Sub-Advisers to the Absolute Strategies Fund

Below is a list of the Sub-Advisers and a brief description the strategies they run for the Fund. Broader strategy definitions can be found in the Prospectus. All Sub-advisers are SEC registered investment advisers.

Sub-Adviser Strategy Descriptions

Harvest was founded in 1999 and is located in San Francisco, CA. Harvest manages a concentrated equity long-short strategy focused on an entire range of agricultural related businesses. The goal is to capitalize on long-term secular tailwinds as well as shorter-term dislocations along supply chain dynamics. Longs are focused on companies that can positively impact productivity, have thoughtful management teams, exhibit strong financial metrics, and have the potential for significant long-term earnings power. Shorts are focused on companies with inadequate capital structures, weakening financial metrics, or disruptions to their business model.

Primary Strategy for the Absolute Strategies Fund:  Long/Short Equity, Agricultural Focused

Kovitz was founded in October 2003 and is located in Chicago, Illinois. Kovitz operated as an independent group within Rothschild Investment Corporation, from 1997 until their formation in 2003. Kovitz manages a Long/Short Equity strategy with an approach to investing based on Benjamin Graham’s concept of “Margin of Safety”. While Kovitz strives to maximize return, they believe the primary investment criterion should be safety of principal and a focus on minimizing permanent loss of capital. Their investment team relies on in-house research to screen for long and short ideas and focuses primarily on fundamental principles of balance sheet and cash flow analysis.Primary Strategy for the Absolute Strategies Fund:  Long/Short Equity

Longhorn Capital Partners, LP was founded in 2006, and located in Dallas. Longhorn pursues a fundamental, research-driven portfolio of opportunities globally in both long and short equities. They seek to invest with valuation discipline in companies experiencing intermediate-term change in underlying business fundamentals. They utilize an intermediate to long-term investment horizon and have flexibility for net long or net short portfolio exposure based on their view of the opportunity set at the time.

Primary Strategy for the Absolute Strategies Fund:  Global Long/Short Equit

Mohican was founded in November 2003, and is located in Wilton, CT. Mohican manages a disciplined Convertible Arbitrage strategy with an investment objective focused on capital preservation. The firm’s experienced investment team utilizes intensive fundamental research for sourcing ideas and constructing portfolios of small/mid capitalization convertible securities. Their versatile understanding of total return, credit, and volatility provides the foundation for successful portfolio diversification and risk management.Primary Strategy for the Absolute Strategies Fund:  Convertible Arbitrage

St. James was founded in 1999 and is located in Dallas, Texas. St. James is an absolute return-oriented, “best ideas” equity manager whose philosophy focuses on valuation, independent fundamental research, and the view that risk is defined as a permanent loss of capital. They seek to make investments in a limited number of businesses that are purchased with a significant margin of safety. St. James utilizes a long term investment horizon and they are willing to be patient and hold cash in the absence of bargains.Primary Strategies for the Absolute Strategies Fund:   Opportunistic Equity

Tortoise Capital Advisors was founded in 2002 and is located in Leawood, KS. The firm specializes in energy related investments. Tortoise manages a long biased, opportunistic portfolio for the Fund that varies exposure across the energy value chain based on imbalances, catalysts, and changing dynamics. They seek to concentrate in areas of the highest conviction. Primary Strategies for the Absolute Strategies Fund: Opportunistic Equity, Energy Focused