Cumberland Advisors Inc.

Dr. Robert A. Eisenbeis has joined Cumberland Advisors as Chief Monetary Economist. In that capacity, he will advise Cumberland's asset managers on developments in US financial markets and the domestic economy and their implications for investment and trading strategies. Dr. Eisenbeis was formerly Executive Vice President and Director of Research at the Federal Reserve Bank of Atlanta where he advised the bank's president on monetary policy for FOMC deliberations and was in charge of basic research and policy analysis. Prior to that he was the Wachovia Professor of Banking at the Kenan-Flagler School of Business at the University of North Carolina at Chapel Hill. He has also held senior positions at the Federal Reserve Board and FDIC. He is currently a member of the Shadow Financial Regulatory Committee and Financial Economist Roundtable and a fellow of the National Association of Business Economics. He has a BS degree from Brown University and masters and Ph D degrees from the University of Wisconsin-Madison.

Mr. Kotok currently serves as a Director and Program Chairman of the Global Interdependence Center (GIC), whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. Mr. Kotok chairs its Central Banking Series and GIC's Food and Water global stability project, a five continent dialogue held in Philadelphia, Paris, Zambia (Livingstone), Hanoi, Singapore, and Santiago, Chile. Mr. Kotok is also a member of the National Business Economics Issues Council (NBEIC), the National Association for Business Economics (NABE), the Philadelphia Council for Business Economics (PCBE), and the Philadelphia Financial Economists Group (PFEG). Mr. Kotok has served as a Commissioner of the Delaware River Port Authority (DRPA) and on the Treasury Transition Teams for New Jersey Governors Kean and Whitman. He has also served as a board member of the New Jersey Economic Development Authority and as Chairman of the New Jersey Casino Reinvestment Development Authority. Mr. Kotok hosts an annual Maine fishing trip, where, it is rumored, most of the nation's important financial and economic decisions are actually made.

Carol Mulcahy joined Cumberland Advisors in 2006 as Vice President and Client Relationship Manager. She will be responsible for business development & managing client relationships in the South Eastern United States. She holds a Bachelor of Science degree in Business Management from Lesley University. Ms. Mulcahy has over 22 years experience in the banking and investment industry in both retail and institutional sales and marketing. She and her son reside in Florida and are involved with the Boy Scouts of America.

Daisy joined Cumberland Advisors in 1980 as a clerk and advanced to where she is, today -- responsible for all Cumberland's back office operations including trading, audit, mail room and customer service. Ms. Lopez has direct responsibility for client and institutional inquiries. She was instrumental in converting Cumberland's back office operations to its present modern computerized system. Additional responsibilities include Cumberland's communications with the various custodian and brokerage firms that service Cumberland and its clients. Ms. Lopez, for many years, has been active in her church; she presently serves as Treasurer, Choir Director and has been President of its Women's Council.

Donna Sooy joined Cumberland Advisors in 1980. Through the years she has worked in many different areas including pricing and record keeping. She has held the position of Audit Department Manager and assisted in converting Cumberland's back office to a computerized system. Today, in her position as Vice President, she is responsible for Cumberland's New Accounts Department which includes communication with various custodians and brokerage firms, client service and preparation of new account documents.

John Mousseau, CFA From 1993 to 2000 John was Portfolio Manager and Director of Municipal Bond Investments for Lord Abbett & Company. Prior to that he served as First Vice President and Director of Municipal Portfolio Analysis for Shearson Lehman Brothers and a predecessor firm, E.F. Hutton, from 1981 to 1993. His comments and analysis have appeared in The Bond Buyer, a publication of the municipal bond industry, as well as Barron's, The Wall Street Journal, Bloomberg, and The Newark Star Ledger. In addition, he has appeared on Bloomberg Radio and Television and CNNfn for commentary on fixed income markets. Mr. Mousseau holds an AB degree in Economics from Georgetown University and an M.A. degree in Economics from Brown University. A holder of the Chartered Financial Analyst designation, he is a member of the Philadelphia Chapter of Business Economists and also a member of the New York Society of Securities Analysts where he serves on the Society's High Net Worth Investors Committee. In addition, he has served as an instructor at the New York Institute of Finance and Bond Market Association. Mr. Mousseau resides with his wife and three daughters in Maplewood, NJ where he is active in community affairs and a board member for the local YMCA and Rotary Club.

Maribel Echevarria joined Cumberland Advisors in August 1986. She started in the Audit Department and was responsible for reconciliations, check deposits, withdrawals, and other clerical duties. She subsequently moved to the Trading Department. In March 2005, Ms. Echevarria was promoted to Vice President - Trading Department. She is responsible for the administration of Cumberland's trading, including placements, settlements, confirmations, communications with various custodians and brokerage firms. She is also responsible for Capital Changes. Ms. Echevarria resides in Vineland with her husband and two sons.

Dr. Michael D. McNiven has joined Cumberland Advisors as Vice President and Investment Advisor Representative. He will continue in Cumberland's established reputation for client care, capital preservation, and market insight. He will also advise the firm in managing its marketing communications functions and other market outreach initiatives. Dr. McNiven is a professor of advertising at Rowan University teaching advertising and marketing communications courses. He graduated with B.A. and M.A. degrees from Brigham Young University and a Ph.D. from the University of Georgia. He began his career at the Financial Times in New York working in market research, business development, and advertising sales.

Peter Demirali was a senior portfolio manager at Smith Barney Asset Management from 1990 to 1999. In that position, he initiated a corporate bond component for taxable fixed income portfolios. He was a partner in Anval, Inc., from 1999 to 2002, a commercial real estate brokerage company where he successfully developed new territories and clients for his firm. From 1987 to 1989, he traded zero-coupon bonds at Yamaichi International, a Japanese securities dealer. From 1983 to 1987, he was a trader of short and intermediate Treasuries at Chemical Bank. His comments and analysis have appeared in Bloomberg Business News, a financial markets news service. Mr. Demirali holds a Bachelor of Science degree in Business Administration from Georgetown University. He is a member of the Philadelphia Council for Business Economics. Peter is active in his community of Mendham, New Jersey.

Ralph Giraud is a Vice President and Portfolio Manager for Cumberland Advisors, specializing in Taxable Fixed Income for Financial Institutions. Mr. Giraud's particular specialization is in mortgage-backed securities. He has an M.S. Finance degree from the University of Colorado at Denver, and a B.S.B.A. degree in Marketing from Manhattan College in Riverdale, NY. Mr. Giraud is a member of the program committee of the Washington Association of Money Managers (WAMM), the marketing subcommittee of the Financial Analysts of Philadelphia (CFAP), and the membership committee of the Bond Club of Philadelphia (BCoP). He joined Cumberland Advisors in January 2006. He currently resides in Vineland, NJ. Mr. Giraud enjoys running and is active in local educational and charitable organizations.

Mr. Santiago joined Cumberland Advisors in 1997 as a clerk. He interned in Cumberland's IT Department while attending Rutgers University as an undergraduate. He graduated from Rutgers with a BS in Computer Science in 2000 and has since taken on the responsibility of heading up the IT Department. In January 2005 he was promoted to Vice-President. Mr. Santiago is responsible for maintaining and upgrading the computer network and oversees all the tech support issues that are handled within the department. He also writes software that helps the staff increase productivity and accuracy by automating manual client service tasks.

Gary Klem was the founder of a third party marketing firm, Orion Consulting, which he ran from 1990 until joining Cumberland Advisors in the fall of 2006. During the time he ran Orion Consulting, Gary had sabbaticals to head institutional and managed account marketing at RTE Investment Management (1995-2000, before that RTE had been an Orion Consulting client) and was the Chief Marketing and Sales Officer for EMAT (2000-2001), the back office technology group of Lockwood Advisors, the largest independent third party managed account provider. Prior to 1990, Gary had been the head of institutional marketing at Wertheim Schroder in New York, and Kemper Asset Management and The Harris Bank, both headquartered in Chicago. Early in his career Gary was head of the investment marketing group at The Travelers Insurance Company and was instrumental in starting the institutional investment management business at Connecticut Mutual Insurance Company. Gary holds an AB degree from the University of Pennsylvania in Political Science and an MBA with a concentration in Finance from the University of Connecticut and is a member of the Beta Gamma Sigma business honor society. He was an adjunct professor at the University of Hartford where he taught Managerial Economics in the MBA program. Gary is a past President of AIMSE (Association of Investment Management Sales Executives) and served in AIMSE prior to that on its Board of Directors and as National Program Director, Regional Program Director and Treasurer. Gary resides in Allentown, PA with his wife and 2 children and is active in church and community affairs.

Sheldon Goldberg is also President of Cumberland Brokerage Corporation, an NASD registered broker-dealer firm. Mr. Goldberg attended Juniata College and graduated from Rowan University (Glassboro State.). Prior to establishing Cumberland Advisors Pty. in 1973, Mr. Goldberg was a Vice President of Bache and Co., predecessor of Prudential Securities, having managed offices in New Jersey , Pennsylvania , and New York City . He served on the board of the small funds advisory committee of The No-Load Fund Association. Mr. Goldberg is also chairman of National CD Sales Corporation, A Jumbo Certificate Of Deposit Sales Company. He has been active in the private sector throughout his career, having served on boards of numerous corporate, charitable, political and religious organizations. He is married with 4 children, 3 stepchildren and 11 grandchildren. Goldberg lives in Philadelphia, Pennsylvania and Sarasota, Florida.

Bill Witherell joined Cumberland Advisors as Chief Global Economist in November 2005 and became a Portfolio Manager in December 2005. He also is a Senior Consultant for Finance and Corporate Governance to the Organization for Economic Cooperation and Development (OECD). From 1989 through September 2005 he was OECD's Director for Financial and Enterprise Affairs. He joined the Secretariat of the OECD in Paris, France, in 1977. Dr. Witherell is a graduate of Colby College and holds an M.A. and a Ph.D. in Economics from Princeton University. Dr. Witherell began his career as a business economist with Exxon and Esso Eastern (1967-73), where he held positions in the economics, treasury and corporate planning functions. He moved to the international economic and financial relations field in 1973 with positions first in the U.S. Department of State and then in the Department of the Treasury (1974-77) as Director of the Office of Financial Resources and Energy Finance.

Therese Pantalione was an operations manager with Merrill Lynch Pierce Fenner & Smith prior to her association with Cumberland. Mrs. Pantalione was also formerly employed as an Assistant Branch Manager with the Bank of New Jersey. In addition to compliance, Mrs. Pantalione conducts research of municipal securities, assists in escrow fund and arbitrage rebate calculations and other tasks in support of the firm's investment and financial advisory role. She is a past President of the YMCA Swim Team Parents Association, past Treasurer of St. Isidore's Parish Council, a former member of the Board of Trustees and Treasurer of the Vineland High School BandAids Association. For 10 years she served as a member of the Board of Directors and Treasurer of the Dolphin Swim & Athletic Club.