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 $87 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 3/31/2013

Brian McMahon is chief executive officer and chief investment officer of Thornburg Investment Management. He is responsible for the company’s overall investment activity. Brian is also portfolio manager of the Thornburg Investment Income Builder Fund and the Global Opportunities Fund.

Brian was named president of Thornburg Investment Management in 1997 and CEO in 2008. He was portfolio manager of Thornburg's laddered municipal bond portfolios from their inception until 2000, and remains actively involved in securities analysis for other Thornburg portfolios.

Brian 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 Investment Management as chief investment officer in 1984.

Brian McMahon is chief executive officer and chief investment officer of Thornburg Investment Management. He is responsible for the company’s overall investment activity. Brian is also portfolio manager of the Thornburg Investment Income Builder Fund and the Global Opportunities Fund.

Brian was named president of Thornburg Investment Management in 1997 and CEO in 2008. He was portfolio manager of Thornburg's laddered municipal bond portfolios from their inception until 2000, and remains actively involved in securities analysis for other Thornburg portfolios.

Brian 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 Investment Management as chief investment officer in 1984.

Connor Browne is portfolio manager of the Thornburg Value Fund. Connor joined Thornburg Investment Management in August of 2001 as associate portfolio manager and was promoted to portfolio manager in 2006.

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 portfolio manager of the Thornburg Core Growth Fund and the Thornburg International Growth Fund. He joined Thornburg as an equity research associate in 2007, was named associate portfolio manager in 2009, and was named portfolio manager in 2012.

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

Greg Dunn is portfolio manager of the Thornburg Core Growth Fund and the Thornburg International Growth Fund. Greg joined Thornburg in 2002 as research communications director for the marketing department, was promoted to equity research associate in 2005, and was named associate portfolio manager in 2008.

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 portfolio manager of the Thornburg International Value Fund. He joined Thornburg in 1995 as managing director and founding portfolio manager of the Thornburg Value Fund, and founded the Thornburg International Value Fund three years later in 1998.

For his work on the Thornburg International Value Fund, Bill was named Morningstar's 2003 International Fund Manager of the Year. For his guidance of Thornburg Value Fund, he was recognized with the Excellence in Fund Management Award by BusinessWeek Magazine/Standard & Poor's in both 2004 and 2005. He was again acknowledged in 2006 with the Excellence in Fund Management Award for Thornburg International Value Fund.

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

Lewis Kaufman is portfolio manager of the Thornburg Developing World Fund and of the Thornburg International ADR portfolio. Lewis joined Thornburg Investment Management in 2005 as an associate portfolio manager. In 2006, he was promoted to portfolio manager of the ADR portfolio. In 2009, he was named manager of the Developing World Fund.

Lewis holds an MBA from Duke University's Fuqua School of Business. He graduated cum laude from Colgate University with a BA in English. He is a CFA charterholder. Prior to joining Thornburg, Lewis held various investment-related positions with Morgan Stanley and Citigroup.

Ben Kirby is portfolio manager of the Thornburg Investment Income Builder Fund. He joined Thornburg in 2008 as an equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager in 2013.

Ben holds a BA in computer science from Fort Lewis College and an MBA from Duke University. Prior to graduate school, Ben was a software engineer at Pinnacle Business Systems in Oklahoma City, Oklahoma. He is a CFA charterholder.

Edward Maran is portfolio manager of the Thornburg Value Fund. He joined Thornburg Investment Management as an associate portfolio manager in 2002 and in 2006 was promoted to portfolio manager.

Ed earned 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. Prior to joining Thornburg, Ed served as an equity analyst with primary responsibility for financial services stocks at USAA Investment Management Company. He has also served as a financial analyst at British Petroleum, as a private equity analyst at Kling, Rechter & Co., and as a senior analyst covering major oil companies at A.G. Edwards & Sons.

Wendy Trevisani is portfolio manager of the Thornburg International Value Fund and the International ADR portfolio. Ms. Trevisani began her investment career as an institutional sales and trading representative (focusing on asset- and mortgage-backed securities) for Salomon Smith Barney in New York City and London.

Ms. Trevisani received a BA from Bucknell University cum laude in 1992, and an MBA from Columbia University in 1996.

Vinson Walden is portfolio manager of the Thornburg Global Opportunities Fund. He joined the firm as an associate portfolio manager in 2002 as a member of the management team for the Thornburg Value and International Funds. He was promoted to portfolio manager in 2006.

Vinson holds a BS from Boston University and an MBA from Columbia University. He is a CFA charterholder. Prior to joining Thornburg, Vinson served as an associate for Lehman Brothers in New York City.

Lei Wang is portfolio manager of the Thornburg International Value Fund. He joined Thornburg Investment Management in 2004 as an associate portfolio manager and was promoted to portfolio manager in 2006.

Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder. Prior to joining Thornburg, Lei served as an associate for Deutsche Bank as well as for Enso Capital Management. He has also worked as a bank supervision manager at China's central bank.

Rolf Kelly is an associate portfolio manager for Thornburg Investment Management. Rolf joined Thornburg in 2007 as an equity research analyst and was promoted to associate portfolio manager in 2011.

He earned a BA in geological engineering from the Colorado School of Mines and an MBA from Duke University. He is a CFA charterholder. 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.

Robert MacDonald is an associate portfolio manager for Thornburg Investment Management. He joined Thornburg in 2007.

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

Charlie Wilson is an associate portfolio manager for the Thornburg equity teams. He joined Thornburg in 2012.

Charlie earned a BS in geology from the University of Arizona in Tucson, and a Ph.D. in geophysics from the University of Colorado in Boulder. Prior to joining Thornburg, Charlie served as co-portfolio manager for Marsico Capital Management in Denver, Colorado. He was responsible for portfolio investments across multiple strategies and geographies, with specialization in materials, energy, technology, and payments sectors.

Brian Burrell is an equity research analyst for Thornburg Investment Management. He joined the firm in 2012.

Brian earned a BA in economics from Reed College and an MBA from the University of Wisconsin in the Applied Security Analysis Program (ASAP). He has passed the CFA level I and II exams, and is now a CFA level III candidate. Prior to joining Thornburg, Brian was a business journalist and economic consultant for a variety of publications in Addis Ababa, Ethiopia.

Jim Gassman is a senior equity research analyst for Thornburg Investment Management. Jim joined Thornburg in 2011.

Jim graduated from the University of the Pacific with a BS in business administration, and then earned an MBA from Tulane University. Prior to joining Thornburg, Jim worked as a senior equity analyst at Baird Investment Management in Milwaukee. Prior to working at Baird, Jim worked as an analyst and portfolio manager for AIM Investments in Houston/San Francisco.

Tamara Manoukian is an equity research analyst at Thornburg Investment Management. She joined Thornburg in 2010.

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

Michael Roberge is an equity research analyst for Thornburg Investment Management. He joined the firm in 2012.

Michael earned a BS in management, with an emphasis in finance, from Brigham Young University. He has passed the CFA level I and II exams, and is a CFA level III candidate. Prior to joining Thornburg, he served as a research associate at Brandes Investment Partners in San Diego, where he covered domestic and international industrials. Michael also interned as a global data analyst at Bloomberg LP.

Edward Su is an equity research analyst for Thornburg Investment Management. He joined Thornburg in 2011.

Ed holds a BS in business administration from the University of North Carolina at Chapel Hill and an MBA from the University of Chicago’s Booth School of Business. He is a CFA charterholder. Prior to joining Thornburg, Ed was a research analyst at Crystal Rock Capital in Lake Forest, Illinois and an associate at Devon Value Advisers in New York City.

Sean Sun is an equity research analyst for Thornburg Investment Management. He joined Thornburg in 2012.

Sean graduated with a BA in economics from the University of California at Berkeley. He served as a product manager at HSBC before earning an MBA from the University of Chicago's Booth School of Business. He is a CFA charterholder. Prior to joining Thornburg, Sean held portfolio analysis and modeling positions at Bank of America.

Di Zhou is an equity research analyst for Thornburg Investment Management. She joined Thornburg in 2010.

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

Prior to graduate school, Di was a senior associate at Wilshire Associates, covering growth equity and fixed income manager research.

Jason Brady is portfolio manager of the Thornburg Limited Term U.S. Government Fund, the Limited Term Income Fund, the Investment Income Builder Fund, and the Strategic Income Fund. He joined Thornburg in 2006 as an associate portfolio manager and was promoted to portfolio manager in 2007.

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. Prior to joining Thornburg Investment Management, Jason was a portfolio manager with Fortis Investments in Boston, and has held various positions at Fidelity Investments and Lehman Brothers.

Lon Erickson is portfolio manager of the Thornburg Limited Term Income Fund, responsible for the analysis and management of taxable fixed income securities. Lon joined Thornburg in 2008 and was made portfolio manager in 2010.

Lon earned a BA in business administration with a minor in economics from Illinois Wesleyan University and an MBA from the University of Chicago's Graduate School of Business. He is a CFA charterholder. Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments.

Josh Gonze is manager of the Thornburg municipal bond portfolios. He is responsible for credit analysis for new municipal bond transactions, monitoring credit quality within the portfolios, and evaluation of sector-wide credit trends. Josh also assists in trading for both the municipal mutual funds and private accounts. He joined Thornburg in 1999 and was promoted to portfolio manager in 2007.

Josh holds a BA in economics from Oberlin College and an MBA in finance from the New York University School of Business. Prior to joining Thornburg Investment Management, he served as an associate director at Standard and Poor's (S&P), where he helped establish credit ratings for corporate bonds. Josh worked in corporate banking at the Toronto-Dominion Bank in New York before joining S&P.

Christopher Ihlefeld is manager of the Thornburg municipal bond portfolios. He joined Thornburg Investment Management as a dealer services representative in 1996. Christopher served as an information technology specialist and program analyst before joining the bond team as associate portfolio manager in 1998. He was promoted to portfolio manager in 2007.

Christopher holds a BA in liberal arts from Rollins College and an MBA in finance from the College of Santa Fe.

Christopher Ryon is manager of the Thornburg municipal bond portfolios. He joined Thornburg as an associate portfolio manager in 2008, was made portfolio manager of the Strategic Municipal Income Fund in 2009, and of the core municipal funds in 2010.

Chris holds a BS from Villanova University, an MBA from Drexel University, and is a CFA charterholder. Chris has 25 years of experience in the investment management field. Before joining Thornburg Investment Management, he served as head of the long municipal bond group for Vanguard Funds, where he oversaw the management of more than $45 billion in 12 intermediate- and long-term municipal bond funds.

David Ashley assists in managing Thornburg's municipal bond portfolios. He joined Thornburg as an associate portfolio manager in May 2011.

Dave earned a BS in finance and MBA from the University of Delaware in 2001. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Dave was a credit analyst for Wilmington Trust in Delaware.

Jeff Klingelhofer is an associate portfolio manager for Thornburg Investment Management; he joined the firm in 2010 and works on the fixed income team.

Jeff earned a BA in economics with a minor in business from The University of California at Irvine, and an MBA from The University of Chicago's Booth School of Business in 2010. He is also a CFA charterholder. Prior to joining Thornburg Investment Mangement, Jeff spent four years with PIMCO, where he was responsible for monitoring portfolio leverage and risk tolerances. Jeff also worked as commercial mortgage-backed securities intern with ratings agency DBRS, and interned with the CalPERS alternative assets team.

David Musolf assists in managing Thornburg's taxable bond portfolios. He joined Thornburg as an associate in March of 2007 and became assistant portfolio manager in 2011.

David received a BA in sociology from Youngstown State University in 1998. Prior to joining Thornburg, he worked as a senior credit analyst in the risk detection/high credit line unit of MBNA/Bank of America in Beachwood, Ohio. David was with MBNA/Bank of America for seven years.

Daniel helps manage Thornburg's municipal bond portfolios. He joined Thornburg Investment Management as an assistant portfolio manager in March 2010 and became associate portfolio manager in March 2012.

Daniel earned his BS in finance from Syracuse University in 2000. Prior to joining Thornburg Investment Management, Daniel held analyst positions at Great West Life in Denver and at Lehman Brothers in New York.

Nicholos Venditti is an associate portfolio manager of the Thornburg municipal bond portfolios. Nick joined Thornburg in April 2010 as a fixed income research analyst and was promoted to associate portfolio manager in 2011.

Nick earned an MS in finance from Syracuse University, an MA in applied economics from the University of North Carolina - Greensboro, and a BA from Trinity University. Prior to his joining Thornburg Investment Management, Nick spent three years working as assistant vice president for bond insurer FSA (now merged with Assured Guaranty Corp).

Ali Hassan is a fixed income analyst for Thornburg Investment Managment. He joined Thornburg in 2013. Ali graduated from Stanford University with a BA in economics and a BS in mathematical & computational science.

Prior to his joining Thornburg, Ali worked at Lone Star Funds, Zeo Capital Advisors, and H.I.G. Capital-on distressed credit and turnaround private equity investments. He began his career as a credit analyst in Citigroup's loan origination and loan workout groups.

Christian Hoffmann is a fixed income securities analyst for Thornburg Investment Management. He joined the firm in 2012.

Christian graduated cum laude from New York University with a BA in economics. Prior to joining Thornburg, he served as a senior credit analyst with H.I.G. Capital in Miami, Florida, where he specialized in distressed debt investments and credit-driven special situations. Christian began his career in the investment banking division of Lehman Brothers and later spent several years working on the high yield research desk at Lehman Brothers and (when it acquired that company's North American assets) at Barclays Capital.