David S. Ruder
Chairman

David S. Ruder, Chairman, is the William W. Gurley Memorial Professor of Law Emeritus at Northwestern School of Law in Chicago. From 1987 to 1989 he served as Chairman of the United States Securities and Exchange Commission. After leaving the Commission, he joined Baker & McKenzie as partner and senior counsel and rejoined the faculty at Northwestern University School of Law, where he also had previously served as Dean. He is a former trustee of the International Accounting Standards Committee Foundation which oversees the International Accounting Standards Board, and former member of the Board of Governors of the National Association of Securities Dealers, Inc., and the founding Chairman of the Securities and Exchange Commission Historical Society.

Allan S. Mostoff
President and Treasurer

Allan S. Mostoff is President and Treasurer of the Mutual Fund Directors Forum. He founded the financial services practice at the Dechert law firm in 1976 and is now counsel to that firm. He joined Dechert after serving with the Securities and Exchange Commission, most recently as Director of the Division of Investment Management Regulation and, prior to that, as Associate Director and Assistant Director of the Division of Corporate Regulation. He is a member of The American Law Institute and the Advisory Board of the Investment Lawyer, and has served as a member of the Financial Accounting Standards Advisory Council, the Advisory Board of the Securities Regulation and Law Report and as an adjunct professor of law at Georgetown University School of Law. Mr. Mostoff received the 2007 Fund Directions "Lifetime Achievement Award" for service to mutual fund directors and the mutual fund industry.

Fergus Reid
Secretary

Fergus Reid, Secretary, is Chairman of the JPMorgan Mutual Fund Group and an independent trustee of the Morgan Stanley Fund Group. He has served in those capacities for ten or more years. He has served as a director of Park Avenue Funds, and the Dreyfus National Bank & Trust Company. Currently he is Chairman and Chief Executive Officer of Lumelite Corporation.

Jameson A. Baxter

Jameson A. Baxter is Independent Vice Chairman of the Putnam Funds and President of Baxter Associates, Inc. She has had a lengthy career in investment banking, primarily with the First Boston Corporation, where she served in senior positions from 1965-1990. Since 1986, she has served as the President of Baxter Associates, Inc., a private investment firm which, among other things, owns the majority interest in a potassium and chlorine products company. In addition to her role with the Putnam Funds, she sits on a number of corporate and not-for-profit boards.

Carl Frischling

Carl Frischling is an Independent Trustee of the AIM Funds and the Reich & Tang funds. He is a senior partner and co-head of the Financial Services Group at Kramer, Levin, Naftalis & Frankel, in New York City, where he advises mutual funds and their independent directors/trustees. Previously, he was chief administrative officer and general counsel of a large mutual fund complex. In addition, he has served on the board of the Investment Company Institute. Mr. Frischling received the 2007 Fund Directions "Independent Counsel of the Year" award for his service to mutual fund directors.

Joel Motley

After graduating from Harvard Law School and practicing corporate law for five years, Joel Motley served as an aide to Senator Daniel Patrick Moynihan. He then began his career in investment banking at Lazard Freres & Co. in 1985. He is a Managing Director of Public Capital Advisors LLC, providing advice on capital markets and infrastructure finance to emerging markets. Since 1992, he has been a Managing Director of Carmona Motley Inc., providing financial advice to municipalities around the United States. Mr. Motley is a member of the Council on Foreign Relations and serves on the boards of the Oppenheimer Funds (Chairman of the Governance Committee) and Human Rights Watch (Chairman of the Policy Committee).