– Western Asset Management Company, LLC – Portfolio Manager, 2002- – Graduate School of Management, U.C. Irvine – Graduate Teaching Assistant, Finance, 2002 – RSM EquiCo, Capital Markets Division – Associate Intern, 2001-2002 – Air Industries Corporation – Staff/Chief Engineer, 1993-2000 – University of California, Irvine, Graduate School of Management, M.B.A. – Bucknell University, B.S. – Chartered Financial Analyst

– Western Asset Management Company, LLC – Portfolio Manager, 2003- – Salomon Smith Barney – Associate, Private Client Group, 2000-2001 – Digital Coast Partners – Senior Analyst, 1999-2000 – Arthur Andersen, LLP – Senior Analyst, 1997-1999 – Cornell University, M.B.A. – University of California, Los Angeles, B.A., magna cum laude – Chartered Financial Analyst

Dan McNeela is a senior portfolio manager and co-head of target risk strategies with Morningstar Investment Management. McNeela is focused on portfolio construction, asset allocation, and manager due diligence. Prior to joining the investment management group in 2006, McNeela was associate director of mutual fund analysis for Morningstar, Inc. McNeela served as the editor of Morningstar’s flagship newsletter, Morningstar Mutual Funds and appeared before House and Senate subcommittees to testify as an investor advocate regarding the effectiveness of 529 college savings plans. He joined Morningstar in 2000 as a fund analyst with the individual investor group, specializing in domestic equity funds, with subspecialties in real estate and long-short funds and was the lead analyst on funds offered by Janus, Putnam, Royce and Goldman Sachs. Prior to Morningstar, he held a number of corporate finance positions at Scott Foresman, a leading educational publisher. McNeela holds a bachelor’s degree in finance from Indiana University and a master’s degree in business administration from the from the University of Illinois. McNeela also holds the Chartered Financial Analyst® designation.

Mr. Rogal began his career at BlackRock in 2006 as an analyst in the Financial Institutions Group. Mr. Rogal earned a BA degree in economics and biology from Cornell University in 2006, with concentrations in statistics and genetics. He is a member of the Phi Beta Kappa society, for which he currently serves on the alumni board of directors.

– Western Asset Management Company, LLC – Portfolio Manager, 2005- – Citigroup Asset Management – Portfolio Manager, 1986-2005 – Brown Brothers Harriman & Co. – Portfolio Manager, 1981-1986 – New York Life Ins. – Analyst, 1978-1980 – Pace University, M.B.A. – Rider University, B.S.

Robert Miller is a senior portfolio manager for the Municipal Fixed Income team at Allspring Global Investments, where he manages mutual funds and separate accounts. He joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Prior to joining WFAM, Robert worked for American Century Investments, where he was part of a team managing the firm’s municipal bond portfolios. Robert had direct responsibility for the firm’s national intermediate- and long-term investment-grade strategies. In addition, he managed several other state-specific funds for the firm. Robert also served as a member of its analytical team. Earlier, Robert was a municipal bond analyst with Moody’s Investors Service, where he served as an analyst in the States and High Profile Ratings Group as well as the Airport Credit Group, the Southeast Regional Ratings Group, and the Mid-Atlantic Regional Ratings Group. He also founded a small venture capital firm and served as a consultant with Black and Veatch and KPMG Peat Marwick, where he specialized in conducting financial feasibility studies in support of large infrastructure projects. Robert earned a bachelor’s degree in business administration with an emphasis in finance from San Jose State University and a master’s degree in business administration from the Leonard N. Stern School of Business at New York University.

– Western Asset Management Company, LLC – Portfolio Manager, 2012- – U.S. Department of the Treasury – Acting Assistant Secretary for Economic Policy; Deputy Assistant Secretary for Microeconomic Analysis; Senior Advisor in the Office of Economic Policy, 2009-2011 – University of California, Berkeley, PhD Economics – Dartmouth College, B.A. Economics, magna cum laude – Chartered Financial Analyst

Michelle R. Ward, CFA (Morningstar Total Return Bond Fund, Morningstar Multisector Bond Fund, and Morningstar Municipal Bond Fund)—Michelle Ward is an associate portfolio manager for Morningstar’s Investment Management group. Ward focuses on portfolio construction, fixed-income asset class research, and investment due diligence and is a member of the U.S. outcome-based strategies team, which focuses on inflation-plus, cash-plus, and income investment strategies. Along with the other comanagers of the Funds, she is responsible for subadviser selection and oversight, allocating the Funds’ assets to the subadvisers and any ETFs that are selected, constructing the portfolios to achieve desired asset class exposures including any residual cash, in addition to other portfolio management responsibilities. Prior to joining the investment management group in 2014, Ward was a senior analyst and team lead covering active strategies on Morningstar, Inc.’s manager research team. Her focus was on fixed-income and real return strategies. Before joining Morningstar in 2012, Ward was a research analyst for Ellwood Associates, an institutional investment consulting firm, where she was a member of a consulting team on a variety of plan types and served as a member of the firm’s fixed-income and real asset manager research teams. Ward holds a BA in Economics from the University of Michigan. Ward has served as a portfolio manager for the Funds since their inception.

Hong Cheng is a portfolio manager within Morningstar's Investment Management group. Hong's primary responsibilities include managing the income focused strategies, including portfolio construction, subadvisor and ETF selection. Hong also co-manages Morningstar Global Income fund, Morningstar Multisector Bond fund and Morningstar Defensive Bond fund. Hong is a member of Investment Management's Global Asset Allocation team focusing on U.S. below-investment grade credit sectors. Hong is a CFA Charter Holder, a member of the CFA Institute and the CFA Society of Chicago.

Alfonzo Bruno is an associate portfolio manager with Morningstar’s Investment Management group. Along with the other Morningstar portfolios managers for the Funds, Bruno is responsible for subadviser selection and oversight, subadviser and exchange traded funds (ETFs) allocations, in addition to other portfolio management responsibilities. Bruno is also a member of Investment Management’s Global Asset Allocation team focusing on U.S. treasuries and agency mortgage-backed securities. Previously, Bruno was a manager research analyst at Morningstar, where he focused on fixed income manager research. Prior to joining Morningstar, Bruno was an investment analyst for the Illinois Municipal Retirement Fund where he focused on public markets portfolio and risk management. Bruno holds a bachelor’s degree in finance from the University of Iowa. Bruno is a CFA Charterholder. Bruno has served as a portfolio manager for the Funds since May 2022.