Arthur Q. Johnson, Chartered Financial Analyst, is the president of the adviser A.Q. Johnson & Co., Inc. and manages the Fund's investment portfolio on a day-to-day basis. Mr. Johnson is a member of the Association for Investment Management & Research and the San Diego Society of Financial Analysts. Prior to founding the Mundoval Fund he was a principal at Brandes Investment Partners, L.P. from 1986 to 2000. He is a graduate of the University of California, Davis and holds an MBA from the University of Notre Dame.

Natalie Gumina, an investment advisory representative, joined the adviser A. Q. Johnson & Co. in May 2006. Her role there includes portfolio administration, compliance and fund marketing. Prior to joining the firm she was a financial advisor with AXA Advisors a global financial and insurance services provider. Natalie holds a Bachelor’s degree from the University of California Los Angeles in Business Economics with a specialization in accounting.