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
ALIBABA GROUP HOLDING-SP ADR	SPONSORED ADS	01609W102	288,360	1,750,185	SH		SOLE		1,732,442	0	17,743
ASTRAZENECA PLC-SPONS ADR	SPONSORED ADR	046353108	26,163	661,174	SH		SOLE		653,465	0	7,709
AZUL SA-ADR	SPONSR ADR PFD	05501U106	13,761	773,520	SH		SOLE		773,520	0	0
BAIDU INC - SPON ADR	SPON ADR REP A	056752108	181,419	793,333	SH		SOLE		792,475	0	858
BARCLAYS PLC-SPONS ADR	ADR	06738E204	24,200	2,703,946	SH		SOLE		2,550,552	0	153,394
BRITISH AMERICAN TOB-SP ADR	SPONSORED ADR	110448107	8,733	187,279	SH		SOLE		187,279	0	0
CHINA MOBILE LTD-SPON ADR	SPONSORED ADR	16941M109	13,167	269,092	SH		SOLE		217,686	0	51,406
CHINA PETROLEUM & CHEM-ADR	SPON ADR H SHS	16941R108	20,368	202,792	SH		SOLE		191,252	0	11,540
CHINA UNICOM HONG KONG-ADR	SPONSORED ADR	16945R104	26,988	2,308,616	SH		SOLE		2,176,308	0	132,308
CREDIT SUISSE GROUP-SPON ADR	SPONSORED ADR	225401108	29,260	1,958,531	SH		SOLE		1,849,007	0	109,524
CTRIP.COM INTERNATIONAL-ADR	AMERICAN DEP SHS	22943F100	65,487	1,761,831	SH		SOLE		1,743,357	0	18,474
ENI SPA-SPONSORED ADR	SPONSORED ADR	26874R108	15,008	398,511	SH		SOLE		376,273	0	22,238
FOMENTO ECONOMICO MEX-SP ADR	SPON ADR UNITS	344419106	67,916	686,231	SH		SOLE		683,899	0	2,332
FRESENIUS MEDICAL CARE-ADR	SPONSORED ADR	358029106	24,794	482,187	SH		SOLE		476,524	0	5,663
GREENTREE HOSPITALITY GR-ADR	SPONSORED ADS	39579V100	825	64,976	SH		SOLE		64,976	0	0
GRIFOLS SA-ADR	SP ADR REP B NVT	398438408	16,635	778,446	SH		SOLE		769,302	0	9,144
HDFC BANK LTD-ADR	ADR REPS 3 SHS	40415F101	14,544	154,563	SH		SOLE		154,563	0	0
ICICI BANK LTD-SPON ADR	ADR	45104G104	33,298	3,922,048	SH		SOLE		3,922,048	0	0
ITAU UNIBANCO H-SPON PRF ADR	SPON ADR REP PFD	465562106	28,016	2,551,577	SH		SOLE		2,551,577	0	0
NOVARTIS AG-SPONSORED ADR	SPONSORED ADR	66987V109	30,167	350,122	SH		SOLE		350,122	0	0
ROYAL DUTCH SHELL-SPON ADR-A	SPONS ADR A	780259206	788,034	11,564,928	SH		SOLE		11,534,575	0	30,353
RYANAIR HOLDINGS PLC-SP ADR	SPONSORED ADR NE	783513203	181,491	1,889,740	SH		SOLE		1,877,698	0	12,042
SAP SE-SPONSORED ADR	SPON ADR	803054204	31,120	253,011	SH		SOLE		238,921	0	14,090
TAIWAN SEMICONDUCTOR-SP ADR	SPONSORED ADR	874039100	2,021	45,774	SH		SOLE		45,774	0	0
TAL EDUCATION GROUP- ADR	SPONSORED ADS	874080104	158,974	6,183,360	SH		SOLE		6,130,255	0	53,105
TEVA PHARMACEUTICAL-SP ADR	SPONSORED ADR	881624209	86,767	4,028,192	SH		SOLE		3,992,798	0	35,394
SHAW COMMUNICATIONS INC-B	CL B CONV	82028K200	1,185	60,812	SH		SOLE		60,812	0	0
SUNCOR ENERGY INC	COM	867224107	82,982	2,144,529	SH		SOLE		2,144,529	0	0
ACTIVISION BLIZZARD INC	COM	00507V109	45,812	550,686	SH		SOLE		531,579	0	19,107
ACUSHNET HOLDINGS CORP	COM	005098108	1,088	39,669	SH		SOLE		37,242	0	2,427
ADIENT PLC	ORD SHS	G0084W101	62	1,568	SH		SOLE		1,568	0	0
ADT INC	COM	00090Q103	21,002	2,236,598	SH		SOLE		2,128,581	0	108,017
AFFILIATED MANAGERS GROUP	COM	008252108	14,496	106,025	SH		SOLE		106,025	0	0
AKORN INC	COM	009728106	3,924	302,300	SH		SOLE		286,650	0	15,650
ALEXION PHARMACEUTICALS INC	COM	015351109	18,446	132,696	SH		SOLE		132,696	0	0
ALKERMES PLC	SHS	G01767105	50,058	1,179,492	SH		SOLE		1,137,793	0	41,699
ALLEGION PLC	ORD SHS	G0176J109	1,211	13,375	SH		SOLE		13,375	0	0
ALLERGAN PLC	SHS	G0177J108	62,708	329,209	SH		SOLE		329,209	0	0
ALPHABET INC-CL A	CAP STK CL A	02079K305	159,459	132,103	SH		SOLE		132,103	0	0
ALPHABET INC-CL C	CAP STK CL C	02079K107	103,039	86,336	SH		SOLE		83,006	0	3,330
ALTICE USA INC- A	CL A	02156K103	5,190	286,126	SH		SOLE		286,126	0	0
AMAZON.COM INC	COM	023135106	32,797	16,374	SH		SOLE		16,374	0	0
APOLLO GLOBAL MANAGEMENT - A	CL A SHS	037612306	22,919	663,351	SH		SOLE		628,951	0	34,400
APOLLO INVESTMENT CORP	COM	03761U106	132,792	24,410,339	SH		SOLE		24,410,339	0	0
APPLE INC	COM	037833100	58,627	259,712	SH		SOLE		249,865	0	9,847
ARAMARK	COM	03852U106	26,892	625,114	SH		SOLE		594,456	0	30,658
ARES CAPITAL CORP	COM	04010L103	262,179	15,251,834	SH		SOLE		15,251,834	0	0
ARRIS INTERNATIONAL PLC	SHS	G0551A103	30,778	1,184,209	SH		SOLE		1,128,155	0	56,054
ASSURED GUARANTY LTD	COM	G0585R106	76,958	1,822,355	SH		SOLE		1,739,734	0	82,621
AT&T INC	COM	00206R102	296,090	8,817,438	SH		SOLE		8,817,438	0	0
AXA EQUITABLE HOLDINGS INC	COM	054561105	206,923	9,646,777	SH		SOLE		9,602,219	0	44,558
BAKER HUGHES A GE CO	CL A	05722G100	66	1,949	SH		SOLE		1,949	0	0
BANK OF N.T. BUTTERFIELD&SON	SHS NEW	G0772R208	2,168	41,796	SH		SOLE		41,796	0	0
BOOKING HOLDINGS INC	COM	09857L108	31,744	16,000	SH		SOLE		16,000	0	0
BROADCOM INC	COM	11135F101	109,897	445,413	SH		SOLE		445,413	0	0
CANADIAN PACIFIC RAILWAY LTD	COM	13645T100	187,302	883,748	SH		SOLE		874,071	0	9,677
CAPITAL ONE FINANCIAL CORP	COM	14040H105	165,246	1,740,718	SH		SOLE		1,725,809	0	14,909
CARMAX INC	COM	143130102	26,072	349,163	SH		SOLE		333,997	0	15,166
CARS.COM INC	COM	14575E105	2,028	73,463	SH		SOLE		73,463	0	0
CASA SYSTEMS INC	COM	14713L102	19,004	1,288,438	SH		SOLE		1,231,950	0	56,488
CENTURYLINK INC	COM	156700106	2,698	127,255	SH		SOLE		127,255	0	0
CF INDUSTRIES HOLDINGS INC	COM	125269100	117,163	2,152,157	SH		SOLE		2,152,157	0	0
CHIMERA INVESTMENT CORP	COM NEW	16934Q208	147,306	8,125,000	SH		SOLE		8,125,000	0	0
CITIGROUP INC	COM NEW	172967424	182,770	2,547,676	SH		SOLE		2,510,883	0	36,793
CME GROUP INC	COM CL A	12572Q105	615,288	3,614,874	SH		SOLE		3,614,874	0	0
CNH INDUSTRIAL NV	SHS	N20944109	10,276	855,617	SH		SOLE		807,439	0	48,178
COGNIZANT TECH SOLUTIONS-A	CL A	192446102	31,412	407,159	SH		SOLE		388,581	0	18,578
COLONY CAPITAL INC	CL A COM	19626G108	12,247	2,010,929	SH		SOLE		2,010,929	0	0
COMCAST CORP-CLASS A	CL A	20030N101	72,133	2,037,092	SH		SOLE		1,969,732	0	67,360
CONCHO RESOURCES INC	COM	20605P101	12,095	79,180	SH		SOLE		79,180	0	0
CROWN CASTLE INTL CORP	COM	22822V101	239,120	2,147,849	SH		SOLE		2,147,849	0	0
DAVITA INC	COM	23918K108	14,736	205,727	SH		SOLE		205,727	0	0
DEVON ENERGY CORP	COM	25179M103	53,547	1,340,696	SH		SOLE		1,273,492	0	67,204
DEXCOM INC	COM	252131107	15,013	104,954	SH		SOLE		104,954	0	0
DR HORTON INC	COM	23331A109	11,157	264,512	SH		SOLE		264,512	0	0
ECHOSTAR CORP-A	CL A	278768106	87,087	1,878,080	SH		SOLE		1,862,283	0	15,797
ENTERPRISE PRODUCTS PARTNERS	COM	293792107	47,267	1,645,208	SH		SOLE		1,543,835	0	101,373
EQUINIX INC	COM PAR $0.001	29444U700	1,622	3,747	SH		SOLE		3,747	0	0
EXPEDIA GROUP INC	COM NEW	30212P303	38,212	292,858	SH		SOLE		283,305	0	9,553
FACEBOOK INC-CLASS A	CL A	30303M102	199,921	1,215,623	SH		SOLE		1,205,800	0	9,823
FARFETCH LTD-CLASS A	ORD SH CL A	30744W107	6,560	240,900	SH		SOLE		240,900	0	0
FLEETCOR TECHNOLOGIES INC	COM	339041105	25,145	110,364	SH		SOLE		110,364	0	0
FLEX LTD	ORD	Y2573F102	25,147	1,916,700	SH		SOLE		1,813,570	0	103,130
FORTIS INC	COM	349553107	17,130	528,387	SH		SOLE		501,777	0	26,610
GARRETT MOTION INC	COM	366505105	694	37,500	SH		SOLE		35,400	0	2,100
GILEAD SCIENCES INC	COM	375558103	92,921	1,203,486	SH		SOLE		1,152,195	0	51,291
GLOBANT SA	COM	L44385109	11,491	194,795	SH		SOLE		194,795	0	0
GRANITE POINT MORTGAGE TRUST	COM	38741L107	27,338	1,417,964	SH		SOLE		1,417,964	0	0
HALLIBURTON CO	COM	406216101	50,020	1,234,151	SH		SOLE		1,194,524	0	39,627
HOME DEPOT INC	COM	437076102	311,077	1,501,700	SH		SOLE		1,501,700	0	0
HP INC	COM	40434L105	40,769	1,582,044	SH		SOLE		1,496,541	0	85,503
INOGEN INC	COM	45780L104	6,586	26,977	SH		SOLE		26,977	0	0
ITT INC	COM	45073V108	23,021	375,797	SH		SOLE		359,968	0	15,829
JPMORGAN CHASE & CO	COM	46625H100	529,731	4,694,530	SH		SOLE		4,658,580	0	35,950
LAMAR ADVERTISING CO-A	CL A	512816109	126,243	1,622,656	SH		SOLE		1,622,656	0	0
LAS VEGAS SANDS CORP	COM	517834107	231,579	3,903,228	SH		SOLE		3,903,228	0	0
LAZARD LTD-CL A	SHS A	G54050102	56,733	1,178,738	SH		SOLE		1,178,738	0	0
LIBERTY GLOBAL PLC- C	SHS CL C	G5480U120	6,318	224,363	SH		SOLE		224,363	0	0
LYONDELLBASELL INDU-CL A	SHS - A -	N53745100	182,630	1,781,587	SH		SOLE		1,781,587	0	0
MASTERCARD INC - A	CL A	57636Q104	58,389	262,291	SH		SOLE		261,248	0	1,043
MCDERMOTT INTL INC	COM	580037703	20,122	1,091,791	SH		SOLE		1,043,543	0	48,248
MEDTRONIC PLC	SHS	G5960L103	55,619	565,406	SH		SOLE		537,898	0	27,508
MERCK & CO. INC.	COM	58933Y105	310,220	4,372,989	SH		SOLE		4,372,989	0	0
MFA FINANCIAL INC	COM	55272X102	251,715	34,246,878	SH		SOLE		34,246,878	0	0
MICROSOFT CORP	COM	594918104	1,541	13,475	SH		SOLE		13,475	0	0
MONSTER BEVERAGE CORP	COM	61174X109	17,247	295,936	SH		SOLE		295,936	0	0
NAVIENT CORP	COM	63938C108	21,227	1,574,702	SH		SOLE		1,504,125	0	70,577
NETFLIX INC	COM	64110L106	12,704	33,955	SH		SOLE		33,955	0	0
NEVRO CORP	COM	64157F103	11,745	206,052	SH		SOLE		206,052	0	0
NIKE INC -CL B	CL B	654106103	5	54	SH		SOLE		54	0	0
NOMAD FOODS LTD	USD ORD SHS	G6564A105	60,908	3,006,331	SH		SOLE		2,873,565	0	132,766
NUTRIEN LTD	COM	67077M108	1,173	20,337	SH		SOLE		20,337	0	0
NXP SEMICONDUCTORS NV	COM	N6596X109	104,430	1,221,407	SH		SOLE		1,212,429	0	8,978
O'REILLY AUTOMOTIVE INC	COM	67103H107	22,803	65,655	SH		SOLE		62,717	0	2,938
OAKTREE CAPITAL GROUP LLC	UNIT CL A	674001201	41,635	1,005,669	SH		SOLE		952,826	0	52,843
ONEOK INC	COM	682680103	261,429	3,856,451	SH		SOLE		3,856,451	0	0
OUTFRONT MEDIA INC	COM	69007J106	61,466	3,081,000	SH		SOLE		3,081,000	0	0
OWENS-ILLINOIS INC	COM NEW	690768403	24,378	1,297,396	SH		SOLE		1,244,297	0	53,099
PALO ALTO NETWORKS INC	COM	697435105	31,114	138,124	SH		SOLE		134,726	0	3,398
PAYPAL HOLDINGS INC	COM	70450Y103	14,603	166,250	SH		SOLE		166,250	0	0
PEABODY ENERGY CORP	COM	704551100	46,518	1,305,205	SH		SOLE		1,305,205	0	0
PENNYMAC MORTGAGE INVESTMENT	COM	70931T103	42,215	2,085,722	SH		SOLE		1,987,399	0	98,323
PFIZER INC	COM	717081103	130,158	2,953,432	SH		SOLE		2,953,432	0	0
PIONEER NATURAL RESOURCES CO	COM	723787107	11,702	67,179	SH		SOLE		67,179	0	0
PIVOTAL SOFTWARE INC - CL A	COM CL A	72582H107	8,828	450,875	SH		SOLE		450,875	0	0
PRICESMART INC	COM	741511109	12,832	158,513	SH		SOLE		157,885	0	628
PROOFPOINT INC	COM	743424103	6,922	65,100	SH		SOLE		65,100	0	0
PURE STORAGE INC - CLASS A	CL A	74624M102	23,363	900,322	SH		SOLE		860,393	0	39,929
QUALCOMM INC	COM	747525103	406,959	5,649,854	SH		SOLE		5,649,854	0	0
SCHWAB (CHARLES) CORP	COM	808513105	12,811	260,653	SH		SOLE		260,653	0	0
SEASPAN CORP	SHS	Y75638109	2,096	251,596	SH		SOLE		251,596	0	0
SERVICENOW INC	COM	81762P102	15,765	80,584	SH		SOLE		80,584	0	0
SOLAR CAPITAL LTD	COM	83413U100	98,639	4,613,589	SH		SOLE		4,613,589	0	0
SPLUNK INC	COM	848637104	10,780	89,157	SH		SOLE		89,157	0	0
SS&C TECHNOLOGIES HOLDINGS	COM	78467J100	23,690	416,851	SH		SOLE		416,851	0	0
STARBUCKS CORP	COM	855244109	40,642	715,027	SH		SOLE		681,700	0	33,327
SVB FINANCIAL GROUP	COM	78486Q101	13,710	44,107	SH		SOLE		44,107	0	0
T-MOBILE US INC	COM	872590104	143,512	2,044,919	SH		SOLE		2,044,919	0	0
TEEKAY CORP	COM	Y8564W103	1,280	189,942	SH		SOLE		189,942	0	0
TEEKAY LNG PARTNERS LP	PRTNRSP UNITS	Y8564M105	51,718	3,096,887	SH		SOLE		3,023,114	0	73,773
THERMO FISHER SCIENTIFIC INC	COM	883556102	84,023	344,244	SH		SOLE		327,822	0	16,422
THOMSON REUTERS CORP	COM	884903105	11,786	258,002	SH		SOLE		244,898	0	13,104
TJX COMPANIES INC	COM	872540109	22,019	196,563	SH		SOLE		196,563	0	0
TRI POINTE GROUP INC	COM	87265H109	29,110	2,347,597	SH		SOLE		2,241,916	0	105,681
UNILEVER N V -NY SHARES	N Y SHS NEW	904784709	35,757	643,686	SH		SOLE		643,686	0	0
UNITED PARCEL SERVICE-CL B	CL B	911312106	39,740	340,383	SH		SOLE		322,251	0	18,132
US FOODS HOLDING CORP	COM	912008109	75,081	2,436,124	SH		SOLE		2,315,739	0	120,385
VALERO ENERGY CORP	COM	91913Y100	182,704	1,606,189	SH		SOLE		1,606,189	0	0
VISA INC-CLASS A SHARES	COM CL A	92826C839	81,143	540,627	SH		SOLE		539,160	0	1,467
WALGREENS BOOTS ALLIANCE INC	COM	931427108	467,288	6,409,982	SH		SOLE		6,409,982	0	0
WASHINGTON REIT	SH BEN INT	939653101	91,197	2,975,427	SH		SOLE		2,975,427	0	0
WELLS FARGO & CO	COM	949746101	1,545	29,388	SH		SOLE		29,388	0	0
WIX.COM LTD	SHS	M98068105	15,974	133,450	SH		SOLE		133,450	0	0
WORKDAY INC-CLASS A	CL A	98138H101	9,668	66,226	SH		SOLE		66,226	0	0
WORLDPAY INC-CLASS A	CL A	981558109	52,035	513,825	SH		SOLE		510,321	0	3,504
YANDEX NV-A	SHS CLASS A	N97284108	63,906	1,943,019	SH		SOLE		1,937,056	0	5,963
YUM CHINA HOLDINGS INC	COM	98850P109	1,501	42,750	SH		SOLE		42,750	0	0
ZAYO GROUP HOLDINGS INC	COM	98919V105	96,025	2,765,711	SH		SOLE		2,765,711	0	0
ISHARES MSCI EAFE ETF	MSCI EAFE ETF	464287465	396	5,823	SH		SOLE		5,823	0	0
SPDR S&P 500 ETF TRUST	TR UNIT	78462F103	97	333	SH		SOLE		333	0	0
VANGUARD EUROPE PACIFIC ETF	FTSE DEV MKT ETF	921943858	14,867	343,594	SH		SOLE		338,907	0	4,687