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
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
BARCLAYS PLC-SPONS ADR	ADR	06738E204	11,674	1,590,492	SH		SOLE		1,568,027	0	22,465
ICICI BANK LTD-SPON ADR	ADR	45104G104	28,467	2,337,189	SH		SOLE		2,337,189	0	0
ERICSSON (LM) TEL-SP ADR	ADR B SEK 10	294821608	11,085	1,389,111	SH		SOLE		1,369,604	0	19,507
HUYA INC-ADR	ADS REP SHS A	44852D108	31,859	1,347,676	SH		SOLE		1,342,950	0	4,726
INVESCO DB AGRICULTURE FUND	AGRICULTURE FD	46140H106	354	22,307	SH		SOLE		22,307	0	0
VANGUARD FTSE ALL-WORLD EX-U	ALLWRLD EX US	922042775	73	1,459	SH		SOLE		1,459	0	0
INVESCO DB BASE METALS FUND	BASE METALS FD	46140H700	438	29,684	SH		SOLE		29,684	0	0
ALPHABET INC-CL A	CAP STK CL A	02079K305	107,570	88,090	SH		SOLE		88,090	0	0
ALPHABET INC-CL C	CAP STK CL C	02079K107	105,769	86,767	SH		SOLE		83,248	0	3,519
COGNIZANT TECH SOLUTIONS-A	CL A	192446102	19,608	325,369	SH		SOLE		310,316	0	15,053
COMCAST CORP-CLASS A	CL A	20030N101	88,610	1,965,615	SH		SOLE		1,884,915	0	80,700
COPA HOLDINGS SA-CLASS A	CL A	P31076105	12,034	121,860	SH		SOLE		121,860	0	0
DISH NETWORK CORP-A	CL A	25470M109	8,271	242,779	SH		SOLE		242,779	0	0
ECHOSTAR CORP-A	CL A	278768106	44,619	1,126,184	SH		SOLE		1,126,184	0	0
FACEBOOK INC-CLASS A	CL A	30303M102	136,568	766,889	SH		SOLE		757,084	0	9,805
LAMAR ADVERTISING CO-A	CL A	512816109	132,944	1,622,656	SH		SOLE		1,622,656	0	0
MASTERCARD INC - A	CL A	57636Q104	55,179	203,186	SH		SOLE		202,463	0	723
PINTEREST INC- CLASS A	CL A	72352L106	2,978	112,602	SH		SOLE		112,602	0	0
PURE STORAGE INC - CLASS A	CL A	74624M102	36,362	2,146,506	SH		SOLE		2,011,894	0	134,612
SQUARE INC - A	CL A	852234103	14,321	231,168	SH		SOLE		231,168	0	0
TRADEWEB MARKETS INC-CLASS A	CL A	892672106	520	14,057	SH		SOLE		14,057	0	0
WORKDAY INC-CLASS A	CL A	98138H101	7,885	46,391	SH		SOLE		46,391	0	0
ZOOM VIDEO COMMUNICATIONS-A	CL A	98980L101	2,996	39,312	SH		SOLE		39,312	0	0
BROOKFIELD ASSET MANAGE-CL A	CL A LTD VT SH	112585104	33,901	638,557	SH		SOLE		598,844	0	39,713
UNITED PARCEL SERVICE-CL B	CL B	911312106	33,856	282,561	SH		SOLE		269,002	0	13,559
LIONS GATE ENTERTAINMENT-B	CL B NON VTG	535919500	2,695	308,375	SH		SOLE		308,375	0	0
ZILLOW GROUP INC - C	CL C CAP STK	98954M200	10,021	336,037	SH		SOLE		336,037	0	0
ENTERPRISE PRODUCTS PARTNERS	COM	293792107	42,853	1,499,396	SH		SOLE		1,398,023	0	101,373
EQUINIX INC	COM	29444U700	419	727	SH		SOLE		727	0	0
ABBVIE INC	COM	00287Y109	207,233	2,736,827	SH		SOLE		2,736,827	0	0
ACTIVISION BLIZZARD INC	COM	00507V109	118,398	2,237,301	SH		SOLE		2,163,081	0	74,220
ALASKA AIR GROUP INC	COM	011659109	7,057	108,723	SH		SOLE		108,723	0	0
ALEXION PHARMACEUTICALS INC	COM	015351109	9,543	97,440	SH		SOLE		97,440	0	0
AMAZON.COM INC	COM	023135106	38,225	22,020	SH		SOLE		22,020	0	0
APPLE INC	COM	037833100	43,332	193,471	SH		SOLE		184,764	0	8,707
ARES CAPITAL CORP	COM	04010L103	294,964	15,828,509	SH		SOLE		15,828,509	0	0
ASSURED GUARANTY LTD	COM	G0585R106	56,032	1,260,271	SH		SOLE		1,191,671	0	68,600
AT&T INC	COM	00206R102	109,198	2,885,786	SH		SOLE		2,885,786	0	0
AXA EQUITABLE HOLDINGS INC	COM	054561105	254,794	11,497,928	SH		SOLE		11,497,928	0	0
BOOKING HOLDINGS INC	COM	09857L108	53,726	27,375	SH		SOLE		27,375	0	0
BOSTON SCIENTIFIC CORP	COM	101137107	250	6,135	SH		SOLE		6,135	0	0
BRINK'S CO/THE	COM	109696104	17,481	210,746	SH		SOLE		210,746	0	0
BROADCOM INC	COM	11135F101	248,900	901,584	SH		SOLE		901,584	0	0
CANADIAN PACIFIC RAILWAY LTD	COM	13645T100	84,891	381,602	SH		SOLE		380,480	0	1,122
CAPITAL ONE FINANCIAL CORP	COM	14040H105	139,378	1,531,958	SH		SOLE		1,493,277	0	38,681
CARMAX INC	COM	143130102	34,923	396,857	SH		SOLE		381,720	0	15,137
CASA SYSTEMS INC	COM	14713L102	3,005	382,552	SH		SOLE		366,846	0	15,706
CENTURYLINK INC	COM	156700106	31	2,469	SH		SOLE		2,469	0	0
CF INDUSTRIES HOLDINGS INC	COM	125269100	48,630	988,411	SH		SOLE		988,411	0	0
CME GROUP INC	COM	12572Q105	581,881	2,753,295	SH		SOLE		2,753,295	0	0
CREDICORP LTD	COM	G2519Y108	7,628	36,595	SH		SOLE		36,595	0	0
CROWN CASTLE INTL CORP	COM	22822V101	205,049	1,475,065	SH		SOLE		1,475,065	0	0
CROWN HOLDINGS INC	COM	228368106	72,487	1,097,288	SH		SOLE		1,036,603	0	60,685
CYRUSONE INC	COM	23283R100	1,049	13,258	SH		SOLE		13,258	0	0
DAVITA INC	COM	23918K108	81,284	1,424,284	SH		SOLE		1,424,284	0	0
DEVON ENERGY CORP	COM	25179M103	24,372	1,012,981	SH		SOLE		1,012,761	0	220
DEXCOM INC	COM	252131107	11,703	78,414	SH		SOLE		78,414	0	0
FIDELITY NATIONAL INFO SERV	COM	31620M106	33,249	250,441	SH		SOLE		249,151	0	1,290
FLEETCOR TECHNOLOGIES INC	COM	339041105	14,235	49,637	SH		SOLE		49,637	0	0
FORTIS INC	COM	349553107	19,644	464,078	SH		SOLE		437,531	0	26,547
FRANCO-NEVADA CORP	COM	351858105	28,450	312,085	SH		SOLE		311,284	0	801
GILEAD SCIENCES INC	COM	375558103	79,423	1,253,131	SH		SOLE		1,199,899	0	53,232
GLOBANT SA	COM	L44385109	5,461	59,628	SH		SOLE		59,628	0	0
GRANITE POINT MORTGAGE TRUST	COM	38741L107	26,564	1,417,500	SH		SOLE		1,417,500	0	0
HOME DEPOT INC	COM	437076102	357,635	1,541,398	SH		SOLE		1,541,398	0	0
HP INC	COM	40434L105	22,442	1,186,176	SH		SOLE		1,107,433	0	78,743
HUNTSMAN CORP	COM	447011107	41,690	1,792,339	SH		SOLE		1,680,692	0	111,647
IAA INC	COM	449253103	13,950	334,288	SH		SOLE		334,288	0	0
IPG PHOTONICS CORP	COM	44980X109	15,055	111,022	SH		SOLE		111,022	0	0
ITT INC	COM	45073V108	15,987	261,267	SH		SOLE		237,272	0	23,995
JPMORGAN CHASE & CO	COM	46625H100	513,340	4,361,797	SH		SOLE		4,322,745	0	39,052
LAS VEGAS SANDS CORP	COM	517834107	229,384	3,971,330	SH		SOLE		3,971,330	0	0
LOCKHEED MARTIN CORP	COM	539830109	437	1,120	SH		SOLE		1,120	0	0
MERCADOLIBRE INC	COM	58733R102	102	185	SH		SOLE		185	0	0
MERCK & CO. INC.	COM	58933Y105	307,309	3,650,620	SH		SOLE		3,650,620	0	0
MFA FINANCIAL INC	COM	55272X102	245,064	33,296,727	SH		SOLE		33,296,727	0	0
MICRON TECHNOLOGY INC	COM	595112103	43,924	1,025,059	SH		SOLE		1,022,403	0	2,656
MICROSOFT CORP	COM	594918104	24,425	175,684	SH		SOLE		175,684	0	0
MOHAWK INDUSTRIES INC	COM	608190104	16,304	131,412	SH		SOLE		124,500	0	6,912
NAVIENT CORP	COM	63938C108	21,848	1,706,858	SH		SOLE		1,636,418	0	70,440
NETFLIX INC	COM	64110L106	70,810	264,592	SH		SOLE		258,153	0	6,439
TEEKAY CORP	COM	Y8564W103	722	180,439	SH		SOLE		180,439	0	0
SUNCOR ENERGY INC	COM	867224107	143	4,529	SH		SOLE		4,529	0	0
NEXTERA ENERGY INC	COM	65339F101	371	1,591	SH		SOLE		1,591	0	0
NUTRIEN LTD	COM	67077M108	84,919	1,702,464	SH		SOLE		1,699,452	0	3,012
OUTFRONT MEDIA INC	COM	69007J106	83,787	3,016,100	SH		SOLE		3,016,100	0	0
PAYPAL HOLDINGS INC	COM	70450Y103	12,184	117,613	SH		SOLE		117,613	0	0
PENNYMAC MORTGAGE INVESTMENT	COM	70931T103	37,485	1,686,252	SH		SOLE		1,590,617	0	95,635
PFIZER INC	COM	717081103	94,294	2,624,374	SH		SOLE		2,624,374	0	0
PIONEER NATURAL RESOURCES CO	COM	723787107	8,447	67,164	SH		SOLE		67,164	0	0
PROOFPOINT INC	COM	743424103	6,965	53,972	SH		SOLE		53,972	0	0
PTC INC	COM	69370C100	8,905	130,616	SH		SOLE		130,616	0	0
QORVO INC	COM	74736K101	68,867	928,881	SH		SOLE		928,881	0	0
QUALCOMM INC	COM	747525103	328,574	4,307,479	SH		SOLE		4,307,479	0	0
SALESFORCE.COM INC	COM	79466L302	15,383	103,633	SH		SOLE		103,633	0	0
SCHWAB (CHARLES) CORP	COM	808513105	10,884	260,199	SH		SOLE		260,199	0	0
SERVICENOW INC	COM	81762P102	8,908	35,092	SH		SOLE		35,092	0	0
SOLAR CAPITAL LTD	COM	83413U100	95,271	4,613,589	SH		SOLE		4,613,589	0	0
SPLUNK INC	COM	848637104	10,844	92,011	SH		SOLE		92,011	0	0
STARBUCKS CORP	COM	855244109	33,073	374,048	SH		SOLE		357,536	0	16,512
T-MOBILE US INC	COM	872590104	94,680	1,201,982	SH		SOLE		1,201,982	0	0
TARGA RESOURCES CORP	COM	87612G101	65,923	1,641,100	SH		SOLE		1,641,100	0	0
TEXAS INSTRUMENTS INC	COM	882508104	8,847	68,456	SH		SOLE		68,456	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	88,744	304,681	SH		SOLE		288,872	0	15,809
US FOODS HOLDING CORP	COM	912008109	88,921	2,163,522	SH		SOLE		2,055,314	0	108,208
VALERO ENERGY CORP	COM	91913Y100	195,886	2,298,057	SH		SOLE		2,298,057	0	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	275,738	4,985,313	SH		SOLE		4,985,313	0	0
WELLS FARGO & CO	COM	949746101	1,219	24,172	SH		SOLE		24,172	0	0
WYNDHAM HOTELS & RESORTS INC	COM	98311A105	19,604	378,900	SH		SOLE		341,428	0	37,472
WYNN RESORTS LTD	COM	983134107	547	5,028	SH		SOLE		5,028	0	0
APOLLO GLOBAL MANAGEMENT INC	COM CL A	03768E105	17,770	469,852	SH		SOLE		442,652	0	27,200
VISA INC-CLASS A SHARES	COM CL A	92826C839	78,060	453,812	SH		SOLE		452,667	0	1,145
APOLLO INVESTMENT CORP	COM NEW	03761U502	131,697	8,185,030	SH		SOLE		8,185,030	0	0
CHIMERA INVESTMENT CORP	COM NEW	16934Q208	172,881	8,838,507	SH		SOLE		8,838,507	0	0
CITIGROUP INC	COM NEW	172967424	147,162	2,130,308	SH		SOLE		2,092,571	0	37,737
EXPEDIA GROUP INC	COM NEW	30212P303	59,481	442,537	SH		SOLE		433,277	0	9,260
KANSAS CITY SOUTHERN	COM NEW	485170302	225	1,692	SH		SOLE		1,692	0	0
KLA CORP	COM NEW	482480100	212	1,331	SH		SOLE		1,331	0	0
SPDR DR INTERNATIONAL RL EST	DJ INTL RL ETF	78463X863	41	1,026	SH		SOLE		1,026	0	0
WISDOMTREE EMERGING MARKETS	EMGRING MKTS	97717Y782	307	14,229	SH		SOLE		14,229	0	0
VANGUARD EUROPE PACIFIC ETF	FTSE DEV MKT ETF	921943858	263	6,394	SH		SOLE		6,394	0	0
SPDR GOLD SHARES	GOLD SHS	78463V107	489	3,519	SH		SOLE		3,519	0	0
ISHARES MSCI ACWI EX US INDX	MSCI ACWI EX US	464288240	7,587	164,751	SH		SOLE		163,999	0	752
ISHARES MSCI EAFE ETF	MSCI EAFE ETF	464287465	4,010	61,493	SH		SOLE		60,524	0	969
ASML HOLDING NV-NY REG SHS	N Y REGISTRY SHS	N07059210	402	1,617	SH		SOLE		1,617	0	0
UNILEVER N V -NY SHARES	N Y SHS NEW	904784709	28,848	480,553	SH		SOLE		480,553	0	0
FLEX LTD	ORD	Y2573F102	19,552	1,868,284	SH		SOLE		1,680,994	0	187,290
ALCON INC	ORD SHS	H01301128	10,485	179,875	SH		SOLE		177,377	0	2,498
TEEKAY LNG PARTNERS LP	PRTNRSP UNITS	Y8564M105	47,214	3,458,890	SH		SOLE		3,372,131	0	86,759
WASHINGTON REIT	SH BEN INT	939653101	86,145	3,148,587	SH		SOLE		3,148,587	0	0
ALKERMES PLC	SHS	G01767105	25,053	1,284,109	SH		SOLE		1,223,888	0	60,221
ALLERGAN PLC	SHS	G0177J108	11,458	68,082	SH		SOLE		68,082	0	0
CAPRI HOLDINGS LTD	SHS	G1890L107	18,372	554,052	SH		SOLE		527,300	0	26,752
FIAT CHRYSLER AUTOMOBILES NV	SHS	N31738102	1,113	85,969	SH		SOLE		85,969	0	0
MAKEMYTRIP LTD	SHS	V5633W109	125	5,530	SH		SOLE		5,530	0	0
MEDTRONIC PLC	SHS	G5960L103	61,409	565,359	SH		SOLE		537,903	0	27,456
SEASPAN CORP	SHS	Y75638109	1,849	173,961	SH		SOLE		173,961	0	0
UBS GROUP AG-REG	SHS	H42097107	9,799	866,424	SH		SOLE		854,057	0	12,367
LYONDELLBASELL INDU-CL A	SHS - A -	N53745100	167,702	1,874,392	SH		SOLE		1,874,392	0	0
LAZARD LTD-CL A	SHS A	G54050102	15,015	429,000	SH		SOLE		429,000	0	0
YANDEX NV-A	SHS CLASS A	N97284108	57,101	1,630,989	SH		SOLE		1,626,490	0	4,499
ACCENTURE PLC-CL A	SHS CLASS A	G1151C101	6,726	34,966	SH		SOLE		34,966	0	0
BANK OF N.T. BUTTERFIELD&SON	SHS NEW	G0772R208	1,430	48,239	SH		SOLE		48,239	0	0
PETROLEO BRASIL-SP PREF ADR	SP ADR NON VTG	71654V101	439	33,391	SH		SOLE		33,391	0	0
SAP SE-SPONSORED ADR	SPON ADR	803054204	15,043	127,624	SH		SOLE		125,845	0	1,779
GRUPO AEROPORTUARIO PAC-ADR	SPON ADR B	400506101	240	2,491	SH		SOLE		2,491	0	0
BAIDU INC - SPON ADR	SPON ADR REP A	056752108	12	121	SH		SOLE		121	0	0
QUIMICA Y MINERA CHIL-SP ADR	SPON ADR SER B	833635105	17,395	625,957	SH		SOLE		625,957	0	0
FOMENTO ECONOMICO MEX-SP ADR	SPON ADR UNITS	344419106	73,347	800,905	SH		SOLE		798,734	0	2,171
ROYAL DUTCH SHELL-SPON ADR-A	SPONS ADR A	780259206	461,797	7,847,020	SH		SOLE		7,841,291	0	5,729
ANHEUSER-BUSCH INBEV-SPN ADR	SPONSORED ADR	03524A108	178	1,872	SH		SOLE		1,872	0	0
ASTRAZENECA PLC-SPONS ADR	SPONSORED ADR	046353108	35,182	789,374	SH		SOLE		782,569	0	6,805
CHINA MOBILE LTD-SPON ADR	SPONSORED ADR	16941M109	6,027	145,578	SH		SOLE		94,283	0	51,295
FRESENIUS MEDICAL CARE-ADR	SPONSORED ADR	358029106	29,621	881,837	SH		SOLE		872,614	0	9,223
ING GROEP N.V.-SPONSORED ADR	SPONSORED ADR	456837103	14,298	1,368,213	SH		SOLE		1,349,206	0	19,007
PETROLEO BRASILEIRO-SPON ADR	SPONSORED ADR	71654V408	232	16,034	SH		SOLE		16,034	0	0
VODAFONE GROUP PLC-SP ADR	SPONSORED ADR	92857W308	13,020	653,962	SH		SOLE		644,885	0	9,077
ALIBABA GROUP HOLDING-SP ADR	SPONSORED ADS	01609W102	360,478	2,155,582	SH		SOLE		2,141,135	0	14,447
DOUYU INTERNATIONAL HOLD-ADR	SPONSORED ADS	25985W105	13,831	1,688,766	SH		SOLE		1,682,846	0	5,920
GDS HOLDINGS LTD - ADR	SPONSORED ADS	36165L108	80,102	1,998,544	SH		SOLE		1,995,389	0	3,155
GREENTREE HOSPITALITY GR-ADR	SPONSORED ADS	39579V100	650	64,976	SH		SOLE		64,976	0	0
HDFC BANK LTD-ADR	SPONSORED ADS	40415F101	1,081	18,946	SH		SOLE		18,946	0	0
HUAZHU GROUP LTD-ADR	SPONSORED ADS	44332N106	57,615	1,744,847	SH		SOLE		1,742,139	0	2,708
RYANAIR HOLDINGS PLC-SP ADR	SPONSORED ADS	783513203	121,016	1,823,075	SH		SOLE		1,821,180	0	1,895
SEA LTD-ADR	SPONSORED ADS	81141R100	50,568	1,633,856	SH		SOLE		1,631,899	0	1,957
TAIWAN SEMICONDUCTOR-SP ADR	SPONSORED ADS	874039100	20,457	440,115	SH		SOLE		436,921	0	3,194
TAL EDUCATION GROUP- ADR	SPONSORED ADS	874080104	95,697	2,794,882	SH		SOLE		2,787,212	0	7,670
TAL EDUCATION GROUP- ADR	SPONSORED ADS	874080104	1,671	48,811	SH		SOLE		48,811	0	0
AZUL SA-ADR	SPONSR ADR PFD	05501U106	17,549	489,919	SH		SOLE		489,919	0	0
UNITED STATES OIL FUND LP	UNITS	91232N108	400	35,290	SH		SOLE		35,290	0	0
NOMAD FOODS LTD	USD ORD SHS	G6564A105	54,438	2,655,506	SH		SOLE		2,509,107	0	146,399