THORNBURG INVESTMENT TRUST
497K3B, 2000-02-23
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THORNBURG                                            Rule 497(k)(1)(iii)(B)
FLORIDA
INTERMEDIATE
MUNICIPAL
FUND


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Fund Profile
February 18, 2000

This Profile summarizes key information about the Fund that is included in
the Fund's prospectus.  The Fund's prospectus includes additional
information about the Fund, including a more detailed description of the
risks associated with investing in the Fund that you may want to consider
before you invest.  You may obtain the prospectus and other information
about the Fund at no cost by calling 800-847-0200.

<PAGE>
Investment Goals

The Fund's primary goal is providing as high a level of current income
exempt from federal income tax as is consistent, in the view of the Fund's
investment adviser, with preservation of capital.  The Fund also seeks
exemption from the Florida "intangibles" tax imposed by Florida on certain
securities held by individuals.  Its secondary goal is to reduce
fluctuations in its net asset value relative to long-term municipal bond
portfolios.  No assurance can be given that these goals will be achieved.

Principal Investment Strategies

The Fund pursues its primary goal by investing principally in a laddered
maturity portfolio of municipal obligations which are issued by the State
of Florida and by Florida state agencies and local governments and their
agencies.  The Fund invests in obligations which are rated as investment
grade or, if unrated, which are issued by obligors which have comparable
investment grade obligations outstanding or which are deemed by the Fund's
investment adviser to be comparable to obligors with outstanding investment
grade obligations.  The Fund's portfolio is "laddered" by investing so that
some obligations mature during each of the coming years.  The Fund pursues
its secondary goal of reducing share price fluctuations by maintaining a
dollar-weighted average portfolio maturity of normally three to ten years.

Thornburg Investment Management, Inc. actively manages the Fund's
portfolio.  Investment decisions are based upon outlooks for interest rates
and securities markets, the supply of debt securities, and analysis of
specific securities.  The Fund ordinarily will acquire securities for
investment rather than for realization of gains on market fluctuations.
However, it may dispose of any security before its scheduled maturity to
enhance income or reduce loss, to change the portfolio's average maturity,
or to otherwise respond to current market conditions.  The objective of
preserving capital may prevent the Fund from obtaining the highest yields
available.

Additional information about the Fund's investments is available in the
Fund's Annual and Semiannual Reports to Shareholders.  In the Fund's Annual
Report you will find a discussion of the market conditions and investment
strategies which significantly affected the Fund's performance during the
last fiscal year.  You may obtain copies of the Fund's most recent Annual
and Semiannual Reports and Prospectus at no cost by calling the Fund's
Distributor, Thornburg Securities Corporation, at (800) 847-0200.

Principal Risks

The value of the Fund's shares and its dividends will fluctuate in response
to changes in interest rates.  When interest rates increase, the value of
the Fund's investments declines and the Fund's share value is reduced.
This effect is more pronounced for intermediate and longer term obligations
owned by the Fund.  During periods of declining interest rates the Fund's
dividends decline.  The value of Fund shares also could be reduced if
municipal obligations held by the Fund were downgraded by rating agencies,
or went into default, or if legislation or other government action reduces
the ability of issuers to pay principal and interest when due or changes
the tax treatment of interest on municipal obligations.  Because the Fund
invests primarily in obligations originating in Florida, the Fund's share
value may be more sensitive to adverse political or economic developments
in that state.  A portion of the Fund's dividends may be subject to the
federal alternative minimum tax.  The loss of money is a risk of investing
in the Fund, and when you sell your shares they may be worth less than what
you paid for them.

An investment in the Fund is not a deposit in any bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.

The Fund is a nondiversified investment company, and means that it may
invest a greater proportion of its assets in the securities of a single
issuer.  This may be riskier, because a default or other adverse condition
affecting such an issuer could cause the Fund's share price to decline to a
greater degree.

Past Performance of the Fund

The following information provides some indication of the risks of
investing in the Fund by showing how the Fund's investment results vary
from year to year.  The bar chart shows how the annual total returns for
Class A shares have been different in each full year shown.  The average
annual total return figures compare Class A share performance to the
Merrill Lynch Municipal (7-12 years) Bond Index, a broad measure of market
performance.  Performance in the past is not necessarily an indication of
how the Fund will perform in the future.

<The following is presented as a bar graph in the Prospectus>
Intermediate Florida Fund Annual Total Returns Class A Shares
- -------------------------------------------------------------

15%
     12.19
10%
                    7.28
5%                         5.81
             4.67
 0%

- -5%                               (1.12)
      '95    '96    '97    '98     '99

Highest quarterly results for time period shown:  4.68% (quarter ended
3/31/95).
Lowest quarterly results for time period shown:  (1.37)% (quarter ended
6/30/99).

The sales charge for Class A shares is not reflected in the returns shown
in the bar chart above, and the returns would be less if the charge was
taken into account.

Intermediate Florida Fund Average Annual Total Returns
- ---------------------------------------------------------
(periods ended 12/31/99)

                             One Year    Five Years    Since Inception
                                                           (2/1/94)
                             --------    ---------     --------------
Class A Shares                 (3.08)%      5.02%            3.94%
Merrill Lynch Municipal (7-12) (1.21)%      6.79%            4.91%

Fees and Expenses of the Fund

The following tables describe the fees and expenses that you may pay if the
buy and hold shares of the Fund.

SHAREHOLDER FEES (Fees Paid Directly From Your Investment)

                                                        Class A
                                                        --------
     Maximum Sales Charge (Load) on Purchases            2.00%
     (as a percentage of offering price)
     Maximum Deferred Sales Charge (Load)
      on Redemptions                                     0.50%*
     (as a percentage of redemption proceeds or
      original purchase price, whichever is lower)

  * Imposed only on redemptions of purchases greater than $1 million in the
    event of a redemption within 12 months of purchase.

ANNUAL FUND OPERATING EXPENSES (Expenses That Are Deducted From Fund
Assets)

Thornburg Florida Intermediate Municipal Fund

                                                        Class A
                                                        --------
     Management Fee                                       .50%
     Distribution and Service (12b-1) Fees                .25%
     Other Expenses                                       .33%
                                                        --------
            Total Annual Fund Operating Expenses         1.08%*

*Thornburg Investment Management, Inc. intends to reimburse expenses so
that actual expenses are .99%.  Reimbursement of expenses may be terminated
at any time.

Example.  This Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and redeem all of your shares at the end of these
periods.  The Example also assumes that your investment has a 5% return
each year, dividends and distributions are reinvested, and that the Fund's
operating expenses remain the same.  Although your actual costs may be
higher or lower, based on these assumptions your costs would be:

                       1 Year   3 Years   5 Years   10 Years
                       ------   -------   -------   --------
     Class A Shares     $308     $539      $789      $1,506

Investment Adviser and Portfolio Managers

The Fund's investment adviser is Thornburg Investment Management, Inc.
(Thornburg), providing investment management and administrative services.
Brian J. McMahon and George T. Strickland, both of whom are managing
directors of Thornburg, are the portfolio managers for the Fund.  Mr.
McMahon has managed municipal bond portfolios for Thornburg since 1984, and
Mr. Strickland has performed municipal bond credit analysis and management
since joining Thornburg in 1991.  Mr. McMahon and Mr. Strickland are
assisted by other employees of Thornburg in managing the Fund's portfolio.

Purchase of Fund Shares

The Fund is authorized to issue multiple classes of shares, but currently
offers only Class A shares.  Purchases of Class A shares are described
below.

                               Sales Charge
                    as a percentage    as a percentage
Purchase Amount     of Offering Price of Net Asset Value
- ---------------     ----------------- ------------------
[S]                        [C]                [C]
Less than $250,000         2.00%              2.04%
$250,000 to 499,999.99     1.50%              1.52%
$500,000 to 999,999.99     1.25%              1.25%
$1,000,000 and up          0.00%*             0.00%*

*No sales charge will be payable at the time of purchase on investments of
$1 million or more made by a purchaser, but a contingent deferred sales
charge will be imposed on shares redeemed within one year following purchase
at the rate of 1/2 of 1% of the value of the shares redeemed.

Shareholders who sign a letter of intent to purchase more than $250,000
over 13 months may buy Class A shares at a reduced sales charge. Certain
shareholders may buy Class A shares at no sales charges:

     shareholders who purchase shares within 24 months of redeeming
     Class A shares;

     customers of trust companies or bank trust departments;

     customers of fee for service broker dealers and financial
     advisors;

     shareholders investing through a broker dealer's wrap program;

     shareholders whose orders are placed through certain broker dealers
     maintaining omnibus accounts.

The minimum purchase to open an account is $5,000.  Minimum additional
purchase for any account is $100.  Minimum account size is $1,000, and
accounts falling below that amount may be subject to mandatory redemption.
Purchases may be made by mail, through your financial advisor or by
telephone.

Redeeming Fund Shares

You can withdraw money from your Fund account on any Fund business day by
redeeming some or all of your shares (selling them back to the Fund either
directly or through your financial advisor).  Your shares will be redeemed
by the Fund at the net asset value next computed after your order is
received in proper form.  If your purchase was subject to a contingent
deferred sales charge within one year of purchase, the charge will be
deducted. You may redeem Fund shares by mail, through your financial
advisor, or by telephone. if you have previously signed up for the
telephone redemption feature.

Distributions

The Fund distributes substantially all of its net income and realized
capital gains to shareholders each year.  The Fund declares its net
investment income daily and distributes it monthly.  The Fund will
distribute any net realized capital gains at least annually.  Distributions
are reinvested automatically in additional shares unless you elect to
receive them in cash.  Income dividends attributable to tax exempt
municipal obligations owned by the Fund are exempt from federal individual
income tax, but some portion of these dividends could be subject to the
alternative minimum tax.  Dividends attributable to market discount on
portfolio securities and distributions of net short-term capital gains are
taxable as ordinary income.  Any distributions of long-term capital gains
are taxed as long-term capital gains for federal income tax purposes.
Florida does not currently impose an individual income tax.  Income
dividends may not be exempt from state income taxes imposed by other states
or taxes imposed on persons who are not individuals.  Florida imposes a
personal property or "intangibles" tax which is generally applicable to
securities owned by individual residents in Florida, but the intangibles
tax will not apply to Fund shares if the Fund's assets as of the close of
the preceding calendar year consist only of obligations of Florida and its
political subdivisions and obligations of the United States, Puerto Rico,
Guam or the United States Virgin Islands.

Other Fund Services

* Thornburg Funds telephone representatives:  Monday through Friday from
  7:30 a.m. to 4:30 p.m. Mountain Time, at 1-800-847-0200.

* Thornburg Funds Audio Response System: 24 hours a day, 7 days a week.
  Call 1-800-847-0200.

* The Automatic Investment Plan: transfer as little as $100 from your bank
  account on a weekly, monthly or quarterly basis.

* Exchange Class A shares of any other Thornburg Fund for Class A
  shares of the Fund without paying any additional sales charge.

* Website: Contact Thornburg on the Internet at www.Thornburg.com

Contact your financial advisor or the Fund for more information on these and
other services available to you.


Please call 1-800-847-0200 or your financial advisor for an application to
purchase shares of the Fund.  A copy of the Fund's prospectus will be sent
to you with the application.


                                  <LOGO>

               Thornburg Securities Corporation, Distributor
             119 East Marcy Street, Santa Fe, New Mexico 87501
                              800-847-0200
           www.thornburg.com    e-mail: [email protected]



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