SPM. Saliba Portfolio Management.

The Saliba Portfolio Management, LLC team offers over 30 years of combined experience trading U.S. equity and index options.

Anthony J. Saliba, Founder
Anthony Saliba has been a pioneer and active participant in the derivatives markets for nearly 30 years. His derivatives activities have spanned trading, training and developing electronic trading systems and solutions. He began his career trading equity options as an independent market maker at the Chicago Board Options Exchange in 1979. Over the next decade, he gained extensive experience in the trading of currencies, equities, and S&P 500 and S&P 100 contracts. In each of these markets, Mr. Saliba emerged as both a dominant and respected presence and quickly acquired a reputation as one of the top traders. Mr. Saliba's trading accomplishments; most notably his success during the crash of '87 earned him a place in the national bestseller, Market Wizards, by Jack Schwager (Published by Harper Collins Publishers, Inc., 1989). Mr. Saliba continues to serve the Firm in an advisory capacity. Mr. Saliba's extensive experience in the derivatives markets includes:

Founding Member of Saliba Partners, LLC, (1984), a proprietary options trading firm, which included a Designated Primary Market Maker ("DPM") floor operation on the Chicago Board Options Exchange. The DPM maintained the highest market share in its assigned option classes during its years of operation before being sold in 2001.

Founder of International Trading Institute, Ltd. ("ITI") (1989), a derivatives consulting and training firm providing advanced options trading education for large institutional market participants. Clients have included DeutcheBank, Citibank, Commerzbank, UBS and Credit Suisse, to name a few. The hallmark of the ITI curriculum is the fostering of the attitudes of rigor and discipline in trading and risk-management.

Founder of First Traders Analytical Solutions, LLC, ("First Traders") (1992), a provider of front and middle office trading, pricing and risk-management systems for such clients as the Chicago Board Options Exchange, Charles Schwab Co., JP Morgan and other large bulge bracket Wall Street firms.

Founder of LiquidPoint LLC, ("LiquidPoint") (1999), an agency executing broker-dealer offering enhanced liquidity and potential price improvement for its customers. LiquidPoint is a member of all the U.S. options exchanges and provides options execution/facilitation for large Wall Street firms and other institutional firms. In 2007, First Traders was merged with LiquidPoint and acquired by BNY ConvergEx Group, LLC.

Through his innovative trading ideas, Mr. Saliba has become a nationally recognized expert on the emergence and function of electronic markets and trading systems. He is often quoted in industry publications including the Wall Street Journal, the Financial Times, www.theStreet.com and is frequently invited to speak at industry forums.

Management Team
The SPM investment management team has worked successfully together for more than 15 years, and has extensive experience trading stocks, options and derivatives. Mr. Hausman and Mr. Mollner work directly for SPM. The other Principals are employed by, or on the Board of Managers of, SalibaCo, LLC ("SalibaCo"), the manager of SPM. Through SalibaCo, SPM is supported by an IT staff, analyst and various administrative personnel.

John Saliba, CEO and Director of Trading Operations
John Saliba serves as CEO of SPM and as supervisor of trading operations. He also serves on the Board of SalibaCo. John Saliba has over 20 years experience in derivatives. He began his career in 1985, trading options as an independent market maker on the floor of the CBOE and the floor of the Chicago Board of Trade ("CBOT") for 10 years. From there John started Saliba Partners in 1995; a highly regarded Designated Primary Market Maker ("DPM") on the CBOE. In 2001, Saliba Partners sold its DPM operation and Mr. Saliba went on to start and manage an off floor operation trading in stocks, options and futures. In 2007, John was brought in as a director and manager of SPM.

Jeffrey Furnia, COO and Chief Compliance Officer
Jeff Furnia serves as the Chief Operating Officer and Chief Compliance Officer of the Firm. He serves as Chief Operating Officer and General Counsel for SalibaCo. From 2002 until July, 2007, Mr. Furnia served as General Counsel for LiquidPoint, LLC, an options broker-dealer and its affiliate, First Traders Analytical Solutions, LLC, a software development firm that provided options trading platforms for all levels of options traders, both of which were founded and managed by Anthony Saliba. Prior to his association with Mr. Saliba in January of 2002, Mr. Furnia was with the firm of Vedder, Price, Kaufman and Kammholz in Chicago, Illinois as part of its Finance and Transactions practice group. From 1995 until joining Vedder Price in March of 2000, Mr. Furnia was with First Health Group Corp., where he served as a Senior Attorney in its Contracts Group.

Chris Hausman, Senior Portfolio Manager and Chief Portfolio Strategist
Chris Hausman started in investment banking as an analyst in Structured Finance for NationsBanc Capital Markets. In 1995, he moved to Chicago where he became a market maker for Wolverine Trading, a multinational index arbitrage firm. At Wolverine, he worked on the floor of the Chicago Mercantile Exchange, trading options on the S&P 500 futures index and on the Pacific Stock Exchange trading options on Microsoft. Chris first joined forces with Anthony Saliba in 1999, when he became head trader for Mr. Saliba's options trading firm. During that same period, Chris also served as lead instructor for Mr. Saliba's International Trading Institute Ltd., teaching option strategies to market makers and traders from around the world. Chris was instrumental in the theoretical testing of the trading strategies employed by the Fund and has been the Senior Portfolio Manager and Chief Portfolio Strategist for the Fund since January, 2004.

Scott Mollner, Portfolio Manager
Scott Mollner began his trading career in 1994 working for John Saliba as a market maker for Saliba Partners on the CBOE. Scott left Saliba Partners in 1999 to start up Mariah Trading Company LLC, a Commodity Trading Advisor ("CTA") Scott was responsible for the research and trading of the company's computerized trading programs. In October 2001, Scott relocated to New York to work for Carr Futures as an account executive on the energy desk where he was responsible for preparing daily technical commentary on the energy markets as well as acting as the spread and options specialist for the group. In 2003, Scott returned to Chicago to work for Guggenheim Capital LLC where he was responsible for trading commercial paper and bond futures. In May 2007, Scott was recruited to SPM as Portfolio Manager. Scott's responsibilities include assisting Mr. Hausman in the management of the Fund's portfolio as well as portfolio management for other clients of SPM.