UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number   811-05201

Thornburg Investment Trust
(Exact name of registrant as specified in charter)

119 East Marcy Street, Santa Fe, New Mexico 87501
(Address of principal executive offices) (Zip code)

Garrett Thornburg, 119 East Marcy Street, Santa Fe, New Mexico 87501
(Name and address of agent for service)

Registrant’s telephone number, including area code: 505-984-0200

Date of fiscal year end:     September 30

Date of reporting period: July 1, 2003 - June 30, 2004

Item 1. Proxy Voting Record

Thornburg Limited Term Municipal Fund Thornburg California Limited Term Municipal Fund Thornburg Limited Term U.S. Government Fund Thornburg New Mexico Intermediate Municipal Fund Thornburg Intermediate Municipal Fund Thornburg Limited Term Income Fund Thornburg Value Fund Thornburg Florida Intermediate Municipal Fund Thornburg New York Intermediate Municipal Fund Thornburg International Value Fund Thornburg Core Growth Fund Thornburg Investment Income Builder Fund

======Thornburg Limited Term Municipal Fund ======

There were no proxies voted in relation to the securities held in the fund’s portfolio.

======Thornburg California Limited Term Municipal Fund ======

There were no proxies voted in relation to the securities held in the fund’s portfolio.

======Thornburg Limited Term U.S. Government Fund ======

There were no proxies voted in relation to the securities held in the fund’s portfolio.

======Thornburg New Mexico Intermediate Municipal Fund ======

There were no proxies voted in relation to the securities held in the fund’s portfolio.

======Thornburg Intermediate Municipal Fund ======

There were no proxies voted in relation to the securities held in the fund’s portfolio.

======Thornburg Limited Term Income Fund ======

There were no proxies voted in relation to the securities held in the fund’s portfolio.

======Thornburg Value Fund ======

Affiliated Computer Services, Inc. *ACS* CUSIP 008190100, 10/30/03 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
2	Approve Executive Incentive Bonus Plan	Mgmt	For	Yes
3	Ratify Auditors	Mgmt	For	Yes

ALLTEL Corp. *AT* CUSIP 020039103, 04/22/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
2	Ratify Auditors	Mgmt	For	Yes
3	Ammend Eeo - Sexual Orientation	ShrHoldr	Abstain	No

Amerada Hess Corp. *AHC* CUSIP 023551104, 05/05/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	Split	No
1.1	Elect Director Nicholas F. Brady --- Withhold
1.2	Elect Director J. Barclay Collins Ii --- For
1.3	Elect Director Thomas H. Kean --- For
1.4	Elect Director Frank A. Olson --- For
2	Ratify Auditors	Mgmt	For	Yes
3	Amend Omnibus Stock Plan	Mgmt	For	Yes
4	Establish Other Board Committee	ShrHoldr	For	No

American Greetings Corp. *AM* CUSIP 026375105, 06/25/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	Split	No
1.1	Elect Director Scott S. Cowen --- For
1.2	Elect Director Harriet Mouchly-Weiss --- For
1.3	Elect Director Charles A. Ratner --- Withhold
1.4	Elect Director Zev Weiss --- For
1.5	Elect Director Joseph Hardin --- For
2	Amend Omnibus Stock Plan	Mgmt	For	Yes

Anthem Inc. *ATH* CUSIP 03674B104, 05/17/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes

Anthem Inc. *ATH* CUSIP 03674B104, 06/28/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Issue Shares In Connection With An Acquisition	Mgmt	For	Yes
2	Change Company Name	Mgmt	For	Yes

Aon Corp. *AOC* CUSIP 37389103, 05/21/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	Split	No
1.1	Elect Director Patrick G. Ryan --- For
1.2	Elect Director Edgar D. Jannotta --- Withhold
1.3	Elect Director Jan Kalff --- Withhold
1.4	Elect Director Lester B. Knight --- For
1.5	Elect Director J. Michael Losh --- For
1.6	Elect Director R. Eden Martin --- For
1.7	Elect Director Andrew J. Mckenna --- For
1.8	Elect Director Robert S. Morrison --- For
1.9	Elect Director Richard C. Notebaert --- For
1.10	Elect Director Michael D. O'Halleran --- For
1.11	Elect Director John W. Rogers, Jr. --- For
1.12	Elect Director Gloria Santona --- For
1.13	Elect Director Carolyn Y. Woo --- For
2	Ratify Auditors	Mgmt	For	Yes

Boston Properties Inc. *BXP* CUSIP 101121101, 05/05/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
1.1	Elect Director Mortimer B. Zuckerman --- For
1.2	Elect Director Carol B. Einiger --- For
1.3	Elect Director Alan B. Landis --- For
1.4	Elect Director Richard E. Salomon --- For
2	Declassify The Board Of Directors	ShrHoldr	For	No

Caremark Rx, Inc. *CMX* CUSIP 141705103, 03/22/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Increase Authorized Common Stock	Mgmt	For	Yes
2	Approve Issuance Of Stock In Connection With Merger Agreement	Mgmt	For	Yes
3	Increase Authorized Preferred Stock	Mgmt	Against	No
4	Approve Omnibus Stock Plan	Mgmt	For	Yes
5	Allow Postponement Or Adjournment Of Special Meeting	Mgmt	Against	No

Caremark Rx, Inc. *CMX* CUSIP 141705103, 05/04/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes

Citigroup Inc. *C* CUSIP 172967101, 04/20/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
2	Ratify Auditors	Mgmt	For	Yes
3	Limit Executive Compensation	ShrHoldr	Against	Yes
4	Report On Political Contributions/Activities	ShrHoldr	Against	Yes
5	Prohibit Awards To Executives	ShrHoldr	Against	Yes
6	Separate Chairman And Ceo Positions	ShrHoldr	Against	Yes

Deere & Co. *DE* CUSIP 244199105, 02/25/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes

Dominion Resources, Inc. *D* CUSIP 25746U109, 04/23/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
2	Ratify Auditors	Mgmt	For	Yes
3	Submit Executive Compensation To Vote	ShrHoldr	Against	Yes

DoubleClick Inc. *DCLK* CUSIP 258609304, 06/07/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
2	Ratify Auditors	Mgmt	For	Yes

E*Trade Group, Inc. *ET* CUSIP 269246104, 05/27/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
2	Ratify Auditors	Mgmt	For	Yes

Eclipsys Corp. *ECLP* CUSIP 278856109, 06/01/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
2	Ratify Auditors	Mgmt	For	Yes

Electronic Arts, Inc. *ERTS* CUSIP 285512109, 07/31/03 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
2	Amend Omnibus Stock Plan	Mgmt	For	Yes
3	Amend Employee Stock Purchase Plan	Mgmt	For	Yes
4	Ratify Auditors	Mgmt	For	Yes

Exxon Mobil Corp. *XOM* CUSIP 30231G102, 05/26/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
2	Ratify Auditors	Mgmt	For	Yes
3	Approve Non-Employee Director Restricted Stock Plan	Mgmt	For	Yes
4	Affirm Political Nonpartisanship	ShrHoldr	Abstain	No
5	Report On Political Contributions/Activities	ShrHoldr	Abstain	No
6	Report On Equatorial Guinea	ShrHoldr	Abstain	No
7	Separate Chairman And Ceo Positions	ShrHoldr	Against	Yes
8	Prohibit Awards To Executives	ShrHoldr	Against	Yes
9	Report On Stock Option Distribution By Race And Gender	ShrHoldr	Abstain	No
10	Amend Eeo Statement To Include Reference To Sexual Orientation	ShrHoldr	Abstain	No
11	Report On Climate Change Research	ShrHoldr	Abstain	No

Fannie Mae *FNM* CUSIP 313586109, 05/25/04 Meeting

	Proposal Description	Proposed By	Our Vote	Agree With Management
1	Elect Directors	Mgmt	For	Yes
1.1	Elect Director Stephen B. Ashley --- For
1.2	Elect Director Kenneth M. Duberstein --- For
1.3	Elect Director Thomas P. Gerrity --- For
1.4	Elect Director Timothy Howard --- For
1.5	Elect Director Ann Korologos --- For
1.6	Elect Director Frederic V. Malek --- For
1.7	Elect Director Donald B. Marron --- For
1.8	Elect Director Daniel H. Mudd --- For
1.9	Elect Director Anne M. Mulcahy --- For
1.10	Elect Director Joe K. Pickett --- For
1.11	Elect Director Leslie Rahl --- For
1.12	Elect Director Franklin D. Raines --- For
1.13	Elect Director H. Patrick Swygert --- For
2	Ratify Auditors	Mgmt	For	Yes
3	Amend Employee Stock Purchase Plan	Mgmt	For	Yes
4	Provide For Cumulative Voting	ShrHoldr	For	No

First Data Corp. *FDC* CUSIP 319963104, 10/28/03 Meeting

	Proposal Description	Proposed By