Jess B. Yawitz, Ph.D. - Chairman & Chief Executive Officer Jess Yawitz’s responsibilities include establishing fixed income investment strategy, developing new fixed income products and providing client advisory services. In addition, Jess chairs NISA’s Investment Committee. Jess joined NISA’s predecessor, National Investment Services of America, Inc. (“National”), in 1990 after five years with Goldman Sachs & Co. During his years at Goldman, Jess served first as Director of the Financial Strategies Group and then as CIO of the Asset Management Division. Jess built Goldman’s Financial Strategies Group – comprised of leading researchers with advanced degrees in economics, finance, engineering, mathematics and statistics – into one of the top fixed income research teams on Wall Street. His responsibilities included analyzing fixed income markets and providing portfolio strategies and hedging techniques. Prior to his career at Goldman, Jess spent 14 years on the faculty at the Olin School of Business at Washington University in St. Louis, including time as the school’s John E. Simon Professor of Finance. Additionally, Jess served as Director of the school’s Institute of Banking and Financial Markets. Jess is the author of two books and more than 50 published articles dealing with aspects of the fixed income markets. He holds an AB, MA, and a Ph.D. in economics from Washington University in St. Louis. Note: Prior to 1994, several of our key employees were with National Investment Services of America, Inc. (“National”), which reorganized in 1994 to facilitate a change in ownership among its employees.

William J. Marshall, Ph.D. - President Bill Marshall’s responsibilities include devising investment strategies to fit the specific needs of individual clients. He works closely with our portfolio managers and traders to implement these strategies. In addition, Bill serves as a member of NISA’s Investment Committee. Prior to joining NISA’s predecessor, National Investment Services of America, Inc. ("National"), in 1991, Bill was a member of the faculty at the Olin School of Business at Washington University in St. Louis (1978-1985), co-director of the Financial Strategies Group at Goldman Sachs & Co. (1985-1988), and held various positions, including CEO, at Franklin Savings Association (1988-1991). From time to time, Bill teaches and publishes on portfolio management and the management of financial institutions. He holds a BSBA, MBA and a Ph.D. in finance from Washington University in St. Louis. Note: Prior to 1994, several of our key employees were with National Investment Services of America, Inc. (“National”), which reorganized in 1994 to facilitate a change in ownership among its employees.

Kirk Brown serves as Senior Portfolio Manager, Asset Management for American Beacon Advisors, Inc. and is responsible for monitoring the investment advisors to several American Beacon Funds as well as investments in alternative products (including private equity). He is also responsible for monitoring the international, high yield bond, emerging markets and currency overlay investment advisors to AMR Corporation’s pension plans. Prior to joining American Beacon in 1994, Mr. Brown served in operational and business planning roles for American Airlines, Inc. Mr. Brown received his BA from the State University of New York at Brockport in 1986 and an MBA from Vanderbilt University’s Owen Graduate School of Management in 1988. He is a CFA charterholder.

Kenneth L. Lester - Managing Director, Fixed Income and Derivatives Ken Lester manages NISA’s fixed income and derivatives portfolio management teams. In addition, Ken serves as a member of NISA’s Investment Committee. Ken also manages and trades fixed income as well as swaps, options, futures and other derivatives instruments. Using NISA’s proprietary analytical models and interacting with Wall Street, he continually assesses the relative value and risk of securities for individual portfolios and actively trades them within client-determined parameters. Prior to joining NISA’s predecessor, National Investment Services of America, Inc. ("National"), in 1990, he was a member of the Financial Strategies Group at Goldman Sachs & Co. and a portfolio manager at Goldman Sachs Asset Management. He holds a BA and an MAE in quantitative economics from the University of Michigan and has worked with Jess Yawitz continuously since 1986. Note: Prior to 1994, several of our key employees were with National Investment Services of America, Inc. (“National”), which reorganized in 1994 to facilitate a change in ownership among its employees.

Anthony R. Pope, CFA - Director, Fixed Income Anthony Pope is responsible for the daily management of the Fixed Income Portfolio Management Group. Anthony also serves as a member of NISA's Investment Committee. In addition, he oversees the trading of cash fixed income instruments for NISA’s fixed income portfolios and also manages the credit research group. Anthony was recruited through our internship program, joining NISA in 1995. He earned a BSBA in finance from Washington University in St. Louis.

Joseph A. Murphy, CFA - Director, Portfolio Management Joe Murphy focuses on fixed income client engagements, including NDTs, as well as engagements utilizing derivative strategies. In addition, Joe is a member of NISA’s Investment Committee. Joe has over 20 years of experience trading fixed income securities and derivative instruments. Joe joined NISA’s predecessor, National Investment Services of America, Inc. ("National"), in 1992. From 2001 to 2002, he was an adjunct professor of finance at the Olin School of Business at Washington University in St. Louis. He holds a BBA from Notre Dame and an MBA from the University of California, Berkeley. Note: Prior to 1994, several of our key employees were with National Investment Services of America, Inc. (“National”), which reorganized in 1994 to facilitate a change in ownership among its employees.

David G. Eichhorn, CFA - Director, Investment Strategies David Eichhorn focuses on asset/liability sensitive client engagements as well as portfolios that utilize derivatives. In addition, David serves as a member of NISA’s Investment Committee. David’s responsibilities include developing asset/liability hedge strategies, analyzing the structure and appropriateness of alternative derivative instruments and monitoring the continual efficacy of hedge-based strategies. These strategies have often been designed to mitigate specific risks related to corporate pension plans, such as the volatility of funded status, contributions, etc. Prior to joining NISA in 1999, David worked for three years at JP Morgan Investment Management where he assisted institutional clients with investment policy development and asset/liability management. David has published papers on asset allocation and investment strategies related to the issues faced by institutional and individual investors. He earned a BSBA from Washington University in St. Louis, with majors in finance and mathematics.

Mr. Needles has served as President and Chief Executive Officer of American Beacon Advisors, Inc. since April 2009 and has served on the portfolio management team since May 2011. Prior to joining the firm, Mr. Needles was President of Touchstone Investments from 2008 to 2009, President of AIM Distributors from 2003 to 2007 and CEO of AIM Distributors from 2004 to 2007.

Robert is the Managing Director and Senior Portfolio Manager of U.S. Rates and Securitized Strategies. He is responsible for the portfolio management of all US Treasury/government, agency mortgage backed, and securitized strategies including US TIPS mandates. In addition to his portfolio management responsibilities, Robert oversees the research and strategy efforts in US interest rate and securitized products including the use of derivative strategies for risk management and liability hedging. Robert joined the firm in 1991 and has held several positions in fixed income research and trading before assuming his current responsibilities in 2005. He has an M.S. in Finance from Boston College and a B.S. from the University of Virginia's McIntire School of Commerce. Robert is a member of the Boston Security Analysts Society and holds the CFA® designation. He has 24 years of investment experience and has spent his entire career with Standish.