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

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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 HLDG LTD	SPONSORED ADS	01609W102	379,266	2,078,739	SH		SOLE		2,063,835	0	14,904
ANHEUSER BUSCH INBEV SA/NV	SPONSORED ADR	03524A108	228	2,719	SH		SOLE		2,719	0	0
ASML HOLDING N V	N Y REGISTRY SHS	N07059210	245	1,302	SH		SOLE		1,302	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	28,587	707,062	SH		SOLE		700,642	0	6,420
AZUL S A	SPONSR ADR PFD	05501U106	17,547	600,714	SH		SOLE		600,714	0	0
BAIDU INC	SPON ADR REP A	056752108	38,559	233,903	SH		SOLE		233,101	0	802
BARCLAYS PLC	ADR	06738E204	15,485	1,935,627	SH		SOLE		1,901,770	0	33,857
CHINA MOBILE LIMITED	SPONSORED ADR	16941M109	9,377	183,898	SH		SOLE		132,514	0	51,384
CHINA PETE & CHEM CORP	SPON ADR H SHS	16941R108	11,980	150,688	SH		SOLE		147,987	0	2,701
CHINA UNICOM (HONG KONG) LTD	SPONSORED ADR	16945R104	403	31,515	SH		SOLE		31,515	0	0
CREDIT SUISSE GROUP	SPONSORED ADR	225401108	5	469	SH		SOLE		469	0	0
CRH PLC	ADR	12626K203	6,491	209,392	SH		SOLE		205,742	0	3,650
ENI S P A	SPONSORED ADR	26874R108	4	104	SH		SOLE		104	0	0
FOMENTO ECONOMICO MEXICANO S	SPON ADR UNITS	344419106	73,294	794,256	SH		SOLE		792,067	0	2,189
FRESENIUS MED CARE AG&CO KGA	SPONSORED ADR	358029106	38,016	937,971	SH		SOLE		926,622	0	11,349
GDS HLDGS LTD	SPONSORED ADS	36165L108	60,018	1,681,645	SH		SOLE		1,676,861	0	4,784
GREENTREE HOSPITALTY GROUP L	SPONSORED ADS	39579V100	899	64,976	SH		SOLE		64,976	0	0
GPO AEROPORTUARIO DEL PAC SA	SPON ADR B	400506101	178	1,996	SH		SOLE		1,996	0	0
HDFC BANK LTD	SPONSORED ADS	40415F101	11,555	99,686	SH		SOLE		99,686	0	0
HUAZHU GROUP LTD	SPONSORED ADS	44332N106	23,063	547,296	SH		SOLE		544,498	0	2,798
ICICI BK LTD	ADR	45104G104	38,072	3,322,122	SH		SOLE		3,322,122	0	0
ING GROEP N V	SPONSORED ADR	456837103	13,248	1,091,294	SH		SOLE		1,072,234	0	19,060
ITAU UNIBANCO HLDG SA	SPON ADR REP PFD	465562106	19,904	2,259,222	SH		SOLE		2,259,222	0	0
KONINKLIJKE PHILIPS N V	NY REG SH NEW	500472303	3	80	SH		SOLE		80	0	0
NOVARTIS A G	SPONSORED ADR	66987V109	27,648	287,584	SH		SOLE		287,584	0	0
PETROLEO BRASILEIRO SA PETRO	SP ADR NON VTG	71654V101	228	15,951	SH		SOLE		15,951	0	0
PETROLEO BRASILEIRO SA PETRO	SPONSORED ADR	71654V408	163	10,224	SH		SOLE		10,224	0	0
SOCIEDAD QUIMICA MINERA DE C	SPON ADR SER B	833635105	4,184	108,842	SH		SOLE		108,842	0	0
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	571,915	9,137,475	SH		SOLE		9,128,211	0	9,264
RYANAIR HLDGS PLC	SPONSORED ADS	783513203	145,656	1,943,636	SH		SOLE		1,941,681	0	1,955
SAP SE	SPON ADR	803054204	20,264	175,504	SH		SOLE		172,414	0	3,090
TAIWAN SEMICONDUCTOR MFG LTD	SPONSORED ADS	874039100	1,812	44,232	SH		SOLE		44,232	0	0
TAL EDUCATION GROUP	SPONSORED ADS	874080104	163,154	4,522,011	SH		SOLE		4,506,426	0	15,585
TEVA PHARMACEUTICAL INDS LTD	SPONSORED ADS	881624209	52,302	3,335,555	SH		SOLE		3,327,065	0	8,490
SUNCOR ENERGY INC NEW	COM	867224107	10,278	317,129	SH		SOLE		317,129	0	0
ACTIVISION BLIZZARD INC	COM	00507V109	109,104	2,396,310	SH		SOLE		2,322,049	0	74,261
ADIENT PLC	ORD SHS	G0084W101	20	1,568	SH		SOLE		1,568	0	0
AFFILIATED MANAGERS GROUP IN	COM	008252108	11,357	106,028	SH		SOLE		106,028	0	0
ALASKA AIR GROUP INC	COM	011659109	7,012	124,949	SH		SOLE		124,949	0	0
ALEXION PHARMACEUTICALS INC	COM	015351109	14,584	107,884	SH		SOLE		107,884	0	0
ALKERMES PLC	SHS	G01767105	41,364	1,133,566	SH		SOLE		1,083,883	0	49,683
ALLERGAN PLC	SHS	G0177J108	57,127	390,184	SH		SOLE		390,184	0	0
ALPHABET INC	CAP STK CL A	02079K305	123,426	104,875	SH		SOLE		104,875	0	0
ALPHABET INC	CAP STK CL C	02079K107	103,160	87,922	SH		SOLE		84,593	0	3,329
AMAZON COM INC	COM	023135106	38,744	21,757	SH		SOLE		21,757	0	0
APOLLO GLOBAL MGMT LLC	CL A SHS	037612306	17,826	631,004	SH		SOLE		596,604	0	34,400
APOLLO INVT CORP	COM NEW	03761U502	124,007	8,190,667	SH		SOLE		8,190,667	0	0
APPLE INC	COM	037833100	41,499	218,471	SH		SOLE		209,745	0	8,726
ARES CAP CORP	COM	04010L103	272,260	15,884,489	SH		SOLE		15,884,489	0	0
ARISTA NETWORKS INC	COM	040413106	18,463	58,714	SH		SOLE		58,714	0	0
ASSURED GUARANTY LTD	COM	G0585R106	73,560	1,655,648	SH		SOLE		1,579,947	0	75,701
AT&T INC	COM	00206R102	125,046	3,987,438	SH		SOLE		3,987,438	0	0
AXA EQUITABLE HLDGS INC	COM	054561105	223,507	11,097,661	SH		SOLE		11,053,120	0	44,541
BANK OF NT BUTTERFIELD&SON L	SHS NEW	G0772R208	1,843	51,374	SH		SOLE		51,374	0	0
BOOKING HLDGS INC	COM	09857L108	34,415	19,723	SH		SOLE		19,723	0	0
BOSTON SCIENTIFIC CORP	COM	101137107	301	7,851	SH		SOLE		7,851	0	0
BRINKS CO	COM	109696104	10,156	134,675	SH		SOLE		134,675	0	0
BROADCOM INC	COM	11135F101	257,683	856,916	SH		SOLE		856,916	0	0
CANADIAN PAC RY LTD	COM	13645T100	119,816	581,548	SH		SOLE		579,862	0	1,686
CAPITAL ONE FINL CORP	COM	14040H105	156,796	1,919,406	SH		SOLE		1,880,654	0	38,752
CARGURUS INC	COM CL A	141788109	9,826	245,288	SH		SOLE		245,288	0	0
CARMAX INC	COM	143130102	31,412	450,033	SH		SOLE		434,872	0	15,161
CASA SYS INC	COM	14713L102	12,586	1,516,372	SH		SOLE		1,459,919	0	56,453
CENTURYLINK INC	COM	156700106	1,051	87,682	SH		SOLE		87,682	0	0
CF INDS HLDGS INC	COM	125269100	80,968	1,980,638	SH		SOLE		1,980,638	0	0
CHIMERA INVT CORP	COM NEW	16934Q208	166,786	8,900,000	SH		SOLE		8,900,000	0	0
CITIGROUP INC	COM NEW	172967424	135,351	2,175,364	SH		SOLE		2,132,949	0	42,415
CME GROUP INC	COM CL A	12572Q105	511,412	3,107,379	SH		SOLE		3,107,379	0	0
CNH INDL N V	SHS	N20944109	8,904	872,986	SH		SOLE		857,933	0	15,053
COGNIZANT TECHNOLOGY SOLUTIO	CL A	192446102	43,016	593,735	SH		SOLE		564,546	0	29,189
COMCAST CORP NEW	CL A	20030N101	85,060	2,127,574	SH		SOLE		2,046,759	0	80,815
CONCHO RES INC	COM	20605P101	8,786	79,184	SH		SOLE		79,184	0	0
COPA HOLDINGS SA	CL A	P31076105	9,712	120,486	SH		SOLE		120,486	0	0
CREDICORP LTD	COM	G2519Y108	129	539	SH		SOLE		539	0	0
CROWN CASTLE INTL CORP NEW	COM	22822V101	199,416	1,557,936	SH		SOLE		1,557,936	0	0
CROWN HOLDINGS INC	COM	228368106	54,449	997,776	SH		SOLE		946,728	0	51,048
DAVITA INC	COM	23918K108	11,169	205,734	SH		SOLE		205,734	0	0
DEVON ENERGY CORP NEW	COM	25179M103	34,455	1,091,715	SH		SOLE		1,091,320	0	395
DEXCOM INC	COM	252131107	9,356	78,553	SH		SOLE		78,553	0	0
ECHOSTAR CORP	CL A	278768106	55,553	1,524,092	SH		SOLE		1,524,092	0	0
ENTERPRISE PRODS PARTNERS L	COM	293792107	43,472	1,493,874	SH		SOLE		1,392,501	0	101,373
EQUINIX INC	COM	29444U700	1,178	2,600	SH		SOLE		2,600	0	0
EXPEDIA GROUP INC	COM NEW	30212P303	34,964	293,814	SH		SOLE		284,264	0	9,550
FACEBOOK INC	CL A	30303M102	162,751	976,368	SH		SOLE		966,548	0	9,820
FARFETCH LTD	ORD SH CL A	30744W107	30,288	1,125,522	SH		SOLE		1,121,939	0	3,583
FLEETCOR TECHNOLOGIES INC	COM	339041105	25,596	103,798	SH		SOLE		103,798	0	0
FLEX LTD	ORD	Y2573F102	17,324	1,732,370	SH		SOLE		1,629,280	0	103,090
FORTIS INC	COM	349553107	18,084	488,885	SH		SOLE		462,284	0	26,601
GILEAD SCIENCES INC	COM	375558103	82,938	1,275,773	SH		SOLE		1,222,457	0	53,316
GLOBANT S A	COM	L44385109	6,234	87,312	SH		SOLE		87,312	0	0
GRANITE PT MTG TR INC	COM	38741L107	26,323	1,417,500	SH		SOLE		1,417,500	0	0
HALLIBURTON CO	COM	406216101	5	172	SH		SOLE		172	0	0
HOME DEPOT INC	COM	437076102	295,571	1,540,316	SH		SOLE		1,540,316	0	0
HP INC	COM	40434L105	28,589	1,471,378	SH		SOLE		1,385,917	0	85,461
HUNTSMAN CORP	COM	447011107	34,195	1,520,467	SH		SOLE		1,431,321	0	89,146
INOGEN INC	COM	45780L104	2,723	28,548	SH		SOLE		28,548	0	0
IPG PHOTONICS CORP	COM	44980X109	4,474	29,478	SH		SOLE		29,478	0	0
ITT INC	COM	45073V108	15,439	266,191	SH		SOLE		250,368	0	15,823
JPMORGAN CHASE & CO	COM	46625H100	463,696	4,580,623	SH		SOLE		4,541,508	0	39,115
KANSAS CITY SOUTHERN	COM NEW	485170302	158	1,364	SH		SOLE		1,364	0	0
LAMAR ADVERTISING CO NEW	CL A	512816109	128,612	1,622,656	SH		SOLE		1,622,656	0	0
LAS VEGAS SANDS CORP	COM	517834107	242,070	3,970,962	SH		SOLE		3,970,962	0	0
LAZARD LTD	SHS A	G54050102	44,362	1,227,500	SH		SOLE		1,227,500	0	0
LIONS GATE ENTMNT CORP	CL B NON VTG	535919500	7,743	512,775	SH		SOLE		512,775	0	0
LOCKHEED MARTIN CORP	COM	539830109	304	1,013	SH		SOLE		1,013	0	0
LYFT INC	CL A COM	55087P104	4,511	57,625	SH		SOLE		57,625	0	0
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	149,899	1,782,816	SH		SOLE		1,782,816	0	0
MAKEMYTRIP LIMITED MAURITIUS	SHS	V5633W109	131	4,734	SH		SOLE		4,734	0	0
MASTERCARD INC	CL A	57636Q104	62,067	263,608	SH		SOLE		262,745	0	863
MCDERMOTT INTL INC	COM	580037703	6,036	811,299	SH		SOLE		763,058	0	48,241
MEDTRONIC PLC	SHS	G5960L103	53,350	585,754	SH		SOLE		558,255	0	27,499
MERCADOLIBRE INC	COM	58733R102	126	248	SH		SOLE		248	0	0
MERCK & CO INC	COM	58933Y105	303,622	3,650,620	SH		SOLE		3,650,620	0	0
MFA FINL INC	COM	55272X102	254,519	35,009,478	SH		SOLE		35,009,478	0	0
MICRON TECHNOLOGY INC	COM	595112103	15,671	379,178	SH		SOLE		379,178	0	0
MICROSOFT CORP	COM	594918104	1,976	16,757	SH		SOLE		16,757	0	0
MOHAWK INDS INC	COM	608190104	17,219	136,496	SH		SOLE		129,572	0	6,924
NAVIENT CORPORATION	COM	63938C108	20,362	1,759,867	SH		SOLE		1,689,316	0	70,551
NETFLIX INC	COM	64110L106	13,987	39,228	SH		SOLE		39,228	0	0
NIKE INC	CL B	654106103	5	54	SH		SOLE		54	0	0
NOMAD FOODS LTD	USD ORD SHS	G6564A105	63,734	3,116,585	SH		SOLE		2,948,867	0	167,718
NUTRIEN LTD	COM	67077M108	75,270	1,426,652	SH		SOLE		1,422,526	0	4,126
NXP SEMICONDUCTORS N V	COM	N6596X109	15,844	179,250	SH		SOLE		177,999	0	1,251
OAKTREE CAP GROUP LLC	UNIT CL A	674001201	51,360	1,034,438	SH		SOLE		970,104	0	64,334
OUTFRONT MEDIA INC	COM	69007J106	74,344	3,177,100	SH		SOLE		3,177,100	0	0
OWENS ILL INC	COM NEW	690768403	2,655	139,888	SH		SOLE		130,120	0	9,768
PALO ALTO NETWORKS INC	COM	697435105	180	743	SH		SOLE		743	0	0
PAYPAL HLDGS INC	COM	70450Y103	13,929	134,135	SH		SOLE		134,135	0	0
PEABODY ENERGY CORP NEW	COM	704551100	36,471	1,287,366	SH		SOLE		1,287,366	0	0
PENNYMAC MTG INVT TR	COM	70931T103	42,943	2,073,516	SH		SOLE		1,975,240	0	98,276
PFIZER INC	COM	717081103	97,447	2,294,493	SH		SOLE		2,294,493	0	0
PIONEER NAT RES CO	COM	723787107	10,230	67,182	SH		SOLE		67,182	0	0
PIVOTAL SOFTWARE INC	COM CL A	72582H107	11,378	545,692	SH		SOLE		545,692	0	0
PROOFPOINT INC	COM	743424103	11,663	96,049	SH		SOLE		96,049	0	0
PTC INC	COM	69370C100	3	34	SH		SOLE		34	0	0
PURE STORAGE INC	CL A	74624M102	37,508	1,721,342	SH		SOLE		1,646,626	0	74,716
QUALCOMM INC	COM	747525103	301,555	5,287,660	SH		SOLE		5,287,660	0	0
THE CHARLES SCHWAB CORPORATI	COM	808513105	11,146	260,657	SH		SOLE		260,657	0	0
SEASPAN CORP	SHS	Y75638109	2,145	246,589	SH		SOLE		246,589	0	0
SERVICENOW INC	COM	81762P102	12,018	48,758	SH		SOLE		48,758	0	0
SOLAR CAP LTD	COM	83413U100	96,147	4,613,589	SH		SOLE		4,613,589	0	0
SPLUNK INC	COM	848637104	9,563	76,750	SH		SOLE		76,750	0	0
SQUARE INC	CL A	852234103	13,430	179,262	SH		SOLE		179,262	0	0
SS&C TECHNOLOGIES HLDGS INC	COM	78467J100	31,300	491,437	SH		SOLE		491,437	0	0
STARBUCKS CORP	COM	855244109	52,822	710,548	SH		SOLE		677,229	0	33,319
T MOBILE US INC	COM	872590104	92,366	1,336,707	SH		SOLE		1,336,707	0	0
TEEKAY CORPORATION	COM	Y8564W103	745	189,942	SH		SOLE		189,942	0	0
TEEKAY LNG PARTNERS L P	PRTNRSP UNITS	Y8564M105	56,765	3,794,476	SH		SOLE		3,707,569	0	86,907
TEXAS INSTRS INC	COM	882508104	7,263	68,477	SH		SOLE		68,477	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	94,454	345,077	SH		SOLE		328,661	0	16,416
THOMSON REUTERS CORP	COM NEW	884903709	910	15,378	SH		SOLE		15,373	0	5
TJX COS INC NEW	COM	872540109	20,919	393,135	SH		SOLE		393,135	0	0
UBS GROUP AG	SHS	H42097107	12,790	1,056,192	SH		SOLE		1,037,580	0	18,612
UNILEVER N V	N Y SHS NEW	904784709	30,384	521,251	SH		SOLE		521,251	0	0
UNITED PARCEL SERVICE INC	CL B	911312106	40,419	361,725	SH		SOLE		343,599	0	18,126
US FOODS HLDG CORP	COM	912008109	84,594	2,423,216	SH		SOLE		2,302,882	0	120,334
VALERO ENERGY CORP NEW	COM	91913Y100	157,477	1,856,384	SH		SOLE		1,856,384	0	0
VISA INC	COM CL A	92826C839	85,699	548,682	SH		SOLE		547,423	0	1,259
WALGREENS BOOTS ALLIANCE INC	COM	931427108	373,556	5,904,164	SH		SOLE		5,904,164	0	0
WASHINGTON REAL ESTATE INVT	SH BEN INT	939653101	89,154	3,141,427	SH		SOLE		3,141,427	0	0
WELLS FARGO CO NEW	COM	949746101	846	17,513	SH		SOLE		17,513	0	0
WIX COM LTD	SHS	M98068105	10,668	88,288	SH		SOLE		88,288	0	0
WORKDAY INC	CL A	98138H101	10,863	56,329	SH		SOLE		56,329	0	0
WORLDPAY INC	CL A	981558109	59,136	521,023	SH		SOLE		518,200	0	2,823
YANDEX N V	SHS CLASS A	N97284108	76,386	2,224,409	SH		SOLE		2,218,134	0	6,275
ZAYO GROUP HLDGS INC	COM	98919V105	74,439	2,619,238	SH		SOLE		2,619,238	0	0
ZILLOW GROUP INC	CL C CAP STK	98954M200	11,718	337,316	SH		SOLE		337,316	0	0
INVESCO DB MLTI SECTR CMMTY	AGRICULTURE FD	46140H106	238	14,456	SH		SOLE		14,456	0	0
INVESCO DB MLTI SECTR CMMTY	BASE METALS FD	46140H700	243	14,276	SH		SOLE		14,276	0	0
ISHARES TR	MSCI EAFE ETF	464287465	13	203	SH		SOLE		203	0	0
ISHARES TR	MSCI INDIA ETF	46429B598	239	6,792	SH		SOLE		6,792	0	0
SPDR GOLD TRUST	GOLD SHS	78463V107	600	4,916	SH		SOLE		4,916	0	0
UNITED STATES OIL FUND LP	UNITS	91232N108	244	19,549	SH		SOLE		19,549	0	0
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	921943858	10,894	266,554	SH		SOLE		264,287	0	2,267
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	922042775	50	998	SH		SOLE		998	0	0