The Fund is managed by a team of professional money managers. The members of the team who are currently responsible for the day-to-day management of the Fund's portfolio are Lewis Arno, Derek Bilcik and Donna McGill. Each portfolio manager has managed the Fund since its inception and has worked together under the supervision of various brokerage firms for over ten years.

Mr. Lewis Arno, the primary portfolio manager of the Fund, currently holds the titles of President, Managing Member and Investment Adviser Representative with the Adviser, which he has held since 2006. Mr. Arno is responsible for the creation and ongoing maintenance of the Adviser's trading models. Mr. Arno is also the President of Financial Planning Analysts, Inc., a position he has held since May 1981, through which life insurance business is placed. He is also a Registered Representative of The Investment Center, Inc., a registered broker dealer, a position he has held since June 2007. Mr. Arno previously served as a Registered Representative for the following broker dealers: Brookstreet Securities Corporation (December 2006 to June 2007), Aquarius Fund Distributors, LLC (February 2006 to November 2006) and Summit Equities, Inc. (July 1987 to February 2006). Mr. Arno had also served as an Investment Adviser Representative while he was with Summit Equities, Inc., an investment adviser and broker-dealer firm. Mr. Arno began his financial planning business in 1974. In 1986, in addition to advanced estate planning, he began concentrating on money management, developing proprietary investment models and strategies designed to provide risk-averse returns. In 2003, Roger Schreiner's Select Advisors, BTS Asset Management, Standard and Poor's Investment Advisory LLC, and Rydex Global Advisors selected him as one of the top ten managers in the country.

Mr. Derek Bilcik has worked with Mr. Arno since 1996 and currently holds the title of Senior Vice President and Chief Compliance Officer with the Adviser, which he has held since 2006. Mr. Bilcik also currently holds the title of Investment Adviser Representative with the Adviser, which he has held since 2007. Mr. Bilcik is responsible for system modeling and trading. Mr. Bilcik is also an Associate of Financial Planning Analysts, Inc., a position he has held since February 1996, serving a support role for an insurance agent. He is also a Registered Representative of The Investment Center, Inc., a registered broker dealer, a position he has held since June 2007, serving as branch manager. From December 2006 to June 2007, Mr. Bilcik was a Registered Representative of Brookstreet Securities Corp., a registered broker-dealer. From February 1996 to December 2006, Mr. Bilcik served as an Associate of Summit Marketing, Inc., a firm that provided support services to Summit Equities, Inc. Mr. Bilcik received his B.S. in Finance from Rutgers University in 1993.

Ms. Donna McGill has worked with Mr. Arno since 1986 and currently holds the title of Vice-President and Systems Supervisor with the Adviser, which she has held since 2006. Ms McGill is responsible for testing, programming and maintaining all of the rule-based, proprietary models and trading. Ms. McGill is also an Associate of Financial Planning Analysts, Inc., a position she has held since April 1986, serving a support role for an insurance agent. From July 1987 to December 2006, Ms. McGill served as an Associate of Summit Marketing, Inc., a firm that provided support services to Summit Equities, Inc. Ms. McGill has a B.S. in Information Systems from Thomas Edison State College and is a Registered Para planner.

The Fund's SAI provides information about each portfolio manager's compensation structure, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Fund shares.