Management Team

Management Team

	Garrett Thornburg CEO Thornburg Companies ceo@thornburg.com Garrett Thornburg is a recognized leader in innovative investment strategies. He is Chairman and Chief Executive Officer of the three Thornburg Companies, all of which he founded. The companies are: Thornburg Investment Management established in 1982 - is an employee owned investment firm with over $21 billion in assets in eight fixed income, four equity mutual funds, 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 an NASD broker-dealer member firm that distributes Thornburg Mutual Funds. Thornburg Mortgage Corporation, established in 1993 - is a single-family residential mortgage lender with $42.5 billion in assets. This NYSE-listed company seeks to deliver attractive dividend income and steady growth for its shareholders through the acquisition and origination of high credit quality adjustable-rate mortgage assets. Prior to moving to Santa Fe in 1982, Mr. Thornburg was at Bear, Stearns & Co., where he was a Limited Partner and founding member of its public finance department. Previously, 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 NAREIT (National Association of Real Estate Investment Trust) Board of Governors, Investment Company Institute Board of Governors, and serves on the Board of Directors of the National Dance Institute of New Mexico.

	Brian McMahon President and Chief Investment Officer bmcmahon@thornburg.com Brian McMahon is president 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 portfolio and the Thornburg Global Opportunities portfolio. He 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.

	William Fries, CFA Co-Portfolio Manager and Managing Director bfries@thornburg.com Bill Fries is a managing director and co-portfolio manager of the Thornburg International Value portfolio and the Thornburg Value portfolio. Bill joined Thornburg in 1995 as managing director and founding portfolio manager of the Thornburg Value portfolio. In 1998, he also founded the Thornburg International Value portfolio. 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 portfolio and in 2006 for Thornburg International Value portfolio. Bill’s 30 plus years of investment management experience includes an extended tenure as vice president of equities at USAA Investment Management Company. Bill began his career as a securities analyst and bank investment officer, receiving his Chartered Financial Analyst designation in 1974.

	George Strickland Co-Portfolio Manager and Managing Director gstrickland@thornburg.com George Strickland is a managing director and the portfolio manager of the Thornburg municipal bond portfolios. He is responsible for overseeing the research, trading, and strategic positioning of municipal bond portfolios. George joined Thornburg Investment Management as an associate portfolio manager in 1991, and was elected managing director in 1996. He served as co-manager of the company’s municipal bond portfolios until December 2000, when he was appointed sole portfolio manager. Thornburg municipal bond portfolios have won a number of awards from independent rating services. They include two national funds, three single state funds, and numerous separate accounts. 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.

	Alex Motola, CFA Portfolio Manager and Managing Director amotola@thornburg.com Alex Motola is a managing director and portfolio manager of the Thornburg Core Growth Portfolio and co-portfolio manager of the Thornburg International Growth Portfolio. He is a member of the CFA Society of New Mexico, where he serves on the Board of Directors. Alex is directly responsible for the Thornburg Core Growth Portfolio, which he has managed since its inception in 2000 and the Thornburg International Growth Portfolio 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.

	Brad Kinkelaar Co-Portfolio Manager and Managing Director bkinkelaar@thornburg.com Brad Kinkelaar has served as a Co-Portfolio Manager of the Thornburg Investment Income Builder Fund since the fund’s inception in December 2002. Brad was named a Managing Director in 2003. He has also been a member of the portfolio management team for the Thornburg Value and International Value equity products since joining the firm in 1999. Prior to joining Thornburg, Brad served as an Equity Analyst for State Farm Insurance in Bloomington, IL. Brad earned a Masters Degree in Business Administration from the Kellogg School of Management at Northwestern University, and a B.S. in Marketing from Eastern Illinois University.

	Wendy Trevisani Co-Portfolio Manager and Managing Director wtrevisani@thornburg.com Wendy Trevisani is a managing director and co-portfolio manager of the Thornburg International Value portfolio. Her responsibilities include portfolio management and analysis of companies as well as evaluation of existing positions and overall equity fund performance. Wendy joined Thornburg Investment Management as an associate portfolio manager in 1999, and was elected managing director in 2003. She was promoted to co-portfolio manager 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.

	Connor Browne, CFA Co-Portfolio Manager and Managing Director crbrowne@thornburg.com Connor Browne is a managing director and co-portfolio manger of the Thornburg Value Portfolio. His responsibilities include portfolio management, research and analyzing companies for consideration in the Thornburg equity portfolios. He is responsible for evaluating existing positions and overall portfolio performance, with a primary focus on the Value Portfolio. Connor joined Thornburg Investment Management in August of 2001 as an associate portfolio manager and in 2006 was promoted to co-portfolio manger for the Value Portfolio and was also elected managing director. Connor graduated Cum Laude from Princeton University with a BA in Economics and a certificate in Finance. Connor is also a CFA charterholder.

	Edward Maran, CFA Co-Portfolio Manager and Managing Director emaran@thornburg.com Edward Maran is a managing director and co-portfolio manger of the Thornburg Value portfolio. 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 portfolio. 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. Ed is also a CFA charterholder.

	W. Vinson Walden, CFA Co-Portfolio Manager and Managing Director 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 Value equity products since joining the firm in 2002. 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. He is also a CFA charterholder.

	Lei Wang, CFA Co-Portfolio Manager and Managing Director lwang@thornburg.com Lei Wang is a managing director and co-portfolio manager of the Thornburg International Value portfolio. His primary responsibilities at Thornburg 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 portfolio and was also elected 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. Lei is also a CFA charterholder.

	Jason Brady, CFA Portfolio Manager and Managing Director jbrady@thornburg.com Jason Brady is a managing director for Thornburg Investment Management. He is the portfolio manager of the Thornburg Limited Term Income and the Thornburg Limited Term U.S. Government Fund and co-portfolio manager of the Thornburg Investment Income Builder Fund. 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. In addition, he is a CFA charterholder. 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.

	Josh Gonze Co-Portfolio Manager and Managing Director jgonze@thornburg.com Josh Gonze is a managing director and co-portfolio manager for Thornburg municipal bond portfolios. 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 elected managing director in 2003. 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 Co-Portfolio Manager and Managing Director cihlefeld@thornburg.com Christopher Ihlefeld is a managing director and co-portfolio manager of Thornburg municipal bond portfolios. Christopher specializes in the trading, monitoring, and structuring of municipal bond portfolios. Thornburg municipal bond portfolios have won a number of awards from independent rating services. The portfolios include five mutual funds and more than 200 separate accounts. 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. Christopher holds a BA in Liberal Arts from Rollins College and an MBA in Finance from the College of Santa Fe.

	G. Brian Summers, CFA Co-Portfolio Manager and Managing Director bsummers@thornburg.com Brian Summers is a managing director and co-portfolio manager for Thornburg International Growth Fund. He is also a member of the portfolio team for the Thornburg Core Growth Fund. His primary responsibilities at Thornburg include portfolio management, research, and analyzing companies for consideration in the Thornburg International Growth Portfolio. He is also responsible for evaluating existing positions and overall Portfolio performance. Prior to joining Thornburg, Brian served as an equity analyst at Insight Capital Research & Management on their Mid-Cap Growth Strategy and as portfolio manager on their Small-Cap Growth Strategy. He also worked as an equity analyst at National City Corp. and at Institutional Shareholder Services as a senior analyst. Brian received a BBA from the College of William and Mary and an MBA from Case Western Reserve University. He is also a CFA charterholder.

	Lewis Kaufman, CFA Co-Portfolio Manager and Managing Director lkaufman@thornburg.com Lewis Kaufman is a managing director, co-manager of the ADR portfolio, and a member of the portfolio management team for the Value and International Value equity portfolios. Lewis joined Thornburg Investment Management as an associate portfolio manager in 2005. In 2007, he was promoted to co-portfolio manager for the ADR Portfolio and named managing director. Prior to joining Thornburg, Lewis was a research analyst at Citigroup, where he covered the enterprise software sector. Lewis began his career at Morgan Stanley in the firm's Private Wealth Management group. 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.

Important Information

Shares in the Funds carry risks including possible loss of principal. Funds invested in a limited number of holdings may expose an investor to greater volatility. There are special risks associated with international investing, including currency fluctuations, government regulation, political developments, and differences in liquidity. Additionally, the Equity Funds invest a portion of the assets in small capitalization companies which may increase the risk of greater price fluctuations. With regard to the International Value Fund, risks may be associated with the Fund’s investments in emerging markets including illiquidity and volatility.

As with direct bond ownership, Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. The principal value of bond funds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Investments with shorter average maturities are less exposed to interest rate risk than investments with longer average maturities. The U.S. Government Fund invests a portion of the assets in Mortgage Backed Securities which are subject to pre-payment risk. This may reduce the potential for capital appreciation and may cause greater volatility in the Fund. Unlike bonds, bond funds have ongoing fees and expenses.

Shares in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any government agency.

There is no guarantee that the Fund will meet its investment objectives.

Carefully consider the Fund’s investment objectives, risks, sales charges, and expenses; these are found in the prospectus, which is available from your financial advisor or from our download library. Read it carefully before you invest or send money.