Vanguard International Value Inv

Michael G. Fry, a Managing Director of Lazard Asset Management, is a portfolio manager/analyst on various of the Investment Manager’s International Equity teams. Prior to joining Lazard Asset Management in 2005, Mr. Fry held several positions at UBS Global Asset Management, including Head of Global Equity Portfolio Management, Global Head of Equity Research and Head of Australian Equities. Mr. Fry began working in the investment field in 1981.

Michael Bennett is a Managing Director of Lazard and a portfolio manager for various of Lazard's international and global equity teams. He began working in the investment field in 1987. Prior to joining Lazard in 1992, Mr. Bennett served as an international equity analyst with General Electric Investment Corporation. Previously he was with Keith Lippert Associates and Arthur Andersen & Company. He has an MBA from University of Chicago and a BS in Accounting from New York University.

Before joining ARGA in 2010, Mr. Cheng was Associate at Gryphon Investors, a middle-market private equity firm in San Francisco. While at Gryphon from 2005 to 2007 he evaluated new investment opportunities in the Consumer Products and Retail sectors and executed acquisitions and financings. Previously, Mr. Cheng was an investment banking analyst with Goldman Sachs & Co. in its Technology, Media & Telecommunications Group in San Francisco, where he worked on M&A transactions for clients including NTT DoCoMo, AT&T Wireless and eBay. Mr. Cheng began his career as an analyst with Citigroup / Salomon Smith Barney in its Global Consumer Group in New York. Mr. Cheng earned an M.B.A from The Wharton School at the University of Pennsylvania in 2009 and graduated with Honors from the University of California, Berkeley in 2002 with a B.S. in Business Administration.

Before joining ARGA in 2010, Mr. Morrow was Portfolio Manager - Global Proprietary Trading, Bank of America Merrill Lynch, where he oversaw Global Consumer and Transportation investments. From 2002 to 2009, Mr. Morrow was a Partner and Portfolio Manager at Cumberland Associates, LLC, where he was lead manager for long/short investments in the Consumer and Transportation sectors. Before that, Mr. Morrow was Managing Director, Portfolio Manager/Equity Research Analyst at Citigroup Asset Management. He previously worked at Dreyfus Corporation as an Equity Research Analyst. Before entering the investment profession, Mr. Morrow played Professional Hockey with the Philadelphia Flyers. Mr. Morrow graduated with an M.B.A. from Cornell University in 1998 and a B.S. in Business Administration from the University of New Hampshire in 1993. Mr. Morrow is a Chartered Financial Analyst.

Ms. Woo graduated from the University of Toronto with a Bachelor of Arts degree in 1983. Upon graduation, Ms. Woo joined the Group Pension Division of Confederation Life. In 1985, she joined the Research Department specializing in economics research. In 1987, she began to analyze Far East Securities. She spent time at the Company's London, England office in 1989 analyzing a variety of European securities. In July 1991, Ms. Woo was appointed Senior Investment Analyst - International Equities, at Confed Investment Counselling Ltd. Ms. Woo left Confed Investment Counselling to join Sprucegrove.

Arjun Kumar, Director and Co-Lead Portfolio Manager, has managed the portion of the Fund’s assets allocated to Sprucegrove since 2017. Mr. Kumar has been with Sprucegrove since 2002.