People
  • Executive Management
  • Equity Team
  • Fixed Income Team
  • Thornburg Investment Trust Trustees

Executive Management

Garrett Thornburg
Chairman

Garrett  Thornburg

Garrett Thornburg is a recognized leader in innovative, actively managed, disciplined investment strategies and is chairman of Thornburg Investment Management, Inc., which he founded in 1982. Headquartered in Santa Fe, New Mexico, Thornburg Investment Management is an employee-owned investment firm that manages seven equity mutual funds and 11 fixed-income funds for individual and institutional clients.

Before forming Thornburg Investment Management, Mr. Thornburg was a limited partner of Bear, Stearns & Co. and a founding member of that firm’s public finance department. He was also chief financial officer of New York State’s Urban Development Corporation, and served as financial advisor to the State of New Mexico’s Board of Finance. Mr. Thornburg is currently the chairman and chief executive officer of Chamisa Energy, LLC, a compressed air energy storage company.

He is a member of the Board of Governors of the Investment Company Institute and serves on the Board of Directors of the New Mexico School for the Arts – Art Institute. He is also president of the Thornburg Foundation and personally leads the company’s philanthropic efforts. Active in New Mexico philanthropy, in 2010 he received the Philanthropist of the Year award from the Journal Santa Fe, and in 2013 he was awarded the New Mexico Distinguished Public Service Lifetime Achievement Award. He is a former board member of the National Dance Institute of New Mexico, the Santa Fe Institute, and the Santa Fe Community Foundation. Mr. Thornburg received his BA from Williams College and his MBA from Harvard University.

Brian McMahon
CEO and Chief Investment Officer

Brian  McMahon

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.

Michael Doorley
Executive Vice President, Chief Operating Officer
Managing Director

Michael  Doorley

Michael Doorley is executive vice president and chief operating officer of Thornburg Investment Management, and was named managing director in 2014. His experience in various executive roles within the financial services industry dates to 1979. He worked two years as an auditor with Deloitte & Touche, 16 years as chief financial and chief administrative officer with Van Eck Global, and 11 years in senior roles with Prudential Financial. Michael served as executive vice president - first as chief administrative officer and then as chief of operations - during his two years with Fidelity Investments.

Michael audited mutual funds at Deloitte & Touche. During his tenure at Van Eck Global, he oversaw, at various intervals, all non-investment aspects of that firm's mutual fund, hedge fund, and separate account businesses. Most of his time at Prudential Financial was spent as chief administrative officer in the firm's international division (which included insurance, securities, and investment management businesses in 30 countries) and in global marketing communications, which included, among other areas, advertising, branding, and market-research functions. While at Fidelity, Michael served on the firm's executive committee, along with nine P&L and functional operating-group heads. After leaving Fidelity, he formed his own consulting practice to provide operations advice to investmentindustry clients.

Michael has a BA in accounting from Fordham University and an MA in management and operations from Harvard University. He is a CPA in New York State.


Equity Portfolio Managers

Brian McMahon
CEO and Chief Investment Officer

Brian  McMahon

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, CFA
Portfolio Manager and Managing Director

Connor  Browne

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, CFA
Portfolio Manager and Managing Director

Tim  Cunningham

Tim Cunningham is portfolio manager of the Thornburg Core Growth Fund and the 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
Portfolio Manager and Managing Director

Greg  Dunn

Greg Dunn is portfolio manager of the Thornburg Core Growth Fund and the International Growth Fund. Greg joined Thornburg in 2002 as research communications director for the marketing department, was promoted to equity research associate in 2005, was named associate portfolio manager in 2008, and was named portfolio manager in 2012.

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.

William Fries, CFA
Portfolio Manager and Managing Director

William  Fries

Bill Fries is portfolio manager of the Thornburg International Value Fund as well as the Global Equity ex-U.S. 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  ornburg 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, CFA
Portfolio Manager and Managing Director

Lewis  Kaufman

Lewis Kaufman is portfolio manager of the Thornburg Developing World Fund. He joined Thornburg Investment Management in 2005 as an associate portfolio manager. From 2006 to 2013, he was the portfolio manager of the International ADR Strategy. In 2009, Lewis was named portfolio 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.

Rolf Kelly, CFA
Portfolio Manager and Managing Director

Rolf  Kelly

Rolf Kelly is portfolio manager of the Thornburg Socially Screened International Equity Strategy. Rolf joined Thornburg Investment Management in 2007 as an equity research analyst. He was promoted to associate portfolio manager in 2011 and portfolio manager in 2014.

He earned a BA in geological engineering from the Colorado School of Mines and an MBA from Duke University's Fuqua School of Business. 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.

Ben Kirby, CFA
Portfolio Manager and Managing Director

Ben  Kirby

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's Fuqua School of Business. Prior to graduate school, Ben was a software engineer at Pinnacle Business Systems in Oklahoma City, Oklahoma. He is a CFA charterholder.

Robert MacDonald, CFA
Portfolio Manager

Robert  MacDonald

Robert MacDonald is portfolio manager of the Thornburg U.S. Equity Strategy. Robert joined Thornburg Investment Management in 2007 as associate portfolio manager and was promoted to portfolio manager in 2014.

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.

Wendy Trevisani
Portfolio Manager and Managing Director

Wendy  Trevisani

Wendy Trevisani is portfolio manager of the Thornburg International Equity Strategy. Additionally, she has co-managed the International ADR Strategy and the Socially Screened International Equity Strategy since their inceptions. She served as co-portfolio manager of the Thornburg International Value Fund from 2006 to 2014. Prior to joining Thornburg in 1999, Wendy was employed by Salomon Smith Barney in both New York City and London as an institutional sales and trading representative focusing on mortgage and asset-backed securities.

Wendy received her BA degree (cum laude) from Bucknell University in 1992 with a major in International Relations, and her MBA degree from Columbia Business School in 1996.

W. Vinson Walden, CFA
Portfolio Manager and Managing Director

W. Vinson Walden

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, CFA
Portfolio Manager and Managing Director

Lei  Wang

Lei Wang is portfolio manager of the Thornburg International Value Fund as well as the Global Equity ex-U.S. 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, he 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.

Charles Wilson, PhD
Portfolio Manager and Managing Director

Charles  Wilson

Charlie Wilson is portfolio manager of the Thornburg International Equity Strategy, as well as the Thornburg International ADR Strategy. He joined Thornburg in 2012 as associate portfolio manager and was named portfolio manager in 2014.

Charlie earned a BS in geology from the University of Arizona in Tucson, and a PhD 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.

Associate Portfolio Managers and Equity Research Analysts

Jim Gassman
Associate Portfolio Manager

Jim  Gassman

Jim Gassman is an associate portfolio manager for Thornburg Investment Management. He joined Thornburg in 2011 as an equity research analyst and was promoted to associate portfolio manager in 2014.

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.

Edward Su, CFA
Associate Portfolio Manager

Edward  Su

Ed Su is an associate portfolio manager for Thornburg Investment Management. Ed joined Thornburg in 2011 as an equity research analyst and was promoted to associate portfolio manager in 2014.

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.

Di Zhou, CFA, FRM®
Associate Portfolio Manager

Di  Zhou

Di Zhou is an an associate portfolio manager 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.

Brian Burrell
Equity Research Analyst

Brian  Burrell

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 all three levels of the CFA exam. Prior to joining Thornburg, Brian was a business journalist and economic consultant for a variety of publications in Addis Ababa, Ethiopia.

Ted Chang
Equity Research Analyst

Ted  Chang

Ted Chang is an equity research analyst for Thornburg Investment Management. He joined Thornburg in 2014.

Ted holds an MBA from the University of Southern California and graduated from the University of California, Los Angeles with a BA in political science. Prior to joining Thornburg, Ted served as a research analyst at 300 North Capital in Pasadena, where he covered domestic industrials and materials stocks. Before joining 300 North Capital, Ted held positions with Zurich Financial Services and QuinStreet.

Pablo Echavarria, CFA
Equity Research Analyst

Pablo  Echavarria

Pablo Echavarria is an equity research analyst for Thornburg Investment Management. He joined the firm in 2014.

He holds a BA in business administration from Drexel University. He is also a CFA charterholder. Pablo worked as a global equity analyst at Turner Investment Partners from 2007 to late 2013, where he supported various equity portfolios and was directly responsible for the firm's Latin American financials coverage. Prior to working at Turner, Pablo worked as a trading assistant at BlackRock.

Elias Erickson
Equity Research Analyst

Elias  Erickson

Elias Erickson is an equity research analyst for Thornburg Investment Management. He joined the firm in 2013.

Elias holds an MBA from the Stanford Graduate School of Business and a BS in management (magna cum laude), with an emphasis in finance, from Brigham Young University, where he was a presidential scholar. Prior to joining Thornburg, he served as a research associate at Dodge & Cox Funds in San Francisco, where he covered domestic and international industrials and medical devices. Before joining Dodge & Cox, Elias held positions with Lehman Brothers/Barclays Capital in its healthcare investment banking group and at NEC Venture Development.

Tamara Manoukian, CFA
Equity Research Analyst

Tamara  Manoukian

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.

Miguel Oleaga
Equity Research Analyst

Miguel  Oleaga

Miguel Oleaga is an equity research analyst for Thornburg Investment Management. He joined Thornburg in 2014.

Miguel holds a BS in business administration (finance and management specialties) from the University of Massachusetts. Prior to his joining Thornburg, Miguel worked at Putnam Investments, conducting general global equity analysis supporting growth, value, and dividend-focused mandates. He held a series of positions of increasing responsibility at Putnam beginning in 2004.

Robert Quirk, CFA
Equity Research Analyst

Robert  Quirk

Robert is an equity research analyst at Thornburg Investment Management. He joined Thornburg in 2008.

Robert holds a BBA in Finance from Southern Methodist University’s Cox School of Business. He is a CFA charterholder. Prior to joining the investment team in 2014, Robert was a mutual fund specialist in Thornburg’s Research Communications Group.

Michael F. Roberge, CFA
Equity Research Analyst

Michael F. Roberge

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 is a CFA charterholder. Prior to joining Thornburg, Michael 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.

Bimal Shah
Equity Research Analyst

Bimal  Shah

Bimal Shah is an equity research analyst for Thornburg Investment Management. He joined the firm in 2014.

Prior to his joining Thornburg, Bimal was a senior investment analyst at Waterstone Capital Management and a research analyst at Macquarie Securities Group. He also held various management positions at Citigroup in New York. Bimal began his career as an associate at Standard & Poor’s. He holds an MBA from the University of Maryland.

Sean Koung Sun, CFA
Equity Research Analyst

Sean Koung Sun

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.


Fixed Income Portfolio Managers

Jason Brady, CFA
Portfolio Manager and Managing Director

Jason  Brady

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, CFA
Portfolio Manager and Managing Director

Lon  Erickson

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
Portfolio Manager and Managing Director

Josh  Gonze

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 Ryon, CFA
Portfolio Manager and Managing Director

Christopher  Ryon

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.

In 2013, Chris was selected as a member of the Municipal Securities Rulemaking Board’s (MSRB) board of directors.

Fixed Income Assistant/Associate Portfolio Managers and Analysts

David Ashley, CFA
Associate Portfolio Manager

David  Ashley

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.

Christian Hoffmann, CFA
Associate Portfolio Manager

Christian  Hoffmann

Christian Hoffmann is an associate portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income securities analyst and was promoted to associate portfolio manager in 2014.

Christian graduated cum laude from New York University with a BA in economics. He is also a CFA charterholder. 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.

Jeff Klingelhofer, CFA
Associate Portfolio Manager

Jeff  Klingelhofer

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 Management, 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, CFA
Assistant Portfolio Manager

David  Musolf

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. He is also a CFA charterholder. 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 Petrush
Associate Portfolio Manager

Daniel  Petrush

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
Associate Portfolio Manager

Nicholos  Venditti

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
Fixed Income Analyst

Ali  Hassan

Ali Hassan is a fixed income analyst for Thornburg Investment Management. 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.

Jose Pluto
Fixed Income Analyst

Jose  Pluto

Jose Pluto is a fixed income analyst for Thornburg Investment Management. He joined Thornburg in 2013.

Jose earned a BA in government from Dartmouth College, and an MBA in finance and management strategy from Northwestern University's Kellogg School of Management. Prior to joining Thornburg, he was a government bond portfolio manager with Stark Investments, a fixed-income salesperson with Goldman Sachs, and a derivatives structurer with both JP Morgan and BankOne.

Trustees of Thornburg Investment Trust

David A. Ater

David Ater is a real estate developer and investor in Santa Fe, New Mexico, and has participated in the development of numerous residential and commercial real estate projects. Mr. Ater was employed for ten years by the First National Bank of Santa Fe, and was president from 1978-1980 before pursuing his real estate career. Mr. Ater has served with numerous charitable and community organizations, including Santa Fe Economic Development, the United Way, The Santa Fe Opera and St. John's College. He received his BA from Stanford University.

David D. Chase

David Chase is the chairman, president, chief executive officer and managing member of Vestor Associates, LLC, the general partner of Vestor Partners, LP, a private equity fund in Santa Fe, New Mexico, and supervises investments in numerous portfolio companies. Mr. Chase was a director of Thornburg Limited Term Municipal Fund, Inc. until its reorganization into the Trust in 2004. Mr. Chase was a professor at Northern Arizona University from 1966 to 1978, teaching corporate finance, securities and banking courses. He has served various community and charitable organizations, including National Dance Institute-New Mexico, Inc., the School of American Research, and the BF Foundation. Mr. Chase received his BA in Economics and History from Principia College, an MBA in Finance from the Amos Tuck School at Dartmouth College, and a PhD in Finance from Arizona State University.

Sally Corning

Sally Corning is a founding partner of Sun Mountain Capital, Santa Fe, which advises clients in making investments in private equity partnerships and invests directly in private companies. Ms. Corning was formerly employed by Credit Suisse First Boston, Morgan Stanley and Dean Witter Reynolds. She received her BSBA from Georgetown University and her MBA from the Columbia University Graduate School of Business.

Eliot R. Cutler, Emeritus Director

Eliot Cutler was an environmental and land use lawyer for more than 25 years, participating in the planning, permitting, funding and construction of facilities for public and private sector clients. He was a partner in the firms of Webster & Sheffield, Cutler & Stanfield LP and Akin Gump Strauss Hauer & Feld LP. He later opened and managed the Beijing office for Akin Gump, representing both American firms in China and Chinese clients investing outside China. Mr. Cutler was a director of Thornburg Limited Term Municipal Fund, Inc. until its reorganization into the Trust in 2004. Mr. Cutler was associate director of the Office of Management and Budget under President Jimmy Carter. Mr. Cutler also served as legislative assistant to Senator Edmund S. Muskie and then as counsel to the Senate Subcommittee on the Environment. He helped draft the Clean Air Act, the Water Pollution Act, and the Environmental Policy Act. Mr. Cutler serves on the board of visitors of the Edmund S. Muskie School of Public Service at the University of Southern Maine. Mr. Cutler received his BA cum laude from Harvard College and his JD from Georgetown University.

Susan H. Dubin

Susan Dubin manages the investments for her extended family. From 1974 to 1996 Ms. Dubin was a vice president of JP Morgan Chase & Co. (formerly Chemical Bank) where she was involved in corporate banking, marketing of financial services to corporate customers, and the delivery of private banking services. Ms. Dubin has served with numerous community and charitable organizations, including the Buckaroo Ball in Santa Fe, New Mexico, the Santa Fe Opera, the Battery Dance Company in New York City, and the National Dance Institute-New Mexico, Inc. She received her BA from Briarcliff College.

Owen Van Essen

Owen Van Essen is the president of Dirks, Van Essen & Murray LLC, Santa Fe, New Mexico, which acts as a broker, appraiser and consultant to the newspaper publishing industry. Before joining the firm, he was general manager and business manager of the Worthington Daily Globe, Worthington, Minnesota. Mr. Van Essen has served with numerous community, educational, professional and charitable organizations, including most recently the St. Michaels High School Foundation, and the Santa Fe Preparatory School. He received his BA in Business Administration from Dordt College, Iowa.

Brian J. McMahon

Brian McMahon is the president of Thornburg Investment Trust and chief executive officer, president, and chief investment officer of Thornburg Investment Management, Inc. Joining Thornburg in 1984, Mr. McMahon participated in organizing and managing the Trust's 15 current Funds, and currently oversees Thornburg's investment activities for the Funds and other clients. Before joining Thornburg, Mr. McMahon held various corporate finance positions at Norwest Bank. Mr. McMahon is a trustee of the Santa Fe Preparatory School, Santa Fe, New Mexico. Mr. McMahon received his BA in Economics and Russian Studies from the University of Virginia and his MBA from the Amos Tuck School at Dartmouth College.

Garrett Thornburg

Garrett Thornburg is the chairman of Trustees for Thornburg Investment Trust. Mr. Thornburg founded Thornburg Investment Management, Inc. in 1982, Thornburg Securities Corporation in 1984, and Thornburg Investment Trust in 1987. Before forming Thornburg, Mr. Thornburg was a limited partner of Bear Stearns & Co. and a founding member of that firm's public finance department. He also was chief financial officer of New York State's Urban Development Corporation, and served as financial advisor to the State of New Mexico's Board of Finance. Mr. Thornburg is a director of National Dance Institute - New Mexico, Inc. Mr. Thornburg received his BA from Williams College and his MBA from Harvard University.

James Weyhrauch

James Weyhrauch is a real estate broker in Santa Fe, New Mexico. He is the vice chairman of the board of directors, and was from 1997- 2000 president and from 2000-2004 chief executive officer, of Nambe Mills, Inc., a Santa Fe, New Mexico manufacturer of tabletop and giftware products. Mr. Weyhrauch also has extensive experience with other privately held enterprises, and a background in sales and marketing. He participates in a variety of community and charitable organizations, including the Santa Fe Chamber of Commerce, the Santa Fe Preparatory School and Junior Achievement. Mr. Weyhrauch received his BA in Finance from Southern Methodist University.

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