Steven Michael's financial and trading career began in 1985 when he began trading in the fixed income markets and specialized in the yield curve and began development of computerized risk management models for equity and financial options traders that are frequently used by risk mangers and will be implemented by the Fund. Mr. Michael has been a member of the Chicago Board of Trade as well as the Chicago Mercantile Exchanges and the Mid American Exchange, where he sat on a number of member committees. Mr. Michael later founded a yield curve proprietary arbitrage and execution company, S&G, where his responsibilities included leading the bond basis trading and overall group risk management. When S & G was sold in 1990, Mr. Michael began to concentrate solely on fund management and trading in the Foreign Exchange markets. From 1995 through 1997, Mr. Michael directed the foreign exchange trading department of a large London-based and a large Chicago-based investment firm Gerrard & National, where his responsibilities were to manage all proprietary trading and head global risk management. From 1997 through 1999 he was chief dealer for Rosenthal Collins Group, a Chicago-based commodity brokerage firm.

Ray Diana's financial career in the markets began at Dean Witter Securities in 1983, where he worked as a short-option margin analyst. After two years with Dean Witter he joined First Options of Chicago, where he worked in their risk management division. He left First Options to join Greenwich Capital Markets Inc., where he initially started with proprietary bond options and basis trading. Later, his responsibilities expanded to include proprietary yield-curve arbitrage and, finally, proprietary foreign exchange trading. After eight profitable years at Greenwich, he left in 1993 to establish Diana Capital Management Inc., a business partnership specializing in foreign exchange trading.

Edward Agabs is a seasoned financial executive with over 10 years of experience in financial management. Mr. Agabs has held management positions for nonprofit and for profit organizations. Mr. Agabs analyzed investment performance and monitored asset allocation strategies. From 1995 through 1999 Mr. Agabs was the Chief Financial Officer of AmtTrade in New York where he supervised the currency overlay business for an export/import corporation. He designed, developed and implemented computerized research, and portfolio management and back office systems. He is currently with BoatQuest.com, Inc. Mr. Agabs is a CFA^® and CMT^SM candidate.