PORTFOLIO MANAGEMENT TEAM

Derek J. Scarth

Derek joined Denver Investment Advisors as a Senior Research Analyst in 2004. Prior to joining the firm, he worked as an Investor Relations Manager at Newmont Mining Corporation and spent four years at Berger Financial Group as an Equity Analyst. Derek earned his B.A. from Regis University and his M.S.M. from the University of Denver.

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Mark joined the Value Strategies Group in 1995 in order to expand the capabilities of the department. Prior to joining Denver Investment Advisors, Mark worked with Deloitte & Touche for 14 years in auditing and financial reporting. He received his B.S. from Oral Roberts University and is a Certified Public Accountant. Mark is a Chartered Financial Analyst charterholder and a member of AIMR and the CFA Society of Colorado.

Troy Dayton, CFA

Troy joined Denver Investment Advisors as a Research Analyst with the Value Strategies Group in 2002. Prior to joining the firm, he was an Equity Research Analyst with Jurika and Voyles, as well as an Analyst at Dresdner RCM Global Investors. He also worked as a Trading Support Officer for Citibank's Global Asset Management Department in London, England. Troy earned his B.S. degree from Colorado State University. Troy has the Chartered Financial Analyst designation.

Dean started his career at Denver Investment Advisors in 1994 in institutional sales. He became Director of Institutional Sales in 2000.  In 2005 he assumed the role of Client Portfolio Manager with the Value Strategies Team with primary client service responsibilities.  Before joining Denver Investment Advisors, Dean spent 10 years as Partner and Senior Consultant with DeMarche Associates.  Prior to this, Dean spent 9 years as Portfolio Manager with two midwest banks. His educational background consists of a B.S.B. from the University of Kansas and an M.B.A. from the University of Missouri-Kansas City.  Dean is a current member of the CFA Society of Colorado, and a Chartered Financial Analyst charterholder since 1982.

Kris Herrick, CFA

Kris joined Denver Investment Advisors’ Value Strategies team as a Research Analyst in 2000. Prior to joining Denver Investment Advisors LLC, Kris worked as an analyst with Jurika and Voyles. He earned both a B.A. and a B.S. from the University of Northern Colorado. He is a Chartered Financial Analyst charterholder and a member of the CFA Society of Colorado.

John C. Fenley, CFA

John joined Denver Investment Advisors LLC in 2000 from Hansberger Global Investments where he was the Lead Portfolio Manager and Portfolio Team Member responsible for over $1.0 billion in assets of international, global and small-cap mandates for institutional clients and mutual funds. Prior to that he worked as a Portfolio Manager at Sun Trust Bank where he was responsible for $900 million in Personal and Institutional Trust assets. John worked at the Fifth Third Bank as a Portfolio Manager and Equity Analyst prior to joining Sun Trust Bank. John received his MBA from Duke University's Fuqua School of Business and has a BA from Vanderbilt University. John is a Chartered Financial Analyst charterholder and a member of the CFA Society of Colorado and The Association for Investment Management & Research.

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RESEARCH ANALYSTS

Will has been conducting equity research for Denver Investment Advisors for 22 years. In 2000, Will assumed responsibility for heading up our growth equity research efforts. He specializes in biotechnology, drugs/pharmaceuticals, dental, health care services, and hospital supply industries. Prior to joining Denver Investment Advisors LLC, Will gained economic experience at Centennial Precious Metals and the University of Denver. His educational background consists of a B.A. from the University of Colorado and an M.A. from the University of Denver. He is a current member of the CFA Society of Colorado and has the Chartered Financial Analyst designation.

Mitch S. Begun, CFA
Partner, Portfolio Manager, Analyst
Joined Firm: 2003
Investment Experience: 9 Years

Mitch joined Denver Investment Advisors as an Associate Analyst in 2003. Prior to joining the firm, he worked as an Equity Research Associate at Raymond James & Associates for two years. Mitch also interned with a financial advisor at Wheat First Union. He earned his B.S. degree from the University of North Carolina at Chapel Hill. He holds the Chartered Financial Analyst designation and a current member of the CFA Society of Colorado.

Adam C. Bliss
Partner, Portfolio Manager, Analyst
Joined Firm: 2004
Investment Experience: 11 Years

Adam joined Denver Investment Advisors as a Research Analyst for the growth team in 2004. Prior to joining the firm, he worked as an Equity Research Analyst at Berger Funds where he entered the investment field at the beginning of his career. He earned his B.S.B.A. from Saint Mary's College of California and his M.B.A. from the Daniels College of Business, University of Denver.

Christopher H. Bouma
Vice President, Analyst
Joined Firm: 2005
Investment Experience: 12 Years

Brian Fitzsimons, CFA
Vice President, Portfolio Manager, Analyst
Joined Firm: 2005
Investment Experience: 9 Years

Brian joined Denver Investment Advisors as a growth team Research Analyst in 2005. Prior to joining the firm, he was with Newmont Capital Ltd. as the Finance Manager, A.G. Edwards & Sons, Inc. as an Equity Analyst, and Berger Financial Group as an Equity Analyst. Additionally, Brian worked with the Women's Pro Softball League/National Pro Fastpitch for nearly 3 years as Director of Finance and Controller, Marsico Endowment Fund as a Portfolio Manager, and Merrill Lynch as an intern. He earned his B.S. from Metropolitan State College of Denver and his MBA from the University of Denver, Daniels College of Business. Brian holds the Chartered Financial Analyst designation, the CPA Certificate (inactive status) and is a current member of the CFA Society of Colorado.

Jeffrey J. Loehr, CFA
Partner, Portfolio Manager, Analyst
Joined Firm: 2001
Investment Experience: 9 Years

Jeff joined our Mid-Cap Growth Research Team in 2001. He started with Denver Investment Advisors in 2000 as an intern and research assistant for the Growth Investing style. Jeff's current areas of focus include retail and consumer related, staples and commerical services. He earned his B.A. from The University of South Florida and his M.B.A. from the University of Denver. He is also a CFA charterholder and a member of the CFA Society of Colorado.

Derek J. Scarth

Derek joined Denver Investment Advisors as a Senior Research Analyst in 2004. Prior to joining the firm, he worked as an Investor Relations Manager at Newmont Mining Corporation and spent four years at Berger Financial Group as an Equity Analyst. Derek earned his B.A. from Regis University and his M.S.M. from the University of Denver.

Dan C. Starke
Vice President, Analyst
Joined Firm: 2000
Investment Experience: 3 Years

Dan is a Research Analyst on the Large-Cap Growth equity research team, specializing in technology and telecommunications. Before joining the equity research effort, he served as lead network engineer for the firm, responsible for managing all critical systems and equipment and major vendor relationships. Prior to joining Denver Investment Advisors, Dan worked as a financial analyst at the Home State Bank in Colorado. Dan earned his B.S. from Colorado State University and M.B.A. from the University of Colorado at Denver.

Mark Truelsen, CFA
Vice President, Analyst
Joined Firm: 2001
Investment Experience: 10 Years

Mark joined the Growth Research Team in March 2004. He started with Denver Investment Advisors as a Marketing Specialist in December 2001. Prior to joining the firm, he was a junior research analyst with RJ Falkner & Co. Mark earned a B.A. in Economics at the University of Illinois. He is also a CFA charterholder and a member of the CFA Society of Colorado.

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Mark joined the Value Strategies Group in 1995 in order to expand the capabilities of the department. Prior to joining Denver Investment Advisors, Mark worked with Deloitte & Touche for 14 years in auditing and financial reporting. He received his B.S. from Oral Roberts University and is a Certified Public Accountant. Mark has the Chartered Financial Analyst designation and is a member of AIMR and the CFA Society of Colorado.

Derek

Derek joined the Value Research Team in December 2002. He started with Denver Investment Advisors as a Research Analyst to Wealth Management and Growth Investing style in 2000, after interning as a research assistant on our Mid-Cap Growth product. Previous to joining Denver Investment Advisors he was a research assistant at EVEREN Securities. Derek earned a B.S. in Finance at Metropolitan State College of Denver. Derek has the Chartered Financial Analyst designation and is a member of AIMR and the CFA Society of Colorado. He is also a member of the Association for Investment Management and Research.

Thomas W. Codevilla

Tom joined Denver Investment Advisors in 2008 as an Analyst on the Value team. Prior to joining the firm, Tom worked as a Sales Associate at Friedman, Billings Ramsey & Co. Capital Markets. He also worked as an Analyst and Intern at The Bear Companies. Tom earned a BA from the University of Virginia.

Troy Dayton, CFA

Troy joined Denver Investment Advisors as a Research Analyst with the Value Strategies Group in 2002. Prior to joining the firm, he was an Equity Research Analyst with Jurika and Voyles, as well as an Analyst at Dresdner RCM Global Investors. He also worked as a Trading Support Officer for Citibank's Global Asset Management Department in London, England. Troy earned his B.S. degree from Colorado State University. Troy has the Chartered Financial Analyst designation and is a member of AIMR and the CFA Society of Colorado.

Kris Herrick, CFA

Kris joined Denver Investment Advisors’ Value Strategies team as a Research Analyst in 2000. Prior to joining Denver Investment Advisors LLC, Kris worked as an analyst with Jurika and Voyles. Kris earned both a B.A. and a B.S. from the University of Northern Colorado. He is a Chartered Financial Analyst charterholder and a member of the CFA Society of Colorado.

Paul Kuppinger, CFA

Paul joined Denver Investment Advisors in 2006 as a Quantitative Analyst on the Value Strategies team. Prior to joining the firm, Paul spent 17 years in the wealth management business, most recently as a principal at Rocky Mountain Wealth Advisors, and as Chief Investment Officer and Chief Compliance Officer at CPFA. He also has held positions of Vice President of Research for Curian Capital and Director of Research for Prima Capital. Prior to that, he worked for KPMG’s Investment Advisory Practice, where he built the investment and operations platform. Paul received his M.B.A. from the University of Colorado and his B.A. from The Colorado College. He is a Chartered Financial Analyst charter holder.

Alex joined Denver Investment Advisors in 2008 as an Analyst on the Value team. Prior to joining the firm, Alex held an internship with First Western Financial Services, Inc. Alex received a BS and MBA from the University of Denver.

Jon joined Denver Investment Advisors in March 2008 as a Quantitative Analyst on the Value Team. Prior to joining the firm, Jon was the Investment Director for OmniWealth Ltd. and was the Director of Research/Portfolio Manager at Oak Research Inc., where he developed and managed two market neutral funds. He also worked as a Portfolio Manager at Harris Investment Management managing small-cap value portfolios, and served as the Director of Research/Portfolio Manager for Navellier & Associates managing multiple quantitative strategies. He began his career as a Systems Engineer for Lotus Development Inc. where he developed quantitative models for financial institutions. Jon received a BS from Bryant College.

Jeremy A. Duhon, CFA

Jeremy joined Denver Investment Advisors as a Research Analyst in 2004. Prior to joining the firm, he worked as a Senior Investment Fellow at El Pomar Foundation. Jeremy earned his B.A. degree from Pomona College. He holds the Chartered Financial Analyst designation.

Koji Oki, CFA

Koji Oki joined Denver Investment Advisors in 2006 after three years at Reed Global Advisors, where he was a research analyst. He also spent six years working in Japan at the Ministry of Posts and Telecommunications. He earned a BA in Economics from Keio University, Japan and a Masters in Public Policy from Kennedy School of Government at Harvard University. Koji holds the Chartered Financial Analyst designation.

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Darren joined Denver Investment Advisors LLC in 2008 as an Associate Research Analyst in our Fixed Income Department. Prior to joining the firm, Darren worked as an Accountant at 180 Connect. He also worked as an Accountant for Munro & Noble Solicitors and Estate Agents, and held a position as a Bank Teller/Customer Services Representative at Clydesdale Bank. Darren earned a First Class Honor Bachelor of Accountancy degree from the University of Glasgow, Scotland.

Troy Johnson, CFA

Troy joined Denver Investment Advisors as a Fixed Income Analyst in 2007. His experience in performing credit analysis of investment grade and high yield issues was gained while serving as the senior fixed income analyst at Invesco Funds Group. Troy also more recently served as a portfolio manager and analyst at Quixote Capital Management, specializing in risk arbitrage. Troy earned a B.S. from Montana State University and a M.S. in Business, Finance from the University of Wisconsin. He holds the Chartered Financial Analyst designation and is a member of the CFA Society of Colorado.

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EQUITY TRADING

Georgene L. Pedrie
Vice President, Equity Trader
Joined Firm: 2002
Investment Experience: 22 Years

Georgene joined Denver Investment Advisors in 2002 as an Equity Trader. Prior to that, she worked as a trader at NDB Captial Market. Georgene earned a B.A. and an M.A. from the University of Northern Colorado. She is a board member of the Denver Security Traders Association.

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WEALTH MANAGEMENT GROUP

Victoria K. Cunningham
Partner, Portfolio Manager
Joined Firm: 2000
Investment Experience: 22

Victoria joined Denver Investment Advisors in 2000 as a Portfolio Manager in our Wealth Management Group. Prior to that she was a Senior Portfolio Manager with Wells Fargo Private Asset Management for nine years, where she managed $400 million in assets for high-net worth clients. Before joining Wells Fargo, she worked for five years as a Portfolio Manager with United Asset Management Services. Victoria earned a B.A. from Colorado College and is a member of the CFA Society of Colorado and the Association of Investment Management and Research.

J. Jeffrey Dohse
Partner, Portfolio Manager
Joined Firm: 1983
Investment Experience: 39

Jeff joined the Wealth Management group in 2004 when Denver Investment Advisors acquired Tempest Investment Counselors. Jeff had been a portfolio manager with Tempest Investment Counselors since 1983. He began his career with American National Bank & Trust Company in Chicago as a Management Trainee involved in all facets of bank and trust investments. He then joined United Bank of Denver as Investment Officer, managing trust portfolios. Jeff also served as a Vice President and Portfolio Manager at IntraWest Bank of Denver, with responsibility for key investment management portfolios. Jeff earned his B.S. from Culver-Stockton College and his M.B.A. from Loyola University. He is a member of the CFA Society of Colorado.

H. David Lansdowne, CFA

David joined Denver Investment Advisors in 2004 when the firm purchased Tempest Investment Counselors. He had been with Tempest Investment Counselors since 1983 where he served as the Director of Research, and as President from 1987 to 2004. He began his career as an Investment Officer with Colorado National Bank in Denver. After that he joined United Capital Management, a subsidiary of United Bank of Denver, where he was Vice President and Portfolio Manager, overseeing pension plans of Fortune 500 companies. Immediately prior to joining Tempest Investment Counselors he was Senior Vice President and Director of Research for Financial Programs Mutual Fund and for their subsidiary for privately managed accounts - Financial Trust Company. David earned his B.S. and his M.B.A. from the University of Denver. He is a member of the CFA Society of Colorado and a Chartered Financial Analyst charterholder.

Meghan S. Arnold
Partner, Portfolio Manager
Joined Firm: 2002
Investment Experience: 15 Years

Meghan joined Denver Investment Advisors as a Portfolio Manager in 2002. Prior to joining the firm, she worked as a Portfolio Manager and Director of New Business Development at Nelson Benson & Zellmer. Before joining Nelson Benson & Zellmer, Meghan was a Portfolio Manager and Analyst at both Woodway Financial Advisors and Kanaly Trust Company in Houston, Texas. Meghan earned her B.S. degree from the University of Denver and is a member of the CFA Society of Colorado and Association for Investment Management and Research.

Greg H. Thompson, CFA

Greg joined the Wealth Management Group in 2004 when Denver Investment Advisors acquired Tempest Investment Counselors. He had been with Tempest Investment Counselors since 1987 when he joined as a Portfolio Manager. Prior to that, Greg spent three years as a Financial Analyst with Standard & Poor's Compustat Services, Inc. and twelve years with Page T. Jenkins as an Investment Manager and Security Analyst. Greg earned his B.S. from the University of Wyoming and his M.B.A. from the University of Denver. He is a member of the CFA Society of Colorado and a Chartered Financial Analyst charterholder.

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MARKETING

Walt Melcher, AIF®
Vice President, Consultant Relations and Institutional Sales
Joined Firm: 2008
Investment Experience: 12 Years

Walt Melcher is responsible for consultant relations and institutional sales at Denver Investment Advisors. He is also a vice president at the firm. Prior to joining the firm in 2008, Walt worked as a vice president of institutional sales for Fidelity Investments for eleven years. He also worked for MassMutual Pension Management as a pension representative at the beginning of his investment career. Walt received a BS and BA from the University of Wisconsin – Green Bay. He holds the Accredited Investment Fiduciary designation and the Series 7 and 63 FINRA registrations.

Jason Widener
Vice President, Consultant Relations and Institutional Sales
Joined Firm: 2007
Investment Experience: 11 Years

Jason Widener is responsible for consultant relations and institutional sales at Denver Investment Advisors. He is also a vice president at the firm. Prior to joining the firm in 2007, Jason was vice president of business development at Pi Capital. Prior to that, he served as senior vice president, institutional sales for Lynch, Jones and Ryan, Inc., for seven years. Jason started his career as a wholesaler with Stephens Inc. (distributor of Nations Funds) where he was responsible for wholesaling to Banc of America Investment Services Inc. Jason received a BS from the University of South Carolina. He holds the Series 7, 6, and 63 FINRA registrations.

Steven G. Wine, CFA
Partner, Director of Sales - Westcore Funds
Joined Firm: 1988
Investment Experience: 22 Years

Steve has been with Denver Investment Advisors / Westcore Funds since 1988. As Director of Sales of Westcore Funds, he is primarily responsible for the day-to-day marketing of the Funds to the institutional marketplace and the financial community. Prior to this position, Steve served as Treasurer for Blue Chip Value Fund, Inc. (NYSE: BLU) and Director of Administration for Westcore. Steve has a Bachelor of Science and Masters of Science in Finance from the University of Colorado. He is a current member of the CFA Society of Colorado and a Chartered Financial Analyst and holds both Series 6 and Series 63 NASD Licenses.

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