Board of Governors

As of August 4, 2016

• F. William McNabb III* (ICI Chairman)
  Chairman & CEO
  Vanguard
• Gregory E. Johnson* (ICI Vice Chairman)
  Chairman & CEO
  Franklin Resources, Inc.
• Andrew Arnott
  President & CEO, John Hancock Investments
  John Hancock Financial Services, Inc.
• Ashok N. Bakhru
  Independent Chair
  Goldman Sachs Funds
• Edward C. Bernard
  Vice Chairman
  T. Rowe Price Group, Inc.
• Dorothy A. Berry*
  Independent Chair - Professionally Managed Portfolios
  Independent Director - PNC Funds
• David G. Booth*
  Chairman & Co-CEO
  Dimensional Fund Advisors LP
• Leonard P. Brennan
  Chief Executive Officer
  Russell Investments
• Marie A. Chandoha*
  President & CEO
  Charles Schwab Investment Management, Inc.
• Robert Conti
  President
  Neuberger Berman Management LLC
• Bruce L. Crockett
  Independent Chair
  Invesco Funds
• James E. Davey
  President
  The Hartford Mutual Funds
• Thomas R. Donahue
  Chief Financial Officer & Treasurer
  Federated Investors, Inc.
• Kenneth C. Eich
  Chief Operating Officer
  Davis Selected Advisers, L.P.
• Nora M. Everett
  President, Retirement & Investor Services and Chairman, Principal Funds
  Principal Financial Group
• Thomas E. Faust Jr.
  Chairman & CEO
  Eaton Vance Corporation
• Martin L. Flanagan*
  President & CEO
  Invesco Ltd.
• Paul K. Freeman*
  Independent Director
  Deutsche Funds
• George C. W. Gatch*
  CEO- Global Funds Management & Institutional Funds
  JPMorgan Asset Management
• William J. Hackett
  Chief Executive Officer
  Matthews International Capital Management, LLC
• Peter A. Harbeck
  President & CEO
  SunAmerica Asset Management LLC
• Brent R. Harris
  Chairman
  PIMCO Funds
• Diana P. Herrmann
  President & CEO
  Aquila Investment Management LLC
• Mellody Hobson*
  President
  Ariel Investments, LLC
• James A. Jessee
  President
  MFS Fund Distributors, Inc.
• Lisa M. Jones
  President & Chief Executive Officer
  Pioneer Investment Management USA Inc.
• Lawrence H. Kaplan
  Partner & General Counsel
  Lord, Abbett & Co. LLC
• Alain Karaoglan
  Chief Operating Officer
  Voya Financial
• Robert M. Keith
  Head of Global Client Group
  AB Global
• Marie L. Knowles
  Independent Vice-Chair
  Fidelity Fixed Income and Asset Allocation Funds
• Susan C. Livingston
  Partner
  Brown Brothers Harriman & Co.
• Shawn Lytle
  President
  Delaware Investments
• Susan B. McGee
  President & General Counsel
  U.S. Global Investors, Inc.
• James A. McNamara*
  President & CEO
  Goldman Sachs Mutual Funds
• Thomas M. Mistele
  Chief Operating Officer
  Dodge & Cox
• Charlie S. Morrison*
  President, Asset Management
  Fidelity Investments
• Mark D. Nerud
  President & CEO
  Jackson National Asset Management LLC
• Barbara Novick*
  Vice Chairman
  BlackRock, Inc.
• Steven J. Paggioli
  Independent Director
  AMG Funds, Aston Funds, and Professionally Managed Portfolios
• Stuart S. Parker
  President
  Prudential Investments
• Karla M. Rabusch
  President
  Wells Fargo Funds Management, LLC
• Robert L. Reynolds
  President & CEO
  Putnam Investments
• James E. Ross
  Sr. Man. Director & Global Head of ETFs
  State Street Global Advisors
• Laura T. Starks
  Independent Director
  TIAA-CREF Funds
• Arthur P. Steinmetz
  Chairman, CEO, and President
  OppenheimerFunds
• Joseph A. Sullivan
  Chairman & CEO
  Legg Mason, Inc.
• Jonathan S. Thomas
  President & CEO
  American Century Investments
• Garrett Thornburg
  Chairman
  Thornburg Investment Management, Inc.
• William F. Truscott*
  Chief Executive Officer
  Columbia Threadneedle Investments
• Ralph F. Verni
  Independent Chair
  Eaton Vance Funds
• Bradley J. Vogt
  Chairman
  Capital Research Company
• Lloyd A. Wennlund*
  Executive Vice President & Managing Director
  Northern Trust Global Investments
• Jonathan F. Zeschin
  Independent Chair
  Matthews Asia Funds

* Active member of the Executive Committee