Garrett Thornburg is a recognized leader in innovative investment strategies. He is Chairman of the two Thornburg companies which he founded. The companies share three core attributes: high quality operations, innovative strategies for achieving stated goals, as well as a disciplined approach to managing investments and managing risk.

• Thornburg Investment Management,^® (TIM) established in 1982, is an employee-owned investment firm with $73 billion in assets* in nine fixed income and seven equity mutual funds which are also available to institutions and individuals as separate accounts. TIM is known for providing Strategies for Building Real Wealth.
• Thornburg Securities Corporation,^® established in 1984, is a broker/dealer firm that distributes Thornburg Mutual Funds.

Prior to moving to Santa Fe in 1982, Mr. Thornburg was employed at Bear, Stearns & Co., where he was a Limited Partner and founding member of its public finance department. Prior to that, he was Chief Financial Officer of New York State’s Urban Development Corporation, where he was instrumental in restoring the company’s financial solvency and structured the development of the first building in Battery Park City. Mr. Thornburg also served as co-financial advisor to the State of New Mexico’s Board of Finance in its first bond refunding activity ever undertaken.

He holds a BA from Williams College and an MBA from Harvard University. He is a member of the Board of Governors of the Investment Company Institute (ICI) and serves on the Board of Directors of both the National Dance Institute of New Mexico and the New Mexico School for the Arts. Mr. Thornburg is a former board member of the National Association of Real Estate Investment Trusts (NAREIT), College of Santa Fe, Santa Fe Community Foundation, and the Santa Fe Institute. Additionally, he leads Thornburg philanthropy to the community as evidenced by the 2010 Philanthropist of the Year Award.

*Assets as of 12/31/2011

Brian McMahon is chief executive officer and chief investment officer for Thornburg Investment Management. He is responsible for the company’s overall investment activity. Brian is also co-portfolio manager of the Thornburg Investment Income Builder Fund and the Thornburg Global Opportunities Fund. He was named CEO in 2008 and president of Thornburg Investment Management in 1997. Brian was portfolio manager of Thornburg’s laddered municipal bond portfolios from their inceptions until 2000 and has been actively involved with the other portfolios analyzing stocks and bonds.

He holds an MBA from Dartmouth College’s Amos Tuck School and a BA in Economics and Russian Studies from the University of Virginia. After receiving his MBA at Dartmouth, Brian joined Norwest Bank in 1979 and held various corporate finance positions before joining Thornburg in 1984 as chief investment officer.

Brian McMahon is chief executive officer and chief investment officer for Thornburg Investment Management. He is responsible for the company’s overall investment activity. Brian is also co-portfolio manager of the Thornburg Investment Income Builder Fund and the Thornburg Global Opportunities Fund. He was named CEO in 2008 and president of Thornburg Investment Management in 1997. Brian was portfolio manager of Thornburg’s laddered municipal bond portfolios from their inceptions until 2000 and has been actively involved with the other portfolios analyzing stocks and bonds.

He holds an MBA from Dartmouth College’s Amos Tuck School and a BA in Economics and Russian Studies from the University of Virginia. After receiving his MBA at Dartmouth, Brian joined Norwest Bank in 1979 and held various corporate finance positions before joining Thornburg in 1984 as chief investment officer.

Connor Browne is a managing director for Thornburg Investment Management and co-portfolio manager of the Thornburg Value Fund. His responsibilities include portfolio management, research and analyzing companies for consideration in the Thornburg Equity Funds. He is responsible for evaluating existing positions and overall portfolio performance, with a primary focus on the Value Fund.

Connor joined Thornburg Investment Management in August of 2001 as an associate portfolio manager and in 2006 was promoted to co-portfolio manager for the Value Fund and was also named managing director. Connor graduated Cum Laude from Princeton University with a BA in Economics and a certificate in Finance. He is a CFA charterholder.

Tim Cunningham is a managing director and co-portfolio manager of the Thornburg Core Growth Fund and the Thornburg International Growth Fund. His responsibilities include portfolio management and analysis of companies as well as evaluation of existing positions and overall equity fund performance. Tim joined Thornburg as an equity research associate in July of 2007, was named associate portfolio manager in 2009, elected managing director in 2010, and named co-portfolio manager in 2012.

Prior to graduate school, Tim was a research associate at Insight Capital Research & Management in Walnut Creek, California. He received his BA in Finance from the University of Nevada and his MBA from the Leeds School of Business at the University of Colorado at Boulder. He is a CFA charterholder.

Greg Dunn is a managing director and co-portfolio manager for the Thornburg Core Growth Fund and the Thornburg International Growth Fund. His responsibilities include portfolio management and analysis of companies as well as evaluation of existing positions and overall equity fund performance. Greg joined Thornburg in 2002 as research communications director for the marketing department and was promoted to equity research associate in 2005, was named associate portfolio manager in 2008, and elected managing director in 2009.

Prior to joining Thornburg, Greg was an investment management analyst for Smith Barney. Greg holds a BS in Business with a concentration in Finance from Colorado State University and an MBA from Duke University's Fuqua School of Business.

Bill Fries is a managing director and co-portfolio manager of the Thornburg International Value Fund. Bill joined Thornburg in 1995 as managing director and founding portfolio manager of the Thornburg Value Fund. In 1998, he also founded the Thornburg International Value Fund. For his work with this fund, he was named Morningstar’s International Fund Manager of the Year for 2003. Bill was also recognized with the Excellence in Fund Management Award by Business Week magazine and Standard & Poor’s in 2004 and 2005 for Thornburg Value Fund and in 2006 for Thornburg International Value Fund. His responsibilities include portfolio management and analysis of companies as well as evaluation of existing positions and overall equity strategy performance.

Bill began his career as a securities analyst and bank investment officer. His 40 plus years of investment management experience includes an extended tenure as vice president of equities at USAA Investment Management Company. Bill is a CFA charterholder.

Lewis Kaufman is a managing director, portfolio manager of the Thornburg Developing World Fund and co-manager of the Thornburg International ADR portfolio.

Lewis joined Thornburg Investment Management in 2005 as an associate portfolio manager. In 2006, he was promoted to co-portfolio manager for the ADR portfolio and named managing director. Prior to joining Thornburg, Lewis held various investment related positions at Morgan Stanley and Citigroup. Lewis holds a Masters in Business Administration from Duke University’s Fuqua School of Business and graduated Cum Laude from Colgate University with a BA in English. He is a CFA charterholder.

Edward Maran is a managing director and co-portfolio manager of the Thornburg Value Fund. His responsibilities include portfolio management and analyzing companies. Ed is also responsible for evaluating existing positions and overall portfolio performance.

Ed joined Thornburg Investment Management as an associate portfolio manager in 2002, and was named managing director in 2004. In 2006, Ed was promoted to co-portfolio manager of the Value Fund. Prior to joining Thornburg, Ed was the analyst with primary responsibility for the financial services stocks at USAA Investment Management Company. He has also worked as a financial analyst at British Petroleum, as a private equity investment analyst at Kling, Rechter & Co., and as the senior analyst covering major oils at A.G. Edwards & Sons. Ed received a BS from the United States Military Academy at West Point and an MBA in Finance from the University of Chicago. He is a CFA charterholder.

Wendy Trevisani is a managing director and co-portfolio manager of the Thornburg International Value Fund as well as the International ADR portfolio.

Wendy joined Thornburg Investment Management as an associate portfolio manager in 1999, and was named managing director in 2003. She has been a portfolio manager on the International ADR portfolio since inception, and was promoted to co-manager of the Thornburg International Value Fund in 2006. Prior to joining Thornburg, Wendy began her investment career as an institutional sales and trading representative for Salomon Smith Barney in both New York City and London. Wendy received an MBA with a concentration in Finance from Columbia University and graduated cum laude with a BA degree in International Relations from Bucknell University.

Vinson Walden is a managing director and co-portfolio manager for the Thornburg Global Opportunities Fund. He has also been a member of the portfolio management team for the Thornburg Value and International Funds since joining the firm in 2002.

Vinson joined Thornburg in 2002 as an associate portfolio manager. He was named managing director in 2005 and was promoted to co-portfolio manager in 2006. Prior to joining Thornburg, Vinson served as an associate for Lehman Brothers in New York City. He holds a BS from Boston University and an MBA from Columbia University. Vinson is a CFA charterholder.

Lei Wang is a managing director and co-portfolio manager of the Thornburg International Value Fund. His primary responsibilities include portfolio management and analyzing companies. He is also responsible for evaluating existing positions and overall portfolio performance.

Lei Wang joined Thornburg Investment Management in 2004 as an associate portfolio manager. In 2006, he was promoted to co-portfolio manager for the International Value Fund and was named managing director. Prior to joining Thornburg, Lei served as an associate for Deutsche Bank as well as Enso Capital Management. He has also worked as a bank supervision manager at China’s central bank. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder.

Rolf Kelly is an associate portfolio manager of the Thornburg International Value Fund. His primary responsibilities include research and analysis of companies for consideration in the Equity Funds. Rolf joined Thornburg in August of 2007 as an equity research analyst and was promoted to associate portfolio manager in 2011.

Prior to graduate school, Rolf worked as a reservoir engineer for ExxonMobil managing oil and gas fields in South Texas, the Rocky Mountains, and the North Slope of Alaska. He earned his BA in geological engineering from the Colorado School of Mines and his MBA from Duke University. He is a CFA charterholder.

Ben Kirby is an associate portfolio manager of the Thornburg Developing World Fund. His primary responsibilities include research and analysis of companies for consideration in the Equity Funds. Ben joined Thornburg in July of 2008 as an equity research analyst and was promoted to associate portfolio manager in 2011. Prior to graduate school, Ben was a software engineer at Pinnacle Business Systems in Oklahoma City, OK.

Ben holds a BA in Computer Science from Fort Lewis College and an MBA from Duke University.

Robert MacDonald is an associate portfolio manager for Thornburg Investment Management. His primary responsibilities include research and analysis of companies for consideration in the Equity Funds. Robert joined Thornburg in June of 2007.

Prior to graduate school, Robert was an investment associate at Putnam Investments in Boston, covering the telecommunications industry. Robert holds a BA in Economics and Computer Science from Amherst College, where he was an All-American in hockey. He received his MBA from the University of Chicago and he is a CFA charterholder.

Connor Wilson is an associate portfolio manager of the Thornburg Global Opportunities Fund. His primary responsibilities include research and analysis of companies for consideration in the Equity Funds. Connor joined Thornburg in July of 2007 as an equity research analyst and was promoted to associate portfolio manager in 2011.

Connor holds a BA in Government from Harvard University. He is a CFA charterholder.

Jim Gassman is a senior equity research analyst at Thornburg Investment Management. His primary responsibilities include research and analysis of companies for consideration in the Equity Funds. Jim joined Thornburg in July of 2011.

Prior to joining Thornburg, Jim worked as a senior equity analyst at Baird Investment Management based in Milwaukee. Before Baird, Jim worked as an analyst and portfolio manager for AIM Investments in Houston and San Francisco. He graduated from the University of the Pacific with a BS degree in Business Administration and from Tulane University with an MBA.

Tamara Manoukian is an equity research analyst at Thornburg Investment Management. Her primary responsibilities include research and analysis of companies for consideration in the Equity Funds. Tamara joined Thornburg in February of 2010.

Prior to joining Thornburg, Tamara worked as an investment analyst at Greenwood Investments based in Boston. She graduated cum laude from Boston University School of Management with a BS degree in Business Administration with a concentration in Finance. She is a CFA charterholder.

Edward Su is an equity research analyst at Thornburg Investment Management. His primary responsibilities include research and analysis of companies for consideration in the Equity Funds. He joined Thornburg in November of 2011.

Prior to joining Thornburg, Ed worked as a research analyst at Crystal Rock Capital. Ed holds a BS in Business Administration from the University of North Carolina at Chapel Hill and an MBA from the University of Chicago Booth School of Business. He is a CFA charterholder.

Di Zhou is an equity research analyst at Thornburg Investment Management. Her primary responsibilities include research and analysis of companies for consideration in the Equity Funds. She joined Thornburg in September of 2010. Prior to graduate school, Di was a senior associate at Wilshire Associates Incorporated covering Growth Equity and Fixed Income investment manager research.

Di holds a BA in Business Administration from University of Southern California and an MBA from the University of Chicago Booth School of Business. She is a CFA charterholder and a certified FRM (Financial Risk Manager) holder.

Jason Brady is a managing director for Thornburg Investment Management. He is the portfolio manager of the Thornburg Limited Term U.S. Government Fund and co-portfolio manager of the Thornburg Limited Term Income Fund, Thornburg Investment Income Builder Fund, and Thornburg Strategic Income Fund.

Jason joined Thornburg in 2006 as an associate portfolio manager and was named managing director in 2007. Prior to joining Thornburg, he was a portfolio manager with Fortis Investments in Boston, MA, and has held various positions at Fidelity Investments and Lehman Brothers. Jason holds a BA with Honors in Environmental Biology and English from Dartmouth College and an MBA with concentrations in Analytical Finance and Accounting from Northwestern’s Kellogg Graduate School of Management. He is a CFA charterholder.

Lon Erickson is a managing director and co-portfolio manager for the Thornburg Limited Term Income Fund. He is responsible for the analysis and management of taxable fixed income securities.

Lon joined Thornburg in 2007 and was elected managing director in 2009 and co-portfolio manager in 2010. Prior to joining Thornburg, Lon spent almost 11 years as an analyst for State Farm Insurance in both the Equity and Corporate Bond Departments. Lon earned his BA in Business Administration with a minor in Economics from Illinois Wesleyan University and his MBA from the University of Chicago Graduate School of Business. Lon is a CFA charterholder.

Josh Gonze is a managing director for Thornburg Investment Management and co-portfolio manager for Thornburg Municipal Bond Funds. He is responsible for credit analysis for new bond transactions, monitoring credit quality within the portfolios, and evaluation of sector-wide credit trends. His scope of activity includes assessment of industry, business, and financial risk, including calculation of financial and operating ratios. He also assists in trading bonds for both the mutual funds and private accounts.

Josh joined Thornburg Investment Management in 1999, and was named managing director in 2003. He was promoted to co-manager in 2007. Prior to joining Thornburg, Josh served as an associate director at Standard and Poor’s, where he set credit ratings for corporate bonds. Prior to Standard and Poor’s, Josh worked in corporate banking at the Toronto-Dominion Bank in New York. Josh holds a BA in economics from Oberlin College and an MBA in finance from the New York University School of Business.

Christopher Ihlefeld is a managing director for Thornburg Investment Management and co-portfolio manager of Thornburg Municipal Bond Funds. Christopher specializes in the trading, monitoring, and structuring of municipal bond portfolios.

Christopher joined Thornburg Investment Management as a dealer services representative in 1996. Prior to joining the portfolio management team he served at Thornburg as an information technology specialist and program analyst. In 2006, Christopher was elected managing director and in 2007, he was promoted to co-manager. Christopher holds a BA in Liberal Arts from Rollins College and an MBA in Finance from the College of Santa Fe.

Christopher Ryon is a managing director for Thornburg Investment Management and co-portfolio manager of the Thornburg Municipal Bond Funds. Chris specializes in the trading, monitoring, and structuring of municipal bond strategies.

Chris joined Thornburg in 2008 and was elected managing director in 2009. He has 25 years of investment management experience. Before joining Thornburg, Chris served as head of the Long Municipal Bond Group for Vanguard Funds. There, he oversaw the management of over $45 billion in 12 intermediate- and long-term municipal bond funds.

Chris holds a BS from Villanova University and an MBA from Drexel University. He is also a CFA charterholder.

George Strickland is a managing director for Thornburg Investment Management and co-portfolio manager of the Thornburg Strategic Income Fund. He joined Thornburg Investment Management as an associate portfolio manager in 1991, and was elected managing director in 1996. Until 2010, he managed the Thornburg Municipal Bond Funds.

Prior to joining Thornburg, George began his financial career with the Calvert Group. He received his BA in Economics from Davidson College and his MBA in Finance from the University of Maryland.

Dave Ashley joined Thornburg Investment Management as an associate portfolio manager in May of 2011. He assists in managing Thornburg’s municipal bond portfolios and separate accounts.

Prior to joining Thornburg, Dave was a credit analyst for Wilmington Trust. Dave earned both his B.S. in Finance and MBA from the University of Delaware. Dave has passed all three levels of the CFA Program and may be eligible for the CFA charter upon completion of the required work experience.

David Musolf is an assistant portfolio manager for Thornburg Investment Management. He assists in managing Thornburg’s taxable bond portfolios and separate accounts. David joined Thornburg as an associate in March of 2007 and became an assistant portfolio manager in 2011.

Prior to joining Thornburg, David worked as a senior credit analyst for Bank of America and MBNA. David received a BA in Sociology from Youngstown State University.

Daniel Petrush joined Thornburg Investment Management as an assistant portfolio manager in March of 2010. Daniel helps manage Thornburg's municipal bond portfolios and separate accounts.

Prior to joining Thornburg, Daniel held analyst positions at Great-West Life in Denver and Lehman Brothers in New York. Daniel earned his B.S. in finance from Syracuse University.

Nicholos Venditti is an associate portfolio manager of the Thornburg Municipal Bond Funds. His primary responsibilities involve monitoring existing portfolio positions as well as analyzing potential new acquisitions. Nick joined Thornburg in April of 2010 as a fixed income research analyst and was promoted to associate portfolio manger in 2011.

Prior to joining Thornburg, Nick spent the last three years working as assistant vice president for the bond insurer, FSA (now merged with Assured Guaranty Corp). Nick has a Masters of Science in Finance from Syracuse University, a Masters of Arts in Applied Economics from the University of North Carolina – Greensboro, and a BA degree from Trinity University.

Jeff Klingelhofer is a fixed income analyst for Thornburg Investment Management. He is responsible for analyzing new and existing portfolio positions in addition to portfolio analytics for the firm’s taxable fixed income portfolio’s. Jeff joined Thornburg in July of 2010.

Prior to joining Thornburg, Jeff spent four years with PIMCO in their Newport Beach, Tokyo and London offices where he was responsible for monitoring portfolio leverage and risk tolerances. Jeff also worked as CMBS ratings intern with DBRS in addition to interning with the CalPERS alternative assets team. Jeff earned his BA in Economics with a minor in Business from The University of California at Irvine and his MBA from The University of Chicago Booth School of Business.