Investment Company Institute

“The following board members have business relationships by serving together on the same mutual fund board: karla rabusch and douglas sieg; kathleen barr and steven paggioli; kathleen barr and stephanie braming. The following board members and officers have a business relationship by serving together on the ici mutual board of directors: david oestreicher, eric j. Pan and george h. Walker.”

“The institute's by-laws were changed to add an individual member division and an affiliate member category. In addition, business development companies were added to the definition of a closed-end investment company member.”

“The investment company institute ("the institute") is organized into seven membership divisions: the open-end investment company division, the closed-end investment company division, the investment adviser division, the underwriter division, the unit investment trust division, the global division, and the individual member division. Each member of the open-end investment company division, the closed-end company division, the unit investment trust division, and the global division is entitled to one vote with respect to matters affecting its division, and one vote with respect to matters affecting the corporation as a whole. Each group of members from the investment adviser division and the underwriter division, the members of which groups are under common control, collectively are entitled to one vote with respect to matters involving its own division and one vote with respect to matters involving the corporation as a whole.”

“Members of the institute meet annually for the purpose of electing governors to serve on the institute's board. The nominating committee of the board of governors proposes nominees for election as governors at the annual meeting. Members approve the election of the nominees to the board.”

“Institute management and an external tax adviser, pricewaterhousecoopers, review the form 990 before it is presented to the ici audit committee for review and approval. After the audit committee's approval, ici provides a complete copy of the form 990 to all members of its board of governors before filing the form.”

“Annually, employees are required to sign an acknowledgement form indicating that they have read and understand the institute's conflict of interest policy. In addition, and in order to proactively address any potential conflicts of interest that may result in a materially financial benefit, institute board members, officers, key employees and other selected senior staff are required to annually complete and submit a disclosure form indicating whether they or their family members have any outside interests, activities, transactions, or relationships which may constitute a conflict of interest. If it is determined that a conflict exists that materially and adversely affects the interests of the institute, subsequent action may be taken such as recusing the individual from participation in related discussions or decisions within the institute, or requesting the individual's resignation. It may also be determined that no action is necessary as the conflict is unlikely to affect the individual's ability to act in the best interests of the institute.”

“Compensation for the president & ceo, officers and other senior staff is reviewed and approved annually by the compensation committee elected by the board of governors. Prior to making any decisions, compensation is benchmarked against external survey data for comparable positions, including data from non-profit surveys, irs form 990's and industry surveys. Compensation is also determined in consideration of individual and institute performance against goals.the compensation committee and the institute may also periodically retain the services of an independent compensation consultant to address executive compensation. Recommendations for the president & ceo and other key staff are also presented to, and approved by, the executive committee of the board of governors. Contemporaneous substantiation of the deliberations, decisions and actions of the compensation committee and the executive committee are documented in the minutes of each committee and in records maintained by the human resources department.”

“The institute's financial statements, governing documents, and conflict of interest policy are not made available to the public.”

“To strengthen the foundation of the asset management industry for the ultimate benefit of the long-term individual investor. Members include mutual funds, exchange-traded funds (etfs), closed-end funds, and unit investment trusts (uits) in the united states, and similar funds offered to investors in europe, asia and other jurisdictions.”

“Actuarial pension/postretirement plan gain $ (2,316,518) loss on foreign currency translation $ (85,942) other components of net periodic cost $ (396,777)”