THORNBURG INVESTMENT TRUST
NSAR-A, 1996-05-14
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<PAGE>      PAGE  1
000 A000000 03/31/96
000 C000000 0000816153
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THORNBURG INVESTMENT TRUST
001 B000000 811-5201
001 C000000 5059840200
002 A000000 119 EAST MARCY STREET SUITE 202
002 B000000 SANTA FE
002 C000000 NM
002 D010000 87501
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  6
007 C010100  1
007 C020100 THORNBURG LIMITED TERM U.S. GOVERNMENT FUND
007 C030100 N
007 C010200  2
007 C020200 THORNBURG NEW MEXICO INTERMEDIATE MUNI FUND
007 C030200 N
007 C010300  3
007 C020300 THORNBURG INTERMEDIATE MUNICIPAL FUND
007 C030300 N
007 C010400  4
007 C020400 THORNBURG LIMITED TERM INCOME FUND
007 C030400 N
007 C010500  5
007 C020500 THORNBURG FLORIDA INTERMEDIATE MUNI FUND
007 C030500 N
007 C010600  6
007 C020600 THORNBURG VALUE FUND
007 C030600 N
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 THORNBURG MANAGEMENT COMPANY
008 B00AA01 A
008 C00AA01 801-17853
008 D01AA01 SANTA FE
008 D02AA01 NM
008 D03AA01 87501
011 A00AA01 THORNBURG SECURITIES CORPORATION
<PAGE>      PAGE  2
011 B00AA01 8-31249
011 C01AA01 SANTA FE
011 C02AA01 NM
011 C03AA01 87501
013 A00AA01 MCGLADREY & PULLEN
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10017
013 B04AA01 2146
015 A00AA01 STATE STREET BANK & TRUST
015 B00AA01 C
015 C01AA01 NORTH QUINCY
015 C02AA01 MA
015 C03AA01 02171
015 E06AA01 X
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020 A000001 DONALDSON, LUFKIN, & JENRETTE SECS
020 B000001 13-2741729
020 C000001      5
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000002 13-5674085
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020 A000003 ALEX BROWN & SONS INC.
020 B000003 52-1319768
020 C000003      3
020 A000004 GOLDMAN SACHS
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020 A000005 A.G. EDWARDS & SONS INC.
020 B000005 43-0895447
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020 B000006 36-2214610
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<PAGE>      PAGE  3
022 B000001 13-5674085
022 C000001     30550
022 D000001      3691
022 A000002 PAINE WEBBER INC
022 B000002 13-2638166
022 C000002     15304
022 D000002     16131
022 A000003 GRUNTAL AND CO.
022 B000003 13-3201805
022 C000003     13879
022 D000003       485
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022 C000004      6428
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
046  000400 N
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064 A000400 Y
064 B000400 N
066 A000400 N
067  000400 N
068 A000400 N
068 B000400 N
<PAGE>      PAGE  20
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070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
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070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 Y
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070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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<PAGE>      PAGE  21
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<PAGE>      PAGE  22
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<PAGE>      PAGE  23
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062 O000500 100.0
062 P000500   0.0
<PAGE>      PAGE  24
062 Q000500   0.0
062 R000500   0.0
063 A000500   0
063 B000500  6.7
064 A000500 Y
064 B000500 N
066 A000500 N
067  000500 N
068 A000500 N
068 B000500 N
069  000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 Y
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500     15920
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<PAGE>      PAGE  25
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<PAGE>      PAGE  26
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<PAGE>      PAGE  27
030 C000600  0.00
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<PAGE>      PAGE  28
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<PAGE>      PAGE  29
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<PAGE>      PAGE  30
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SIGNATURE   JOHN ARIOLA                                  
TITLE       ASSISTANT V.P.      
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 5
   <NAME> THORNBURG FLORIDA INTERMEDIATE MUNI. FUND - A
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<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 5
   <NAME> THORNBURG FLORIDA INTERMEDIATE MUNI. FUND - C
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<S>                             <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 1
   <NAME> THORNBURG LIMITED TERM U.S. GOVERNMENT FUND - A
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<S>                             <C>
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<GROSS-EXPENSE>                                741,544
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<PER-SHARE-NAV-BEGIN>                            12.40
<PER-SHARE-NII>                                    .38
<PER-SHARE-GAIN-APPREC>                          (.05)
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.35
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 1
   <NAME> THORNBURG LIMITED TERM U.S. GOVERNMENT FUND - C
<MULTIPLIER> 1
       
<S>                             <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 4
   <NAME> THORNBURG LIMITED TERM INCOME FUND - A
<MULTIPLIER> 1
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 4
   <NAME> THORNBURG LIMITED TERM INCOME FUND - C
<MULTIPLIER> 1
       
<S>                             <C>
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<DIVIDEND-INCOME>                                    0
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<EQUALIZATION>                                       0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 3
   <NAME> THORNBURG INTERMEDIATE MUNI. NATIONAL FUND - A
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<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          751,323
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,310,357
<AVERAGE-NET-ASSETS>                       240,715,241
<PER-SHARE-NAV-BEGIN>                            13.18
<PER-SHARE-NII>                                    .34
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 3
   <NAME> THORNBURG INTERMEDIATE MUNI. NATIONAL FUND - C
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<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 2
   <NAME> THORNBURG NEW MEXICO INTERMEDIATE MUNI.FUND - A
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<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 2
   <NAME> THORNBURG NEW MEXICO INTERMEDIATE MUNI.FUND - C
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<S>                             <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 6
   <NAME> THORNBURG VALUE FUND - A
<MULTIPLIER> 1
       
<S>                             <C>
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<SENIOR-EQUITY>                                      0
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<ACCUMULATED-NII-CURRENT>                            0
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<OVERDISTRIBUTION-GAINS>                             0
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<DIVIDEND-INCOME>                              125,889
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<OTHER-INCOME>                                       0
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<REALIZED-GAINS-CURRENT>                        68,158
<APPREC-INCREASE-CURRENT>                      907,037 
<NET-CHANGE-FROM-OPS>                        1,054,663
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (76,023)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        811,353
<NUMBER-OF-SHARES-REDEEMED>                   (28,200)
<SHARES-REINVESTED>                              5,913 
<NET-CHANGE-IN-ASSETS>                      10,257,225
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                108,819
<AVERAGE-NET-ASSETS>                         7,586,060
<PER-SHARE-NAV-BEGIN>                            11.94
<PER-SHARE-NII>                                    .11
<PER-SHARE-GAIN-APPREC>                           1.06
<PER-SHARE-DIVIDEND>                             (.11)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.00
<EXPENSE-RATIO>                                   1.55
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000816153
<NAME> THORNBURG INVESTMENT TRUST
<SERIES>
   <NUMBER> 6
   <NAME> THORNBURG VALUE FUND - C
<MULTIPLIER> 1
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          SEP-30-1996
<PERIOD-END>                               MAR-31-1996
<INVESTMENTS-AT-COST>                        9,591,665
<INVESTMENTS-AT-VALUE>                      10,498,703
<RECEIVABLES>                                   44,696
<ASSETS-OTHER>                                  53,319
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<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       62,828
<TOTAL-LIABILITIES>                             62,828 
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    10,147,374
<SHARES-COMMON-STOCK>                           66,530
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                         (1,190)
<ACCUMULATED-NET-GAINS>                         68,158
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                11,121,379
<DIVIDEND-INCOME>                              125,889
<INTEREST-INCOME>                               14,451
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (60,872)
<NET-INVESTMENT-INCOME>                         79,468
<REALIZED-GAINS-CURRENT>                        68,158
<APPREC-INCREASE-CURRENT>                      907,037 
<NET-CHANGE-FROM-OPS>                        1,054,663
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (4,635)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         66,250
<NUMBER-OF-SHARES-REDEEMED>                        (28)
<SHARES-REINVESTED>                                308 
<NET-CHANGE-IN-ASSETS>                         864,154
<ACCUMULATED-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                108,819
<AVERAGE-NET-ASSETS>                         7,586,060
<PER-SHARE-NAV-BEGIN>                            11.94
<PER-SHARE-NII>                                    .08
<PER-SHARE-GAIN-APPREC>                           1.05
<PER-SHARE-DIVIDEND>                             (.08)
<PER-SHARE-DISTRIBUTIONS>                            0
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<EXPENSE-RATIO>                                   2.30
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>


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