Mr. McCulley holds a B.A. in Economics, with honors, from Grinnell College, and an MBA from Columbia University Graduate School of Business, with Beta Gamma Sigma honors and a triple major in Finance, Business Economics, and Money and Financial Markets. Mr. McCulley was a Partner at PIMCO, the world's largest and most esteemed fixed income investment management company, where he was a member of the investment committee, a generalist portfolio manager, and head of the money market and funding desk. Paul also led PIMCO's Cyclical Economic Forum and was author of the monthly research publication Global Central Bank Focus, featured on www.pimco.com. Mr. McCulley joined PIMCO in 1999, previously serving as Chief Economist for the Americas for UBS Warburg. During 1996-98, he was named to six seats on the Institutional Investor All-America Fixed Income Research team. In 2008, Paul was appointed a member of the U.S. Treasury's Borrowing Advisory Committee, established by Congress and reporting to the U.S. Treasury Secretary. Mr. McCulley hails originally from Verona, Virginia, a small town outside of Staunton, the son of the Reverend and Mrs. Everett C. McCulley. According to Mr. McCulley, when he came to Grinnell, he was considered high economic need, and Grinnell provided assistance fully consistent with its need-blind philosophy. While at Grinnell, he lettered in cross country and was the student manager of the Quad dining room. Mr. McCulley is the founder and benefactor of the Morgan Le Fay Dreams Foundation, dedicated to the needs of children.