(PFESX)

Ms. Cheng is Chief Investment Officer for the Adviser. Ms. Cheng also serves as Chief Investment Officer for the Adviser’s affiliate, The Pacific Financial Group, Inc. (“TPFG”), a Washington State investment adviser registered with the Securities and Exchange Commission. Ms. Cheng joined the Adviser and TPFG in December 2022. Prior to that time, Ms. Cheng served in the following positions: in 2022, Vice President, Investment Platforms and Research at DWS Investment Management; from 2019 to 2022, Investment Strategist at Bank of New York Mellon; from 2016 to 2017, Investment Analyst & Operations at Northwestern Mutual; from 2013 to 2015, Private Banking Associate at Royal Bank of Canada Wealth Management; and from 2011 to 2013, at Royal Bank of Canada. In total, Ms. Cheng has over 9 years of financial services industry experience. Ms. Cheng is a Chartered Financial Analyst (CFA®), Chartered Alternative Investment Analyst (CAIA®), and holds a Certificate in Investment Performance Measurement (CIPM®). Ms. Cheng has a B.A. in Political Science from the University of British Columbia.