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Richard Gilbert has served as an independent director for the Principal Mutual Funds since 1984. He is also an independent director of the Horton Insurance Agency. From 1990 to 1995, Gilbert was chairman and director of the Federal Home Loan Bank of Chicago. He also has served as a director of Bulkley Capital, L.P. since 1996. Before retiring from active management in 1994, Mr. Gilbert was publisher and chief executive officer of Pioneer Press Newspapers in suburban Chicago; president and chief operating officer of Park Communications, a media company in Ithaca, New York; and president of the Des Moines Register, a family-owned communications company. Gilbert graduated from Simpson College in Indianola, Iowa. | 