Morningstar Inc.

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.

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.

Elizabeth Kirscher is president of data services for Morningstar, responsible for managing the company's investment databases and related products including Morningstar® Licensed Data, a set of investment data spanning all of Morningstar’s investment databases and available through electronic data feeds. Kirscher joined Morningstar in 1995 as a member of the company's institutional sales team. She served as international product manager from 1998 to 1999 and worked on the launch of Morningstar Japan. From 1999 to 2000, Kirscher was director of sales and business development for Morningstar.com®. She holds a bachelor's degree with honors from Vassar College and a master's degree in business administration from the Columbia Business School at Columbia University.

Having co-founded Morning Star in 1993, Ms. Kemp possesses fourteen years of experience in machine controls and related systems.

Patrick Reinkemeyer is president of Morningstar Associates, LLC, a registered investment advisor and wholly owned subsidiary of Morningstar. He is responsible for the company’s investment consulting and retirement businesses. Reinkemeyer created the company’s investment consulting business as a start-up operation and developed a number of offerings including broad-based advice and fiduciary support services for retirement plan sponsors. He joined Morningstar in 1996 as director of the company’s investment information products for variable annuities. Before joining Morningstar, Reinkemeyer was a vice president with the investment banking firm Bear Stearns & Company and spent five years with the Federal Home Loan Mortgage Corporation (Freddie Mac) Securities Sales & Trading group. He holds a bachelor's degree in history from Middlebury College and a master's degree in business administration from the University of Chicago Graduate School of Business. He also is a chartered financial analyst.

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.

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.

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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.

Emery is a manager of the fixed-income department with Dodge & Cox. She joined the firm in 1983. Ms. Emery is a Trustee of the Dodge & Cox Funds. She is a shareholder of the firm. Emery holds the Chartered Financial Analyst designation and is also a Chartered Investment Counselor.

Loughran has been a senior vice president with OppenheimerFunds, Inc. since 2007 and had been a vice president of OppenheimerFunds, Inc since April 2001 and vice president of the Rochester division of the company since January 1996. He is a portfolio manager and officer of 18 portfolios in the Oppenheimer Funds complex.

Fuss is an executive vice president, director, and managing partner of Loomis, Sayles & Company, his employer since 1976. Prior to joining the company, he spent more than four years as a vice president with The Boston Company. He also worked for the Endowment Management & Research Company. Fuss holds the Chartered Financial Analyst designation.

Choquette is a senior vice president and mortgage specialist on the core fixed income team. Choquette specializes in mortgage passthroughs, agency securities, and adjustable rate mortgages (ARMS). Choquette joined Putnam in 2002.

Hoag is vice president and director of Capital Research and Management Company. He joined the company in 1991 and has professional investment for 17 years in total.

Tiberii is a vice president of T. Rowe Price, his employer since July 2003. Previously, he was a portfolio manager for investment-grade corporate bond insurance portfolio at GE Asset Management. From 2000 to 2002, Tiberii was a corporate bond strategist for Goldman Sachs and, from 1996 to 2000, he served as a portfolio manager and research associate with Smith Breeden Associates. Tiberii holds the Chartered Financial Analyst designation.

Hollond is a portfolio manager at American Century, his employer since 1998. Previously, he was a research associate for the Federal Reserve Bank in Minneapolis.

Lee is a portfolio manager and vice president of T. Rowe Price Associates, his employer since 1993. He is responsible for research on real estate equities. Prior to joining the firm, he spent six years with IBM. Lee holds the Chartered Financial Analyst designation.

Riley is a senior vice president with Capital Research Company. He has been an investment professional for 14 years, all with Capital Research and Management Company or affiliate.

Perry is a senior vice president, portfolio counselor and investment analyst for Capital Research and Management Company. Perry has research responsibility for U.S. conglomerates. Prior to joining in 1991 CRM, Perry was a senior portfolio manager with Neuberger & Berman, where Perry managed equity portfolios for pension funds and individuals. Before that, Perry was a Vice President, portfolio manager, and chief economist at Chase Investors Management Corporation.

Taylor is senior vice president of Franklin Advisory Services L.L.C. He has final authority over all aspects of the fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated management requirements. Taylor joined Franklin Templeton Investments in 1996. Taylor holds the Certified Public Accountant designation.

Bair is a vice president of T. Rowe Price and a portfolio manager and quantitative analyst in the Systematic Equity Group. He is responsible for the Series' U.S. small cap equity investments. Prior to joining the firm in 1998, Fred was an equity trader at Legg Mason. Bair holds the Chartered Financial Analyst designation and Certified Public Accountant designations.

Notzon has been a member of the Portfolios committee since May 2003,and is managing director with T. Rowe Price Associates, his employer since 1989. Notzon holds the Chartered Financial Analyst designation.

Johnson is chairman of Franklin Resources, Inc. He is a director of General Host Corporation and is a member of the New York Society of Security Analysts. Johnson served as a district co-chair of the National Association of Securities Dealers Business Conduct Committee in 1988. He was elected to the NASD board in 1990 and was elected chair for 1992. Previously, Johnson served on the Board of Governors of the Investment Company Institute. He joined Franklin Templeton Investments in 1957.

Shadek rejoined Putnam Investments in 1997 as senior vice president and now serves as a managing director, deputy head of investments and chief investment officer. In the interim, he worked as a director of portfolio strategy with Newbold's Asset Management from 1993 to 1997 and as an analyst with Steinhardt Partners in 1992. Shadek holds the Chartered Financial Analyst designation and Certified Public Accountant designation.

Stokes is vice president and portfolio manager of Loomis Sayles, began her investment career in 1987 and joined Loomis Sayles in 1988. Stokes holds the Chartered Financial Analyst designation.

Harthun is a portfolio manager with Putnam Investment Management Co. From 2000 to the present, he has been employed by Putnam Management, currently as a portfolio manager and previously as a sector analyst.

Mr. Zobl began his engineering career with Morning Star nine years ago. Since joining the company he has become one of Morning Star's most prominant contributors in the areas of both electrical and mechanical engineering.

Evan McCulloch joined Franklin Templeton Investments in 1992 as a management trainee. McCulloch received a bachelor's degree in economics from the University of California at Berkeley. McCulloch is a Chartered Financial Analyst (CFA) and a member of the Association for Investment Management Research (AIMR) and Security Analysts of San Francisco (SASF).

Davis is a principal and portfolio manager and chief executive officer of Hotchkis and Wiley Capital Management LLC. He joined the firm in 1988 as a portfolio manager and analyst.

Sullivan has been employed by Putnam Management as a senior portfolio manager since July 1, 2008.Prior to that, he was vice president and portfolio manager with American Century Investments, his employer since February 2000. Previously, he was a portfolio manager with Franklin Advisers. Before that, he was a portfolio manager with Sun America for three years. He also served as a portfolio manager and equity analyst with Texas Commerce Investment Management for two years.

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.

Walsh has been a member of the team that manages the fund since joining American Century in July 2003 as an investment analyst. He became a portfolio manager in February 2008.

Johnson is a senior vice president and portfolio manager with Capital Research and Management Company. Johnson has been working for CRMC since 1994. Mr.Johnson has over 14years of investment experience, all of which have been with Capital Research or its affiliates, and has been a portfolio counselor of the Master Fund for over 1year.

Kolb began at Janus Capital in August of 2001. He worked as a global mergers and acquisitions analyst at Lehman Brothers and was an associate director of the USB Financial Institutions Investment Banking Group prior to joining Janus. Kolb holds the Chartered Financial Analyst designation.

Applbaum is a portfolio manager and senior vice president of the Capital Research and Management Company. Applbaum formerly served the California Public Employee Retirement Service.

Torelli has been a member of the team that manages the funds since February 2005. She joined American Century in September 1997 as a quantitative analyst. Torelli holds the Chartered Financial Analyst designation.

Lemein is executive vice president of Franklin Advisers. He has been a manager of the fund since 1984, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. Lemein joined Franklin Templeton Investments in 1984. Previously, he held vice-president positions at Tuttle & Noroian and ISI Corporation, and served as an assistant vice president for First Boston Corporation's institutional-sales division.

Fetch is a senior vice president and investment strategist in the Global Asset Allocation Group. He is responsible for researching and implementing top-down investment views across a wide spectrum of asset classes and geographic regions. Fetch joined Putnam in 1994 as a Portfolio Accountant and joined the Global Asset Allocation team in 1996 as an Investment Associate. Fetch has 12 years of investment industry experience.

Lovelace is a senior vice president and portfolio manager with Capital Research Global Investors. He has been working for this company for 27 years. Lovelace holds the Chartered Financial Analyst designation.

Dignan joined Dodge & Cox in 1999. Previously, he worked in portfolio management for Fannie Mae. Dignan has earned the designation of chartered financial analyst.

Mulally is senior vice president in the fixed income area of Capital Research. Mr. Mulally has been employed by Capital Research or its affiliates for over 28 years, has over 33 years of investment experience, approximately 5 of which have been a portfolio counselor

Yee is an executive vice president and portfolio manager with Janus. He first joined Janus in July 1992 as a research analyst. From April 1996 until April 2000, he was a portfolio manager and managing director with Bee & Associates. He rejoined Janus in April 2000. Yee holds the Chartered Financial Analyst designation.

Vaillancourt is a senior vice president and investment strategist on the Global Asset Allocation team. He is responsible for the research that drives the top-down views of the GAA portfolios including asset class, region and sector decisions. This work also contributes to Putnam's Capital Markets Outlook. He has been employed by Putnam Management Since 1999.

Knight is a managing director, deputy head of investments, and CIO of Putnam's Global Asset Allocation team. Knight oversees the team's institutional and individual portfolios and asset allocation investment process for the multi-asset-class portfolios.

Shaw, Chairman & Chief Investment Officer, has been a Portfolio Manager/Analyst at Armstrong Shaw since 1984. Shaw chairs the Investment Committee and as Portfolio Manager is responsible for overall account management including portfolio design. He is responsible for conducting fundamental research to identify individual companies and industry groups for potential investment. Prior, Shaw worked three years with the Manufacturers Hanover Trust Co., as a Commercial Lending Officer for corporate relationships.

Tyler is a senior vice president and portfolio manager with American Century Investments, his employer since 1987. Previously, he spent five years as an assistant vice president for securities sales with Citicorp Securities, and two years as a lending officer with Crocker Bank. Tyler has completed NASD Series 7. Tyler holds the Chartered Financial Analyst designation.

Platz is vice president and a senior portfolio manager with American Century, his employer since October 2003. Prior to joining American Century, Platz was a vice president, senior portfolio manager for Standish Mellon Asset Management, formerly Certus Asset Advisors, since August 1995.

Linehan is chairman and portfolio manager with T.Rowe Price. Linehan joined the firm in 1998 as an analyst. He has nine years of previous investment experience at Bankers Trust and E.T. Petroleum. Linehan holds the Chartered Financial Analyst designation.

Miller is senior vice president, investment committee, portfolio manager with Ariel Investments, LLC. He joined the firm in 1989 and has held a variety of positions, most recently serving as senior vice president, portfolio management from 2002 to 2006. Miller began his investment career at Cantor Fitzgerald & Co. in 1987. Miller holds Chartered Financial Analyst designation.

Rogers, Jr. is the chairman, chief executive officer and chief investment officer of Ariel Capital. Rogers founded Ariel Capital in 1983 and has held his current positions since that time. He has more than 23 years of professional experience managing portfolios and analyzing investments.

Coleman is Coleman is Co-Chief Investment Officer in charge of Janus' equity, fixed income and money-market teams, a role he has held since January 2005. In July 1994, Mr. Coleman joined Janus as a research analyst focusing on the transportation, healthcare and financial services industries. Prior to joining Janus in July 1994, he was a Fulbright Fellow in Costa Rica, researching economic integration in Central America. Coleman holds the Chartered Financial Analyst designation.

Gordon is a senior vice president and director with Capital Research Global Investors. He has been an investment professional for 29 years, all with Capital Research and Management Company or affiliate.

Buntrock serves as vice president and portfolio manager with Loomis, Sayles & Company, his employer since 1997. Prior to joining the firm, he was an institutional/corporate sales manager with Mellon Bank from 1987 to 1997. He holds the Chartered Financial Analyst designation.

Mr. Murphy is a managing director. He is responsible for developing investment strategies for investment-grade credits used in institutional and mutual fund portfolios. In addition, he specializes in the use of derivatives to enhance returns and manage risk across the full spectrum of credit securities. Mr.Murphy joined Putnam in 1999 and has 19 years of investment experience.

Kurt M.Havnaer has been employed as a Business Analyst of the Investment Adviser since December 2005. Mr.Havnaer has over 16 years of experience in the investment management industry. Prior to joining the Investment Adviser, he spent 9 years at Columbia Management Advisors as a high yield analyst and co-portfolio manager. Prior to that, he was a portfolio manager, analyst and trader at Safeco Asset Management. He has been a member of the investment team since September of 2007.

Roesch joined Dodge and Cox in 1997. Previously she worked for seven years in the performing arts industry. Roesch has earned the designation of chartered financial analyst.

With fourteen years of experience in building mechanical systems, Mr. Barnhart joined Morning Star, Inc. in 1999.

Saltiel is portfolio manager of Janus' International Equity strategy, Janus Adviser International Forty Fund and Janus' Concentrated International Equity strategy. In April 2009, he was named portfolio manager of Janus Adviser Worldwide Fund, Janus Aspen Worldwide Growth Portfolio and Janus Worldwide Fund. Prior to being named to Janus' Worldwide portfolios, he also served as an equity research analyst focusing on the international consumer and materials sectors.

Franz has been an associate portfolio manager with OppenheimerFunds since September 2006 and has been a research analyst of the firm since June 2003. Previously, he was a summer intern in the Securities Division at TIAA-CREF from June 2002 to September 2002; and senior commercial credit analyst at M&T Bank from June 1999 to September 2001.

McGee is vice president of Franklin Advisory Services, LLC, providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. She joined Franklin Templeton Investments in 1988..

MacDonald is a vice president with Capital Research and Management Company, his employer since 1994. Previously, MacDonald served as an assistant vice president and director of fixed-income securities with Farmers Insurance Group. MacDonald is a member of the Los Angeles Society of Financial Analysts, and a member of the National Federation of Municipal Analysts.

Sauer is senior vice president, investment committee and portfolio manager with Ariel Capital Management, LLC. Prior to joining the firm in May 2006 he was employed from 1993-2006 by Oak Value Capital Management where he served in a number of capacities, culminating in the position of executive vice president, senior portfolio manager and director of research.

Mr. Eagan is vice president of Loomis, Sayles & Company and a portfolio manager for the Loomis Sayles fixed income group. He manages institutional and mutual fund portfolios, including the Loomis Sayles High Income Fund . Mr. Eagan started his investment career in 1990 and joined Loomis Sayles in 1997. During his tenure, he has also served as part of the medium grade fixed income team and as a fixed income research analyst. Prior to Loomis Sayles, he worked for Liberty Mutual Insurance Company as a senior fixed income analyst and for BancBoston Financial Company as a senior credit analyst. Mr. Eagan earned a BA from Northeastern University and an MBA from Boston University.

Mr. Atkin is managing director and director of Sovereign Research. In this role, he leads macro economic discussions as part of the Portfolio Construction team and manages a team of analysts who evaluate government securities in G7 countries & emerging markets. He is also a member of the Global Fixed Income Fund and the Core Fixed Income Team. Mr. Atkin, who joined Putnam in 1997, has 18 years of industry experience.

Camarella has been a research analyst of OppenheimerFunds since February 2006. Camarella was a credit analyst of the manager from June 2003 to January 2006. Prior to joining the firm, he was employed as an investment banking analyst for Wachovia Securities in Charlotte, North Carolina.

Cohen is a vice president and director with Capital Research and Management Company. He has 18 years of investment experience in total, 9 years with this firm.

Salm is a managing director and team leader of Liquid Markets in the Core Fixed Income team and a portfolio member on the American Government Income Fund and the U.S. Government Income Fund. Salm joined Putnam in 1997, prior to that, he was a Mortgage Specialist with Blackrock Financial Management from 1996-1997.

Boucher is vice president and portfolio manager in Putnam's Fixed Income High Yield team. Boucher joined Putnam in 1998 and has more than 20 years of financial services experience. Prior to joining Putnam, Boucher held various positions at Boston Financial.

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.

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.

Scanlon is a managing director and portfolio manager with Putnam Investments, his employer since 1999. He specializes in dealing with high-yield corporate bonds. Previously, he was a senior vice president for Olympus Health Care Group from 1997 to 1999. Prior to that, Scanlon worked as a senior analyst at Fidelity Investments.

Bartolo is a portfolio manager in the U.S. Equity Division of T. Rowe Price and has been managing assets for the firm since 2005. He is an executive vice president of the U.S. Growth Stock Strategy and chairman of its Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc. He has 11 years of investment experience, six of which have been at T. Rowe Price.

Varunok is the vice president of Franklin Advisers. He joined Franklin Templeton Investments in 2001. Previously, Varunok was a fixed-income analyst for Prudential Securities, Inc.

Lambert is a fixed income portfolio manager with Dodge and Cox, his employer since 1988. Prior to joining the firm, he worked for Western Asset Management Company for three years. Lambert is a Chartered Financial Analyst and a Chartered Investment Counselor.

Mr. Haddad is a managing director, portfolio leader on the Vista and New Opportunities funds, and portfolio manager on the OTC and Discovery Growth funds. Mr. Haddad, who joined Putnam in 2000, holds Series 7 and 63 licenses with the NASD and has 10 years of investment industry experience.

Gao joined Matthews in 1997 as a China Analyst and is currently a Portfolio Manager. He began his career at the Bank of China in 1989, first as a Loan Officer, then as a FOREX Trader in the Treasury Department. In 1993, he became Assistant Manager at the Bank of China, where he was in charge of FOREX trading for import/export companies.

Bloemker is managing director and mortgage specialist in the core fixed income team. Bloemker joined Putnam in 1999. Prior to joining Putnam, Bloemker served as managing director of mortgage sales and trades for Lehman Brothers. Previously, Bloemker was employed by Salomon Brothers as vice president of mortgage sales and trading.

Thompson is a portfolio manager with Dodge & Cox, his employer since 1992. Prior to joining the firm, he was a principal in a small investment firm, worked in the fixed-income department of three major securities firms, and served in the U.S. Navy. Thompson is a Chartered Financial Analyst and a Chartered Investment Counselor.

Brookby is a portfolio manager with Putnam Management, prior to that, he joined American Century in June 2000 and became a portfolio manager in Feb 2005.

Ewing is a portfolio manager with Putnam Management. Before joining in Putnam, he was employed by RiverSource Investments as a portfolio manager. Prior to that, he worked at Fidelity Investments, where he started in 1990 as an equity analyst. Ewing began his investment career in 1988. Ewing holds the Chartered Financial Analyst designation.

O'Donnell is vice chairman of the board, senior vice president, director, and portfolio manager with Capital Research and Management Company, his employer since July 1975. Previously, O'Donnell worked as a portfolio manager with American Express Investment Management Company.

Kea is a Managing Director and Portfolio Manager on the Global Asset Allocation team. He is a member of the team that manages Global Asset Allocation institutional portfolios. He is also a Portfolio Member on the Asset Allocation Growth, Balanced, and Conservative portfolios. Mr. Kea joined Putnam in 1989 as an accountant for international funds. Kea has 17 years of investment industry experience. Kea holds the Chartered Financial Analyst designation.

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.

Mr. Salvin is a Managing Director and Portfolio Manager on the Core Fixed Income High Yield team. Additionally, he is a Portfolio Member of the Convertible Income Growth Trust and High Yield Trust, and a co-Portfolio Leader of the High Income Securities Fund. Mr.Salvin joined Putnam in 2000 and has 18 years of investment industry experience.

McIver joined Investment Management, Inc. in September 2004 as director of operations. He is a principal of Investment Management, Inc. since 2006, has over 14 years experience in the banking and investment business, including ten years with Schroder Investment Management in London and two additional years with Schroder & Co. Trust Bank where he served as chief investment officer, Latin America. Most recently, McIver led two private companies in British Columbia, Canada from 2001 - 2004.

Gensler is vice president and portfolio manager with T. Rowe Price Associates, his employer since 1993. He was appointed chairman of the investment advisory committee in 2005. He has been managing investments since 1996.

Bartolo is a portfolio manager in the U.S. Equity Division of T. Rowe Price and has been managing assets for the firm since 2005. He is an executive vice president of the U.S. Growth Stock Strategy and chairman of its Investment Advisory Committee. He is a vice president of T. Rowe Price Group, Inc. He has 11 years of investment experience, six of which have been at T. Rowe Price.

Gahagan is a vice president and portfolio manager for American Century Investments, his employer since 1983. Prior to that, he was a law clerk at Kuraner & Schwegler law firm. Gahagan is a member of the Association for Investment Management and Research.

Zagunis has been employed as vice president and has been a principal of Jensen Investment Management, Inc. since January 1993. Zagunis has over 25 years of experience in the financial industry. He was manager of the Portland business-banking group for The Bank of California from 1987 to 1993 and held several senior lending and management responsibilities in the Corporate Banking Division of First National Bank of Oregon spanning a decade.

Bayston is senior vice president of Franklin Advisers, Inc. He has final authority over all aspects of the fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated management requirements. Bayston joined Franklin Templeton Investments in 1991. He holds the charted financial analyst designation.

Fielding has been a senior vice president of OppenheimerFunds Inc since Jan. 1996 and senior portfolio manager of the company since January 1999. Previously, he was president of Fielding Management Company since 1982. Prior to that, he served for four years as a manager and assistant vice president with Lincoln First Bank, and three years as a financial analyst for Security New York State Corporation. Fielding holds the Chartered Financial Analyst designation.

Cottier has been a vice president and a senior portfolio manager with OppenheimerFunds, Inc. He has been a vice president of OppenheimerFunds, Inc. since 2002. Prior to joining it in 2002, Cottier was a portfolio manager and trader at Victory Capital Management from 1999 to 2002.

Serena Perin Vinton is a senior vice president with Franklin Advisers, Inc., and a portfolio manager of the Franklin Capital Growth Fund. Ms. Perin Vinton specializes in research analysis of the consumer products and is the consumer sector team leader. In addition, Ms. Perin Vinton is a member of the Franklin Institutional All Cap Growth Equity team. Before joining the Franklin equity group in August 1995, Ms. Perin Vinton served as an analyst and portfolio manager in the international fixed income group for four years. Prior to joining Franklin Templeton in 1991, she worked as a research analyst for a British Member of Parliament in London. Ms. Perin Vinton earned a B.A. in business economics from Brown University and also attended the University of London and Oxford University. Ms. Perin Vinton is a Chartered Financial Analyst (CFA) Charterholder.

Lieberman is a principal and portfolio manager of Hotchkis and Wiley Capital Management LLC. He joined the firm in 1994 as a portfolio manager and analyst.

Kornfeld is a portfolio manager with Franklin Templeton Investments, his employer since January 2001. Prior to joining Franklin Templeton investments he worked in private equity and as a sell-side research analyst where he specialized in covering small and micro-cap securities. Kornfeld holds the Chartered Financial Analyst designation.

Huber serves as vice president and portfolio manager with T. Rowe Price Associates, his employer since 1994. Prior to joining the firm, he worked for NationsBank as a corporate banking officer. Huber holds the Chartered Financial Analyst designation.

Dugan is a portfolio manager with Dodge & Cox, his employer since 1993. Prior to joining the firm, he worked in the Czech Republic as an advisor to a Czech fund. He also worked as a fixed-income securities trader for J.P. Morgan Securities. Dugan is a Chartered Financial Analyst.

Armour is an executive vice president with Capital Research and Management Company. He has more than 23 years of investment experience, all with this company.

Willis has been a portfolio manager since 2003 and an assistant vice president of OppenheimerFunds, Inc. since July 2005. Prior to joining it in 2003, he was a corporate attorney for Southern Resource Group from 1999.

Xiang is a manager of the fund providing research and advice on the purchases and sales of individual securities and portfolio risk assessment. He joined Franklin Templeton Investments in 2004. Previously, Xiang was a vice president of business development at Genyous Life Sciences, Inc. He also worked on deal sourcing, due diligence and strategic planning at BioAdvance and as a senior analyst for Acacia Research Corporation.

Lippman is 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.

Mr. Starr is a member of the senior investment committee. Mr. Starr joined ICAP in 1998 and is responsible for the analysis and stock recommendations for the basic industries, consumer durables, and energy sectors. His prior experience includes analyst positions at Scudder Kemper Investments and Morningstar. He earned a BA from DePauw University and an MBA from the University of Chicago.

Craig Woker, a financial services analyst at Morningstar, the investment research company, said gloating would seem inappropriate after Enron's demise. But he wondered whether Citigroup had simply been extra cautious or had special information at the time.

Glenn Mitchell is Managing Editor of the Morning Star in Vernon, a position he has held since 1994. He began his jounalism career at the Hope Standard in 1985 and moved back to his hometown of Vernon to help launch the Morning Star in 1988. Mitchell moved up from reporter to sports editor and then was named editor of the Salmon Arm Observer in 1989, a position he enjoyed for two years. He returned to the Morning Star as News Editor and was promoted to his current position in 1994. A graduate of Simon Fraser University (BA - English, Political Science), Mitchell also completed the Communications Media program at Cariboo College.

Frank Ptak was elected to the board of directors in 2007. Since 2006, he has served as president and chief executive officer of The Marmon Group, a diverse manufacturing and service organization comprising more than 125 independent businesses, and also serves on its board of directors. From 1996 to 2005, he served as vice chairman of Illinois Tool Works, a diversified manufacturer of industrial systems and components. He holds a bachelor's degree in commerce from DePaul University.

Paul Sturm served as a member of Morningstar's advisory board beginning in 1998 and was elected to the board of directors in 1999. Since 1992 he has worked at SmartMoney magazine, where he currently writes a monthly column on investing. From 1985 to 1989, he was assistant managing editor for BusinessWeek. From 1980 until 1985 he held a similar position at Forbes. Prior to that, Sturm worked as a business writer for a variety of publications based in New York, Washington, and London. Sturm holds a bachelor's degree in economics from Oberlin College and a master's degree in journalism from Columbia University. He received a law degree from Georgetown University Law Center.

William M. Lyons was elected to the board of directors of Morningstar in 2007. Lyons was president and chief executive officer of American Century Companies, Inc., a Kansas City-based investment manager, until his retirement in March 2007. Before joining American Century, he was an associate at San Francisco-based law firm McCutchen, Doyle, Brown and Enersen (now Bingham McCutchen LLP). Prior to joining the firm in 1982, Lyons worked for the United States Court of Appeals, Ninth Circuit as a law clerk. Lyons served for more than 10 years as a member of the board of governors and executive committee of the Investment Company Institute (ICI), a national trade association for investment companies. He was also appointed to serve on several special task forces of the ICI and the National Association of Securities Dealers, Inc. that examined key mutual fund policy issues. Lyons holds a bachelor’s degree in history from Yale University and a juris doctor degree from Northwestern University School of Law.