David C. Adcock, Esq.

Independent Trustee

Mr. Adcock has extensive experience in financial services and fund administration. Since 1982, David served as General Counsel for the Duke Endowment and the Duke Hospital System. He currently serves on the board of the Hennessey Mutual Funds, and served as Trustee of FBR Mutual Funds (the predecessor of the Hennessey Funds) from 2010 – 2012, and from 2005 to the present as Trustee of the Victory Portfolio Mutual Funds.

Mr. Adcock holds a Juris Doctor from the Duke University School of Law and a BA from the University of North Carolina at Chapel Hill.

Dr. David Gilbert, PhD

Independent Trustee

Dr. Gilbert has had a long and distinguished career as a chief executive officer, venture capitalist, and corporate director. He is currently a managing member of Whitemarsh Capital, a boutique investment bank and consultancy. Dr. Gilbert served as Chairman of Calfed Bankcorp and President & CEO of C*ATS SOFTWARE, a Nasdaq-listed company which was a leading provider of derivative trading and financial risk management software.

Previously, he held positions as Senior Vice President and International Director of Risk Management Products and Services for Logica, a London-based informational technology company. Dr. Gilbert started his professional career with the Federal Reserve Board as a Senior Economist and Member of the Bank Holding Company Task Force. Dr. Gilbert has authored numerous articles for such publications as American Banker and Euromoney and has spoken extensively on risk evaluation and management, venture investing, and corporate and strategic development. He has held faculty appointments at Harvard University, the Wharton School of Finance, and the City College of New York.

Dr. Gilbert received his BBA from City College in New York and his MS and PhD degrees in Economics and Finance from Harvard University.

Peri Wallace Higgins, MBA

Independent Trustee

Ms. Higgins has extensive experience in financial services and in the asset management industry. She is currently President of Evolve Advisers, a management consulting firm. She also manages several private real estate investment partnerships.

Prior to forming Evolve Advisers, Ms. Higgins was a director and senior analyst with Radnor Holdings Corporation where she was responsible for reviewing the firm’s venture capital and private equity investments across a broad range of industries including those in asset management, commercial and investment banking relationships and reviewing management business plans.

Ms. Higgins holds an MBA in finance from the Wharton School of the University of Pennsylvania and an undergraduate degree in economics from Harvard University. Ms. Higgins also serves as a trustee on several nonprofit boards including the Episcopal Academy.

Richard D. Miles, MBA

Independent Trustee

Mr. Miles is a Partner/Managing Director of Berkshire Capital Securities, LLC, an investment banking firm specializing in providing strategic and financial advisory services in connection with mergers, acquisitions and divestitures of investment management companies, securities and investment banking firms and related financial institutions.

He is a former President and Chief Operating Officer of Butcher and Company, as well as Chief Financial Officer of Butcher & Singer, a broker-dealer and its principal operating subsidiary. He was also a Managing Director within the Capital Markets Group of Merrill Lynch. Dick began his professional career in the corporate finance department of Chemical Bank in 1968. Mr. Miles is the past Chairman of the Board of Trustees of The Haverford School and a former director of WFS Financial Corporation, the parent company of Wheat First Butcher Singer.

Mr. Miles is a graduate of the University of Notre Dame where he received a BBA in finance and was elected to Beta Gamma Sigma. Mr. Miles received an MBA from the Wharton School of the University of Pennsylvania.

William Moran, MBA, CPA

Independent Trustee

Mr. Moran served as an Executive Vice President of J.P. Morgan Chase & Co. and also as its General Auditor, having joined the bank in 1975. Mr. Moran held various positions in auditing, including Director of Electronic Data Processing (EDP) Audit and Systems Review Executive; Director of Corporate, Subsidiary and MIS Audit; and in 1985, he served as the Director of the Western Hemisphere Audit Group. In that capacity, he had responsibility for Chase’s Special Investigations unit, and for audits of various head office areas, subsidiaries of the Corporation, and businesses in the Caribbean and in South America. Before joining Chase, (now J.P. Morgan Chase & Co.), Mr. Moran was with the accounting firm of Peat, Marwick, Mitchell & Co. (now KPMG) for nine years auditing financial institutions. He is a Member of the American Institute of Certified Public Accountants, and the New York Society of Certified Public Accountants. He serves on the Advisory Board of the School of Management of Marist College and serves on the Board of Directors of The College of Technology. Mr. Moran is a Certified Public Accountant and a Certified Bank Auditor.

Mr. Moran was awarded a Bachelor of Arts degree, cum laude, from Marist College and a Master of Business Administration degree from Columbia University. He is also a graduate of the Stonier Graduate School of Banking at Rutgers University.