Garrett Thornburg has promoted a long-time Thornburg employee as his new CEO. The new top executive is Brian McMahon. Until January 1, he has been Thornburg Investment Management's chief investment officer and has held numerous jobs on Thornburg portfolio management team since he joined the fund manager in 1984.

McMahon's promotion splits the chairman and CEO duties. Thornburg himself had previously held both titles and will retain the title of chairman for the company.

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Thornburg Press Release

Brian J. McMahon was named Chief Executive Officer of Thornburg Investment Management, Inc. (TIM), effective January 1, 2008, announced Garrett Thornburg, Chairman.

Thornburg will remain Chairman of TIM and actively involved in the company. McMahon remains President and Chief Investment Officer.

In making the announcement, Thornburg stated that, “It is a pleasure to name Brian, who has been with the firm since 1984 when we started our first fixed income product, as Chief Executive Officer. Over the years, he has been a guiding force behind the offering of six Thornburg equity funds and an additional seven fixed income funds. He has managed both bond and equity funds for Thornburg clients, dating back to 1984.”

McMahon said, “It has been satisfying for Garrett and all of us at Thornburg Investment Management to deliver excellent investment per-formance in sensible investment programs to a growing number of clients for the better part of three decades. We look forward to continuing that tradition at the firm. It is a pleasure to work with someone of his caliber and vision.”

Thornburg noted, “Under Brian’s watch, we’ve built a strong team of portfolio managers and analysts, with all of our funds having achieved good, long-term results while Brian has been Chief Investment Officer. Today, Thornburg is recognized as a leading mutual fund family.”

During McMahon’s tenure, the performance of Thornburg equity funds has been solid, both on a relative and absolute basis. For example, as of December 31, 2007 (A shares at NAV), the four funds in existence at least three years achieved the following three-year annualized returns: 12.34% for the Value Fund; 23.60% for the International Value Fund; 17.12% for the Core Growth Fund; and 16.89% for the Investment Income Builder Fund. The five-year annualized performance was also very strong as of the same date: 15.46% for Value; 25.49% for International Value; 23.73% for Core Growth; and 19.77% for Investment Income Builder. And, for Value, Thornburg’s first and oldest equity fund, its 10-year annualized performance as of year end was 9.49%.

In 29 out of 34 calendar years, five Thornburg equity funds have outperformed their benchmarks since their respective inception dates. In addition, Thornburg’s national municipal bond and income funds reflect the all-weather, stable nature of the firm’s laddering strategy.

See the attached for standardized performance data and Morningstar ratings for all Thornburg funds. Performance data above does not include the maximum sales charges. Deduction of the sales charge would lower performance. Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that upon redemption, investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. For performance data current to the most recent month end, visit www.thornburg.com. For a prospectus and other information on Thornburg funds, call 1-800-847-0200, or visit www.thornburg.com. Carefully consider the Fund’s investment objectives, risks, sales charges, and expenses; these are found in the prospectus. Read it carefully before you invest or send money.

McMahon Background

McMahon held various corporate finance positions before joining Thornburg in 1984. He is also a co-portfolio manager for the Thornburg Investment Income Builder Fund and the Thornburg Global Opportunities Fund. He holds an MBA from Dartmouth College’s Amos Tuck School and a BA in Economics and Russian Studies from the University of Virginia.

Headquartered in Santa Fe, NM, Thornburg Investment Management, Inc., which was established in 1982, manages eight fixed income and six equity funds, and separate accounts for high net worth and institutional investors, totaling $54 billion in assets under management. All Thornburg funds offer strategies for building real wealth emanating from TIM’s risk managed investment style and long-term focus.  

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