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 $52 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. gt@thornburg.com

*Assets as of 12/31/09

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 a co-portfolio manager for the Thornburg Investment Income Builder Fund and the Thornburg Global Opportunities Fund. Brian was named CEO in January 2008 and has been president of Thornburg Investment Management since 1997.

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. bmcmahon@thornburg.com

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 a co-portfolio manager for the Thornburg Investment Income Builder Fund and the Thornburg Global Opportunities Fund. Brian was named CEO in January 2008 and has been president of Thornburg Investment Management since 1997.

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. bmcmahon@thornburg.com

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.crbrowne@thornburg.com

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 30 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.bfries@thornburg.com

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 as an associate portfolio manager in 2005. 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. lkaufman@thornburg.com

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. emaran@thornburg.com

Alex Motola is a managing director and portfolio manager of the Thornburg Core Growth Fund and the Thornburg International Growth Fund. Alex is directly responsible for the Thornburg Core Growth Fund, which he has managed since its inception in 2000 and the Thornburg International Growth Fund which was launched in 2007.

Prior to joining Thornburg, Alex began his financial career as an investment specialist with CoreLink Financial and later served as a portfolio manager with Insight Capital. He holds BAs in English, History, and Medieval Studies and graduated with Honors and Distinction from the University of California, Santa Barbara. He also holds an MBA from the Haas School of Business, University of California at Berkeley. Alex is a CFA charterholder. amotola@thornburg.com

Cliff Remily is a managing director and co-portfolio manager for the Thornburg Investment Income Builder Fund.  He also contributes as a team member on other Equity Funds including the Thornburg Value, and International Value Funds.  Cliff joined the firm in 2006 as an equity research analyst. He was elected managing director in 2009 and promoted to co-portfolio manager in 2010.

Cliff holds a BA from the University of Washington where he graduated cum laude and an MBA from the University of Southern California. Prior to joining Thornburg, Cliff worked as a Financial Analyst for Kennedy Associates Real Estate Counsel, as an Equity Analyst for Zack’s Investment Research Firm and as an Intern-Equity Research Analyst for Brandes Investment Partners. He is a CFA charterholder. cremily@thornburg.com

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 Fund since inception, and
was promoted to co-manager of the Thornburg International Value strategy
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.
wtrevisani@thornburg.com

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. vwalden@thornburg.com

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 and in 2006 was promoted to co-portfolio manager for the International Value Fund and was also 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. lwang@thornburg.com

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

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

Greg Dunn is a managing director and an associate portfolio manager for the Thornburg Core Growth Fund and the Thornburg International Growth Fund. His primary responsibilities include research and analysis of companies for consideration in the Equity Funds. Greg joined Thornburg in 2002 as research communications director for the marketing department and was promoted to equity research associate in 2005. He was 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. gdunn@thornburg.com

Rolf Kelly is an equity research analyst at Thornburg Investment Management. His primary responsibility involves analyzing companies for the Equity Funds. Rolf joined Thornburg in August of 2007. 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.

Rolf holds a BA in geological engineering from the Colorado School of Mines and an MBA from Duke University. He is a CFA charterholder. rkelly@thornburg.com

Ben Kirby is an equity research analyst at Thornburg Investment Management. His primary responsibilities include research and analysis of companies for consideration in the Equity Funds. Ben joined Thornburg in July of 2008. 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. bkirby@thornburg.com

Robert MacDonald is an equity research analyst 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. rmacdonald@thornburg.com

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.

Connor Wilson is an equity research analyst for Thornburg Investment Management. His primary responsibilities include research and analysis of companies for consideration in the Equity Funds. Connor joined Thornburg in July of 2007.

Connor holds a BA in Government from Harvard University.cwilson@thornburg.com

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. jbrady@thornburg.com

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. jgonze@thornburg.com

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. cihlefeld@thornburg.com

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

Chris joined Thornburg in 2008 and was elected managing director in 2009. He has 23 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. cryon@thornburg.com

George Strickland is a managing director and co-portfolio manager of the Thornburg Municipal Bond Funds and Thornburg Strategic Income Fund. He is responsible for overseeing the research, trading, and strategic positioning of municipal bond portfolios. They include three national funds, three single state funds, and numerous separate accounts.

George joined Thornburg Investment Management as an associate portfolio manager in 1991, and was elected managing director in 1996. Prior to joining Thornburg, George began his financial career with the Calvert Group and has his BA in Economics from Davidson College and his MBA in Finance from the University of Maryland.gstrickland@thornburg.com

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. In 1997, Lon earned his B.A. in Business Administration with a minor in Economics from Illinois Wesleyan University and in 2003, he earned his MBA from the University of Chicago Graduate School of Business. Lon is a CFA charterholder. lerickson@thornburg.com

Yvette Garcia is an associate portfolio manager for Thornburg Investment Management. Yvette joined Thornburg in 1997 as a mutual fund support services representative and was promoted to mutual fund support services manager in 2000. In 2002, she was named associate portfolio manager and assists portfolio manager Jason Brady with the management of taxable fixed income securities as well as separate accounts.

Yvette received her BBS at the University of Notre Dame. ygarcia@thornburg.com