Mark Spellman has principal responsibility for the day-to-day management of the Fund’s portfolio using primarily a quantitative investment strategy which relies on the Ranking System.  Mr. Spellman has been with the Adviser and the portfolio manager of the Fund since 2011.

Prior to joining the Adviser, Mr. Spellman was a consultant and owner of Chestnut Asset Management LLC, where he provided advice on the investment management and broker-dealer industries from 2010.

From 1996 to 2009, Mr. Spellman worked for MacKay Shields LLC where he held various portfolio management positions, including lead portfolio manager of the mid-cap value equity product.