PRIMECAP Management Company manages only equity portfolios for a select group of employee benefit and 401(k) plans, endowment funds, foundations, one Taft Hartley, sovereign funds and mutual funds for the Vanguard Group and Odyssey Funds. They invest primarily common stocks or securities with common stock characteristics, bonds and cash/cash equivalents. PRIMECAP utilizes fundamental research and bottom-up stock picking to construct portfolios. They do not attempt to time the market. All portfolios are built with the best ideas of each of the managers within the multi-manager investment process. PRIMECAP's investment strategy does not employ short sales or margin transactions, nor does it permit investments in derivatives or currency hedging.

Dodge & Cox manages diversified equity, fixed-income and balanced separate accounts and mutual funds for individuals and institutions. Individual security selection is based on the relationship of fundamentals to valuation. The firm maintains a long-term investment horizon and an employs an investment approach that emphasizes the evaluation of risk relative to opportunity. The firm adheres to a strict price discipline. Dodge & Cox's Stock Fund seeks long-term growth of principal and income. The fund's secondary objective is the generation of reasonable current income. The fund invests primarily in a diversified portfolio of the common stocks of companies that appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth.Dodge & Cox's Global Stock Fund seeks long-term growth of principal and income through investments primarily in a diversified portfolio of equity securities issued by companies from at least 3 different countries, including emerging markets. The fund invests mainly in medium-to-large sized, well-established companies. The fund is not required to allocate investments to particular companies in set percentages. Typically, 40% of the fund's total assets are invested in the securities of non-US companies.The firm's International Stock Fund seeks long-term growth of principal and income through investments primarily in a diversified portfolio of equity securities issued by non-US companies from at least 3 different foreign countries, including emerging markets. The fund focuses on countries whose economic and political systems appear more stable and are believed to provide some protection to foreign shareholders. The fund invests mainly in medium-to-large sized, well-established companies that appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth.Dodge & Cox's Balanced Fund seeks regular income, conservation of principal and an opportunity for long-term growth of principal and income through investments in a diversified portfolio of common stocks, preferred stocks and fixed-income securities. The fund invests in companies that appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth. The fund typically holds no more than 75% of its total assets in stocks. The fund's invests in investment-grade fixed-income securities including US government obligations, MBS, ABS, corporate bonds, collateralized mortgage obligations and others. To a lesser extent, the fund may also invest in below investment-grade fixed income securities.The firm's Income Fund seeks a high and stable rate of current income, consistent with long-term preservation of capital with the secondary objective of capital appreciation. The fund invests primarily in a diversified portfolio of high-quality bonds and other fixed-income securities including US government obligations, MBS, ABS, corporate bonds and collateralized mortgage obligations.

Jennison Associates (JA) has expertise in a range of equity strategies across styles and market-caps, as well as fixed income strategies. The firm manages portfolios based on internal fundamental research, bottom-up security selection and a highly interactive investment process. They use quantitative tools to create and manage some of their customized equity portfolios and quantitatively hedged portfolios.Jennison Associates provides investment management services to separate account and collectively managed vehicles in the following disciplines: Growth Equity (Large-Cap and Global Healthcare/Health Sciences), Opportunistic Equity (Long-Only Value and Multi-Asset), Small and Mid Cap Equity, Global Equity (Global, International and Emerging Markets), Large Cap Value, Global Infrastructure , Equity Income & Rising Dividend, and Fixed Income. They also manage portfolios concentrated in the following sectors: global natural resources, utilities and master limited partnerships.The objective of Jennison Associates' fixed income strategies is to provide the desired alpha without taking excessive fundamental risk. They focus on investment grade market sectors including Treasuries, agencies, corporates, asset-backed securities and mortgage-related securities, including CMOs and pass-throughs. The firm's fixed income approach is based on their belief that investment values, yield spreads and yield curve shapes will revert to the mean (average) over time. They look for sources of alpha from a combination of security selection, yield curve management, sector rotation and active trading.