADR	ADR	82481R106	18,306	110,767	SH		SOLE		101,325	0	9,442
SOLAR CAPITAL LTD	COM	83413U100	100,899	4,613,589	SH		SOLE		4,613,589	0	0
SPLUNK INC	COM	848637104	8,141	143,109	SH		SOLE		143,109	0	0
SPROUTS FARMERS MARKETS INC	COM	85208M102	13,598	599,820	SH		SOLE		599,820	0	0
STAPLES INC COM	COM	855030102	11,010	1,093,341	SH		SOLE		1,037,903	0	55,438
SUNOPTA INC	COM	8676EP108	837	82,070	SH		SOLE		82,070	0	0
TJX COMPANIES INC	COM	872540109	12,622	174,899	SH		SOLE		174,899	0	0
T-MOBILE US INC	COM	872590104	140,693	2,320,908	SH		SOLE		2,302,606	0	18,302
TRI POINTE GROUP	COM	87265H109	39,196	2,971,647	SH		SOLE		2,773,487	0	198,160
TAIWAN SEMICONDUCTOR SPONSORED	ADR	874039100	2,760	78,953	SH		SOLE		78,953	0	0
TAL EDUCATION GROUP- ADR	ADR	874080104	27,597	225,630	SH		SOLE		225,630	0	0
TARGET CORP COM	COM	87612E106	136,175	2,604,234	SH		SOLE		2,604,234	0	0
TENCENT HOLDINGS LTD-UNS ADR	ADR	88032Q109	4,833	134,403	SH		SOLE		133,350	0	1,053
TEVA PHARMACEUTICAL-SP ADR	ADR	881624209	143,069	4,306,717	SH		SOLE		4,257,928	0	48,789
THERMO FISHER SCIENTIFIC INC	COM	883556102	73,422	420,831	SH		SOLE		397,002	0	23,829
TWO HARBORS INVESTMENT CORP	COM	90187B101	151,523	15,289,897	SH		SOLE		15,289,897	0	0
UNILEVER N V-NY SHARES	COM	904784709	16,489	298,341	SH		SOLE		298,341	0	0
UNITED PARCEL SERVICE-CL B	COM	911312106	33,388	301,904	SH		SOLE		281,638	0	20,266
VALERO ENERGY CORP	COM	91913Y100	118,211	1,752,306	SH		SOLE		1,752,306	0	0
VANGUARD EUROPE PACIFIC ETF	ETF	921943858	1,193	28,867	SH		SOLE		28,190	0	677
VEOLIA ENVIRONNEMENT-ADR	ADR	92334N103	14,388	678,056	SH		SOLE		620,776	0	57,280
VEREIT PFD	PFD	92339V209	688	25,857	SH		SOLE		25,857	0	0
VIASAT INC	COM	92552V100	2,205	33,303	SH		SOLE		33,303	0	0
VINCI S A ADR	ADR	927320101	19,492	910,011	SH		SOLE		833,839	0	76,172
VISA INC	COM	92826C839	24,555	261,831	SH		SOLE		261,831	0	0
WPP PLC-SPONSORED ADR	ADR	92937A102	11,940	113,275	SH		SOLE		103,738	0	9,537
WAL-MART STORES INC COM	COM	931142103	85,595	1,131,008	SH		SOLE		1,087,128	0	43,880
WALGREENS BOOTS ALLIANCE INC	COM	931427108	281,788	3,598,369	SH		SOLE		3,598,369	0	0
WARRIOR MET COAL INC	COM	93627C101	8,565	500,000	SH		SOLE		500,000	0	0
WASHINGTON REIT	COM	939653101	102,628	3,217,187	SH		SOLE		3,217,187	0	0
WELLS FARGO & CO	COM	949746101	1,771	31,970	SH		SOLE		31,970	0	0
WILLIAMS COS INC	COM	969457100	43,328	1,430,925	SH		SOLE		1,430,925	0	0
WIRECARD AG - UNSPON ADR	ADR	97654L108	15,581	490,744	SH		SOLE		449,432	0	41,312
WORKDAY INC	COM	98138H101	12,213	125,908	SH		SOLE		125,908	0	0
WORLDPAY GROUP PLC-UNSP ADR	ADR	981560105	10,602	848,819	SH		SOLE		841,982	0	6,837
WYNN RESORTS LTD	COM	983134107	118,055	880,221	SH		SOLE		880,221	0	0
YOOX SPA-UNSPON ADR	ADR	98615U104	5,550	199,568	SH		SOLE		197,973	0	1,595
YUM CHINA HOLDINGS INC	COM	98850P109	101,208	2,566,785	SH		SOLE		2,513,050	0	53,735
ZALANDO SE - UNSPONSORED ADR	ADR	98887L105	5,054	218,391	SH		SOLE		216,647	0	1,744
ZILLOW GROUP INC - C	COM	98954M200	13,045	266,180	SH		SOLE		266,180	0	0
ZTO EXPRESS CAYMAN INC-ADR	ADR	98980A105	23,195	1,661,506	SH		SOLE		1,518,867	0	142,639
DEUTSCHE BANK AG-REGISTERED	COM	D18190898	24,490	1,376,595	SH		SOLE		1,260,009	0	116,586
WIRECARD AG	COM	D22359133	8,959	140,973	SH		SOLE		139,877	0	1,096
BUREAU VERITAS SA	COM	F96888114	4,600	208,149	SH		SOLE		206,522	0	1,627
ADIENT PLC	COM	G0084W101	2,580	39,455	SH		SOLE		39,455	0	0
ALKERMES PLC	COM	G01767105	115,283	1,988,672	SH		SOLE		1,961,915	0	26,757
ALLERGAN PLC	COM	G0177J108	50,289	206,874	SH		SOLE		206,874	0	0
ARRIS INTERNATIONAL PLC	COM	G0551A103	19,049	679,836	SH		SOLE		643,210	0	36,626
ASSURED GUARANTY LTD	COM	G0585R106	47,872	1,146,920	SH		SOLE		1,089,587	0	57,333
BANK OF NT BUTTERFIELD & SON	COM	G0772R208	2,261	66,291	SH		SOLE		66,291	0	0
CREDICORP LTD	COM	G2519Y108	14,972	83,459	SH		SOLE		83,459	0	0
DELPHI AUTOMOTIVE PLC	COM	G27823106	90,377	1,031,112	SH		SOLE		1,031,112	0	0
HARGREAVES LANSDOWN PLC BRISTO	COM	G43940108	3,438	203,307	SH		SOLE		201,662	0	1,645
ST JAMES'S PLACE PLC	COM	G5005D124	6,201	403,865	SH		SOLE		400,642	0	3,223
LIBERTY GLOBAL INC COM SER C	COM	G5480U120	7,854	251,897	SH		SOLE		251,897	0	0
MEDTRONIC INC COM	COM	G5960L103	59,671	672,346	SH		SOLE		635,412	0	36,934
NIELSEN HOLDINGS PLC	COM	G6518L108	115,141	2,978,293	SH		SOLE		2,976,695	0	1,598
NOMAD FOODS LTD	COM	G6564A105	36,426	2,581,538	SH		SOLE		2,446,326	0	135,212
NORD ANGLIA EDUCATION INC	COM	G6583A102	751	23,049	SH		SOLE		23,049	0	0
PAYSAFE GROUP PLC	COM	G6963K100	15,034	2,265,029	SH		SOLE		2,247,289	0	17,740
SCHRODERS PLC	COM	G78602136	23	581	SH		SOLE		581	0	0
UBS GROUP AG	COM	H42097107	36,703	2,161,555	SH		SOLE		1,980,638	0	180,917
GLOBANT SA	COM	L44385109	10,831	249,326	SH		SOLE		249,326	0	0
INTERXION HOLDING NV	COM	N47279109	124	2,711	SH		SOLE		2,711	0	0
LYONDELLBASELL INDU-CL A	COM	N53745100	150,095	1,778,587	SH		SOLE		1,778,587	0	0
YANDEX NV-A	COM	N97284108	188,507	7,183,943	SH		SOLE		7,091,378	0	92,565
ALSEA SAB DE CV	COM	P0212A104	4,814	1,268,610	SH		SOLE		1,258,539	0	10,071
GALAXY ENTERTAINMENT GROUP LTD	COM	Y2679D118	8,831	1,454,445	SH		SOLE		1,442,854	0	11,591
TEEKAY LNG PARTNERS LP	COM	Y8564M105	27,727	1,806,340	SH		SOLE		1,806,340	0	0