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A
Diversified Growth-Oriented Fund
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| The Managers
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Robert P. Morse
Chairman and President |
| Robert P. Morse graduated
from the Wharton School of the University of Pennsylvania (1967) and completed post-graduate studies in Advanced
Currency Theory at Dowling College, Adelphi-Suffolk University (1970). He has over 30 years of investment
experience with an extensive background in equity portfolio management in domestic and international markets. Prior to
establishing his own investment management firm in 1981 he was a senior principal and portfolio manager of the investment
counseling firm of William G. Campbell & Company. He also served as vice president and manager of the bond department
of American Express W. H. Morton Company. Prior positions included: managing director of the American Express Eurobond operations in Paris;
director of the American Express International Development Corporation in London; and
advisor to the Zurich-based International Trust Division of Amex International Bank. He was also a principal of Hambrecht and Quist for seven years and an advisory director of Soundview Financial.
He served as an officer in the U.S. Navy and currently serves as trustee or director on various non-profit boards. Mr. Morse is married with three children.

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Michael R. Linburn
Executive Vice President, Secretary and Chief Compliance Officer |
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Michael R.
Linburn holds a Bachelor of Science degree in Industrial
Administration from Yale University (1954) and an M.B.A.
degree from the Harvard Business School (1959). He spent
15 years in corporate finance with Shearson, Hammill & Co.
Incorporated, where as a first vice president and voting
stockholder he analyzed, structured and marketed debt and
equity offerings. He later moved to Oppenheimer
Properties, specializing in sale and leaseback
transactions. From 1978 to 1992 he served as a senior
marketing officer and consultant for several companies,
including The Balcor Company, Angeles Corporation and The
National Housing Partnership. His activities have
included the analysis and marketing of limited partnership
investments to individual and institutional clients of
brokerage firms, and insurance companies. He is in charge
of compliance and is active in new business development.
He served as an officer in the United States Army and is
married with three children.

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Jian H. Wang
Executive Vice President and Treasurer |
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Jian H. Wang, a native of
China, initially worked in sales for Siemens PC Division
in Shanghai; he subsequently became an assistant to the
director of the Mechanical Engineering Department of
Tung-Ji University in Shanghai. He graduated from Long Island University (1991) and earned an MBA degree in Finance from New York Institute of Technology (1995). He has worked for two years in the options market, trading for various investors, and has been the head trader at Wall Street Management Corporation for
over seven years.

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James L. Farrell,
Jr., Ph.D.
Vice President and Analyst
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James L. Farrell holds a
Bachelor of Science degree in Economics from Notre Dame
(1959), an M.B.A. degree in Finance from The Wharton
School of the University of Pennsylvania (1962) and a
Ph.D. degree in Finance and Economics from New York
University (1972). A pioneer of the systematic approach
to stock selection, based on the concept of "Alpha", he
has more than 30 years of experience as a security
analyst, applied financial researcher and portfolio
manager at major financial institutions. Beginning his
career at College Retirement Equities Funds (CREF) and
Citibank, N.A., in 1980 he founded MPT Associates, an
investment counseling firm, to employ a strategy built
around the "Alpha" approach to managing U. S. equities.
He subsequently served in several investment management
operations, most recently with Sumitomo Life Insurance
Company.
Since 1976 he has
served as chairman of the Institute for Quantitative
Research in Finance (the "Q" Group), comprised of a wide
variety of investors and Nobel laureates interested in
expanding the science of investment management.
He is a former
outside Director of the Eastern Airlines Pilots
Association. Jim
Farrell has also served as an adjunct professor of
finance at NYU and Columbia University and has written
extensively on the investment process, including
Portfolio Management, which is considered essential
reading by many advanced business schools. He is
married and has three children.

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William D. Pettit
Vice President and Analyst
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William D. Pettit graduated from Princeton University with a Bachelor of Arts degree (1941) and did post-graduate work at New York University’s Graduate School of Finance. He has a long and successful history of over 40 years in the investment management business, having served as an officer, director and manager of six mutual funds, all with outstanding records. In addition, he has had extensive experience as a portfolio manager for private and institutional accounts, including three major insurance company portfolios.
Two funds which he established and managed, the Knickerbocker Growth Fund and the Knickerbocker Income Fund, were sold to CNA Financial and later to Neuberger & Berman. While with Neuberger & Berman he managed three additional funds -- the Shuster, Liberty and Hemisphere Funds, and from 1976 to 1985 he was an officer of the Manhattan Fund. In addition to these activities, he served as court-appointed trustee in the Swan Finch Oil and Keta Oil & Gas proceedings and as a consultant to the trustees in the Loews Theatre/MGM divestment proceedings.
He served as a Major in the U.S. Army and is married with five children.
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Corporate Information
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BOARD OF DIRECTORS |
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Clifton H.W. Maloney |
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Robert P. Morse, Chairman |
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Harlan K. Ullman
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INDEPENDENT
REGISTERED PUBLIC |
| ACCOUNTING FIRM |
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Cohen Fund Audit Services, Ltd. |
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800 Westpoint Parkway, Suite 1100 |
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Westlake, OH 44145
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TRANSFER AGENT |
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U.S. Bancorp Fund Services, LLC |
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615 East Michigan Street |
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Milwaukee, WI 53202
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CUSTODIAN |
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U.S. Bank, National Association |
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425 Walnut Street |
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Cincinnati, OH 45202 |
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