Rudy Aguilera

Mr. Aguilera has served as the Lead Portfolio Manager of the Ironclad Managed Risk Fund since its inception in 2010. In 2011, Mr. Aguilera was selected by Institutional Investor as a Rising Star of Mutual Funds. The recipients of this award are chosen annually by the publishers of Institutional Investor and represent up-and-comers whose accomplishments in, and contributions to, the industry make them standouts among their peers and position them as future industry leaders.

Mr. Aguilera has served as a chairman, moderator, panelist and advisory board member at the largest indexing conferences in the United States, Europe and Asia. From 2007 to 2012, Mr. Aguilera was a visiting instructor at the Chicago Board Options Exchange (CBOE) teaching investment professionals how to actively budget portfolio risk. Mr. Aguilera has presented at the national conferences of the Financial Planning Association (FPA) and the National Association of Personal Financial Advisors (NAPFA) and has been quoted in The Wall Street Journal. From 2004 to 2010, Mr. Aguilera served as the Chief Investment Officer of Helios LLC.

Tim Holtz

Mr. Holtz serves as a Portfolio Manager of the Ironclad Managed Risk Fund. Mr. Holtz joined the Firm in 2012 and was subsequently promoted to Director of Research prior to becoming a Portfolio Manager in 2017.

Mr. Holtz previously worked as a Senior Financial Analyst at SunGard where he was responsible for research, analysis and forecasting. Prior to SunGard, Mr. Holtz was a Senior Pension Fund Accountant at the Bank of New York Mellon where he was responsible for ERISA reporting, as well as auditing and accounting, for more than $10 billion in assets. Mr. Holtz is a CFA charterholder.

An investment in the Fund involves risk, including the possible loss of principal. The value of the Fund’s positions in options will fluctuate in response to changes in the values of the assets they track and may be subject to greater fluctuations in value than investments in the underlying assets. The risk involved in selling a put option is that the market value of the underlying security could decrease and the option could be exercised, obligating the seller of the put option to buy the underlying security from the purchaser at an exercise price that is higher than its prevailing market price. The trading of options is a highly specialized activity that entails greater than ordinary investment risks.

Fixed-income securities respond to economic developments, particularly interest rate changes and the creditworthiness of individual issuers. Changes in interest rates may cause the value of a security to fluctuate, with lower rated securities more volatile than higher rated securities.