MATTHEW CHRISTENSEN - CEO and Portfolio Manager

Mr. Christensen brings expertise in identifying and applying disruptive innovation frameworks and assessing whether management can capitalize on or defend against a disruptive strategy. Mr. Christensen was formerly a Senior Associate at Innosight, LLC, leading engagements in the biotechnology, enterprise software, grocery, and financial services industries, among others. Mr. Christensen was also head of Innosight's small business and workshops initiatives. Before Innosight, Mr. Christensen worked at the Boston Consulting Group, working on projects in various industries, including specialty chemicals, telecom, technology and industrial goods.

Prior to receiving an MBA from Harvard Business School, Mr. Christensen graduated from Duke University with a BSc in economics and a BSE in civil engineering with an emphasis in structural engineering. While at Duke, he won a national championship in 2001, playing basketball for Coach Mike Krzyzewski. In 2002, he won the Coaches' Award, given to the player best embodying the spirit of Duke Basketball, as well as the Dr. Deryl Hart Award (Top Scholar-Athlete). Christensen served as a missionary for The Church of Jesus Christ of Latter-day Saints in Frankfurt, Germany.

CLAYTON CHRISTENSEN - Chairman and Senior Advisor

Dr. Christensen is the Kim B. Clark Professor of Business Administration at the Harvard Business School, with a joint appointment in the Technology & Operations Management and General Management faculty groups. His research and teaching interests center on managing innovation and creating new growth markets.

Dr. Christensen became a faculty member at the Harvard Business School in 1992. He is the bestselling author of nine books, including his seminal work The Innovator's Dilemma (1997) which received the Global Business Book Award for the best business book of the year, The Innovator's Solution (2003), and Seeing What's Next (2004). Recently, Christensen has focused the lens of disruptive innovation on social issues such as education and health care. Disrupting Class (2008) looks at the root causes of why schools struggle and offers solutions, while The Innovator's Prescription (late 2008) examines how to fix our healthcare system.

In 2000, Christensen founded Innosight, a consulting firm that builds on disruptive innovation frameworks to help companies create new growth opportunities. He is also the founder of Innosight Institute, a non-profit think tank, whose mission is to apply his theories to the most vexing problems in the social sector. Dr. Christensen continues to have a financial interest in Innosight, but no ownership interest. Prior to joining the HBS faculty, Professor Christensen served as chairman and president of Ceramics Process Systems (NASD: CPS), a firm he co-founded in 1984 with several MIT professors. From 1979 to 1984 he worked with the Boston Consulting Group. In 1982, Dr. Christensen was named a White House Fellow, and served as assistant to U.S. Transportation Secretaries Drew Lewis and Elizabeth Dole. Dr. Christensen has served as a director on the boards of a number of public and private companies. He is currently a board member at Tata Consulting Services (NSE: TCS), Franklin Covey (NYSE: FC), W.R. Hambrecht and Vanu, Inc. Christensen also serves on Singapore's Research, Innovation and Enterprise Council.

Given his academic and other commitments, Dr. Christensen will have no day-to-day management obligations pertaining to the Fund's portfolio, although he will be available to consult with the Investment Manager from time to time regarding investment strategies. Dr. Christensen will work exclusively with the Investment Manager and the Fund with respect to applying the disruptive innovation framework to investment management activities. The Investment Manager may share information regarding investment ideas and portfolio holdings with Dr. Christensen.

Dr. Christensen holds a B.A. with highest honors in economics from Brigham Young University (1975), and an M.Phil. in applied econometrics and the economics of less-developed countries from Oxford University (1977), where he studied as a Rhodes Scholar. From 1971 to 1973 he worked as a missionary for the Church of Jesus Christ of Latter-Day Saints in the Republic of Korea, learning to speak fluent Korean. Professor Christensen received an MBA with High Distinction from the Harvard Business School in 1979, graduating as a George F. Baker Scholar. He was awarded his DBA from the Harvard Business School in 1992.

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