Mr. Del Vecchio serves both as a Portfolio Manager and profits participant of the Ranger Alternative Management, L.P through his interest in Sand Dollar Beach, LLC, an entity which he jointly controls. Prior to developing and managing the Fund, Mr. Del Vecchio served as a short only portfolio manager for Ranger Alternative Management, L.P from August 2007 until May 2010. Mr. Del Vecchio founded in 2010, and continues to serve as principal of, Parabolix Research, LLC, a short-only institutional research firm. Mr. Del Vecchio founded in 2013, and continues to serve as Managing Member of, Index Deletion Strategies, LLC, which created and maintains the Del Vecchio Earnings Quality Index. Prior to joining Ranger Alternative Management, L.P, Mr. Del Vecchio served as an Analyst with David W. Tice & Associates/Behind the Numbers, LLC from 2003 through 2007, selecting short sale opportunities utilizing forensic accounting research for institutional clients and the Prudent Bear Fund. In 2002, Mr. Del Vecchio served as portfolio manager of RedHawk Advisors, LLC, with responsibility for managing the short sale allocation of a fund. In 2001, Mr. Del Vecchio served as an Analyst for the Center for Financial Research and Analysis performing forensic accounting analysis for short sale opportunities on Technology, Business Services and Industrial companies. From 2000 through 2001, Mr. Del Vecchio served as an Analyst for The Motley Fool. From 1998 through 1999, Mr. Del Vecchio served as a Jr. Quantitative Analyst for the international division of Federated Investors, developing models for international equity investing. Mr. Del Vecchio earned a B.S. in Finance, Summa Cum Laude, from Bryant College and was also awarded Beta Gamma Sigma honors in business. Mr. Del Vecchio earned the right to use the Chartered Financial Analyst designation in September, 2001.

Mr. Lamensdorf is the founder and President of the Active Alts Inc. Mr. Lamensdorf also founded BHL Advisers, LLC in 2006 to, among other things, provide investment advice to a commodity-oriented hedge fund (BHL Partners, LP) primarily focused on gold equities. Since January 2013, Mr. Lamensdorf has also led the production of The Lamensdorf Market Timing Report, a newsletter which provides subscribers with technical analysis, and since 2009, Mr. Lamensdorf has been a portfolio manager and principal of Ranger Alternative Management, L.P., a registered investment adviser which provides trading and marketing strategy for short-only portfolios. From November 2007 to December 2012, Mr. Lamensdorf served as a principal of Precisian GP, LLC and a portfolio manager of Precisian Partners L.P., an options volatility manager. From 1998 to 2005, Mr. Lamensdorf served as a principal of Tarpon Capital Management, L.P. and the portfolio manager for Tarpon Partners, L.P., an un-leveraged long/short strategy that focused on relative strength. From 1992 to 1997, Mr. Lamensdorf worked on the equity trading desk for Taylor & Company, the trading unit of Bass Brothers Enterprises, in Fort Worth, Texas, where he co-managed an equity portfolio focused solely on short selling and derivatives strategies. Mr. Lamensdorf received a B.A. in Psychology from the University of Texas at Austin in 1992.