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	00206R102	477,528,248	24,988,396	SH		SOLE		24,988,396	0	0
ATS CORPORATION	COM	00217Y104	5,308,950	181,408	SH		SOLE		179,764	0	1,644
ABBVIE INC	COM	00287Y109	138,519,209	807,598	SH		SOLE		807,598	0	0
ACADIA HEALTHCARE COMPANY IN	COM	00404A109	7,818,690	115,882	SH		SOLE		115,882	0	0
ACUSHNET HLDGS CORP	COM	005098108	7,793,821	122,776	SH		SOLE		122,776	0	0
ADVANCED MICRO DEVICES INC	COM	007903107	33,021,717	202,659	SH		SOLE		200,843	0	1,816
AGILYSYS INC	COM	00847J105	22,216,123	213,260	SH		SOLE		213,260	0	0
AIRBNB INC	COM CL A	009066101	1,321,759	8,717	SH		SOLE		8,717	0	0
AIR LEASE CORP	CL A	00912X302	7,885,116	165,884	SH		SOLE		165,884	0	0
ALIBABA GROUP HLDG LTD	SPONSORED ADS	01609W102	34,214,760	475,205	SH		SOLE		475,205	0	0
ALPHABET INC	CAP STK CL A	02079K305	99,725,850	547,493	SH		SOLE		547,493	0	0
ALTRIA GROUP INC	COM	02209S103	8,558,845	187,900	SH		SOLE		187,900	0	0
AMAZON COM INC	COM	023135106	2,021,782	10,462	SH		SOLE		10,462	0	0
MIDCAP FINANCIAL INVSTMNT CO	COM NEW	03761U502	44,478,035	2,937,783	SH		SOLE		2,937,783	0	0
APPLE INC	COM	037833100	1,030,985	4,895	SH		SOLE		4,895	0	0
APPLIED INDL TECHNOLOGIES IN	COM	03820C105	19,613,873	101,175	SH		SOLE		101,175	0	0
ARCOSA INC	COM	039653100	13,849,626	166,128	SH		SOLE		166,128	0	0
ASSURANT INC	COM	04621X108	10,677,223	64,294	SH		SOLE		64,294	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	38,293,021	491,469	SH		SOLE		482,242	0	9,227
AVANTOR INC	COM	05352A100	16,364,861	772,187	SH		SOLE		772,187	0	0
BJS WHSL CLUB HLDGS INC	COM	05550J101	13,221,753	150,524	SH		SOLE		150,524	0	0
BELLRING BRANDS INC	COMMON STOCK	07831C103	8,813,274	154,240	SH		SOLE		154,240	0	0
BENTLEY SYS INC	COM CL B	08265T208	7,256,364	147,009	SH		SOLE		147,009	0	0
BHP GROUP LTD	SPONSORED ADS	088606108	278,885	4,885	SH		SOLE		4,885	0	0
BIOMARIN PHARMACEUTICAL INC	COM	09061G101	13,292,949	161,446	SH		SOLE		161,446	0	0
BLUE OWL CAPITAL INC	COM CL A	09581B103	15,814,213	891,723	SH		SOLE		882,331	0	9,392
BOOKING HOLDINGS INC	COM	09857L108	66,613,933	16,815	SH		SOLE		16,763	0	52
BRIDGE INVT GROUP HLDGS INC	COM CL A	10806B100	211,458	29,092	SH		SOLE		29,092	0	0
BRISTOL-MYERS SQUIBB CO	COM	110122108	2,873,461	69,190	SH		SOLE		69,190	0	0
BROADCOM INC	COM	11135F101	579,056,872	360,664	SH		SOLE		360,664	0	0
BUILDERS FIRSTSOURCE INC	COM	12008R107	29,622,982	214,101	SH		SOLE		214,101	0	0
CCC INTELLIGENT SOLUTIONS HL	COM	12510Q100	18,374,132	1,653,567	SH		SOLE		1,653,567	0	0
CME GROUP INC	COM	12572Q105	247,281,907	1,257,792	SH		SOLE		1,257,792	0	0
CACI INTL INC	CL A	127190304	39,362,057	91,512	SH		SOLE		91,512	0	0
CANADIAN PACIFIC KANSAS CITY	COM	13646K108	106,557,134	1,393,624	SH		SOLE		1,392,046	0	1,578
CAPITAL ONE FINL CORP	COM	14040H105	30,169,224	217,907	SH		SOLE		217,907	0	0
CASELLA WASTE SYS INC	CL A	147448104	30,640,066	308,747	SH		SOLE		308,747	0	0
CELSIUS HLDGS INC	COM NEW	15118V207	5,715,451	100,113	SH		SOLE		100,113	0	0
CENTRAIS ELETRICAS BRASILEIR	SPON ADR PFD B	15234Q108	801,561	108,740	SH		SOLE		108,740	0	0
CHURCHILL DOWNS INC	COM	171484108	7,071,717	50,657	SH		SOLE		50,657	0	0
CISCO SYS INC	COM	17275R102	99,581,673	2,096,015	SH		SOLE		2,096,015	0	0
CITIGROUP INC	COM NEW	172967424	444,543,519	7,005,098	SH		SOLE		7,005,098	0	0
CLEAN HARBORS INC	COM	184496107	17,170,373	75,962	SH		SOLE		75,962	0	0
CLEARWATER ANALYTICS HLDGS I	CL A	185123106	6,135,398	331,285	SH		SOLE		331,285	0	0
COHERENT CORP	COM	19247G107	14,888,977	205,051	SH		SOLE		205,051	0	0
COMCAST HOLDINGS CORP	ZONES CV2% PCS	200300507	8,828,802	157,910	PRN		SOLE		157,910	0	0
COSTCO WHSL CORP NEW	COM	22160K105	10,872,706	12,792	SH		SOLE		12,792	0	0
CYTOKINETICS INC	COM NEW	23282W605	13,697,300	252,811	SH		SOLE		252,811	0	0
DECKERS OUTDOOR CORP	COM	243537107	10,794,354	11,159	SH		SOLE		11,159	0	0
DIAGEO PLC	SPON ADR NEW	25243Q205	3,341,489	26,387	SH		SOLE		26,127	0	260
DIAMONDBACK ENERGY INC	COM	25278X109	508,578	2,501	SH		SOLE		2,501	0	0
DIGITALBRIDGE GROUP INC	CL A NEW	25401T603	12,444,828	909,424	SH		SOLE		909,424	0	0
ASPEN TECHNOLOGY INC	COM	29109X106	8,869,472	44,651	SH		SOLE		44,651	0	0
ENBRIDGE INC	COM	29250N105	127,436,650	3,581,161	SH		SOLE		3,581,161	0	0
ENTEGRIS INC	COM	29362U104	11,278,824	83,168	SH		SOLE		83,168	0	0
EQUITABLE HLDGS INC	COM	29452E101	215,250,194	5,267,993	SH		SOLE		5,267,993	0	0
META PLATFORMS INC	CL A	30303M102	121,824,594	241,610	SH		SOLE		241,610	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	66,945,264	1,377,019	SH		SOLE		1,377,019	0	0
FRESHPET INC	COM	358039105	8,816,893	68,142	SH		SOLE		68,142	0	0
GLAUKOS CORP	COM	377322102	3,562,690	30,103	SH		SOLE		30,103	0	0
GROUP 1 AUTOMOTIVE INC	COM	398905109	9,850,856	33,174	SH		SOLE		33,174	0	0
HDFC BANK LTD	SPONSORED ADS	40415F101	49,521,774	772,925	SH		SOLE		763,800	0	9,125
HOME DEPOT INC	COM	437076102	175,660,853	510,286	SH		SOLE		510,286	0	0
H WORLD GROUP LTD	SPONSORED ADS	44332N106	633,888	19,784	SH		SOLE		19,784	0	0
HYATT HOTELS CORP	COM CL A	448579102	2,733,649	17,994	SH		SOLE		17,994	0	0
ITT INC	COM	45073V108	11,998,701	92,953	SH		SOLE		92,953	0	0
ICICI BANK LIMITED	ADR	45104G104	6,802,979	234,725	SH		SOLE		234,725	0	0
INFOSYS LTD	SPONSORED ADR	456788108	1,095,037	57,392	SH		SOLE		57,392	0	0
ING GROEP N.V.	SPONSORED ADR	456837103	8,056,420	465,914	SH		SOLE		461,342	0	4,572
INSPIRE MED SYS INC	COM	457730109	3,453,885	25,808	SH		SOLE		25,808	0	0
INVESCO DB MULTI-SECTOR COMM	BASE METALS FD	46140H700	693,058	34,412	SH		SOLE		34,412	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	577,450	13,558	SH		SOLE		13,558	0	0
ISHARES TR	MSCI EAFE ETF	464287465	8,366,377	106,809	SH		SOLE		105,352	0	1,457
ISHARES TR	MSCI ACWI EX US	464288240	10,532,616	198,242	SH		SOLE		196,478	0	1,764
ITAU UNIBANCO HLDG S A	SPON ADR REP PFD	465562106	1,083,578	183,245	SH		SOLE		183,245	0	0
JPMORGAN CHASE & CO	COM	46625H100	202,699,107	1,002,171	SH		SOLE		1,002,171	0	0
JACOBS SOLUTIONS INC	COM	46982L108	865,643	6,196	SH		SOLE		6,196	0	0
KB FINL GROUP INC	SPONSORED ADR	48241A105	847,864	14,239	SH		SOLE		14,239	0	0
KANZHUN LIMITED	SPONSORED ADS	48553T106	8,666,869	461,797	SH		SOLE		460,567	0	1,230
KEMPER CORP	COM	488401100	11,116,162	187,429	SH		SOLE		187,429	0	0
KITE RLTY GROUP TR	COM NEW	49803T300	9,547,540	426,759	SH		SOLE		426,759	0	0
LPL FINL HLDGS INC	COM	50212V100	14,142,480	50,683	SH		SOLE		50,683	0	0
L3HARRIS TECHNOLOGIES INC	COM	502431109	29,090,521	129,533	SH		SOLE		129,533	0	0
LAUDER ESTEE COS INC	CL A	518439104	23,727,740	223,002	SH		SOLE		222,882	0	120
LIBERTY ENERGY INC	COM CL A	53115L104	8,117,991	389,124	SH		SOLE		389,124	0	0
LIBERTY MEDIA CORP DEL	COM LBTY ONE S C	531229755	5,673,708	78,977	SH		SOLE		78,977	0	0
MYR GROUP INC DEL	COM	55405W104	17,509,983	129,025	SH		SOLE		129,025	0	0
MACOM TECH SOLUTIONS HLDGS I	COM	55405Y100	10,168,221	91,022	SH		SOLE		91,022	0	0
MASTERCARD INCORPORATED	CL A	57636Q104	50,213,279	113,798	SH		SOLE		112,648	0	1,150
MATADOR RES CO	COM	576485205	10,041,289	168,478	SH		SOLE		168,478	0	0
MERCADOLIBRE INC	COM	58733R102	57,741,799	35,117	SH		SOLE		34,885	0	232
MERCK & CO INC	COM	58933Y105	231,660,007	1,871,244	SH		SOLE		1,871,244	0	0
MICROSOFT CORP	COM	594918104	6,264,451	14,016	SH		SOLE		14,016	0	0
MICRON TECHNOLOGY INC	COM	595112103	28,832,768	219,401	SH		SOLE		216,820	0	2,581
MITSUBISHI UFJ FINL GROUP IN	SPONSORED ADS	606822104	12,041,352	1,105,928	SH		SOLE		1,094,712	0	11,216
MOBILEYE GLOBAL INC	COMMON CLASS A	60741F104	29,464,902	1,049,302	SH		SOLE		1,039,073	0	10,229
MONOLITHIC PWR SYS INC	COM	609839105	5,377,074	6,544	SH		SOLE		6,544	0	0
NEW ORIENTAL ED & TECHNOLOGY	SPON ADR	647581206	43,058,439	553,694	SH		SOLE		553,330	0	364
NOVARTIS AG	SPONSORED ADR	66987V109	830,388	7,800	SH		SOLE		7,800	0	0
NOVO-NORDISK A S	ADR	670100205	105,684,490	740,368	SH		SOLE		732,885	0	7,483
NUTANIX INC	CL A	67059N108	10,330,198	181,458	SH		SOLE		181,458	0	0
NVIDIA CORPORATION	COM	67066G104	56,366,017	455,702	SH		SOLE		454,892	0	810
ONTO INNOVATION INC	COM	683344105	7,758,592	35,337	SH		SOLE		35,337	0	0
OPEN TEXT CORP	COM	683715106	3,847,589	128,100	SH		SOLE		128,100	0	0
ORANGE	SPONSORED ADR	684060106	8,314,874	822,920	SH		SOLE		816,321	0	6,599
PJT PARTNERS INC	COM CL A	69343T107	6,252,541	57,912	SH		SOLE		57,912	0	0
PNM RES INC	COM	69349H107	9,919,289	268,606	SH		SOLE		268,606	0	0
PACIRA BIOSCIENCES INC	COM	695127100	5,395,560	188,590	SH		SOLE		188,590	0	0
P T TELEKOMUNIKASI INDONESIA	SPONSORED ADR	715684106	506,172	27,076	SH		SOLE		27,076	0	0
PETIQ INC	COM CL A	71639T106	14,636,359	663,287	SH		SOLE		663,287	0	0
PETROLEO BRASILEIRO SA PETRO	SPONSORED ADR	71654V408	110,800,408	7,646,681	SH		SOLE		7,646,681	0	0
PFIZER INC	COM	717081103	274,302,182	9,803,509	SH		SOLE		9,803,509	0	0
PDD HOLDINGS INC	SPONSORED ADS	722304102	24,267,564	182,419	SH		SOLE		182,419	0	0
PINNACLE FINL PARTNERS INC	COM	72346Q104	11,539,952	144,372	SH		SOLE		144,372	0	0
POOL CORP	COM	73278L105	11,387,480	37,061	SH		SOLE		37,061	0	0
PURE STORAGE INC	CL A	74624M102	20,833,160	324,345	SH		SOLE		324,345	0	0
QUALCOMM INC	COM	747525103	973,714	4,781	SH		SOLE		4,781	0	0
QUANTA SVCS INC	COM	74762E102	475,705	1,868	SH		SOLE		1,868	0	0
RAMBUS INC DEL	COM	750917106	4,716,842	80,273	SH		SOLE		80,273	0	0
REGIONS FINANCIAL CORP NEW	COM	7591EP100	115,433,426	5,760,151	SH		SOLE		5,760,151	0	0
REPLIGEN CORP	COM	759916109	4,614,426	36,605	SH		SOLE		36,605	0	0
REPAY HLDGS CORP	COM CL A	76029L100	13,919,568	1,322,321	SH		SOLE		1,322,321	0	0
SHELL PLC	SPON ADS	780259305	6,587,312	91,148	SH		SOLE		90,377	0	771
RYAN SPECIALTY HOLDINGS INC	CL A	78351F107	7,108,337	122,748	SH		SOLE		122,748	0	0
SPDR GOLD TR	GOLD SHS	78463V107	1,143,423	5,318	SH		SOLE		5,318	0	0
SAIA INC	COM	78709Y105	6,231,222	13,138	SH		SOLE		13,138	0	0
SAP SE	SPON ADR	803054204	8,022,478	39,727	SH		SOLE		39,323	0	404
SAREPTA THERAPEUTICS INC	COM	803607100	6,348,756	40,182	SH		SOLE		40,182	0	0
SCHWAB CHARLES CORP	COM	808513105	73,558,832	998,220	SH		SOLE		998,220	0	0
SCOTTS MIRACLE-GRO CO	CL A	810186106	8,774,727	135,083	SH		SOLE		135,083	0	0
SEA LTD	SPONSORD ADS	81141R100	20,257,762	283,552	SH		SOLE		281,162	0	2,390
SENDAS DISTRIBUIDORA S A	SPON ADS	81689T104	684,747	67,944	SH		SOLE		67,944	0	0
SENSIENT TECHNOLOGIES CORP	COM	81725T100	11,185,815	150,759	SH		SOLE		150,759	0	0
SERVICENOW INC	COM	81762P102	5,074,808	6,451	SH		SOLE		6,451	0	0
SHIFT4 PMTS INC	CL A	82452J109	6,043,600	82,394	SH		SOLE		82,394	0	0
SHOPIFY INC	CL A	82509L107	24,488,236	370,640	SH		SOLE		367,310	0	3,330
SMITH DOUGLAS HOMES CORP	COM SHS CL A	83207R107	4,975,030	212,790	SH		SOLE		212,790	0	0
SLR INVESTMENT CORP	COM	83413U100	69,808,058	4,338,599	SH		SOLE		4,338,599	0	0
SONY GROUP CORP	SPONSORED ADR	835699307	16,315,720	191,482	SH		SOLE		190,030	0	1,452
SUNOPTA INC	COM	8676EP108	10,130,561	1,874,368	SH		SOLE		1,874,368	0	0
SURGERY PARTNERS INC	COM	86881A100	2,214,302	93,077	SH		SOLE		93,077	0	0
TJX COS INC NEW	COM	872540109	49,466,058	449,283	SH		SOLE		449,283	0	0
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	162,665,986	931,644	SH		SOLE		925,459	0	6,185
TC ENERGY CORP	COM	87807B107	136,147,838	3,590,617	SH		SOLE		3,590,617	0	0
TECK RESOURCES LTD	CL B	878742204	22,561,288	470,663	SH		SOLE		465,863	0	4,800
TENCENT MUSIC ENTMT GROUP	SPON ADS	88034P109	13,710,393	974,570	SH		SOLE		974,570	0	0
TETRA TECH INC NEW	COM	88162G103	13,256,643	64,831	SH		SOLE		64,831	0	0
TOTALENERGIES SE	SPONSORED ADS	89151E109	24,187,175	360,482	SH		SOLE		354,979	0	5,503
TRADEWEB MKTS INC	CL A	892672106	3,849,602	36,317	SH		SOLE		36,317	0	0
TRANSUNION	COM	89400J107	18,012,557	242,698	SH		SOLE		242,698	0	0
TRIP COM GROUP LTD	ADS	89677Q107	12,991,808	275,934	SH		SOLE		275,934	0	0
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	922042775	346,972	5,917	SH		SOLE		5,917	0	0
VERTIV HOLDINGS CO	COM CL A	92537N108	27,647,331	319,035	SH		SOLE		319,035	0	0
VESTA REAL ESTATE CORP	ADS	92540K109	11,000,767	366,462	SH		SOLE		366,462	0	0
VISA INC	COM CL A	92826C839	11,761,124	44,809	SH		SOLE		44,418	0	391
VISTA ENERGY S.A.B. DE C.V.	SPONSORED ADS	92837L109	10,324,826	227,024	SH		SOLE		227,024	0	0
VISTRA CORP	COM	92840M102	674,341	7,843	SH		SOLE		7,843	0	0
VODAFONE GROUP PLC NEW	SPONSORED ADR	92857W308	5,581,801	626,574	SH		SOLE		620,590	0	5,984
WALKER & DUNLOP INC	COM	93148P102	10,640,299	108,478	SH		SOLE		108,478	0	0
ELME COMMUNITIES	SH BEN INT	939653101	39,118,791	2,455,668	SH		SOLE		2,455,668	0	0
WASTE CONNECTIONS INC	COM	94106B101	12,281,162	70,034	SH		SOLE		70,034	0	0
WESTERN ALLIANCE BANCORP	COM	957638109	10,708,733	170,630	SH		SOLE		170,630	0	0
WILLSCOT MOBIL MINI HLDNG CO	COM CL A	971378104	5,201,810	138,199	SH		SOLE		138,199	0	0
WYNDHAM HOTELS & RESORTS INC	COM	98311A105	11,124,659	150,427	SH		SOLE		150,427	0	0
XPO INC	COM	983793100	10,914,489	102,900	SH		SOLE		102,900	0	0
YUM CHINA HLDGS INC	COM	98850P109	8,084,458	262,142	SH		SOLE		262,142	0	0
BBB FOODS INC	CL A COM	G0896C103	13,387,521	560,388	SH		SOLE		556,447	0	3,941
CREDICORP LTD	COM	G2519Y108	12,265,152	76,009	SH		SOLE		76,009	0	0
CREDO TECHNOLOGY GROUP HOLDI	ORDINARY SHARES	G25457105	8,112,313	253,986	SH		SOLE		253,986	0	0
GRAB HOLDINGS LIMITED	CLASS A ORD	G4124C109	715,013	201,412	SH		SOLE		201,412	0	0
ICON PLC	SHS	G4705A100	38,463,690	122,650	SH		SOLE		121,376	0	1,274
LINDE PLC	SHS	G54950103	112,219,728	253,541	SH		SOLE		253,242	0	299
MEDTRONIC PLC	SHS	G5960L103	143,809,939	1,827,086	SH		SOLE		1,827,086	0	0
NU HLDGS LTD	ORD SHS CL A	G6683N103	31,617,964	2,453,222	SH		SOLE		2,438,112	0	15,110
SHARKNINJA INC	COM SHS	G8068L108	17,309,894	230,419	SH		SOLE		230,419	0	0
TECHNIPFMC PLC	COM	G87110105	21,654,400	828,068	SH		SOLE		828,068	0	0
ALCON AG	ORD SHS	H01301128	49,970,696	553,074	SH		SOLE		552,368	0	706
ON HLDG AG	NAMEN AKT A	H5919C104	6,582,304	169,647	SH		SOLE		169,647	0	0
GLOBANT S A	COM	L44385109	26,995,774	151,396	SH		SOLE		150,272	0	1,124
CYBERARK SOFTWARE LTD	SHS	M2682V108	7,829,382	28,635	SH		SOLE		28,635	0	0
JFROG LTD	ORD SHS	M6191J100	4,879,623	129,950	SH		SOLE		129,950	0	0
MONDAY COM LTD	SHS	M7S64H106	6,832,769	28,380	SH		SOLE		28,380	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	45,064,707	43,909	SH		SOLE		42,977	0	932
FERRARI N V	COM	N3167Y103	32,500,913	79,521	SH		SOLE		78,687	0	834
FERROVIAL SE	COM	N3168P101	7,838,000	194,989	SH		SOLE		193,014	0	1,975
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	187,967,882	1,964,958	SH		SOLE		1,964,958	0	0
STELLANTIS N.V	SHS	N82405106	42,361,999	2,139,943	SH		SOLE		2,139,943	0	0
STEVANATO GROUP S P A	ORD SHS	T9224W109	13,690,265	746,218	SH		SOLE		745,339	0	879
MAKEMYTRIP LIMITED MAURITIUS	SHS	V5633W109	2,099,689	24,580	SH		SOLE		24,580	0	0