| The principals of the Manager who will be involved in the day-to-day operations of the Fund
are Mr. Mark A. Doyle and Mr. Darryl W. Copeland, Jr. |
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Mark A. Doyle is the Chief Investing Officer and
Chief Operating Officer of the Manager and is also President of Sterling Grace Municipal Securities
Inc., the Advisor, a FINRA-registered broker-dealer specializing in municipal bonds (“Sterling Grace”).
Mr. Doyle began his municipal bond career in 1977 working in sales, underwriting, research and trading
for several municipal bond firms before he joined Sterling Grace in 1984. He has been the president
of Sterling Grace since 1987. As is the practice at Sterling Grace, Mr. Doyle is intimately involved
in research and trading for the firm. He is familiar with virtually every area of municipal finance
including general obligations, limited tax, tax increment financing, senior living, acute care
hospitals, school districts, water & sewer revenue bonds, electric utilities, cogeneration plants,
student housing, charter schools, hotels, convention centers, multi-family housing, airport revenue
and special facilities, higher education, secondary schools, land-based financing, waste to energy
facilities, pollution control and all types of industrial development bonds. In his 32 years in the
municipal bond business, he has focused on opportunities in the secondary market for misunderstood
and/or undervalued tax exempt bonds. He graduated from Brown University in 1975 with a BA degree in
Psychology.
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Darryl W. Copeland, Jr. is Chief Executive Officer of Provident Realty Partners LLC (“PRP”) and is also President and Chief Executive Officer of Wellwood Muncipal Partners LLC. Prior to founding PRP, Mr. Copeland founded and served as chairman, chief executive officer and president of Provident Senior Living Trust ("PSLT"), a real estate investment trust with a portfolio of more than $1 billion of senior living real estate. PSLT was acquired by Ventas, Inc. in June 2005. From August 2001 until April 2004, Mr. Copeland was a managing director of a private equity affiliate of Fortress Investment Group LLC (“Fortress”), a global alternative investment and asset management firm. Mr. Copeland has substantial experience in corporate and public finance, acquisitions and divestitures, and he was responsible for senior living and healthcare-related real estate and security investments for Fortress’ private equity funds. Mr. Copeland has served on several public and private company boards of directors and is a former member of the executive board of the American Seniors Housing Association. From February 1997 to December 1999, Mr. Copeland served as executive vice president, chief financial officer and a director of BKD (formerly NASDAQ – BLCI, prior to it being taken private by Fortress in 2000, now NYSE - BKD). From 1989 to 1997, Mr. Copeland was an investment banker with Donaldson, Lufkin & Jenrette Securities. Mr. Copeland received a B.S.E. in Biomedical Engineering from Duke University; an M.S. in Computer and Information Science from the New Jersey Institute of Technology; and an M.B.A., with distinction, from the Wharton School at the University of Pennsylvania. Mr. Copeland also currently serves on Duke University’s Athletic Leadership Board and the Edmund T. Pratt School of Engineering Board of Visitors.
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Fund Advisor
The Advisor, Sterling Grace, trades for a limited number of customers and for its own account. Sterling Grace’s primary focus is
on bond issues that it believes are underpriced based on a variety of factors including, the type of issue (revenue bonds, general
obligation bonds, special purpose issues), the creditworthiness of the issuer (the security of underlying revenue streams, credit
support, and actual or de-facto guarantors), and, to a lesser extent, the ratings issued by third party credit rating agencies.
The professionals at Sterling Grace have a broad institutional knowledge of municipal credit, with a staff that includes four (4)
combination research analyst/traders with almost 100 years of combined municipal credit evaluation and pricing experience.
Sterling Grace’s organizational structure of combining both research and trading provides its personnel with a unique
understanding of value in municipal credits.
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109 South Main Street