James E. Nevels

JAMES E. NEVELS is Founder, Chairman and Chief Executive Officer of ‘The
Swarthmore Group’. He is a portfolio manager and member of the firm’s
Investment Policy Committee. Mr. Nevels has over 19 years of experience
in the securities and investment industry. From 1984 until 1991, he was
Vice President of Prudential-Bache Securities and Smith Barney, Harris
Upham & Co., Inc. respectively. There, he was responsible for analyzing
and structuring taxable and tax-exempt fixed income credits in
transactions totaling in excess of $750,000,000. Those transactions
included general obligation, sewer and water, housing, airport and
hospital revenue and convention center bond issues. Mr. Nevels practiced
law from 1978 through 1984 as counsel in bond transactions with the law
firm of Ballard, Spahr, Andrews & Ingersoll in Philadelphia,
Pennsylvania, where he specialized in taxable, tax-exempt and
government-assisted finance. He is an honors (cum laude and Phi Beta
Kappa) graduate of Bucknell University with an A.B. degree (1974) in
Political Science and Philosophy, M.B.A. degree (1878) from the
University of Pennsylvania (Wharton Graduate Division) and a J.D. degree
(1978) from the University of Pennsylvania Law School. He has co-
authored an article and a book entitled ‘Tax-Exempt Financing for
Colleges and Universities: An Introduction to Financing Institutions of
Higher Education Through the Municipality Authorities Act of 1045′. Mr.
Nevels was a member of the Board of Trustees of Bucknell University
during which he headed a standing committee and served on the Board’s
Executive Committee. He was nominated by the Governor of Pennsylvania to
serve on the Board of the Pennsylvania State Employees’ Retirement
System which is responsible for the administration of approximately $18
billion of Fund assets. The nomination was confirmed by the Senate of
Pennsylvania in April, 1998. Mr. Nevels was appointed a member of the
three person Board of Control of The Chester-Upland School District by
the President Judge of Delaware County in April, 1998 to administer the
$65 million budget of the state-declared ‘financially distressed’ school
district. In addition, he serves as a Director and Chair/Vice Chair of
the Finance Committee of The Ports of Philadelphia and Camden, Inc., the
fourth largest port in the United States for the handling of imported
goods. Mr. Nevels is the prime portfolio manager for the Financial and
Utilities sectors.
PAULA MANDLE is the Executive Vice President of ‘The Swarthmore Group’
and has been a portfolio manager and member of the firm’s Investment
Policy Committee since 1995. Ms. Mandle was an employee of the Foster
Management Company for ten years prior to joining the firm. Her duties
included acquisition integration, capital budget planning, cash
forecasting and management consulting. Mr. Foster, President and CEO,
saw fit to utilize her talents in three of his largest Healthcare
companies; Foster Medical, NovaCare and Apogee Inc. At ‘The Swarthmore
Group’, Ms. Mandle has added depth to the work of The Investment Policy
Committee and has been a critical participant in the refinement of
portfolio management and back office functions. She brought
technological enhancements to the day-to-day management of the
portfolios, allowing for a more efficient operation. In addition, she
serves as the firm’s Compliance Officer. Ms. Mandle graduated from
Susquehanna University with a B.A. degree in Physics. She is the holder
of the Chartered Property Casualty Underwriter (CPCU) designation. She
is the prime portfolio manager for the Basic Industries, Consumer
Cyclicals, Consumer Staples, Healthcare and Transportation sector.