Mr. Schaff has been a co-portfolio manager of the Phocas Small Cap Value product since its inception, and he co-manages the Phocas U.S. Equity REIT portfolios. For twenty years (1986 to 2005), Mr. Schaff managed institutional equity portfolios and mutual funds for Bay Isle Financial, LLC (“Bay Isle”), Janus Capital Group, Berger LLC, and the Undiscovered Managers organization. Mr. Schaff was President and Chief Investment Officer of Bay Isle before it became a fully-owned subsidiary of Janus Capital Management, and was President of Bay Isle and Portfolio Manager at Janus Capital Management. Over that time, he developed a strong performance track record. Mr. Schaff earned his Masters’ degree in Engineering from the University of California, Davis. He also holds the Chartered Financial Analyst designation, and is a member of the Security Analysts of San Francisco. Mr. Schaff served as Trustee and Chairperson of the investment committee of Alameda County Employees’ Retirement Association from 1998 to 2003. He is a past President of the Alameda Unified School Board.