Highland Capital Management, L.P.

Mr. Joe Dougherty is the Head of Retail Products and serves as a Senior Portfolio Manager for Highland Capital. Prior to joining Highland Capital in June 1998, Joe Dougherty worked as an Investment Analyst with Sandera Capital Management from 1997 to 1998. Formerly, Mr. Dougherty was a Business Development Manager at Akzo Nobel from 1994 to 1996 and a Senior Accountant at Deloitte & Touche, LLP from 1992 to 1994. Mr. Joe Dougherty is a Senior Portfolio Manager, and heads Highland’s retail products business unit (“Highland Funds”). Mr. Dougherty serves as Portfolio Manager, Senior Vice President and/or Director of the Firm’s NYSE-listed funds and 1940 Act Registered Funds. In addition, Joe Dougherty also serves as Portfolio Manager for the Firm’s sub-advised closed-end funds. In this capacity, Mr. Dougherty oversees investment decisions for the retail funds, alongside several other Portfolio Managers, and manages the team dedicated to their day-to-day operations. Prior to his current duties with, Mr. Joe Dougherty served as Portfolio Analyst for Highland Capital from 1998 to 1999. Mr. Dougherty helped follow companies within the retail, chemical, supermarket, wireless and restaurant sectors, functioning as a Portfolio Analyst. He received a BS in Accounting from Villanova University and an MBA from Southern Methodist University. A Certified Public Accountant, Mr. Joe Doughtery has earned the right to use the Chartered Financial Analyst designation.