Personnel

David F. Ganley - President & Chief Compliance Officer (CCO)

President and Chief Compliance Officer (CCO) for Matrix Fund Services. Mr. Ganley is also a Senior Vice President of Matrix Capital Group, Inc. He is responsible for day to day operations of Matrix.

David entered the securities industry in 1969 upon receiving his honorable discharge from the U.S. Air Force. Between 1969 and 1980 he was employed as an examiner with the Philadelphia Stock Exchange, Inc., performing routine and cause examinations. From 1980 to 1989 he was employed by Dayton, Kahn, Heppe, Hancock & Co., Philadelphia, PA as chief operations officer and financial principal. David's responsibilities included compliance with customer protection rule, net capital reporting and administration of the municipal bond trading department, for this self-clearing broker dealer. He also served as Treasurer for the firm's subsidiary companies that were equity specialists and options specialists on the Philadelphia Stock Exchange, Inc. Between 1989 and 1996 he was associated with the Gibraltar Fund Group, acting as chief operations officer of the mutual fund, investment adviser and transfer agent.

From 1996 to 2005, David served in various managerial, compliance and financial positions with InCap Securities, Inc. , InCap Service Company and its predecessor company Declaration Group.

Mr. Ganley received a Bachelor of Science Degree in Management from Saint Joseph's University, Philadelphia, PA. He is licensed with the Financial Industry Regulatory Authority in the following categories: Series 7, 24, 27, 52, 53 and 63.

Larry E. Beaver Jr. - Director of Mutual Fund Accounting and Administration

Mr. Beaver is Director of Mutual Fund Administration for Matrix Fund Services. Larry is responsible for regulatory and internal compliance as it pertains to financial and operational fund reporting.

Larry entered the mutual fund servicing industry in 1998, employed by PFPC, Inc. where he gained valuable experience as a fund accountant and supervisor. During his tenure at PFPC, Mr. Beaver became proficient with the accounting of several different types of funds, including domestic equity and bond funds, money market funds, international funds and hedge funds. From 2001 to 2005 Larry was employed in a similar capacity by InCap Service Company and its predecessor company Declaration Group.

Larry received a Bachelor of Science Degree in Accounting from West Chester University, West Chester, PA.

Jack E. Pelly Jr. - Director of Information Technology

Director of Information Technology for Matrix Fund Services. Mr. Pelly is responsible for the design and operations of the entire technology infrastructure at Matrix Fund Services including enterprise-wide hardware and software development and deployment, facility backbone operations, voice and data communications systems and supportive technology deployment.

From 1997 to 2005, Jack served in a similar capacity with InCap Service Company and its predecessor company Declaration Group.

From 1987 through 1996, Mr. Pelly held several information technology positions including systems quality analyst at Rhone Poulenc-Rorer, Inc., one of the five largest pharmaceutical companies in the world. He was instrumental in integrating the infrastructures between the Research and Development Divisions of Rorer Pharmaceutical, Inc. and Revlon Healthcare, Inc. when the two companies merged in 1987 and again with Rhone Poulenc-Rorer in 1991.

From 1985 through 1986, Mr. Pelly was the Senior Systems Operator and Communications Specialist at The Prudential Insurance Company of America, Healthcare Division. He was responsible for the regional support of all data communications between all group offices and regional headquarters for the Central Atlantic states and the daily systems operations at regional headquarters.

With over twenty years of experience, Jack is a solutions-oriented specialist with notable successes directing a broad range of operational and technological initiatives. Jack received his Associate of Arts degree from Bucks County Community College and has attended classes at Delaware Valley College, Doylestown, PA and Penn State University, Abington, PA. Jack is a Microsoft Certified Product Specialist in numerous areas.

Lisa A. Ruczynski - Director of Shareholder Services

Mrs. Ruczynski is Director of Shareholder Services for Matrix Fund Services. Lisa is responsible for all aspects of the Transfer Agency and Shareholder Recordkeeping.

From 1998 to 2005 Lisa was employed as manager of shareholder services by InCap Services Company and its predecessor company Declaration Group.

From 1969 through 1996, Mrs. Ruczynski spent 27 years employed by Frankford Bank, Philadelphia, PA. She held the position of Loan Accounting Officer in the Installment and Consumer Lending area for 12 years.

In 1985 she made a transition into the Trust and Investment Group where she served as Trust Operations Officer. She has an extensive background in Securities, Trust and Investment products and asset management systems. Lisa has her series 63 license with NASD Regulations, Inc.

Eric Orzechowski - Supervisor Fund Accounting

Mr. Orzechowski is a supervisor in the fund accounting department for Matrix Fund Services. Eric's duties and responsibilities are focused on financial reporting and supervising the computation of the daily net asset value of all Funds serviced by Matrix.

Eric entered the securities industry in 1998, employed as a fund accountant with Declaration Service Company of Conshohocken, PA. By September 2001 he was supervising a staff of fund accountants on all daily processing, striking and publishing of NAVs for approximately thirty mutual funds.

Between September 2002 and January 2008 Eric was a manager in the financial reporting department for the Citco Fund Services Inc. of Malvern, PA. Eric's duties included preparing and reviewing reports for hedge funds, fund of funds and private equity funds; drafting financial statements footnotes disclosures as required by the financial reporting standards of the fund using GAAP or IFRS; and supervising and day to day operations of the accounting staff.

Eric received a Bachelor of Science Degree in Business Administration with a major in Accounting from Temple University, Philadelphia, PA.

Christopher F. Anci - Director

President and Director of Matrix Capital Group since 2004. For the seven years prior, Mr. Anci managed the operational unit of the BT Family of Funds at Bankers Trust in New York. Responsibilities in this role included supervision of a staff of 5 professionals who worked on 16 funds with aggregate assets of approximately $7 billion.

Chris' operational unit was responsible for all daily trade activities, shareholder record keeping and fulfillment services. Chris holds Series 4, 7, 24, 28, 53 and 63 registrations.

He earned a dual B.A. in History and Soviet Studies from Hobart College.

Howard Seligmann - Senior Vice President and Director of New Business Development

Senior Vice President of Matrix Fund Services since 2005 and Director of New Business Development for Matrix Capital Group since 2001 . Prior to Matrix, Mr. Seligmann worked at AXA - Equitable , where he developed a marketing program that focused on providing retirement plan programs for the US subsidiaries of foreign based corporations. He was also appointed the North American representative and liaison for the AXA Trans Border Network. Prior to his role at AXA, Howard worked for Berkshire International Finance as VP of International Business Development.

Howard was a founding member and Sr. Vice President of the StarTrade Mutual Fund, the first publicly offered, Israel focused open end mutual fund family in the United States.

Preceding StarTrade, Howard was Investment Attache for the Government of Israel, Ministry of Finance - Investment Authority. At GOI he led the team that brought the Microsoft Corporation to establish their subsidiary in Israel.

Holding a degree in International Business Administration from the American University of Paris, France, he is fluent in French, German and English. Howard maintains Series 6, 63 and NJ Life Insurance Producers licenses and is an active member of the New Jersey-Israel Commission.