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Firm Management
 Patrick P. Coyne
President — Delaware Management Holdings, Inc.,
Chairman of the Board — Delaware Investments Family of Funds
Patrick P. Coyne was named president of Delaware Management Holdings, Inc. (Delaware Investments) and chairman of the board of the Delaware Investments Family of Funds in 2006. Since joining Delaware Investments in February 1990, Coyne has served in various investment capacities, ranging from head of the fixed income trading desk to head of the firm's municipal and tax-efficient fixed income investment teams. On the executive management level, he served as CIO and co-head of the fixed income department, and in 2004 he was named CIO and head of the equity department. In this capacity, Coyne was instrumental in rebuilding the firm's equity investment talent and product lineup. He is a key architect of the firm's multi-boutique structure, which emphasizes an appropriate balance between autonomy and accountability.
Coyne began his career with Kidder Peabody and Co., where he managed the firm's Philadelphia trading desk. He has lectured on securities trading and portfolio management at the Philadelphia Bond Club, he is on the board of directors for the Kaydon Corporation, the board of governors for the Investment Company Institute, and he is on the Investment Committee for the Cradle of Liberty Council, Boy Scouts of America. He is also active in the Philadelphia arts community, where he has served on the corporate board for the Philadelphia Museum of Art and is currently an active supporter of the Mann Music Center. He and the company continue to support local Philadelphia charitable organizations through the annual Delaware Investments Charity Classic golf event and numerous corporate-wide fundraising activities. Coyne graduated with honors from Harvard University with a bachelor's degree in European history and classics, and he earned an MBA with a concentration in finance from The Wharton School of the University of Pennsylvania.
 J. Scott Coleman, CFA
Executive Vice President, Head of Distribution and Marketing
Scott Coleman joined Delaware Investments in October 2008 to lead the firm's distribution and marketing activities. Prior to joining Delaware Investments, he spent seven years at Goldman Sachs Asset Management (GSAM), most recently as managing director, running the Investment Consulting Group, which was responsible for distribution of GSAM mutual fund, separate account, 401(k), and alternative investment products. He joined GSAM to lead the firm's entry into the managed account marketplace. Coleman worked at Lockwood Financial Group where he served as director of high net worth services. He also spent 11 years with Smith Barney Consulting Group as senior vice president, director of research. Coleman earned a bachelor's degree from Wake Forest University and an MBA from Widener University. He is a member of the CFA Institute and the CFA Society of Philadelphia.
 Michael J. Hogan, CFA
Executive Vice President, Head of Equity Investments
Michael J. Hogan joined Delaware Investments in April 2007 to lead equity investments, which comprises eight in-house investment teams. Prior to joining the firm, he spent 11 years at SEI, most recently as the managing director and global head of equity for the past three years. SEI's Global Equity team comprised more than 20 investment professionals across four countries and was responsible for a wide range of equity mandates. Hogan also led SEI's U.S. Equity team, was the director for the Non-U.S. Equity team, and was a portfolio strategist on the Global Asset Allocation team. He worked at PNC Asset Management for seven years as a senior economist and then as a portfolio strategist. Hogan started his career at Wharton Econometric Forecasting Associates. He graduated from the University of Delaware with a bachelor's degree and a master's degree in economics, and he is a member of the CFA Institute and the CFA Society of Philadelphia.
 David P. O'Connor, Esq.
Senior Vice President — Strategic Investment Relationships and Initiatives and
General Counsel
David P. O'Connor, Esq., joined Delaware Investments in 1996 and spent several years in the firm's legal department, where he served as associate general counsel. In June 2005, he was promoted to senior vice president, strategic investment relationships and initiatives, where his responsibilities included overseeing the firm's sub-advisory relationships, including investment responsibility and coordination of the firm's Investment Review Committee, and working with the firm's executive team on strategic opportunities. In late 2006, he took on additional responsibilities when he became the firm's general counsel, where his responsibilities include overseeing the Legal and Compliance departments.
Prior to joining Delaware Investments, O'Connor was an associate in the business and finance department of the Philadelphia office of Ballard Spahr Andrews & Ingersoll, where he focused on mergers and acquisitions, contract negotiations, and investment company work. O'Connor is a member of the board of directors for Philadelphia Futures, a nonprofit organization providing urban high school and college students with the necessary resources to achieve a college education. He received a bachelor's degree from Gordon College and earned his juris doctor degree from Villanova University School of Law.
 See Yeng Quek, CFA
Executive Vice President, Managing Director, Head of Fixed Income Investments
See Yeng Quek is head of the fixed income department at Delaware Investments, overseeing the investment professionals who manage taxable, municipal, structured products, and insurance assets. He is also a member of Lincoln Financial Group's Investment Committee. Prior to joining the firm in 2000, Quek was a vice president at Conseco Capital Management. During his seven years there, he managed all of Conseco Insurance Companies' assets, and managed assets for third-party insurance company clients. He also headed up mortgage-backed securities (MBS), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) trading, and directed Conseco's quantitative research efforts.
Before joining Conseco, Quek was an associate director at Bear Stearns, where he developed models for analyses of structured products. Quek received a bachelor's degree in computer science from the University of Iowa, he is a Fellow of Life Management Institute, and is a member of the CFA Society of Philadelphia.
 Philip N. Russo
Executive Vice President, Chief Administrative Officer
Philip N. Russo directs the firm's financial and infrastructure management in all business areas including retail and institutional funds management, institutional separate accounts, sub-advisory services, managed accounts, and retirement products.
Prior to joining Delaware Investments in September 2004, Russo served in several capacities, most recently as vice president of finance, for Prudential Investment Management. Before that, Russo was with Bankers Trust Company for 17 years, where he held progressively more responsible positions. He left the firm as chief financial and administrative officer, and managing director of the global technology and operating division. Earlier in his career, Russo was a financial consultant with Touche Ross, New York, and a product manager at Citibank. Russo is a graduate of Rutgers University with a bachelor's degree in economics and an MBA with a concentration in finance, and he is on the board of directors for the Settlement Music School and the Philadelphia Police Athletic League.
 Theodore K. Smith
Executive Vice President — Retail Product Sales and Marketing
Theodore K. Smith rejoined Delaware Investments in November 2006 to head the firm's efforts in the global retail asset management market. His responsibilities include day-to-day management and oversight of the firm's mutual fund, managed account, sub-advisory and retirement platform offerings. He spent the prior year as head of strategic partner account management at Lincoln Financial Distributors. From 2002 to 2005, he was vice president, head of Managed Accounts for Delaware Investments.
Previously, he spent two years as head of business development at the technology company FOLIO fn, one year in Moscow, Russia, as a director for the European Privatization and Investment Corporation, and five years — split between Moscow and Washington, D.C. — as a corporate attorney specializing in mergers, acquisitions, and venture finance for the firm of Latham & Watkins. Smith received his bachelor's degree in economics from Duke University, cum laude, and he earned his juris doctor degree from the University of California, Los Angeles School of Law, cum laude. He is a member of the Money Management Institute and an inactive member of the New York Bar.
Investment Management, Team Leaders
 Marshall T. Bassett
Senior Vice President, Chief Investment Officer — Emerging Growth Equity
Marshall T. Bassett leads the firm's Emerging Growth Equity team, which focuses on small-, mid-, and smid-cap investment products and strategies. Before taking over leadership of the Emerging Growth Equity team, Bassett spent eight years as a portfolio manager and analyst, focusing on consumer and retail stocks in the growth area. Prior to joining Delaware Investments in 1997, he worked for eight years at Morgan Stanley Asset Management Group, where he most recently served as a vice president in its Emerging Growth group, analyzing small-cap companies. Before that, he worked at a community bank in Hopkinsville, Ky., which eventually became part of The Sovran Bank and Trust Company. He received his bachelor's degree from Duke University and an MBA from The Fuqua School of Business at Duke University. Bassett is a member of The Fuqua School's alumni board.
 Joseph R. Baxter
Senior Vice President, Head of Municipal Bond Department, Senior Portfolio Manager
Joseph R. Baxter is the head of the municipal bond department and is responsible for setting the department's investment strategy. He is also a co-portfolio manager of the firm's municipal bond funds and several client accounts. Before joining Delaware Investments in 1999, he held investment positions with First Union, most recently as a municipal portfolio manager with the Evergreen Funds. Baxter received a bachelor's degree in finance and marketing from La Salle University.
 Christopher S. Beck, CFA
Senior Vice President, Senior Portfolio Manager
Christopher S. Beck leads the firm's Small/Mid-Cap Value team. Prior to joining Delaware Investments in 1997, he served as a vice president at Pitcairn Trust from 1995 to 1997, where he managed small-capitalization stocks and analyzed equity sectors. Before that he was chief investment officer of the University of Delaware from 1992 to 1995 and held management positions during his seven years at Cypress Capital Management and four years at Wilmington Trust. Beck earned a bachelor's degree at the University of Delaware and an MBA from Lehigh University, and he is a member of the CFA Society of Philadelphia.
 Liu-Er Chen, CFA
Senior Vice President, Chief Investment Officer — Emerging Markets and Healthcare
Liu-Er Chen heads the firm's global Emerging Markets team, and he is also the portfolio manager for the Delaware Healthcare Fund, which launched in October 2007. Prior to joining Delaware Investments in September 2006, he spent nearly 11 years at Evergreen Investment Management Company, where he most recently served as managing director and senior portfolio manager. He co-managed the Evergreen Emerging Markets Growth Fund from 1999 to 2001, and became the Fund's sole manager in 2001. He also served as the sole manager of the Evergreen Health Care Fund since its inception in 1999.
began his career at Evergreen in 1995 as an analyst covering Asian and global healthcare stocks, before being promoted to portfolio manager in 1998. Prior to his career in asset management, Chen worked for three years in sales, marketing, and business development for major American and European pharmaceutical and medical device companies. He is licensed to practice medicine in China and has experience in medical research at both the Chinese Academy of Sciences and Cornell Medical School. He holds an MBA with a concentration in management from Columbia Business School.
 Thomas H. Chow, CFA
Senior Vice President, Senior Portfolio Manager
Thomas H. Chow is a member of the firm's taxable fixed income portfolio management team, with primary responsibility for portfolio construction and strategic asset allocation in investment grade credit exposures. He is the lead portfolio manager for Delaware Corporate Bond Fund and Delaware Extended Duration Bond Fund, as well as several institutional mandates. His experience includes significant exposure to asset liability management strategies and credit risk opportunities. Prior to joining Delaware Investments in 2001 as a portfolio manager working on the Lincoln General Account, he was a trader of high grade and high yield securities, and was involved in the portfolio management of collateralized bond obligations (CBOs) and insurance portfolios at SunAmerica/AIG from 1997 to 2001. Before that, he was an analyst, trader, and portfolio manager at Conseco Capital Management from 1989 to 1997. Chow received a bachelor's degree in business analysis from Indiana University, and he is a Fellow of Life Management Institute.
 Stephen J. Czepiel
Senior Vice President, Senior Portfolio Manager
Stephen J. Czepiel is a member of the firm's municipal fixed income portfolio management team with primary responsibility for portfolio construction and strategic asset allocation. He is a co-portfolio manager of the firm's municipal bond funds and client accounts. He joined Delaware Investments in July 2004 as a senior bond trader. Previously, he was vice president at both Mesirow Financial and Loop Capital Markets. He began his career in the securities industry in 1982 as a municipal bond trader at Kidder Peabody and now has more than 20 years of experience in the municipal securities industry. Czepiel earned his bachelor's degree in finance and economics from Duquesne University.
 Chuck M. Devereux
Senior Vice President, Director of Credit Research
Chuck M. Devereux is the head of the firm's taxable credit research department, responsible for the gaming sector. In addition, he serves as a consultant for the team responsible for portfolio management of some of the firm's fixed income products. Prior to April 2007, he was a senior vice president and co-head of the firm's private placements group, which has responsibility for managing a portfolio of approximately $8 billion of privately placed securities. Prior to joining Delaware Investments in 2001, Devereux was employed by Valuemetrics/VM Equity Partners, a financial advisory and investment banking firm, where he participated in financial advisory and capital-raising efforts for privately held, middle-market companies. These efforts included placements of traditional corporate debt and equity as well as mezzanine and venture-capital financings. Prior to Valuemetrics/VM Equity Partners, he was a trust officer in the privately held asset division of the Northern Trust Corporation for three years. Devereux earned an MBA with a concentration in finance from DePaul University and a bachelor's degree in economics from St. Joseph's College.
 Roger A. Early, CPA, CFA, CFP
Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy
Roger A. Early rejoined Delaware Investments in March 2007 as a member of the firm's taxable fixed income portfolio management team, with primary responsibility for portfolio construction and strategic asset allocation. During his previous time at the firm, from 1994 to 2001, he was a senior portfolio manager in the same area, and he left Delaware Investments as head of its U.S. investment grade fixed income group. In recent years, Early was a senior portfolio manager at Chartwell Investment Partners and Rittenhouse Financial and served as the chief investment officer for fixed income at Turner Investments. Prior to joining Delaware Investments in 1994, he worked for more than 10 years at Federated Investors where he managed more than $25 billion in mutual fund and institutional portfolios in the short-term and investment grade markets. He left the firm as head of institutional fixed income management. Earlier in his career, he held management positions with the Federal Reserve Bank, PNC Financial, Touche Ross, and Rockwell International. Early earned his bachelor's degree in economics from The Wharton School of the University of Pennsylvania and an MBA with concentrations in finance and accounting from the University of Pittsburgh. He is a member of the CFA Society of Philadelphia.
 Paul Grillo, CFA
Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy
Paul Grillo is a member of the firm's taxable fixed income portfolio management team with primary responsibility for portfolio construction and strategic asset allocation. He is also a member of the firm's asset allocation committee, which is responsible for building and managing multi-asset class portfolios. He joined Delaware Investments in 1992 as a mortgage-backed and asset-backed securities analyst, assuming portfolio management responsibilities in the mid-1990s. Grillo serves as co-lead portfolio manager for the firm's Diversified Income products and has been influential in the growth and distribution of the firm's multisector strategies. Prior to joining Delaware Investments, Grillo served as a mortgage strategist and trader at Dreyfus Corporation. He also worked as a mortgage strategist and portfolio manager at Chemical Investment Group and as a financial analyst at Chemical Bank. Grillo holds a bachelor's degree in business management from North Carolina State University and an MBA with a concentration in finance from Pace University.
 Jordan L. Irving
Vice President, Senior Portfolio Manager
Jordan L. Irving heads the firm's Strategic Equity team and manages the Strategic Small-Cap institutional strategy. His sector focuses are consumer discretionary, consumer staples, industrials, and utilities. He joined Delaware Investments in 2004 as a vice president, senior portfolio manager for the firm's Large-Cap Value Focus strategy. Previously, he worked for the U.S. Active Large-Cap Value team within Merrill Lynch Investment Managers for six years, where he managed mutual funds and separate accounts for institutions and private clients. He graduated from Yale University with a bachelor's degree in American studies and earned a special diploma in social studies at Oxford University in England.
William F. Keelan
Senior Vice President, Head of Fixed Income Quantitative Analysis Department
William F. Keelan leads the fixed income quantitative analysis group and develops the firm's proprietary fixed income portfolio management programs. Prior to joining Delaware Investments in 2001, he headed his own firm in Hermosa Beach, Calif., which specialized in developing customized analytical solutions and software to investment managers. Before founding Keelan Associates, he spent three years as a quantitative analyst for Provident Investment Counsel in Pasadena, Calif. Before Provident, Keelan worked at Wilshire Associates, where he developed asset allocation and asset/liability simulation models. He began his career at The Travelers in Hartford, Conn., doing actuarial work. Keelan earned his bachelor's degree in mathematics and computer science from Providence College and a master's degree in mathematics from The Pennsylvania State University. He has co-authored two papers on asset allocation.
 Kevin P. Loome, CFA
Senior Vice President, Senior Portfolio Manager, Head of High Yield Investments
Kevin P. Loome is head of the High Yield fixed income team, responsible for portfolio construction and strategic asset allocation of all high yield fixed income assets. Prior to joining Delaware Investments in August 2007 in his current position, Loome spent 11 years at T. Rowe Price, starting as an analyst and leaving the firm as a portfolio manager. He began his career with Morgan Stanley as a corporate finance analyst in the New York and London offices. Loome received his bachelor's degree in commerce from the University of Virginia and earned an MBA from the Tuck School of Business at Dartmouth.
 Francis X. Morris
Senior Vice President, Chief Investment Officer — Core Equity
Francis X. Morris joined Delaware Investments in 1997 and is currently the chief investment officer for Core Equity investments. Prior to joining the firm, Morris served as vice president and director of equity research at PNC Asset Management. He received a bachelor's degree from Providence College and holds an MBA from Widener University. Morris is a past president of the CFA Society of Philadelphia and is a member of the CFA Institute. In addition, he is a former officer of the National Association of Petroleum Investment Analysts.
 D. Tysen Nutt Jr.
Senior Vice President, Senior Portfolio Manager, Team Leader — Large-Cap Value Focus Equity
D. Tysen Nutt Jr. joined Delaware Investments in 2004 as senior vice president and senior portfolio manager for the firm's Large-Cap Value Focus strategy. Before joining the firm, Nutt led the U.S. Active Large-Cap Value team within Merrill Lynch Investment Managers (MLIM), where he managed mutual funds and separate accounts for institutions and private clients. He departed MLIM as a managing director. Prior to joining MLIM in 1994, Nutt was with Van Deventer & Hoch (V&H) where he managed large-cap value portfolios for institutions and private clients. He began his investment career at Dean Witter Reynolds, where he eventually became vice president, investments. Nutt earned his bachelor's degree from Dartmouth College, and he is a member of the New York Society of Security Analysts and the CFA Institute.
 Jeffrey S. Van Harte, CFA
Senior Vice President, Chief Investment Officer — Focus Growth Equity
Jeffrey S. Van Harte is the chief investment officer for the Focus Growth Equity team, responsible for large-cap growth, all-cap growth, and one smid-cap growth portfolio. Prior to joining Delaware Investments in April 2005, he was a principal and executive vice president at Transamerica Investment Management. Van Harte has been managing portfolios and separate accounts for more than 20 years. Before becoming a portfolio manager, Van Harte was a securities analyst and trader for Transamerica Investment Services, which he joined in 1980. Van Harte received his bachelor's degree in finance from California State University at Fullerton.
Alex W. Wei, Ph.D., CFA
Senior Vice President, Head of Structured Credit Investment, Chief Quantitative Analyst
Alex W. Wei, Ph.D., manages and analyzes fixed income investment quantitatively, with emphasis on structured credit securities including ABS, MBS, and CDO. He is a portfolio manager responsible for billions of dollars of credit-sensitive structured securities, and he plays a leading role in managing the firm's structured credit business. Before joining Delaware Investments in May 2001 as a senior portfolio quantitative analyst, he served as vice president and head of structured products at Conseco Capital Management where he worked for five years. He managed the structured portion of Conseco 's affiliated insurance assets including MBS, ABS, and CMBS of approximately $8 billion. He had extensive experience in analyzing the credit performance of residential mortgage-backed securities including jumbos, Alt-As, home equity loans, and manufactured housing loans. Dr. Wei also led the development of proprietary fixed income systems, including interest rate option models, prepayment models for MBS and ABS, and a risk management tool for managing high yield CBOs. He was also responsible for the trading and managing of derivative securities. Earlier in his career, Dr. Wei was a research scientist at Atomic Energy of Canada. He holds a master's degree and a Ph.D. in physics from the University of Southern California. He is a frequent speaker at various securitization industry conferences and has been quoted by Reuters, Bloomberg and Dow Jones Newswires.
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