David J. Winters, the managing member of the Investment Manager, is primarily responsible for the management of the Fund’s portfolio and has responsibility for the day-to-day management of the Fund. Mr. Winters has managed the Fund since its inception in 2005.

Prior to forming the Investment Manager in May 2005, Mr. Winters held various positions with Franklin Mutual Advisers, LLC, including, President, Chief Executive Officer, and Chief Investment Officer. Mr. Winters led the Mutual Series group of global and domestic equity value funds, including serving as portfolio manager of the Mutual Discovery Fund during the period beginning February 1, 2000, through May 10, 2005.