Morningstar Inc.

Pangaro is chairman of the Investment Advisory Committee and portfolio manager for the Global Emerging Markets Equity Strategy. He assumed portfolio management responsibilities in 2004. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International, Inc. and a member of the International Equity Steering Committee. Mr. Pangaro has 17 years of investment experience, 13 of which have been with T. Rowe Price.

Joe Mansueto founded Morningstar in 1984. He has served as chairman since the company's inception, and as chief executive officer from inception to 1996 and from 2000 to present. Mansueto received the 2007 Skip Viragh Award, sponsored by Rydex Investments and Financial Advisor magazine, which recognizes new and innovative services that positively impact the financial advisor community. Mansueto also received the 2007 Visionary Award and was one of 10 winners of the 2007 Chicago Innovation Award, sponsored by the Chicago Sun-Times and Kuczmarski & Associates. In November 2007 SmartMoney magazine recognized Mansueto in the "SmartMoney Power 30," its annual list of the top 30 most powerful forces in business and finance. He received the Distinguished Entrepreneurial Alumnus Award from the University of Chicago Graduate School of Business in 2000. In 1993, he was given the KPMG Peat Marwick High Tech Entrepreneur of the Year Award, and in 1992 won the Rosenthal Award for Excellence in Investment Research from the University of Chicago. Before founding Morningstar, Mansueto was a securities analyst at Harris Associates. He holds a bachelor's degree in business administration from the University of Chicago and a master's degree in business administration from the University of Chicago Graduate School of Business.

Peng Chen, Ph.D., CFA, is president of Ibbotson Associates, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. Entrusted to create asset allocation models for many of the largest companies in the finance and investment industries, Ibbotson Associates is a leading provider of retirement advice programs and investment consulting services to institutions. Chen joined Ibbotson in 1997, and is one of the foremost authorities on asset allocation. He has played a key role in the development of Ibbotson's investment consulting and 401(k) advice/managed retirement account services. Prior to Morningstar's acquisition in March 2006, Chen served as managing director and chief investment officer for Ibbotson. A respected researcher, Chen has expertise in asset allocation, portfolio risk measurement, nontraditional assets, and global financial markets. His writings have appeared in the Financial Analysts Journal, Journal of Portfolio Management, Journal of Investing, Journal of Financial Planning, Bank Securities Journal, the American Association of Individual Investors Journal, Consumer Interest Annual, and the Journal of Financial Counseling and Planning. He received the "Articles of Excellence" award from the Certified Financial Planner Board in 1996 and "Graham and Dodd Scroll" awards in 2003 and 2007 from the Financial Analysts Journal. Chen received a bachelor's degree in industrial management engineering from Harbin Institute of Technology and his master's and doctorate in consumer economics from Ohio State University.

Schoen is a managing director and portfolio manager on the Global Asset Allocation team. He is a portfolio leader of the Total Return Strategy, Voyager, and Growth Opportunities funds. He is a portfolio member of the Asset Allocation Funds, Income Strategies Fund, RetirementReady Funds, College Advantage Funds, and the Discovery Growth Fund. His primary responsibilities are U.S. stock selection and portfolio strategy. Schoen joined Putnam in 1997, and has 19 years of industry experience.

Oliver Buckley is Executive Vice President of Mellon Capital and the former Chief Executive Officer and Chief Investment Officer of Franklin Portfolio Associates. Oliver is currently responsible for overseeing legacy Franklin Portfolio Associates equity strategies. Prior to becoming CEO/CIO of Franklin Portfolio Associates, Oliver served as a Senior Portfolio Manager for eight years and directed FPA's research effort. Prior to joining Franklin Portfolio Associates, he was responsible for research in the Structured Products Group at INVESCO. He also previously served as a Portfolio Manager at Martingale Asset Management and spent five years at BARRA as the manager of Equity Consulting Services. He has twenty years of experience in the investment management industry. Oliver received his M.B.A. from the University of California at Berkeley. In addition, he earned a M.S. degree in Engineering-Economic Systems and a B.S. degree in Mathematical Sciences, both from Stanford University.

Don Phillips is a managing director of Morningstar, Inc. and is responsible for corporate strategy, research, and corporate communications. He has served on the company's board of directors since August 1999. Phillips is also president of fund research, which includes research on mutual funds, exchange-traded funds, and alternative investments. Phillips joined Morningstar in 1986 as the company's first mutual fund analyst and soon became editor of its flagship publication, Morningstar Mutual Funds , establishing the editorial voice for which the company is best known. Phillips helped to develop the Morningstar Style Box , the Morningstar Rating , and other distinctive proprietary Morningstar innovations that have become industry standards. Journalists regularly turn to Phillips for his insight on industry trends. Investment Advisor magazine has named him to its list of the most influential people in the financial planning industry. Financial Planning magazine has named Phillips one of the planning industry's "Movers & Shakers." Registered Rep. has named him one of the investment industry's 10 key players. Phillips holds a bachelor's degree in English from the University of Texas and a master's degree in American literature from the University of Chicago.

Jeffrey Ptak is chief investment officer for Morningstar Investment Services, Inc., a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. Ptak was previously an investment manager for Morningstar Investment Services. Prior to joining Morningstar Investment Services in July 2008, he was director of exchange-traded securities analysis for Morningstar, Inc. and editor of Morningstar ETFInvestor . From 2006 to 2007, Ptak was a stock analyst in Morningstar's equity research department, where he covered the asset management and asset servicing industries. From 2005 to 2006, Ptak served as an investment products analyst at William Blair & Company. Prior to that, Ptak was a senior analyst in Morningstar's mutual fund research department. Before joining Morningstar in 2002, Ptak was a manager in Arthur Andersen's national office. Ptak holds a bachelor's degree in accounting from the University of Wisconsin, Madison. He is a Certified Public Accountant and also holds the Chartered Financial Analyst (CFA) designation.

Martha Dustin Boudos is chief financial officer and secretary for Morningstar, Inc., and is responsible for finance, human resources, legal, and compliance. Boudos joined Morningstar in 1992 as a marketing manager. She played a key role in the creation of Morningstar.com , the company's first Web site. From 1998 to 2000 she was responsible for Morningstar's retirement advice service. During 2001, she served as vice president of human resources. Before joining Morningstar, Boudos was an asset management analyst for The Boston Company. She holds a bachelor's degree in political science from Wellesley College and a master's degree in business administration from the Kellogg School of Management at Northwestern University.

Paul D. Kaplan is chief investment officer of Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. He is responsible for the development and management of the investment methodology for Morningstar's retirement planning and advice services. Prior to his current position, Dr. Kaplan was the firm’s director of research, where he led the development of quantitative methodologies behind many of Morningstar’s services such as the Morningstar Rating™ for funds, the Morningstar Style Box™, and Morningstar IndexesSM. Many of Dr. Kaplan’s research papers have been published in professional books and publications such as the Journal of Portfolio Management, the Journal of Investing, the Journal of Performance Measurement, the Journal of Indexes, and the Handbook of Equity Style Management. He co-authored a paper that appeared in the Financial Analysts Journal, and won a Graham and Dodd Award of Excellence for 2000. Before joining Morningstar in 1999, Dr. Kaplan was a vice president of Ibbotson Associates and was the firm's chief economist and director of research. Prior to that, he served on the economics faculty of Northwestern University, where he taught international finance and statistics. Dr. Kaplan holds a bachelor's degree in mathematics, economics, and computer science from New York University and a master's degree and doctorate in economics from Northwestern University. He is a member of the Chicago Quantitative Alliance, is on the review board of the Journal of Indexes, and has been the mutual fund editor of the Journal of Investing. Dr. Kaplan holds the Chartered Financial Analyst (CFA) designation.

Scott Cooley is chief financial officer for Morningstar, Inc. and responsible for corporate finance and accounting. He most recently served as co-chief executive officer for Morningstar Australia and Morningstar New Zealand. Cooley was formerly the editor of Morningstar's flagship print product, Morningstar Mutual Funds . He also directed news coverage and contributed columns for the company's U.S. investor Web site, Morningstar.com , and was the lead fund analyst for Fidelity, Vanguard, and Oakmark funds. Before joining Morningstar in 1996 as a stock analyst, Cooley was a bank examiner for the Federal Deposit Insurance Corporation (FDIC), where he focused on credit analysis and asset-backed securities. He has a bachelor's degree in economics and social science and a master's degree in history from Illinois State University.

Tao Huang is chief operating officer of Morningstar, Inc. and responsible for corporate strategy and directing the day-to-day operations of the company. Huang joined Morningstar in 1990 as a software developer and from 1996 to 1998 served as chief technology officer. From 1998 to 2000, Huang served as senior vice president of business development and head of international operations. Huang holds a bachelor’s degree in computer science from Hunan University in China, a master's degree in computer science from Marquette University, and a master's degree in business administration from the University of Chicago Graduate School of Business.

Catherine Gillis Odelbo is president of equity research for Morningstar, responsible for Morningstar Equity Research, Financial Communications and Publications, Morningstar Real-Time Data, and Morningstar® Indexes. Odelbo joined Morningstar in 1988 as a mutual fund analyst and from 1995 to 2000 served as senior vice president of content development, as well as publisher and editor of stock and closed-end fund research. In 2000, she was named president of retail, overseeing all print and online products for individual investors. Odelbo holds a bachelor’s degree in American History from the University of Chicago and is a member of the Phi Beta Kappa Society. She also holds a master's degree, with honors, in business administration, from the University of Chicago Graduate School of Business.

John Rekenthaler is vice president of research and new product development. In this role, he oversees Morningstar's research methodologies, and is involved a variety of new product development efforts. Rekenthaler previously served as president of Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. During his tenure, Rekenthaler led the company's retirement advice business, building it from a start-up operation to one of the largest independent advice and guidance providers in the retirement industry. Rekenthaler joined Morningstar in 1988 and has served in several capacities. Prior to his position at Morningstar Associates, he was the firm's director of research, where he helped to develop Morningstar's quantitative methodologies, such as the Morningstar Rating for funds, the Morningstar Style Box , and industry sector classifications. He also served as editor of Morningstar Mutual Funds and Morningstar FundInvestor . Rekenthaler holds a bachelor's degree in English from the University of Pennsylvania and a master's degree in business administration with high honors from the University of Chicago Graduate School of Business. He holds the Chartered Financial Analyst (CFA) designation, and is a member of the Investment Analysts Society of Chicago.

Liz Michaels is Aperio's Chief of Staff and is responsible for overseeing operations. Prior to joining Aperio, Liz was responsible for the $11 billion defined contribution managed accounts business at Ibbotson Associates, a wholly-owned subsidiary of Morningstar, Inc. Earlier in her career, Liz was the Chief Operating Officer of Morningstar, Inc. and served on the company's executive committee. Liz was also the President of Jellyvision, Inc., an interactive firm best known for its game, You Don't Know Jack and Associate Dean/Director of the Career Advising and Planning Services office at the University of Chicago. Currently, Liz serves on the Board and Executive Committee of North Lawndale College Prep, a charter high school in Chicago. Liz has a BA in Economics and an MBA from the University of Chicago.

Richard is the Executive Director of Morning Star, the CRO located in Manhattan. Richard is an emerging leader in our state, and is currently a student in the Leadership Academy. We are excited to have Richard serving on our board, and look forward to him reaching out to consumers in his area.

Chris J. Rufer founded The Morning Star Company in 1970, driving one truck hauling tomatoes and peaches. He now designs, constructs and operates the company's food processing facilities. The company's principle business is agribusiness development and management in the processing tomato industry. The company has founded, and is the Managing Partner/Member of six enterprises. Mr. Rufer currently serves as President and owner. Chris holds a BA in Economics (1972) and a MBA in Finance & Corporate Planning (1975), both from the University of California. He also holds a MS in Agricultural Sciences. He resides in Sacramento, CA with his wife. They have four children. Contributions to the Palmer R. Chitester Fund are tax deductible.

Another key co-founder of Morning Star, Mr. Likins has been designing and building machine control systems since 1991.

Berro is senior vice president of Capital World Investors. He has been employed by Capital Research or its affiliates for over 17 years and has over 23 years of investment experience, 9 of which have been as a portfolio counselor for Capital Research's Asset Allocation Fund.

Lacey is a portfolio manager and Deputy Chairman of US/Global Products of Lazard Asset Management. Lacey entered the investment industry with Lazard in 1996 and has been working in the investment field since 1995.

Foster is a Vice President of the Funds, and Acting Chief Investment Officer and a Portfolio Manager at Matthews. As Acting Chief Investment Officer, He oversees Matthews' investment process and investment professionals. Andrew first joined Matthews in 1998 as a Research Analyst and left the firm in 2001 to attend graduate school. Andrew returned to Matthews in 2003. Prior to Matthews, he worked as a management consultant with A.T. Kearney's Financial Institutions Group in Singapore from 1996 to 1998.

Mr. Matteis joined the portfolio team for the fund in April, 2008. Since 1993, he has been employed by Putnam Management, currently as Director, Credit Research.

McCormick joined T. Rowe Price in 2008 and has been managing investments since 1995. Prior to joining the firm, he was the chief investment officer of IMPAC Mortgage Holdings (2006) and a senior portfolio manager for Avenue Capital Group (2005). From 1995-2005, McCormick was with the Federal National Mortgage Association (Fannie Mae) where he ultimately served as senior vice president, Portfolio Transactions.

Sutton is senior vice president and analyst on the Specialty Growth Equity Team with Putnam Investment Management, his employer since 2004. Before joining Putnam, he worked as chief investment officer of McDonald-Sutton Asset Management from 1998 to 2001; and was previously a portfolio manager for Cabot Money Management and an associate analyst for Fidelity Management and Research.

Brekke joined Dodge & Cox in 2003. He is a shareholder of the firm. Prior to entering the Haas School, he worked for four years as an auditor with the National Futures Association. Brekke holds the Chartered Financial Analyst designation.

Lynn is executive vice president at Janus Capital. He joined Janus is 1991 as a research analyst. Lynn holds the Chartered Financial Analyst designation.

Demain serves as Portfolio Manager of the Institutional Mid Cap Growth portfolios and as Portfolio Manager and Executive Vice President of Janus Adviser Mid Cap Growth Fund, Janus Aspen Mid Cap Growth Portfolio and Janus Enterprise Fund. He joined Janus in July 1999 as an equity research analyst. From July 1999 to October 2007, he served as an equity research analyst in the media and communications sectors. Demain holds the Chartered Financial Analyst designation.

Howell has been a portfolio manager with American Century Investments since January 1996. He joined the company in 1987 as a research analyst.

Berghuis is a vice president and equity portfolio manager for T. Rowe Price Associates. He joined T. Rowe Price in 1985. Berghuis is also a investment advisory committee co-chairman of the firm, working with the committee in developing and executing the portfolios investment program. Berghuis holds the Chartered Financial Analyst designation.

Baughman is senior vice president of Franklin Advisory Services, LLC, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. He joined Franklin Templeton Investments in 1988. Baughman holds the Certified Public Accountants designation.

Wilson is an equity research analyst focused primarily on technology companies. He joined Janus Capital in 2005. Prior to joining Janus Capital, Wilson was a research analyst at Lincoln Equity Management from 2000 to 2004.

Bell is a portfolio manager with Putnam Management, since 1998, he has been employed by Putnam Management, currently as the Team Leader of the Structured Credit Team. Previously, as a member of Putnam's Mortgage/Asset Backed Securities Team, Bell was responsible for commercial mortgage-backed securities and non real estate asset-backed securities.

Pohl is co-director of the research department with Dodge & Cox. Pohl has been working for Dodge & Cox since 1984. Prior to joining the firm, Pohl was with Wells Fargo Investment Advisors from 1981 to 1984.

Blake is managing director of Lazard Asset Management LLC. He has worked in investment management since 1995. He has been with Lazard since 1995 and has co-managed the Lazard portion of the Fund since 2007.

Conrad Herrmann is a senior vice president and portfolio manager for Franklin Global Advisers, and Director of Equity Portfolio Management - US Growth. Mr. Herrmann is also head of the growth style team for the group and is the lead portfolio manager for Franklin's all-cap growth strategy, which includes management of the Franklin Flex Cap Growth Fund. He also serves as a back-up manager and in an advisory role on a number of other growth portfolios. Mr. Herrmann first joined Franklin in the summer of 1988, working as an intern in the Marketing department. He joined Franklin full-time in the Investment Advisory group as a quantitative equity analyst in 1989. That year, he also became a fundamental research analyst, specializing in analysis of the electronic technology sector. Initially involved in the creation of the Franklin Flex Cap Growth Fund, he became the lead manager in July of 1993. Prior to joining Franklin Templeton Investments, Mr. Herrmann was a vice president of Aquila Management, a mutual fund group in New York City. He joined the firm in 1983 as a fixed-income analyst. Mr. Herrmann earned his B.A. degree from Brown University and an M.B.A. from Harvard Business School. He is past president and member of the CFA Society of San Francisco (CFASF) and a member of the CFA Institute. Mr. Herrmann is a Chartered Financial Analyst (CFA) charterholder.

Mr. Kohli is a Managing Director and Team Leader of the Portfolio Construction Team within the Core Fixed Income team specializing in global and non-U.S. multi-sector mandates. In this role, he draws on the security-specific expertise of the sector specialist teams within the Core Fixed Income Group to build optimal institutional portfolios that comply with a client's mandate. Mr. Kohli is a member of Putnam's Executive Committee and Advisory Council. He has 20 years of investment experience.

Riff serves as Co-Portfolio Manager of Janus' Institutional Long/Short portfolios and Janus Adviser Long/Short Fund. From May 2003 to November 2007, he served as an equity research analyst covering consumer staples, healthcare, and industrial firms. Prior to joining Janus in May 2003, he was a strategy consultant focused on growth and innovation, working in Boston, London and Johannesburg with consumer products, financial services and healthcare firms. He has 6 years of professional investment experience.

Shiffman is vice president and portfolio manager, and he joined American Century in May 2004 as a senior structured securities analyst. Prior to joining American Century, he was an investment officer at CalPERS from August 1996 to April 2004. Shiffman holds the Chartered Financial Analyst designation.

Mr. Davis joined Hotchkis and Wiley in 1988 and became CEO of the firm in 2001. Mr. Davis is an active member of the portfolio management team. He also has overall responsibility for the firm's client relationships. Mr. Davis was formerly an assistant to the senior partner of RCM Capital Management. Mr. Davis began his career in equity research with internships at Cramer, Rosenthal & McGlynn and Fidelity Management & Research. Mr. Davis received his BA in Economics and History and his MBA from Stanford University. He is Series 7, 63, and 65 registered.

Slattery is a vice president and portfolio manager of Franklin Portfolio Associates. Before joining the firm, Slattery was an quantitative analyst and portfolio manager at Independence Investment LLC from 1995 to 2003. He also has software development and application expertise from his time with Edgewater Technology, Inc. and Bachman Information Systems, Inc. He is currently a member of the Boston Security Analysts Society. Slattery holds the Chartered Financial Analyst designation.