-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 GCx0Nq7umkYndyShiEm8xPzgTxB3MWRdFUdGm98wgGkCjmuaVtR97QxgB2YweLSz
 p/Q/hNKylYLCL8+O0uO9Jg==

<SEC-DOCUMENT>0001206774-08-001241.txt : 20080707
<SEC-HEADER>0001206774-08-001241.hdr.sgml : 20080704
<ACCEPTANCE-DATETIME>20080707161543
ACCESSION NUMBER:		0001206774-08-001241
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080820
FILED AS OF DATE:		20080707
DATE AS OF CHANGE:		20080707
EFFECTIVENESS DATE:		20080707

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II INC
		CENTRAL INDEX KEY:			0000895658
		IRS NUMBER:				411737158
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07420
		FILM NUMBER:		08941113

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2152552127

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR MINNESOTA MUNICIPAL INCOME FUND II INC
		DATE OF NAME CHANGE:	19930519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		08941114

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2152552127

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INV COLORADO INSURED MUNICIPAL INCOME FUND INC
		CENTRAL INDEX KEY:			0000907573
		IRS NUMBER:				411751991
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07810
		FILM NUMBER:		08941115

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103-3682
		BUSINESS PHONE:		2152552127

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103-3682

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR COLORADO INSURED MUNICIPAL INCOME FUND INC
		DATE OF NAME CHANGE:	19930621

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS ARIZONA MUNICIPAL INCOME FUND INC
		CENTRAL INDEX KEY:			0000895577
		IRS NUMBER:				411737155
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07412
		FILM NUMBER:		08941116

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2152552127

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR ARIZONA MUNICIPAL INCOME FUND INC
		DATE OF NAME CHANGE:	19930519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delaware Enhanced Global Dividend & Income Fund
		CENTRAL INDEX KEY:			0001396167
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22050
		FILM NUMBER:		08941117

	BUSINESS ADDRESS:	
		STREET 1:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		(800) 523-1918

	MAIL ADDRESS:	
		STREET 1:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Delaware Investments Enhanced Global Dividend & Income Fund
		DATE OF NAME CHANGE:	20070411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS DIVIDEND & INCOME FUND INC
		CENTRAL INDEX KEY:			0000896923
		IRS NUMBER:				232713064
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07460
		FILM NUMBER:		08941112

	BUSINESS ADDRESS:	
		STREET 1:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2152552127

	MAIL ADDRESS:	
		STREET 1:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE GROUP DIVIDEND & INCOME FUND INC
		DATE OF NAME CHANGE:	19930714

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS GLOBAL DIVIDEND & INCOME FUND INC
		CENTRAL INDEX KEY:			0000916713
		IRS NUMBER:				232753201
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08246
		FILM NUMBER:		08941118

	BUSINESS ADDRESS:	
		STREET 1:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		2152552127

	MAIL ADDRESS:	
		STREET 1:		2005 MARKET STREET
		STREET 2:		.
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE GROUP GLOBAL DIVIDEND & INCOME FUND INC
		DATE OF NAME CHANGE:	19931229
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>delawareinvestment_nps.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<P align=center><FONT face=serif size=2>SCHEDULE 14A </FONT></P>
<P align=center><FONT face=serif size=2>(Rule 14a-101) </FONT><FONT face=serif></FONT></P>
<P align=center><FONT face=serif size=2>INFORMATION REQUIRED IN PROXY STATEMENT
</FONT><FONT face=serif></FONT></P>
<P align=center><FONT face=serif size=2>SCHEDULE 14A INFORMATION </FONT><FONT face=serif></FONT></P>
<P align=center><FONT face=serif size=2>Proxy Statement Pursuant to Section
14(a) of the<BR>Securities Exchange Act of 1934 (Amendment No. )</FONT></P>
<P align=left><FONT face=serif size=2>Filed by the Registrant
[x]<BR></FONT><FONT face=serif size=2>Filed by a Party other than the Registrant
[_]<BR></FONT><FONT face=serif size=2><BR>Check the appropriate
box:<BR></FONT><FONT face=serif size=2>[_]&nbsp; Preliminary Proxy
Statement&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_] Soliciting Material Under
Rule<BR></FONT><FONT face=serif size=2>[_]&nbsp; Confidential, For Use of
the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14a-12 <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commission Only (as permitted
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by Rule 14a-6(e)(2))
<BR>[x]&nbsp;&nbsp;Definitive Proxy Statement <BR>[_]&nbsp; Definitive
Additional Materials</FONT></P>
<P align=center><FONT face=serif size=2><FONT face=serif size=2>Delaware
Investments Dividend and Income Fund, Inc.<BR><BR>Delaware Investments Global
Dividend and Income Fund, Inc.<BR><BR>Delaware Enhanced Global Dividend and
Income Fund<BR><BR>Delaware Investments Arizona Municipal Income Fund,
Inc.<BR><BR>Delaware Investments Colorado Municipal Income Fund,
Inc.<BR><i>(formerly Delaware Investments Colorado Insured Municipal Income Fund,
Inc.)</i><BR><BR>Delaware Investments National Municipal Income Fund<BR><i>(formerly
Delaware Investments Florida Insured Municipal Income Fund)</i><BR><BR>Delaware
Investments Minnesota Municipal Income Fund II,
Inc.<BR></FONT>------------------------------------------------------------------------------------------------------------------------------------------------------</FONT>
</P>
<P align=center><FONT face=serif size=2>(Name of Registrant as Specified In Its
Charter)</FONT></P>
<P align=center><FONT face=serif size=2>------------------------------------------------------------------------------------------------------------------------------------------------------</FONT></P>
<P align=center><FONT face=serif size=2>(Name of Person(s) Filing Proxy
Statement, if Other Than the Registrant)</FONT></P>
<P align=justify><FONT face=serif size=2>Payment of Filing Fee (Check the
appropriate box):<BR></FONT><FONT face=serif size=2>[x]&nbsp; No fee
required.<BR></FONT><FONT face=serif size=2>[_] Fee computed on table below per
Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT><FONT face=serif> </FONT></P>
<P align=justify><FONT face=serif size=2>1)&nbsp; Title of each class of
securities to which transaction applies:</FONT><FONT face=serif>
<BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>2)&nbsp; Aggregate number of securities to which transaction
applies:</FONT><FONT face=serif> <BR></FONT><FONT face=serif size=2>3)&nbsp; Per
unit price or other underlying value of transaction computed
pursuant</FONT><FONT face=serif> </FONT><FONT face=serif size=2>to Exchange Act
Rule 0-11 (set forth the <BR>&nbsp;&nbsp;&nbsp;&nbsp; amount on which the filing
fee&nbsp;is</FONT><FONT face=serif> </FONT><FONT face=serif size=2>calculated
and state how it was determined):</FONT><FONT face=serif> <BR></FONT><FONT face=serif size=2>4)&nbsp; Proposed maximum aggregate value of
transaction:</FONT><FONT face=serif>
<BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>5)&nbsp; Total fee paid:<BR></FONT><FONT face=serif size=2>[_]
Fee paid previously with preliminary materials:</FONT><FONT face=serif>
<BR></FONT><FONT face=serif size=2>[_] Check box if any part of the fee is
offset as provided by Exchange Act Rule</FONT><FONT face=serif> </FONT><FONT face=serif size=2>0-11(a)(2) and identify the filing for
which<BR>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;the offsetting fee was paid </FONT><FONT face=serif size=2>previously. Identify the previous filing by registration
statement number,</FONT><FONT face=serif> </FONT><FONT face=serif size=2>or the
form or<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; schedule and the date of its
filing.</FONT><FONT face=serif>
<BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1) Amount previously
paid:<BR><FONT size=3>____________________________________________________________________________________</FONT><BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) Form, Schedule or
Registration Statement No.:</FONT><FONT face=serif>
<BR>____________________________________________________________________________________<BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3) Filing Party:<BR><FONT size=3>____________________________________________________________________________________</FONT><BR></FONT><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4) Date Filed:</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR><IMG src="gelaware1x1x1.jpg" border=0> <BR>
<P align=center><B><FONT face=serif>COMBINED PROXY STATEMENT
AND<BR></FONT></B><B><FONT face=serif>NOTICE OF JOINT ANNUAL MEETING OF
SHAREHOLDERS<BR>TO BE HELD ON AUGUST 20, 2008 </FONT></B></P>
<P align=left><B><FONT face=serif size=2>To the Shareholders of: </FONT></B></P>
<P align=left><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware Investments
Dividend and Income Fund,
Inc.&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Delaware Investments Global Dividend and Income Fund,
Inc.&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Delaware Enhanced Global Dividend and Income
Fund&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Delaware Investments Arizona Municipal Income Fund,
Inc.&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Delaware Investments Colorado Municipal Income Fund,
Inc.&nbsp;<BR></FONT></B><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<EM>(formerly Delaware Investments Colorado Insured Municipal Income Fund,
Inc.)</EM></FONT></B><B><FONT face=serif size=2><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Delaware Investments National Municipal Income Fund<BR></FONT></B><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<EM>(formerly Delaware Investments Florida Insured Municipal Income
Fund)</EM></FONT></B><B><FONT face=serif size=2>&nbsp;<BR></FONT></B><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Delaware Investments Minnesota Municipal Income Fund II, Inc. </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This is
your official notice that the Joint Annual Meeting of Shareholders (&#147;Meeting&#148;)
of each Delaware Investments&#174; closed-end registered investment company listed
above (each individually, a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;) will be held
at the offices of Stradley Ronon Stevens &amp; Young, LLP, located at One
Commerce Square, 2005 Market Street, 26<SUP>th</SUP> Floor, Philadelphia,
Pennsylvania 19103 on Wednesday, August 20, 2008 at 4:00 p.m. The purpose of the
Meeting is:</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>To elect a Board of Directors (or
      Trustees) for each Fund; and</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>To transact any other business
      that properly comes before the Meeting and any adjournments of the
      Meeting.</FONT></TD></TR></TABLE>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Please vote
and send in your Proxy Card(s) promptly to avoid the need for further mailings.
Your vote is important. </FONT></P>
<P align=left><FONT face=serif size=2><BR>Patrick P. Coyne<BR>Chairman<BR><BR><BR>July
2, 2008 </FONT><B><FONT face=serif size=1></FONT></B></P>
<P align=center><FONT face=serif size=2>- 1 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><IMG src="gelaware1x1x1.jpg" border=0></TD>
    <TD vAlign=bottom align=right width="50%">
      <P align=right><FONT face=serif size=2>2005 Market Street<BR></FONT><FONT face=serif size=2>Philadelphia, PA 19103<BR></FONT><FONT face=serif size=2>1-800-523-1918</FONT></P></TD></TR></TABLE>
<P align=center><B><FONT face=serif>COMBINED PROXY STATEMENT</FONT></B></P>
<P align=center><B><FONT face=serif>JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>TO
BE HELD ON WEDNESDAY, AUGUST 20, 2008</FONT></B><B><FONT face=serif size=2>
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Meeting Information.</FONT></I></B><FONT face=serif size=2> The Board of
Directors or Trustees (each Board is hereafter referred to as a &#147;Board of
Directors&#148; and Board members are referred to as &#147;Directors&#148;) of each Fund listed
on the accompanying Notice is soliciting your proxy to be voted at the Joint
Annual Meeting of Shareholders to be held on Wednesday, August 20, 2008 at 4:00
p.m. at the offices of Stradley Ronon Stevens &amp; Young, LLP located at One
Commerce Square, 2005 Market Street, 26<SUP>th</SUP> Floor, Philadelphia,
Pennsylvania 19103 and/or at any adjournments of the meeting (hereafter, the
&#147;Meeting&#148;). Only Fund shareholders will be admitted to the Meeting. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>General Voting Information.</FONT></I></B><FONT face=serif size=2> You
may provide proxy instructions by returning the Proxy Card(s) by mail in the
enclosed envelope. The persons designated on the Proxy Card(s) as proxies will
vote your shares as you instruct on each Proxy Card. If you return a signed
Proxy Card without any voting instructions, your shares will be voted &#147;FOR&#148; the
Proposals listed on the Notice in accordance with the recommendation of the
Board of Directors. The persons designated on the Proxy Card as proxies will
also be authorized to vote (or to withhold their vote) in their discretion on
any other matters which properly come before the Meeting. They may also vote in
their discretion to adjourn the Meeting. If you sign and return a Proxy Card,
you may still attend the Meeting to vote your shares in person. If your shares
are held of record by a broker and you wish to vote in person at the Meeting,
you should obtain a legal proxy from your broker of record and present it at the
Meeting. You may also revoke your proxy at any time before the Meeting: (i) by
notifying Delaware Investments in writing at 2005 Market Street, Philadelphia,
PA 19103; (ii) by submitting a later signed Proxy Card; or (iii) by voting your
shares in person at the Meeting. If your shares are held in the name of your
broker, you will have to make arrangements with your broker to revoke any
previously executed proxy. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each
shareholder may cast one vote for each full share and a partial vote for each
partial share of a Fund that they owned of record on June 25, 2008. Exhibit A
shows the number of shares of each Fund that were outstanding on the record date
and Exhibit B lists the shareholders who owned 5% or more of each Fund on that
date. It is expected that this Combined Proxy Statement and the accompanying
Proxy Card(s) will be mailed to shareholders of record on or about July 2, 2008.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
proxy solicitation is being made largely by mail, but may also be made by
officers or employees of the Funds or their investment manager or affiliates,
through telephone, facsimile, or other communications. The Funds may also employ
a professional proxy solicitation firm. The cost of the solicitation is being
borne by the Funds. The Funds may reimburse banks, brokers or dealers for their
reasonable expenses in forwarding soliciting materials to beneficial owners of
the Funds&#146; shares. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Required Votes. </FONT></I></B><FONT face=serif size=2>All shareholders
of a Fund vote together to elect Directors, regardless of whether the Fund has
both common and preferred shareholders, with one exception. The holders of
preferred shares of each of the Funds that have issued one or more classes of
preferred shares (&#147;Preferred Share Funds&#148;) have the exclusive right to
separately elect two Directors, in addition to the right to vote for the
remaining Directors together with the holders of the common shares. The amount
of votes of each Fund that are needed to approve the Proposal vary. The voting
requirements with respect to the Proposal are described within the Proposal.
Abstentions and &#147;broker non-votes&#148; will be included for purposes of determining
whether a quorum is present for each Fund at the Meeting. They will be treated
as votes present at the Meeting, but will not be treated as votes cast. They
therefore would have no effect on a proposal which requires a plurality of votes
cast for approval, but would have the same effect as a vote &#147;AGAINST&#148; a proposal
requiring a majority of votes present. &#147;Broker non-votes&#148; arise when shares are
held in street name and the broker does not receive voting instructions from the
beneficial owner. &#147;Broker non-votes&#148; occur when a meeting has (1) a &#147;routine&#148;
proposal, such as the election of directors, where the applicable stock exchange
permits brokers to vote their clients&#146; shares in their discretion, and (2) a
&#147;non-routine&#148; proposal, such as a change to a fundamental investment policy,
where the applicable exchange does not permit brokers to vote their clients&#146;
shares in their discretion. The shares that are considered to be present as a
result of the broker discretionary vote on the routine proposal but that are not
voted on the non-routine proposal are called &#147;broker non-votes.&#148; Because the
Proposal presented is considered to be a &#147;routine&#148; voting item, the Funds do not
expect to recognize broker non-votes. </FONT></P>
<P align=center><FONT face=serif size=2>- 2 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
presence in person or by proxy of holders of a majority of outstanding shares
shall constitute quorum for each Fund. With respect to the Preferred Share
Funds, the presence in person or by proxy of holders of 33<FONT face=serif size=1><SUP>1</SUP>/<SUB>3</SUB></FONT>% of the outstanding preferred shares
shall constitute a quorum of the Preferred Share class of the Preferred Share
Funds for purposes of electing Directors. In the event that a quorum is not
present or if sufficient votes are not received consistent with the Board&#146;s
recommendation on the adoption of the Proposal, management may propose an
adjournment or adjournments of the Meeting for a Fund. Any adjournment would
require a vote in favor of the adjournment by the holders of a majority of the
shares present at the Meeting in person or by proxy. The persons named as
proxies on the Proxy Card(s) may vote (or withhold their vote) in their
discretion on any proposed adjournment. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Copies of
the Funds&#146; most recent Annual Report and Semi-Annual Report, including financial
statements, have previously been delivered to shareholders. Copies of these
reports are available upon request, at no charge by writing the Funds at the
address shown on the top of the previous page of the Combined Proxy Statement or
by calling toll free 1-800-523-1918. </FONT></P>
<P align=center><FONT face=serif size=2>- 3 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif>PROPOSAL ONE: TO ELECT A BOARD OF DIRECTORS
FOR EACH FUND </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>You are
being asked to elect each of the current members of the Board of Directors for
your Fund. The nominees are: Thomas L. Bennett, Patrick P. Coyne, John A. Fry,
Anthony D. Knerr, Lucinda S. Landreth, Ann R. Leven, Thomas F. Madison, Janet L.
Yeomans, and J. Richard Zecher. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If
elected, these persons will serve as Directors until the next annual meeting of
shareholders called for the purpose of electing Directors, and/or until their
successors have been elected and qualify for office. It is not expected that any
nominee will withdraw or become unavailable for election, but in such a case,
the power given by you in the Proxy Card may be used by the persons named as
proxies to vote for a substitute nominee or nominees as recommended by the
existing Board of Directors. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Preferred Share Funds each issue shares of common stock and shares of preferred
stock. The governing documents of each Preferred Share Fund provide that the
holders of preferred shares of the Fund are entitled to elect two of the Fund&#146;s
Directors, and the remaining Directors are to be elected by the holders of the
preferred shares and common shares voting together. The nominees for Directors
to be voted on separately by the preferred shareholders of the Preferred Share
Funds are Thomas F. Madison and Janet L. Yeomans. </FONT></P>
<P align=center><FONT face=serif size=2>- 4 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif>INFORMATION ON EACH FUND&#146;S BOARD OF
DIRECTORS </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Number
      of</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Portfolios
      in</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Fund</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Position(s)</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Principal</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Complex</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"><B><FONT face=serif size=1>Name, Address
      and</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Held
      with</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Length
      of</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Occupation(s) During</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>Overseen by</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="2%">&nbsp;</TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>Other
      Directorships</FONT></STRONG> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="64%"><B><FONT face=serif size=1>Age</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Funds</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Time Served</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Past 5 Years</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Director</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Held by Director</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><B><I><FONT face=serif size=1>Interested Director</FONT></I></B> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><B><FONT face=serif size=1>Patrick P. Coyne</FONT></B><B><SUP><FONT face=serif size=1>(1)</FONT></SUP></B> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Chairman, President,</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Chairman and</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Patrick P. Coyne has served</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>84</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director &#150; Kaydon</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>2005 Market Street</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Chief Executive</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director since</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>in various executive</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Corporation</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>Philadelphia, PA 19103</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Officer, and Director</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>August 16, 2006</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>capacities at different times</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(July 2007 &#150;</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>at Delaware Investments.</FONT><SUP><FONT face=serif size=1>(2)</FONT></SUP> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Present)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>45</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>President and Chief</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Executive Officer</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Board of Governors</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>since August 1,</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Member &#150;</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2006</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Investment</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Company Institute</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(ICI)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(2007 &#150; Present)</FONT> </TD></TR>
  <TR>
    <TD align=left width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Member of</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Investment</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee &#150; Cradle</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>of Liberty Council,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>BSA</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(November 2007 &#150;</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Present)</FONT> </TD></TR>
  <TR>
    <TD align=left width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Finance Committee</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Member &#150; St. John.</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Vianney Roman</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Catholic Church</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(2007 &#150; Present)</FONT> </TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><B><I><FONT face=serif size=1>Independent Directors</FONT></I></B> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><B><FONT face=serif size=1>Thomas L. Bennett</FONT></B> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Since March 2005</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Private Investor &#150;</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>84</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director Bryn Mawr</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>2005 Market Street</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(March 2004 - Present)</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Bank Corp. (BMTC)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>Philadelphia, PA 19103</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(April 2007 &#150;</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Investment Manager -</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Present)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>60</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Morgan Stanley &amp; Co.</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(January 1984 - March</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Chairman of</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2004)<FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Investment</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee &#150; The</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Haverford School</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(2002 &#150; Present)</FONT> </TD></TR>
  <TR>
    <TD align=left width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Chairman of</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Investment</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee &#150;</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Pennsylvania</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Academy of Fine</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Arts</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(2007 &#150; Present)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Trustee</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(2004 &#150; Present)</FONT> </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>- 5 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><B><FONT face=serif size=1>John A. Fry</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Since January 2001</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>President &#150;</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>84</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director -</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=1>2005 Market Street</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Franklin &amp; Marshall</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Community</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=1>Philadelphia, PA 19103</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>College</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Health Systems</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(July 2002 - Present)</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=1>48</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director-</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Executive Vice President -</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Allied Barton</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>University of Pennsylvania</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Security Holdings</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(April 1995 - June 2002)</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="65%">&nbsp;</TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><B><FONT face=serif size=1>Anthony D. Knerr</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Since April 1990</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Founder/Managing</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>84</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>None</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=1>2005 Market Street</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director - Anthony Knerr</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=1>Philadelphia, PA 19103</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>&amp; Associates</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(Strategic Consulting)</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=1>69</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(1990 - Present)</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><B><FONT face=serif size=1>Lucinda S. Landreth</FONT></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Since March 2005</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Chief Investment Officer -</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>84</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>None</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=1>2005 Market Street</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Assurant. Inc.</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=1>Philadelphia, PA 19103</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(Insurance)</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(2002 - 2004)</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%" bgColor=#c0c0c0><FONT face=serif size=1>61</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Mr. Coyne is considered to be an
      &#147;interested Director&#148; because he is an executive officer of the Funds&#146;
      investment adviser.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face=serif size=2>Delaware Investments is the
      marketing name for Delaware Management Holdings, Inc. and its
      subsidiaries, including the Funds&#146; investment adviser and their accounting
      and administrative services agent.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 6 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="64%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Number
      of</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="64%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Portfolios
      in</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="64%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Fund</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="64%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Position(s)</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Principal</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Complex</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"><B><FONT face=serif size=1>Name, Address
      and</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Held
      with</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Length
      of</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><B><FONT face=serif size=1>Occupation(s) During</FONT></B> </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>Overseen by</STRONG><FONT size=3> </FONT></FONT></TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="5%"><STRONG><FONT size=1>Other
      Directorships</FONT></STRONG> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="64%"><B><FONT face=serif size=1>Age</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Funds</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Time Served</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Past 5 Years</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Director</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><B><FONT face=serif size=1>Held by Director</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><B><I><FONT face=serif size=1>Independent Directors (continued)</FONT></I></B> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><B><FONT face=serif size=1>Ann R. Leven</FONT></B> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Since October</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Consultant &#150;</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>84</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director and Audit</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>2005 Market Street</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1989</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>ARL Associates</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>Philadelphia, PA 19103</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(Financial Planning)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Chairperson -</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(1983-Present)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Systemax Inc.</FONT> </TD></TR>
  <TR bgColor=#c0c0c0>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>67</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><B><FONT face=serif size=1>Thomas F. Madison</FONT></B> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Since May</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>President/Chief Executive</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>84</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Lead Director and</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>2005 Market Street</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1997</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Officer - MLM Partners, Inc.</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Chair of Audit and</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>Philadelphia, PA 19103</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(Small Business Investing and</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Governance</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Consulting)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committees,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>72</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(January 1993 - Present)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Member of</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Compensation</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee - Digital</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>River Inc.</FONT> </TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director and Chair</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>of Governance</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee, Audit</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee Member -</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Rimage Corporation</FONT> </TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director and Chair of</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>the Compensation</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee &#150;</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Spanlink</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Communications</FONT> </TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director and Chair of</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Compensation</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Governance</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee Member -</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>CenterPoint Energy</FONT> </TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Lead Director and</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Chair of</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Compensation and</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Governance</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committees -</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Valmont Industries,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Inc.</FONT> </TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><B><FONT face=serif size=1>Janet L. Yeomans</FONT></B> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Since April</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Vice President and Treasurer</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>84</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>None</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>2005 Market Street</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>1999</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(January 2006 &#150; Present)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>Philadelphia, PA 19103</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Vice President -</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>59</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Mergers &amp; Acquisitions</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(January 2003 &#150; January 2006),</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>and Vice President</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(July 1995 - January 2003) at</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>3M Corporation</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><B><FONT face=serif size=1>J. Richard Zecher</FONT></B> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Since March</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Founder &#150;</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>84</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director and Audit</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>2005 Market Street</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>2005</FONT> </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Investor Analytics</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee Member -</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>Philadelphia, PA 19103</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(Risk Management)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Investor Analytics</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(May 1999 - Present)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face=serif size=1>67</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Director and Audit</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Founder &#150;</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Committee Member -</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Sutton Asset Management</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>Oxigene, Inc.</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(Hedge Fund)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=1>(September 1996 to Present)</FONT> </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>- 7 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>The following table shows each
Director&#146;s ownership of shares of the Fund and of all other Funds in the
Delaware Investments&#174; Family of Funds (the &#147;Fund Complex&#148;) as of April 30,
2008.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=left width="33%">&nbsp; </TD>
    <TD noWrap align=center width="39%"><B><FONT face=serif size=1>Aggregate
      Dollar Range of Equity Securities in</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%">&nbsp; </TD>
    <TD noWrap align=center width="33%"><B><FONT face=serif size=1>Common
      Shares of Funds</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="39%"><B><FONT face=serif size=1>All
      Registered Investment Companies</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="27%"><B><FONT face=serif size=1>Name of Director</FONT></B>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face=serif size=1>Beneficially Owned</FONT></B>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="39%"><B><FONT face=serif size=1>Overseen by Director in Fund
      Complex</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><B><I><FONT face=serif size=1>Interested Director</FONT></I></B>&nbsp; </TD>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><FONT face=serif size=2>Patrick P. Coyne</FONT>&nbsp; </TD>
    <TD noWrap align=center width="33%" bgColor=#c0c0c0><FONT face=serif size=2>none</FONT>&nbsp; </TD>
    <TD noWrap align=center width="39%" bgColor=#c0c0c0><FONT face=serif size=2>over $100,000</FONT>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><B><I><FONT face=serif size=1>Independent Directors</FONT></I></B>&nbsp; </TD>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><FONT face=serif size=2>Thomas L. Bennett</FONT>&nbsp; </TD>
    <TD noWrap align=center width="33%" bgColor=#c0c0c0><FONT face=serif size=2>none</FONT>&nbsp; </TD>
    <TD noWrap align=center width="39%" bgColor=#c0c0c0><FONT face=serif size=2>$10,001 - $50,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=serif size=2>John A.
      Fry</FONT>&nbsp; </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=2>none</FONT>&nbsp; </TD>
    <TD noWrap align=center width="39%"><FONT face=serif size=2>$50,001 -
      $100,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><FONT face=serif size=2>Anthony D. Knerr</FONT>&nbsp; </TD>
    <TD noWrap align=center width="33%" bgColor=#c0c0c0><FONT face=serif size=2>none</FONT>&nbsp; </TD>
    <TD noWrap align=center width="39%" bgColor=#c0c0c0><FONT face=serif size=2>over $100,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=serif size=2>Lucinda S.
      Landreth</FONT>&nbsp; </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=2>none</FONT>&nbsp; </TD>
    <TD noWrap align=center width="39%"><FONT face=serif size=2>over
      $100,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><FONT face=serif size=2>Ann R. Leven</FONT>&nbsp; </TD>
    <TD noWrap align=center width="33%" bgColor=#c0c0c0><FONT face=serif size=2>none</FONT>&nbsp; </TD>
    <TD noWrap align=center width="39%" bgColor=#c0c0c0><FONT face=serif size=2>over $100,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=serif size=2>Thomas F.
      Madison</FONT>&nbsp; </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=2>none</FONT>&nbsp; </TD>
    <TD noWrap align=center width="39%"><FONT face=serif size=2>50,001 -
      $100,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><FONT face=serif size=2>Janet L. Yeomans</FONT>&nbsp; </TD>
    <TD noWrap align=center width="33%" bgColor=#c0c0c0><FONT face=serif size=2>none</FONT>&nbsp; </TD>
    <TD noWrap align=center width="39%" bgColor=#c0c0c0><FONT face=serif size=2>over $100,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face=serif size=2>J. Richard
      Zecher</FONT>&nbsp; </TD>
    <TD noWrap align=center width="33%"><FONT face=serif size=2>1000*</FONT>&nbsp; </TD>
    <TD noWrap align=center width="39%"><FONT face=serif size=2>$10,001 -
      $50,000</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><B><FONT face=serif size=1>*</FONT></B><FONT face=serif size=1>As of April 30, 2008, Mr. Zecher owned 1000 shares of common stock of
Delaware Investments Arizona Municipal Income Fund, Inc. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Board, Shareholder and Committee Meetings. </FONT></I></B><FONT face=serif size=2>Each Preferred Share Fund held six Board meetings during the
last full fiscal year ended March 31, 2008. Delaware Investments Dividend and
Income Fund, Inc. (&#147;DDF&#148;) and Delaware Investments Global Dividend and Income
Fund (&#147;DGF&#148;) held seven Board meetings during the fiscal year ended November 30,
2007. Delaware Enhanced Global Dividend and Income Fund (&#147;DEX&#148;), which commenced
operations on June 29, 2007, held three Board meetings during the fiscal year
ended November 30, 2007. Each Director attended at least 75% of the aggregate of
the Board meetings described above and the total number of meetings of
committees on which the Director serves. Directors are encouraged to attend each
annual meeting of shareholders either in person or by telephone, if possible.
All Directors were present at the Funds&#146; annual meeting held on August 15,
2007.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each Fund
has an Audit Committee for the purpose of meeting, on a regular basis, with the
Fund&#146;s officers and independent auditors to</FONT><I><FONT face=serif size=2>
</FONT></I><FONT face=serif size=2>oversee the quality of financial reporting
and the internal controls of each Fund, and for such other purposes as the Board
of Directors may from time to time direct. The Audit Committee of each Fund
consists of the following four Directors appointed by the Board: Thomas F.
Madison, Chairperson; Thomas L. Bennett; Janet L. Yeomans; and J. Richard
Zecher. Each Audit Committee member is not an &#147;interested person&#148; of the Funds
under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), and each
meets the standard of independence for Audit Committee members set forth in the
listing standards of the New York Stock Exchange (the &#147;NYSE&#148;) and the American
Stock Exchange (the &#147;AMEX&#148;). Members of the Audit Committee serve for two year
terms or until their successors have been appointed and qualified. The Audit
Committee held six meetings for DDF and DGF for the fiscal year ended November
30, 2007 and five meetings for the Preferred Share Funds for the fiscal year
ended March 31, 2008. The Audit Committee for DEX held two meetings during the
partial fiscal year ended November 30, 2007 since the Fund commenced operations
on June 29, 2007. The Board of Directors of each Fund has adopted a written
charter for each Fund&#146;s Audit Committee, attached as Exhibit C. A current copy
of the Audit Committee&#146;s charter is also available on the Funds&#146; website at
</FONT><FONT face=serif size=2>www.delawareinvestments.com</FONT><FONT face=serif size=2>.</FONT><FONT face=serif size=2>&nbsp;</FONT></P>
<P align=center><FONT face=serif size=2>- 8 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2>Each Fund&#146;s Nominating
and Corporate Governance Committee (the &#147;Nominating Committee&#148;) is comprised of
the following four Directors appointed by the Board: John A. Fry, Chairperson;
Anthony D. Knerr; Lucinda S. Landreth, and Ann R. Leven (ex-officio), all of
whom meet the independence requirements set forth in the listing standards of
the NYSE and AMEX and are not &#147;interested persons&#148; under the 1940 Act. The
Nominating Committee recommends nominees for independent Directors for
consideration by the incumbent independent Directors of each Fund, and the
Nominating Committee recommends nominees for interested Directors for
</FONT>consideration by the full Board of each Fund. The Nominating Committee
held five meetings during the fiscal year ended November 30, 2007 for DDF and
DGF, three meetings for DEX during the partial fiscal year ended November 30,
2007, and five meetings for the Preferred Share Funds for the fiscal year ended
March 31, 2008. Each Fund&#146;s Board of Directors has adopted a formal charter for
the Nominating Committee setting forth its responsibilities, attached
as</FONT><I><FONT size=2> </FONT></I><FONT size=2>Exhibit D. A current copy of
the Nominating Committee&#146;s charter is also available on the Funds&#146; website at
</FONT><FONT size=2>www.delawareinvestments.com</FONT><FONT size=2>. </FONT></P>
<P align=justify><FONT size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Nominating Committee will
consider shareholder recommendations for nominations to the Board of Directors
only in the event that there is a vacancy on the Board of Directors.
Shareholders who wish to submit recommendations for nominations to the Board to
fill a vacancy must submit their recommendations in writing to John A. Fry,
Chairman of the Nominating Committee, c/o the Funds at 2005 Market Street,
Philadelphia, Pennsylvania 19103. Shareholders should include appropriate
information on the background and qualifications of any person recommended to
the Nominating Committee (e.g., a resume), as well as the candidate&#146;s contact
information and a written consent from the candidate to serve if nominated and
elected. Shareholder recommendations for nominations to the Board will be
accepted on an ongoing basis and such recommendations will be kept on file for
consideration when there is a vacancy on the Board of Directors. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The Nominating
Committee generally identifies candidates for Board membership through personal
and business contacts of Directors and shareholders. In addition, the Nominating
Committee may use a search firm to identify candidates for the Board of
Directors, if deemed necessary and appropriate to use such a firm. The
Nominating Committee&#146;s process for evaluating a candidate generally includes a
review of the candidate&#146;s background and experience, a check of the candidate&#146;s
references and other due diligence and, when appropriate, interviews with
Nominating Committee members. In evaluating a candidate, the Nominating
Committee will also consider whether the candidate, if elected, would be an
independent director for purposes of the 1940 Act and the listing standards of
the NYSE and AMEX. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The Nominating
Committee has not established any specific minimum requirements that candidates
must meet in order to be recommended by the Nominating Committee for nomination
for election to the Board. Rather, the Nominating Committee seeks candidates
who, in its judgment, will serve the best interests of the Funds&#146; long-term
shareholders and whose background will complement the experience, skills and
diversity of the other Directors and add to the overall effectiveness of the
Board. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2> </FONT></B><FONT size=2>Each Fund has an Independent Directors Committee. This committee develops
and recommends to the Board a set of corporate governance principles and
oversees the evaluation of the Board, its committees and its activities. The
committee is comprised of all of the Fund&#146;s independent Directors. The
Independent Directors Committee held four meetings during the fiscal year ended
November 30, 2007 for DDF and DGF, two meetings for DEX for the partial fiscal
year ended November 30, 2007, and four meetings for the Preferred Share Funds
for the fiscal year ended March 31, 2008.</FONT><B><FONT size=2> </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>Each Fund has an
Investments Committee. The primary purposes of the Investments Committee are to:
(i) assist the Board at its request in its oversight of the investment advisory
services provided to the Fund by the Fund&#146;s investment adviser as well as any
sub-advisors; (ii) review all proposed amendments to existing agreements and to
recommend what action the full Board and the independent Directors take
regarding the approval of all such proposed arrangements; and (iii) review from
time to time reports supplied by the Fund&#146;s investment adviser regarding
investment performance and expenses and suggest changes to such reports. The
Investments Committee consists of the following four independent Directors:
Thomas L. Bennett, Chairman; Lucinda S. Landreth, Janet L. Yeomans; and J.
Richard Zecher. The Investments Committee held five meetings during the fiscal year ended November 30, 2007 for DDF and DGF, three meetings for DEX for
the partial fiscal year ended November 30, 2007, and five meetings for the
Preferred Share Funds for the fiscal year ended March 31, 2008. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2>Board
Compensation. </FONT></I></B><FONT size=2>Each independent Director receives
compensation from each Fund of which he/she is a member of the Board of
Directors. The interested Director is compensated by the investment adviser and
does not receive compensation from the Funds. Each independent Director
currently receives a total annual retainer fee of $100,000 for serving as a
Director of all 31 investment companies within the Fund Complex, plus $5,000 per
day for each day the Board meets (normally four regular meetings, all of which
are two-day meetings). Ann R. Leven is the current Lead/Coordinating Director
for the Funds and receives an additional annual retainer totaling $35,000 with
respect to all 31 investment companies within the Fund Complex. Members of the
Audit, Investments, and Nominating Committees receive additional compensation of
$2,500 for each Committee meeting attended. In addition, the chairperson of the
Audit Committee receives an annual retainer of $25,000, the chairperson of the
Investments Committee receives an annual retainer of $20,000, and the
chairperson of the Nominating Committee receives an annual retainer of
$15,000.</FONT></P>
<P align=center><FONT size=2>- 9 -</FONT><FONT size=2>&nbsp;</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2>The following table
sets forth the compensation received by each Director from each Fund and the
total compensation received from the Fund Complex as a whole during the twelve
months ended April 30, 2008.</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="33%" bgColor=#000000><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="33%" bgColor=#000000><FONT color=#ffffff>&nbsp;
      </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="33%" bgColor=#000000><FONT color=#ffffff><B><FONT size=2>Total Compensation</FONT></B>&nbsp;
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="33%" bgColor=#000000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="33%" bgColor=#000000><FONT color=#ffffff><B><FONT size=2>Aggregate</FONT></B>&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="33%" bgColor=#000000><FONT color=#ffffff><B><FONT size=2>from the Investment</FONT></B>&nbsp;
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="33%" bgColor=#000000><FONT color=#ffffff>&nbsp; </FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=center width="33%" bgColor=#000000><FONT color=#ffffff><B><FONT size=2>Compensation from
      the</FONT></B>&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=center width="33%" bgColor=#000000><FONT color=#ffffff><B><FONT size=2>Companies in the Fund</FONT></B>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#000000><FONT color=#ffffff><B><FONT size=2>&nbsp;&nbsp; Director</FONT></B>&nbsp; </FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%" bgColor=#000000><FONT color=#ffffff><B><FONT size=2>Funds</FONT></B>&nbsp; </FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%" bgColor=#000000><FONT color=#ffffff><B><FONT size=2>Complex</FONT></B>&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"><FONT size=2><STRONG>&nbsp;&nbsp;
      </STRONG>Thomas L. Bennett</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$4,314</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$177,750</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"><FONT size=2><STRONG>&nbsp;&nbsp;
      </STRONG>John A. Fry</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$4,054</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$168,167</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"><FONT size=2><STRONG>&nbsp;&nbsp;
      </STRONG>Anthony D. Knerr</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$3,690</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$153,167</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"><FONT size=2><STRONG>&nbsp;&nbsp;
      </STRONG>Lucinda S. Landreth</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$3,993</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$165,667</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"><FONT size=2><STRONG>&nbsp;&nbsp;
      </STRONG>Ann R. Leven</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$5,146</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$213,167</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"><FONT size=2><STRONG>&nbsp;&nbsp;
      </STRONG>Thomas F. Madison</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$3,775</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$157,333</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"><FONT size=2><STRONG>&nbsp;&nbsp;
      </STRONG>Janet L. Yeomans</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$3,993</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$165,667</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"><FONT size=2><STRONG>&nbsp;&nbsp;
      </STRONG>J. Richard Zecher</FONT>&nbsp; </TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$3,993</FONT>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT size=2>$165,667</FONT>&nbsp;
  </TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2>Officers.</FONT></I></B><I><FONT size=2> </FONT></I><FONT size=2>Each
Board of Directors and the senior management of the Funds appoint officers each
year, and from time to time as necessary. The following individuals are
executive officers of one or more of the Funds: Patrick P. Coyne, Richard Salus,
and Daniel V. Geatens. Exhibit E includes biographical information and the past
business experience of these officers, except for Mr. Coyne, whose information
is set forth with the other Directors. The Exhibit also identifies which of
these executive officers are also officers of Delaware Management Company (&#147;DMC&#148;
or &#147;Management&#148;), the investment adviser of each Fund. These officers own shares
of common stock and/or options to purchase shares of common stock of Lincoln
National Corporation, the ultimate parent of DMC, and are considered to be
&#147;interested persons&#148; of the Funds under the 1940 Act. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT size=2>Section 16(a)
Beneficial Ownership Reporting Compliance. </FONT></I></B><FONT size=2>Section
16 of the Securities Exchange Act of 1934, as amended, (the &#147;1934 Act&#148;) requires
that Forms 3, 4, and 5 be filed with the SEC, the relevant securities exchange
and the relevant Fund, by or on behalf of certain persons, including directors,
certain officers, and certain affiliated persons of the investment adviser. The
Funds believe that these requirements were met for each Fund&#146;s last fiscal year,
except that with respect to the Delaware Investments National Municipal Income
Fund, Management failed to timely file two Form 4s for Robert Collins.
</FONT></P>
<P align=center><FONT size=2>- 10 -</FONT><FONT size=2>&nbsp;</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Required Vote. </FONT></I></B><FONT face=serif size=2>All shareholders of
a Fund vote together to elect Directors, regardless of whether the Fund has both
common and preferred shareholders, except that the holders of the Preferred
Share Funds have the exclusive right to separately elect two Directors, in
addition to the right to vote for the remaining Directors together with the
holders of the common shares. Each of the Funds, except DDF, DGF and DEX has
issued preferred shares. The holders of the preferred shares of the Preferred
Share Funds have the exclusive right to vote to elect Mr. Madison and Ms.
Yeomans to the Board of Directors of their respective Preferred Share Funds.
Provided that a quorum is present at the Meeting, either in person or by proxy,
the following votes are required to elect each Fund&#146;s Board of Directors.
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="97%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=serif size=2>PROPOSAL 1</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face=serif size=2>Election of Directors</FONT></B>
  </TD></TR>
  <TR>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2>Coyne,
      Bennett, Fry, Knerr,</FONT> </TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>FUND</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>Landreth, Leven, and
      Zecher</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0><FONT face=serif size=2>Madison and Yeomans</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"><FONT face=serif size=2>DDF, DGF and DEX</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face=serif size=2>Plurality of votes cast.</FONT>&nbsp;
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Share Funds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>Plurality of votes cast of</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>Plurality of votes cast of preferred </FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>common and preferred
      shares.</FONT>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>shares.</FONT>&nbsp;
</TD></TR></TABLE><BR>
<P align=center><B><FONT face=serif size=2>THE BOARD OF DIRECTORS UNANIMOUSLY
<BR>RECOMMENDS THAT YOU VOTE &#147;FOR&#148; <BR>PROPOSAL ONE</FONT></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=center><FONT face=serif size=2>- 11 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif>INDEPENDENT ACCOUNTANTS AND AUDIT COMMITTEE
REPORT </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2> The firm
of Ernst &amp; Young LLP has been selected as the independent registered public
accounting firm ("independent auditors") for the Funds. In accordance with
Independence Standards Board Standard No. 1 ("ISB No. 1"), Ernst &amp; Young LLP
has confirmed to each Fund's Audit Committee regarding the independence of Ernst
&amp; Young LLP. The Audit Committee must approve all audit and non-audit
services provided by Ernst &amp; Young LLP relating to the operations or
financial reporting of one or more of the Funds. The Audit Committee reviews any
audit or non-audit services to determine whether they are appropriate and
permissible under applicable law. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each
Fund's Audit Committee has adopted policies and procedures to provide a
framework for the Audit Committee's consideration of non-audit services by Ernst
&amp; Young LLP. These policies and procedures require that any non-audit
service to be provided by Ernst &amp; Young LLP to a Fund, DMC or any entity
controlling, controlled by or under common control with DMC that relate directly
to the operations or financial reporting of a Fund are subject to pre-approval
by the Audit Committee or the Chairperson of the Audit Committee before such
service is provided. The Audit Committee has pre-approved certain services with
respect to the Funds up to certain specified fee limits. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As
required by its charter, each Fund's Audit Committee has reviewed and discussed
with Fund management and representatives from Ernst &amp; Young LLP the audited
financial statements for each Fund's last fiscal year. The Audit Committee has
discussed with the independent auditors their judgments as to the quality, not
just the acceptability, of the Funds' accounting principles and such other
matters required to be discussed with the Audit Committee by Statement of
Auditing Standards No. 61, as amended by Statement on Auditing Standards No. 90
(Communication With Audit Committees). The Audit Committee also received the
written disclosures and the letter from its independent auditors required by ISB
No. 1, and discussed with a representative of Ernst &amp; Young LLP the
independent auditor's independence. Each Fund's Board of Directors considered
fees received by Ernst &amp; Young LLP from DMC and its affiliates during the
last fiscal year in connection with its consideration of the auditors'
independence. Based on the foregoing discussions with management and the
independent auditors, each Fund's Audit Committee unanimously recommended to the
Fund's Board of Directors that the aforementioned audited financial statements
be included in each Fund's annual report to shareholders for the last fiscal
year. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As noted
above, the members of each Fund's Audit Committee are: Thomas L. Bennett, Thomas
L. Madison, Janet L. Yeomans and J. Richard Zecher. All members of each Fund's
Audit Committee meet the standard of independence set forth in the listing
standards of the NYSE and AMEX, as applicable, and are not considered to be
"interested persons" under the 1940 Act. Each Fund's Board of Directors has
adopted a formal charter for the Audit Committee setting forth its
responsibilities. A copy of the Audit Committee's charter is included in Exhibit
C to this Combined Proxy Statement. </FONT></P>
<P align=center><FONT face=serif size=2>- 12 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Audit
fees. The aggregate fees paid to Ernst &amp; Young LLP in connection with the
annual audit of each Fund's financial statements and for services normally
provided by the independent auditors in connection with statutory and regulatory
filings or engagements for the fiscal year ended November 30, 2007 for DEX, DDF
and DGF and ended March 31, 2008 for the Preferred Share Funds, and for the
fiscal year ended November 30, 2006 for DDF and DGF and ended March 31, 2007 for
the Preferred Share Funds are set forth below: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt dotted" noWrap align=left width="49%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt dotted" noWrap align=center width="25%"><B><FONT face=serif size=2>Audit Fees for FYE</FONT></B>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1pt dotted" noWrap align=center width="25%"><B><FONT face=serif size=2>Audit Fees for FYE</FONT></B>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dotted" noWrap align=left width="49%"><B><FONT face=serif size=2>&nbsp; Fund</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dotted" noWrap align=center width="25%"><B><FONT face=serif size=2>11/30/07 or
      3/31/08</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dotted" noWrap align=center width="25%"><B><FONT face=serif size=2>11/30/06 or
      3/31/07</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp; </STRONG>Delaware Enhanced Global Dividend and
      Income Fund*<SUP><FONT face=sans-serif size=2>&nbsp;</FONT></SUP><FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$64,000**</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>n/a</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2><STRONG>&nbsp;
      </STRONG>Delaware Investments Dividend and Income Fund, Inc.<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$14,300</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$13,700</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp; </STRONG>Delaware Investments Global Dividend and
      Income Fund, Inc.<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$11,700</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$11,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2><STRONG>&nbsp;
      </STRONG>Delaware Investments Arizona Municipal Income Fund, Inc.<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$10,700</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$10,300</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp; </STRONG>Delaware Investments Colorado Municipal
      Income Fund, Inc.<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$11,600</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$11,200</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2><STRONG>&nbsp;
      </STRONG>Delaware Investments National Municipal Income Fund<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$10,400</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$10,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp; </STRONG>Delaware Investments Minnesota Municipal
      Income Fund II, Inc.<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$14,600</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$14,100</FONT>&nbsp; </TD></TR></TABLE>____________________<BR>
<P align=justify><SUP><FONT face=sans-serif size=2></FONT></SUP><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>* DEX commenced operations
as of June 29, 2007, therefore, all amounts reported are for the partial fiscal
year ended as of November 30, 2007. </FONT></P>
<P align=justify><SUP><FONT face=sans-serif size=2></FONT></SUP><FONT face=sans-serif size=2></FONT><FONT size=2>** Audit services include the seed
financial statement audit in connection with the initial registration statement,
comfort letters in connection with the initial offering, and the audit for the
fiscal period ended November 30, 2007.</FONT><FONT size=1> </FONT></P>
<P align=center><FONT size=2>- 13 -</FONT><FONT size=2>&nbsp;</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Audit-related fees. The aggregate fees billed by the Funds' independent
auditors for services relating to the performance of the audit of each Fund's
financial statements and not reported above under "Audit Fees" are described
below for the fiscal year ended November 30, 2007 for DEX, DDF and DGF and ended
March 31, 2008 for the Preferred Share Funds and for the fiscal year ended
November 30, 2006 for DDF and DGF and ended March 31, 2007 for the Preferred
Shares Funds. The percentage of these fees relating to services approved by the
Audit Committee pursuant to the de minimis exception from the pre-approval
requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0.0%. These
audit-related services were as follows: agreed upon procedures relating to the
commercial paper program rating agency reports for DDF and agreed-upon
procedures relating to the preferred share rating agency reports for the
Preferred Share Funds. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt dotted" noWrap align=left width="49%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt dotted" noWrap align=center width="25%"><B><FONT face=serif size=2>Audit-Related Fees
      for</FONT></B>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt dotted" noWrap align=center width="25%"><B><FONT face=serif size=2>Audit-Related Fees
      for</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=center width="25%"><B><FONT face=serif size=2>FYE
      11/30/07 or</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="25%"><B><FONT face=serif size=2>FYE
      11/30/06 or</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dotted" noWrap align=left width="49%"><B><FONT face=serif size=2>&nbsp; Fund</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dotted" noWrap align=center width="25%"><B><FONT face=serif size=2>3/31/08</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dotted" noWrap align=center width="25%"><B><FONT face=serif size=2>3/31/07</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp; </STRONG>Delaware Enhanced Global Dividend and
      Income Fund*<SUP><FONT face=sans-serif size=2>&nbsp;</FONT></SUP><FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$0</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>n/a</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2><STRONG>&nbsp;
      </STRONG>Delaware Investments Dividend and Income Fund, Inc.<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$6,868</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$6,868</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp; </STRONG>Delaware Investments Global Dividend and
      Income Fund, Inc.<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$0</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$0</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2><STRONG>&nbsp;
      </STRONG>Delaware Investments Arizona Municipal Income Fund, Inc.<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$6,868</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$6,868</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp; </STRONG>Delaware Investments Colorado Municipal
      Income Fund, Inc.<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$6,868</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$6,868</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2><STRONG>&nbsp;
      </STRONG>Delaware Investments National Municipal Income Fund<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$6,868</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%"><FONT face=serif size=2>$6,868</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face=serif size=2><STRONG>&nbsp; </STRONG>Delaware Investments Minnesota Municipal
      Income Fund II, Inc.<FONT size=3>&nbsp; </FONT></FONT></TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$6,868</FONT>&nbsp; </TD>
    <TD noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>$6,868</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the Funds' independent auditors for services relating
to the performance of the audit of the financial statements of each Fund's
investment adviser and other service providers under common control with the
adviser and that relate directly to the operations or financial reporting of a
Fund for the fiscal year ended November 30, 2007 for DEX, DDF and DGF and ended
March 31, 2008 for the Preferred Share Funds were $0, and for the fiscal year
ended November 30, 2006 for DDF and DGF and ended March 31, 2007 for the
Preferred Share Funds were $15,000. The percentage of these fees relating to
services approved by the Audit Committee pursuant to the de minimis exception
from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was
0.0%. These audit-related services were as follows: issuance of agreed-upon
procedures report to the Board of Directors in connection with the pass-through
of internal legal costs relating to the operations of the Funds. <BR><FONT size=3>____________________</FONT></FONT></P>
<P align=justify><FONT size=2>* DEX commenced operations as of June 29, 2007,
therefore, all amounts reported are for the partial fiscal year ended as of
November 30, 2007. </FONT></P>
<P align=center><FONT size=2>- 14 -</FONT><FONT size=2>&nbsp;</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Tax fees.
The aggregate fees billed by the Funds' independent auditors for tax-related
services provided to each Fund are described below for the fiscal year ended
November 30, 2007 for DEX, DDF and DGF and ended March 31, 2008 for the
Preferred Share Funds, and for the fiscal year ended November 30, 2006 for DDF
and DGF and ended March 31, 2007 for the Preferred Share Funds. The percentage
of these fees relating to services approved by the Audit Committee pursuant to
the de minimis exception from the pre-approval requirement in Rule
2-01(c)(7)(i)(C) of Regulation S-X was 0.0%. These tax-related services were as
follows: review of income tax returns, review of annual excise distribution
calculations, and, with respect to DGF and DEX in 2007, tax compliance services
related to investments in foreign securities. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="74%">&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Tax Fees for FYE</FONT></B>&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>Tax Fees for FYE</FONT></B>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="74%"><B><FONT face=serif size=2>Fund</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>11/30/07 or
      3/31/08</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=2>11/30/06 or
      3/31/07</FONT></B>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Enhanced Global Dividend and</FONT>&nbsp;<FONT face=serif size=2>Income Fund*<SUP><FONT face=serif>&nbsp;</FONT></SUP></FONT>&nbsp;
    </TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>$7,650</FONT>&nbsp; </TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>n/a</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>Delaware
      Investments Dividend and Income</FONT>&nbsp;<FONT face=serif size=2>Fund,
      Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=2>$4,050</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=2>$2,500</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Global Dividend and</FONT>&nbsp;<FONT face=serif size=2>Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>$3,250</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>$2,000</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>Delaware
      Investments Arizona Municipal</FONT>&nbsp;<FONT face=serif size=2>Income
      Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=2>$2,250</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=2>$1,900</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado Municipal</FONT>&nbsp;<FONT face=serif size=2>Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>$2,750</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>$2,100</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face=serif size=2>Delaware
      Investments National Municipal</FONT>&nbsp;<FONT face=serif size=2>Income
      Fund</FONT>&nbsp; </TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=2>$2,150</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%"></TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=2>$1,800</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Minnesota Municipal</FONT>&nbsp;<FONT face=serif size=2>Income Fund II, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>$4,150</FONT>&nbsp; </TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=2>$2,600</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed by the Funds' independent auditors for tax-related
services provided to the Funds' investment adviser and other service providers
under common control with the adviser and that relate directly to the operations
or financial reporting of the Fund were $0 for each Fund's prior two fiscal
years. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>All other
fees. The aggregate fees billed for all services provided by the independent
auditors to the Funds other than those set forth above were $0 for the prior two
fiscal years. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
aggregate fees billed for all services other than those set forth above provided
by the Funds' independent auditors to the Funds' investment adviser(s) and other
service providers under common control with the investment adviser(s) and that
relate directly to the operations or financial reporting of the Funds were $0
for the Funds' prior two fiscal years. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Aggregate
non-audit fees to the Funds, the investment adviser and service provider
affiliates. The aggregate non-audit fees billed by the independent auditors for
services rendered to the Preferred Shares Funds and to their investment adviser
and other service providers under common control with the investment adviser
were $293,134 and $275,280 for the Funds' fiscal years ended March 31, 2008 and
March 31, 2007, respectively. The aggregate non-audit fees billed by the
independent auditors for services rendered to DEX and to its investment adviser
and other service providers under common control with the investment adviser
were $256,338 for the Fund&#146;s fiscal year ended November 30, 2007. The aggregate
non-audit fees billed by the independent auditors for services rendered to DDF
and to its investment adviser and other service providers under common control
with the investment adviser were $259,606 and $263,188 for the Fund's fiscal
years ended November 30, 2007 and November 30, 2006, respectively. The aggregate
non-audit fees billed by the independent auditors for services rendered to DGF
and to its investment advisers and other service providers under common control
with the investment adviser(s) were $251,938 and $255,820 for the Fund's fiscal
years ended November 30, 2007 and November 30, 2006, respectively. In connection
with its selection of the independent auditors, the Audit Committee has
considered the independent auditors' provision of non-audit services to the
investment adviser(s) and other service providers under common control with the
investment adviser(s) that were not required to be pre-approved pursuant to Rule
2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the
independent auditors' provision of these services is compatible with maintaining
the auditors' independence.</FONT></P>
<P align=justify><SUP><FONT face=serif size=2></FONT></SUP><FONT face=serif size=2></FONT><FONT face=serif size=2>____________________</FONT></P>
<P align=justify><FONT face=serif size=2>* DEX commenced operations as of June
29, 2007, therefore, all amounts reported are for the partial fiscal year ended
as of November 30, 2007.&nbsp; </FONT></P>
<P align=center><FONT face=serif size=2>- 15 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>COMMUNICATIONS TO THE BOARD OF
DIRECTORS </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Shareholders who wish to communicate to the full Board of Directors may
address correspondence to Ann R. Leven, Coordinating Director for the Funds, c/o
a Fund at 2005 Market Street, Philadelphia, Pennsylvania 19103. Shareholders may
also send correspondence to the Coordinating Director or any individual Director
c/o a Fund at 2005 Market Street, Philadelphia, Pennsylvania 19103. Without
opening any such correspondence, Fund management will promptly forward all such
correspondence to the intended recipient(s). </FONT></P>
<P align=justify><B><FONT face=serif size=2>OTHER INFORMATION </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Investment Adviser. </FONT></I></B><FONT face=serif size=2>DMC, a series
of Delaware Management Business Trust, 2005 Market Street, Philadelphia, PA
19103, serves as investment adviser to each Fund.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Administrator.</FONT></I></B><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>Delaware Service Company, Inc., 2005 Market St., Philadelphia,
PA 19103, an affiliate of DMC, performs administrative and fund accounting
oversight services for the Funds. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Independent Auditors. </FONT></I></B><FONT face=serif size=2>Ernst &amp;
Young LLP serves as the Funds&#146; independent auditors. Ernst &amp; Young LLP&#146;s
principal address is Two Commerce Square, Philadelphia, PA 19103. A
representative of Ernst &amp; Young LLP is expected to be present at the
Meeting. The representative of Ernst &amp; Young LLP will have an opportunity to
make a statement if he or she desires to do so and will be available to respond
to appropriate questions. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Proxy Solicitation. </FONT></I></B><FONT face=serif size=2>This proxy
solicitation is being made by the Board of Directors for use at the Meeting. The
cost of this proxy solicitation will be shared as set forth below. In addition
to solicitation by mail, solicitations also may be made by advertisement,
telephone, telegram, facsimile transmission or other electronic media, or
personal contacts. The Funds will request broker-dealer firms, custodians,
nominees and fiduciaries to forward proxy materials to the beneficial owners of
the shares of record. The Funds may reimburse broker-dealer firms, custodians,
nominees and fiduciaries for their reasonable expenses incurred in connection
with such proxy solicitation. In addition to solicitations by mail, officers and
employees of the Funds, Delaware Management Business Trust and their affiliates,
without extra pay, may conduct additional solicitations by telephone, telecopy
and personal interviews.</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Expenses of the
Proposals.</EM></STRONG></FONT><FONT face=serif size=2> The costs of the
Proposal will be borne equally by the Funds. As discussed above, no proxy
solicitor will be engaged with respect to the Proposal. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Shareholder Proposals</FONT></I></B><B><FONT face=serif size=2>.
</FONT></B><FONT face=serif size=2>If a Fund holds an annual meeting of
shareholders in 2009, shareholder proposals to be included in the Funds&#146;
Combined Proxy Statement for that meeting must be received no later than April
22, 2009. Such proposals should be sent to the Fund, directed to the attention
of its Secretary, at the address of its principal executive office printed on
the first page of this Combined Proxy Statement. The inclusion and/or
presentation of any such proposal is subject to the applicable requirements of
the proxy rules under the 1934 Act. The persons designated as proxies will vote
in their discretion on any matter if the Funds do not receive notice of such
matter prior to May 23, 2009. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Fund Reports.</FONT></I></B><B><FONT face=serif size=2> </FONT></B><FONT face=serif size=2>Each Fund&#146;s most recent Annual Report and Semi-Annual Report
were previously mailed to shareholders. Copies of these reports are available
upon request, without charge, by writing the Funds c/o Delaware Investments,
2005 Market Street, Philadelphia, PA 19103, or by calling toll-free (800)
523-1918. </FONT></P>
<P align=center><FONT face=serif size=2>- 16 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>EXHIBIT A</FONT></B></P>
<P align=center><B><FONT face=serif size=2>OUTSTANDING SHARES AS OF RECORD DATE
(JUNE 25, 2008) </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware
      Investments Dividend and Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>10,458,774</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face=serif size=2>Delaware Investments Global
      Dividend and Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%">&nbsp; <FONT face=serif size=2>5,463,745</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Enhanced
      Global Dividend and Income Fund</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>12,929,435</FONT>
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face=serif size=2>Delaware Investments Arizona
      Municipal Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"><FONT size=2>2,982,700</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Common Stock</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=2>2,982,200</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Preferred Stock</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="4%"><FONT size=2>500</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware
      Investments Colorado Municipal Income Fund, Inc.</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2>4,837,900</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Common Stock</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="4%"><FONT size=2>4,837,100</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Preferred Stock</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=2>800</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%"><FONT face=serif size=2>Delaware Investments National
      Municipal Income Fund</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"><FONT size=2>2,422,600</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Common Stock</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=2>2,422,200</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Preferred Stock</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="4%"><FONT size=2>400</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware
      Investments Minnesota Municipal Income Fund II, Inc.</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=2>11,506,875</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Common Stock</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="4%"><FONT size=2>11,504,975</FONT> </TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="86%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Preferred Stock</FONT> </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT size=2>1,900</FONT>
    </TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR></TABLE>
<BR>
<P align=center><FONT face=serif size=2>- 17 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>EXHIBIT B</FONT></B></P>
<P align=center><B><FONT face=serif size=2>SHAREHOLDERS OWNING 5% OR MORE OF A
FUND</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following accounts held of record 5% or more of the outstanding shares of the
Funds listed below as of June 25, 2008. Management does not have knowledge of
beneficial owners. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="42%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="20%"><B><FONT face=serif size=2>Number
      of</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="16%"><B><FONT face=serif size=2>Percent
      of</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"><B><FONT face=serif size=2>Fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif size=2>Name and
      Address</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="20%"><B><FONT face=serif size=2>Shares</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="16%"><B><FONT face=serif size=2>Outstanding
      Shares</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Dividend and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>10,268,421.04</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>98.18</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10274</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Global Dividend</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>5,333,928.594</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>97.62</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>and Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10274</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Enhanced Global Dividend and</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>12,924,193.92</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>99.96</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Income Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10274</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Arizona Municipal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>2,921,456.066</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>97.96</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Common Stock</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10274</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Arizona</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>CitiGroup Global Markets Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>223</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>89.20</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pat Haller</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Stock</FONT>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>333 W. 34</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Series A</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=center width="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>UBS Financial Services Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>26</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>10.40</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Jane Flood</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>1200 Harbor Blvd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Weehawken, NJ 07086</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Arizona Municipal</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>CitiGroup Global Markets Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>245</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>98.00</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pat Haller</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Stock</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>333 W. 34</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Series B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>4,657,093.566</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>96.28</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Common Stock</FONT>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10274</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>CitiGroup Global Markets Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>185</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>46.25</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pat Haller</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Stock</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>333 W. 34</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Series A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=center width="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Merrill Lynch, Pierce, Fenner &amp;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>94</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>23.50</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Smith Safekeeping</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Veronica E. O&#146;Neill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>101 Hudson Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>8</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Floor</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Jersey City, NJ 07302</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>TD Ameritrade, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>68</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>17.00</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Issuer Services</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>C/O ADP Proxy Services</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>51 Mercedes Way</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Edgewood, NY 11717</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>- 18 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="42%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="20%"><B><FONT face=serif size=2>Number
      of</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="16%"><B><FONT face=serif size=2>Percent
      of</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"><B><FONT face=serif size=2>Fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif size=2>Name and
      Address</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="20%"><B><FONT face=serif size=2>Shares</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="16%"><B><FONT face=serif size=2>Outstanding
      Shares</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Marshall and Ilsley</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>20</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>5.00</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Issuer Services</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>C/O ADP Proxy Services</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>51 Mercedes Way</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Edgewood, NY 11717</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>CitiGroup Global Markets Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>171</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>42.75</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pat Haller</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Stock</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>333 W. 34</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Series B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Merrill Lynch, Pierce, Fenner &amp;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>110</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>27.50</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Smith Safekeeping</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Veronica E. O&#146;Neill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>101 Hudson Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>8</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Floor</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Jersey City, NJ 07302</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>TD Ameritrade, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>84</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>21.00</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Issuer Services</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>C/O ADP Proxy Services</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>51 Mercedes Way</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Edgewood, NY 11717</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pershing LLC</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>20</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>5.00</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Al Hernandez</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Securities Corporation</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>1 Pershing Plaza</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Jersey City, NJ 07399</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments National</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>2,249,254</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>92.86</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Common Shares</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10274</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments National</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>CitiGroup Global Markets Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>156</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>78.00</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pat Haller</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Shares</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>333 W. 34</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Series A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>UBS Financial Services Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>39</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>19.50</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Jane Flood</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>1200 Harbor Blvd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Weehawken, NJ 07086</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments National</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>CitiGroup Global Markets Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>181</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>90.50</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pat Haller</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Shares</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>333 W. 34</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Series B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>UBS Financial Services Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>12</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>6.00</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Jane Flood</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>1200 Harbor Blvd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Weehawken, NJ 07086</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Minnesota</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>10,307,541.83</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>89.59</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund II, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Common Stock</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10274</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Minnesota</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>UBS Financial Services Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>333</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>55.50</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund II, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Jane Flood</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Stock</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>1200 Harbor Blvd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Series A</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Weehawken, NJ 07086</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>-&nbsp;19 -</FONT><FONT face=serif size=2> </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="42%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="20%"><B><FONT face=serif size=2>Number
      of</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="16%"><B><FONT face=serif size=2>Percent
      of</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"><B><FONT face=serif size=2>Fund</FONT></B>&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%"><B><FONT face=serif size=2>Name and
      Address</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="20%"><B><FONT face=serif size=2>Shares</FONT></B>&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="16%"><B><FONT face=serif size=2>Outstanding
      Shares</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>CitiGroup Global Markets Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>213</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>35.50</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pat Haller</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>333 W. 34</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Charles Schwab &amp; Co., Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>34</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>5.66</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Ronnie Fuiava</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Attn: Proxy Department</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>211 Main Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>San Francisco, CA 94105</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Minnesota</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>CitiGroup Global Markets Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>423</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>70.50</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund II, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pat Haller</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Stock</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>333 W. 34</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Series B</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Merrill Lynch, Pierce, Fenner &amp;</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>71</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>11.83</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Smith Safekeeping</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Veronica E. O&#146;Neill</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>101 Hudson Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>8</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Floor</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Jersey City, NJ 07302</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Charles Schwab &amp; Co., Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>60</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>10.00</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Ronnie Fuiava</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Attn: Proxy Department</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>211 Main Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>San Francisco, CA 94105</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Minnesota</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>CitiGroup Global Markets Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>209</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>52.25</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund II, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pat Haller</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Stock</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>333 W. 34</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Series C</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Charles Schwab &amp; Co., Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>71</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>17.75</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Ronnie Fuiava</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Attn: Proxy Department</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>211 Main Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>San Francisco, CA 94105</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>UBS Financial Services Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>39</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>9.75</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Jane Flood</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>1200 Harbor Blvd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Weehawken, NJ 07086</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>SEI Private Trust Company</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>35</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>8.75</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Dan Cwalina</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>One Freedom Valley Drive</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Oaks, PA 19456</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>JPMorgan Chase Bank, N.A.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>30</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>7.50</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Sanjay Ghuliani</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Paradigm, B Wing, Floor 6</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Mindspace, Malad (W)</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Mumbai 400 064 India 00000</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Minnesota</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>CitiGroup Global Markets Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>181</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>60.33</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Income Fund II, Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Pat Haller</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Preferred Stock</FONT>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>333 W. 34</FONT><SUP><FONT face=serif size=1>th </FONT></SUP><FONT face=serif size=1>Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0><FONT face=serif size=2>Series D</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>New York, NY 10001</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="16%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="20%">&nbsp; </TD>
    <TD noWrap align=center width="2%"></TD>
    <TD noWrap align=center width="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Charles Schwab &amp; Co., Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT face=serif size=1>89</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1><FONT face=serif>29.67</FONT>%</FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Ronnie Fuiava</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>Attn: Proxy Department</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>211 Main Street</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face=serif size=1>San Francisco, CA 94105</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="42%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="16%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT size=1>UBS
      Financial Services Inc.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0><FONT size=1>15</FONT>&nbsp; </TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT size=1>5.00%</FONT><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3>&nbsp;</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT size=1>Jane
      Flood</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT size=1>1200 Harbor
      Blvd</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="42%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT size=1>Weehawken,
      NJ 07086</FONT>&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="16%" bgColor=#c0c0c0><FONT style="BACKGROUND-COLOR: #c0c0c0" size=3></FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 20 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>EXHIBIT C</FONT></B></P>
<P align=center><B><FONT face=serif size=2>DELAWARE INVESTMENTS FAMILY OF
FUNDS</FONT></B></P>
<P align=center><B><FONT face=serif size=2>AUDIT COMMITTEE
CHARTER</FONT></B></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=4><U><FONT face=serif size=2>Committee
      Composition.</FONT></U></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"><FONT size=2>a.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Audit Committee
      shall be composed of not less than three Directors/Trustees (hereinafter,
      &#147;Directors&#148;) selected by the Board, each of whom shall be independent as
      defined in Rule 10A- 3(b) under the Securities and Exchange Act of 1934,
      as amended, and the listing standards of any national securities exchange
      on which the Fund is listed.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap width="1%"><FONT size=2>b.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>Each member of the
      Audit Committee shall be financially literate, as such qualification is
      interpreted by the Fund's Board in its business judgment, or must become
      financially literate within a reasonable period of time after his or her
      appointment to the Audit Committee. At least one member of the Audit
      Committee must be an "audit committee financial expert" as such term is
      defined in Securities and Exchange Commission (&#147;SEC&#148;) Form
  N-CSR.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top noWrap width="1%"><FONT size=2>c.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>One member of the
      Audit Committee shall be designated by the Board as Chairperson. The
      Chairperson and members of the Audit Committee shall have two year terms,
      renewable for a maximum of three terms. The Chairperson and members of the
      Audit Committee shall receive such compensation for their service on the
      Audit Committee as the Board may determine from time to time.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=4><U><FONT face=serif size=2>Role of
      the Audit Committee</FONT></U><FONT face=serif size=2>. The function of
      the Audit Committee is oversight in the sense that it is to watch closely,
      maintain surveillance, review carefully relevant matters and make
      appropriate suggestions; it is management's responsibility to direct,
      manage and maintain appropriate systems for accounting and internal
      control and for the preparation, presentation and integrity of the
      financial statements; and it is the independent auditors' responsibility
      to plan and carry out a proper audit. The independent auditors for the
      Fund shall report directly to, and are ultimately accountable to, the
      Audit Committee. The Audit Committee shall select, evaluate, oversee the
      work of and, when appropriate, replace the independent
  auditors.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=4><FONT face=serif size=2>Although the
      Audit Committee is expected to take a detached and questioning approach to
      the matters that come before it, the review of a Fund&#146;s financial
      statements by the Audit Committee is not an audit, nor does the Audit
      Committee's review substitute for the responsibilities of the Fund's
      management for preparing, or of the independent auditors for auditing, the
      financial statements. Members of the Audit Committee are not full-time
      employees of the Fund and, in serving on this Audit Committee, are not,
      and do not hold themselves out to be, acting as accountants or auditors.
      As such, it is not the duty or responsibility of the Audit Committee or
      its members to conduct "field work" or other types of auditing or
      accounting reviews or procedures.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=4><FONT face=serif size=2>In
      discharging his or her duties, each member of the Audit Committee may rely
      on the accuracy of information, opinions, reports, or statements,
      including financial statements and other financial data, if prepared or
      presented by (a) one or more officers of the Fund whom the Director
      reasonably believes to be reliable and competent in the matters presented;
      (b) legal counsel, public accountants, or other persons as to matters the
      Director reasonably believes are within the person's professional
      expertise; or (c) a Board committee of which the Director is not a
      member.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=4><U><FONT face=serif size=2>Purposes</FONT></U><FONT face=serif size=2>. The purposes of the
      Audit Committee are to assist the Board in its oversight of (a) the
      quality and integrity of the Fund's financial statements and the
      independent audit thereof; (b) the independent auditors' qualifications
      and independence; (c) the performance of the Fund&#146;s independent auditors;
      and (d) the Fund's compliance with relevant legal and regulatory
      requirements that relate to the Fund&#146;s accounting and financial reporting,
      internal control over financial reporting and independent audits. The
      Audit Committee shall prepare an audit committee report as required by the
      SEC to be included in the Fund's proxy statements. The Audit Committee
      shall discharge its fiduciary responsibility with respect to evidence of
      any material violation of federal or state law or breach of fiduciary duty
      impacting the Fund that is brought to the attention of the Audit Committee
      pursuant to applicable regulations. The Audit Committee shall monitor the
      Fund&#146;s accounting and financial reporting policies and practices, its
      internal controls over financial reporting and, as appropriate, inquire
      into the internal controls over financial reporting of certain service
      providers. The Audit Committee shall monitor the Fund&#146;s safeguards with
      respect to both inflow and outflow of funds and the integrity of computer
      systems relating to financial reporting. In addition, the Audit Committee
      shall act as a liaison between the Fund&#146;s independent auditors and the
      full Board of Directors.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 21 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=4><U><FONT face=serif size=2>Duties
      and Powers</FONT></U><FONT face=serif size=2>. To carry out its purposes,
      the Audit Committee shall have the following duties and
  powers:</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>a.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To select, retain or
      terminate the independent auditors and, in connection therewith, annually
      to receive, evaluate and discuss with the independent auditors a formal
      written report from them setting forth all audit, review or attest
      engagements, as well as all non-audit engagements and other relationships,
      with the Fund, the Investment Manager and any entity in the Fund&#146;s
      &#147;investment company complex,&#148; as defined in Reg. S-X Rule 2-01(f)(14)
      (such entity to be referred to as a "Complex Entity"), which shall include
      specific representations as to the independent auditors&#146; objectivity and
      independence;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>b.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To review and approve,
      in advance, to the extent required by applicable law: (i) all audit
      services and all permissible non-audit services to be performed by the
      independent auditors for the Fund, including the related fees and terms of
      such engagements; and (ii) all non-audit services to be provided by the
      independent auditors to the Fund&#146;s Investment Manager and any entity
      controlling, controlled by, or under common control with the Investment
      Manager that provides ongoing services to the Fund (such an affiliate to
      be referred to as a "Control Affiliate") where the nature of such
      non-audit services has a direct impact on the operations or financial
      reporting of the Fund;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>c.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>In connection with any
      pre-approval to perform for the Fund (or any preapproval to perform for a
      Control Affiliate required pursuant to subparagraph 4(b)) any permissible
      tax service by the independent auditors, to (A) receive in writing a
      description of (1) the scope of the service, the fee structure for the
      engagement, and any side letter or other amendment to the engagement
      letter, or any other agreement (whether oral, written or otherwise)
      between the independent auditors and the Fund and/or Control Affiliate
      relating to the service, (2) any compensation arrangement or other
      agreement, between the independent auditor (or affiliate of the auditor)
      and any person (other than the Fund or Control Affiliate) with respect to
      the promoting, marketing, or recommending of a transaction covered by the
      service, and (B) discuss with the independent auditors the potential
      effects of the services on the independence of the independent
      auditors.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>d.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To establish
      pre-approval policies and procedures for the engagement of independent
      auditors to provide audit and permissible non-audit services; and to
      delegate to one or more members the authority to grant
      pre-approvals;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>e.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To meet with the
      independent auditors and management, including private meetings with each
      as necessary, (i) to review and discuss the arrangements for and scope of
      the annual audit and any special audits; (ii) to discuss any matters of
      concern relating to the Fund's financial statements, including any
      adjustments to such statements recommended by the independent auditors, or
      other results of said audit(s); (iii) to consider the independent
      auditors' comments with respect to the Fund's financial policies,
      procedures, internal accounting controls and any audit problems or
      difficulties, and in each case management's responses thereto; (iv) to
      review and discuss the form of opinion the independent auditors propose to
      render to the Board of Directors and shareholders; (v) in the case of an
      exchange-listed closed-end Fund only, to discuss the Fund's unaudited
      semi- annual financial statements with the independent auditors and
      management; and (vi) in the case of an exchange-listed closed-end Fund
      only, (A) to review and discuss the Fund's annual audited financial
      statements and management&#146;s discussion of fund performance with the
      independent auditors and management, (B) to receive the written
      disclosures and the letter from the independent auditors regarding their
      independence that are required by Item 407(d)(3) of Regulation S-K, (C) to
      discuss the clarity and completeness of the Fund&#146;s accounting principles
      and disclosures, and (D) based on such review and discussions, make a
      recommendation to the Board of Directors on including such audited
      financial statements in the Fund's annual report to
  shareholders;</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 22 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>f.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To review and discuss
      any and all reports from the independent auditors regarding (i) critical
      accounting policies and practices used by the Fund, including any proposed
      changes in accounting principles or practices proposed by management or
      the independent auditors upon the Fund, (ii) alternative treatments of
      financial information within generally accepted accounting principles that
      have been discussed with management, (iii) the risks of using any such
      alternative treatments or disclosures, (iv) the treatment preferred by the
      independent auditors, (v) material written communications between
      management and the independent auditors, including any management letter
      or schedule of unadjusted differences and any internal control
      observations and recommendations, and (vi) all non-audit services provided
      by the independent auditors to any Complex Entity that were not subject to
      the pre-approval requirement set forth above in Paragraph 4(b) (in
      connection with the Audit Committee&#146;s consideration of the auditors&#146;
      independence);</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>g.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To review and discuss
      the process of issuing dividend-related and other press releases including
      financial information, as well as the Fund&#146;s policies for providing
      financial information to analysts and ratings agencies;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>h.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To discuss with
      management the Fund's guidelines and policies with respect to risk
      assessment and risk management, including the Fund&#146;s major financial risk
      exposures and the steps management has taken to monitor and control such
      risks;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>i.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To review any
      disclosures made by the chief executive and chief financial officers of
      the Fund in their certification process for the Fund's periodic reports
      filed with the SEC about any significant deficiencies in the design or
      operation of internal controls, any material weaknesses in internal
      controls and any fraud, whether or not material, involving management or
      other employees having a significant role in internal
  controls;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>j.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To establish
      procedures, take actions and perform all duties necessary for (i) the
      receipt, retention and treatment of complaints received by the Fund
      regarding accounting, internal accounting controls or auditing matters,
      and (ii) the confidential, anonymous submission by employees of the Fund
      and its service providers of concerns regarding questionable accounting or
      auditing matters;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>k.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To obtain and review
      not less often than annually a report (the &#147;Report&#148;) by the independent
      auditors describing: (i) the independent auditors' internal
      quality-control procedures; (ii) any material issues raised by the most
      recent internal quality-control or peer review of the firm or any inquiry
      or investigation by governmental or professional authorities within the
      preceding five years respecting any audits carried out by the independent
      auditors, and any steps taken to deal with any such issues; and (iii) all
      relationships between the independent auditors and the Fund, as well as
      the Fund's Investment Manager or any Complex Entity;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>l.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To evaluate the
      independence of the independent auditors, which shall include at least the
      following items: (i) receiving an annual statement from the independent
      auditors confirming their independence; (ii) evaluating the lead partner
      of the independent auditors; (iii) confirming the appropriate rotation of
      the lead audit partner, overseeing the rotation of other audit partners
      and considering periodically whether there should be a regular rotation of
      the audit firm itself; and (iv) reviewing the hiring by the Fund, its
      Investment Manager and any Control Affiliate of employees or former
      employees of the independent auditors. After reviewing the Report and the
      independence of the independent auditors, the Audit Committee shall
      present its conclusions with respect to the independent auditors to the
      Board;</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 23 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>m.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To set policies
      relating to the hiring by the Fund, its Investment Manager and any Control
      Affiliate of employees or former employees of the independent
      auditors;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>n.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To engage independent
      legal counsel and such other advisers as the Audit Committee determines
      appropriate to carry out its duties, without the consent of management or
      the Board of Directors;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>o.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To conduct an annual
      performance evaluation of the Audit Committee; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face=serif size=2>p.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>To report its
      activities to the full Board of Directors on a regular basis and to make
      recommendation with respect to the above and other matters as the Audit
      Committee may deem necessary or appropriate.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%" colSpan=4><U><FONT face=serif size=2>Meetings</FONT></U><FONT face=serif size=2>. The Audit Committee
      shall meet on a regular basis and is empowered to hold special meetings as
      circumstances require. The Audit Committee shall regularly meet with the
      Chief Financial Officer and Treasurer of the Fund. The Audit Committee
      shall also meet with internal auditors for the Investment Manager on a
      regular basis in order to assist the Board in its oversight of the Fund&#146;s
      compliance with legal and regulatory requirements.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>6.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=4><U><FONT face=serif size=2>Resources</FONT></U><FONT face=serif size=2>. The Audit Committee
      shall have sufficient funding by the Fund to pay the fees of the
      independent auditors, independent counsel, consultants, experts and other
      advisers as well as funding to pay for ordinary administrative expenses of
      the Audit Committee.</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>7.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=4><U><FONT face=serif size=2>Annual
      Charter Review</FONT></U><FONT face=serif size=2>. The Audit Committee
      shall review and assess the adequacy of this Charter at least annually and
      recommend any changes to the Board of
Directors.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face=serif size=2>Last revised</FONT></B><FONT face=serif size=2>: August 16, 2007 </FONT></P>
<P align=center><FONT face=serif size=2>- 24 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>EXHIBIT D</FONT></B></P>
<P align=center><B><FONT face=serif>Nominating and Corporate Governance
Committee Charter</FONT></B></P>
<P align=center><B><FONT face=serif size=2>DELAWARE INVESTMENTS FAMILY OF
FUNDS</FONT></B></P>
<P align=center><B><FONT face=serif size=2>NOMINATING AND CORPORATE GOVERNANCE
COMMITTEE CHARTER</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Nominating and Corporate Governance
Committee Membership </FONT></B></P>
<P align=justify><FONT face=serif size=2>The Nominating and Corporate Governance
Committee (the "Committee") shall be composed of not less than three members,
each of whom shall be independent as defined in Rule 10A-3(b) under the
Securities Exchange Act of 1934 and the listing standards of any national
securities exchange on which any fund of the Delaware Investments Family of
Funds (each a &#147;Fund&#148;) is listed, and the Coordinating Trustee, as an ex officio
member. One member of the Committee shall be designated by the Board as
Chairperson. The Chairperson and members of the Committee shall have two year
terms, renewable for a maximum of three (3) terms. The Chairperson and members
of the Committee shall receive such compensation for their service on the
Committee as the Board may determine from time to time.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Board Nominations </FONT></B></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><U><FONT face=serif size=2>Independent
      Directors/Trustees</FONT></U><FONT face=serif size=2>. Independent
      Directors/Trustees for the open and closed-end Funds are to be selected
      and nominated solely by incumbent independent Directors/Trustees. The
      Committee shall make recommendations for nominations for independent
      director/trustee membership on the Board of Directors/Trustees to the
      incumbent independent Directors/Trustees. The Committee shall also be
      responsible for nominating qualified candidates for independent
      Director/Trustee membership in connection with filling vacancies that
      arise in between meetings of shareholders. The Committee shall evaluate
      candidates' qualifications for Board membership and their independence
      from the Funds' manager and other affiliates and principal service
      providers. Persons selected must be independent in terms of both the
      letter and spirit of the governing rules, regulations and listing
      standards. The Committee shall also consider the effect of any
      relationships beyond those delineated in the governing rules, regulations
      and listing standards that might impair independence, e.g., business,
      financial or family relationships with managers or service
      providers.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><U><FONT face=serif size=2>Chair of the
      Board</FONT></U><FONT face=serif size=2>. The Committee shall nominate the
      Chair of the Board.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><U><FONT face=serif size=2>Committees</FONT></U><FONT face=serif size=2>. The Committee shall annually review the membership of
      and annually recommend persons to serve as members of each committee of
      the Board. The Committee shall also review the continued appropriateness
      of existing committees and consider the addition of new committees. The
      Committee shall also make recommendations for members of any new committee
      established by the Board.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><U><FONT face=serif size=2>Affiliated
      Directors/Trustees</FONT></U><FONT face=serif size=2>. The Committee shall
      evaluate candidates' qualifications and make recommendations for
      affiliated director/trustee membership on the Board of Directors/Trustees
      to the full Board.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><U><FONT face=serif size=2>Shareholder
      Recommendations</FONT></U><FONT face=serif size=2>. The Committee shall
      respond to shareholders who communicate with the Board.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>6.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><U><FONT face=serif size=2>Board
      Composition</FONT></U><FONT face=serif size=2>. The Committee shall
      periodically review the composition of the Board of Directors/Trustees,
      including the number of Directors/Trustees, to determine whether it may be
      appropriate to add individuals with different backgrounds or skill sets
      from those already on the Board.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face=serif size=2>Corporate Governance </FONT></B></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face=serif size=2>The Committee shall evaluate
      annually the ability of each Director/Trustee to function effectively in
      the discharge of his/her oversight and fiduciary responsibilities as a
      Director/Trustee. The Chairman of the Committee shall undertake
      appropriate action as required based on the Committee's
    evaluation.</FONT></TD></TR></TABLE>
<P align=center><FONT face=serif size=2>- 25 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Committee shall at
      least annually conduct a review of Director/Trustee education on current
      industry issues.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>At least annually, the
      Committee shall review the amount of compensation payable to the
      independent Directors/Trustees and report its findings and recommendations
      to the Board. Compensation shall be based on the responsibilities and
      duties of the independent Directors/Trustees and the time required to
      perform these duties. Every year, the Committee shall invite an
      independent consultant to review the Board&#146;s compensation
    structure.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Committee shall
      monitor the performance of counsel for the independent
      Directors/Trustees.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Committee shall
      establish procedures to facilitate shareholder communications to the
      Funds' Board of Directors/Trustees.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face=serif size=2>Other Powers and Responsibilities
</FONT></B></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>1.</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Committee shall
      have the resources and authority appropriate to discharge its
      responsibilities, including authority to retain special counsel and other
      experts or consultants at the expense of the appropriate
  Fund(s).</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Committee shall
      review this Charter at least annually and recommend any changes to the
      full Board of Directors/Trustees.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>3.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Committee shall
      review annually the Board of Directors/Trustees Policies and
      Practices.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>4.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Committee shall
      review annually a summary and report of Director/Trustee expenses
      reimbursed in accordance with the Travel and Entertainment
    Policy.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face=serif size=2>5.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face=serif size=2>The Committee shall
      perform such other functions that shall be delegated to it from time to
      time by the Board.</FONT></TD></TR></TABLE>
<P align=right><B><FONT face=serif size=2>As Amended 5/16/07<BR>As Further
Amended 11/15/07<BR>As Further Amended 5/22/08</FONT></B></P>
<P align=center><FONT face=serif size=2>- 26 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>EXHIBIT E </FONT></B></P>
<P align=center><B><FONT face=serif size=2>EXECUTIVE OFFICERS OF THE FUNDS
</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>Richard Salus, CPA
(44)<BR></FONT></B><I><FONT face=serif size=2>Senior Vice President, Controller
and Treasurer<BR></FONT></I><FONT face=serif size=2>Richard Salus is responsible
for accounting and reporting, treasury, compensation and benefits, general
ledger, financial operations, Sarbanes-Oxley compliance, and leadership and
participation in many special projects for Delaware Investments. He is chief
financial officer of the Delaware Funds board and Optimum Funds board. Prior to
joining the firm in 1996 as vice president, assistant controller, he worked for
10 years with Ernst &amp; Young as a senior manager with a primary focus on the
banking and investment company sector. He earned his bachelor&#146;s degree in
accounting from Franklin &amp; Marshall College, and he is a member of the
American Institute of Certified Public Accountants and the Pennsylvania
Institute of Certified Public Accountants. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Daniel V. Geatens
(35)<BR></FONT></B><I><FONT face=serif size=2>Vice President, Treasurer &#150;
Delaware Investments&#174; Family of Funds<BR></FONT></I><FONT face=serif size=2>Daniel V. Geatens is responsible for the financial administration of the
Delaware Investments Family of Funds and the Optimum Fund Trust. He joined
Delaware Investments in February 1997 as an investment accountant and has held
various management positions within the investment accounting group, including
vice president of investment accounting from February</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>2001 to November 2004. He also served for
two years in the institutional client services group as a performance analyst.
In November 2006, Geatens joined the fund accounting and fund administration
oversight team as director of financial administration for the Delaware
Investments Family of Funds and the Optimum Fund Trust. Geatens graduated from
Rutgers University-Camden with a bachelor&#146;s degree in finance and received an
MBA with a concentration in finance from La Salle University. </FONT><FONT face=serif size=2></FONT></P>
<P align=center><FONT face=serif size=2>- 27 -</FONT><FONT face=serif size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT size=2>D</FONT>ELAWARE <FONT size=2>I</FONT>NVESTMENTS <FONT size=2>D</FONT>IVIDEND</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=1>AND <FONT size=2>I</FONT>NCOME <FONT size=2>F</FONT>UND, <FONT size=2>I</FONT>NC.</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT size=2>D</FONT>ELAWARE <FONT size=2>I</FONT>NVESTMENTS <FONT size=2>G</FONT>LOBAL</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left width="100%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
      <STRONG><FONT size=2><STRONG>D</STRONG></FONT>IVIDEND AND <FONT size=2>I</FONT>NCOME <FONT size=2>F</FONT>UND, <FONT size=2>I</FONT>NC.</STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT size=2>D</FONT>ELAWARE <FONT size=2>E</FONT>NHANCED <FONT size=2>G</FONT>LOBAL <FONT size=2>D</FONT>IVIDEND</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=1>AND <FONT size=2>I</FONT>NCOME <FONT size=2>F</FONT>UND</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT size=2>D</FONT>ELAWARE <FONT size=2>I</FONT>NVESTMENTS <FONT size=2>A</FONT>RIZONA</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left width="100%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
      <STRONG><FONT size=2><STRONG>M</STRONG></FONT>UNICIPAL <FONT size=2>I</FONT>NCOME <FONT size=2>F</FONT>UND, <FONT size=2>I</FONT>NC.</STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT face=serif size=2>D</FONT>ELAWARE <FONT face=serif size=2>I</FONT>NVESTMENTS <FONT face=serif size=2>C</FONT>OLORADO</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left width="100%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
      <STRONG><FONT face=serif size=2><STRONG>M</STRONG></FONT>UNICIPAL <FONT face=serif size=2>I</FONT>NCOME <FONT face=serif size=2>F</FONT>UND, <FONT face=serif size=2>I</FONT>NC.</STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT face=serif size=2>D</FONT>ELAWARE <FONT face=serif size=2>I</FONT>NVESTMENTS <FONT face=serif size=2>N</FONT>ATIONAL</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <B><FONT face=serif size=1><FONT face=serif size=2>M</FONT>UNICIPAL <FONT face=serif size=2>I</FONT>NCOME <FONT face=serif size=2>F</FONT>UND</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp;&nbsp;&nbsp; <B><FONT face=serif size=1><FONT face=serif size=2>D</FONT>ELAWARE <FONT face=serif size=2>I</FONT>NVESTMENTS <FONT face=serif size=2>M</FONT>INNESOTA</FONT></B>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" align=left width="100%"><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
      <STRONG><FONT face=serif size=2><STRONG>M</STRONG></FONT>UNICIPAL <FONT face=serif size=2>I</FONT>NCOME <FONT face=serif size=2>F</FONT>UND <FONT face=serif size=2>II</FONT>, <FONT face=serif size=2>I</FONT>NC.</STRONG></FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;&nbsp; <FONT face=serif size=2><B>COMBINED PROXY</B></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%"><FONT size=2><FONT size=3>&nbsp;&nbsp;</FONT>
      <STRONG>STATEMENT</STRONG></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT size=2><FONT size=3>&nbsp;&nbsp;</FONT> <STRONG>Notice of
  Joint</STRONG></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%"><FONT size=2><FONT size=3>&nbsp;&nbsp;</FONT> <STRONG>Annual
      Meeting</STRONG></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT size=2><FONT size=3>&nbsp;&nbsp;</FONT> <STRONG>of
  Shareholders</STRONG></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%"><FONT size=2><FONT size=3>&nbsp;&nbsp;</FONT> <STRONG>AUGUST
      20, 2008</STRONG></FONT>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%">&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" width="100%">&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">
      <P align=center><IMG src="gelaware4x8x1.jpg" border=0></P></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif size=2>- 28 -</FONT> </p>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<BR>
<HR style="BORDER-RIGHT: black 2px dashed; BORDER-TOP: black 2px dashed; BORDER-LEFT: black 2px dashed; BORDER-BOTTOM: black 2px dashed" noShade SIZE=1>

<P></P>
<DIV style="BORDER-RIGHT: black 3px solid; PADDING-RIGHT: 2%; BORDER-TOP: black 3px solid; PADDING-LEFT: 2%; BORDER-LEFT: black 3px solid; WIDTH: 100%; BORDER-BOTTOM: black 3px solid"><BR>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center><BR><STRONG>DELAWARE INVESTMENTS<BR>2005 MARKET
STREET<BR>PHILADELPHIA, PA 19103</STRONG>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=right><STRONG>ANNUAL MEETING OF SHAREHOLDERS - AUGUST 20,
2008</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=right><STRONG>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
TRUSTEES</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=justify>The&nbsp; undersigned&nbsp; hereby&nbsp; appoints&nbsp; Michael E.
Dresnin,&nbsp; Deidre A. Downes, and Kathryn R. Williams, or any of them, with
the right of substitution,&nbsp; proxies of the undersigned at the Annual
Meeting of&nbsp; Shareholders&nbsp; of the Fund indicated on the reverse side of
this proxy card to be held at the offices of Stradley Ronon Stevenson &amp;
Young, LLP, One Commerce Square, 2005 Market Street, 26th Floor, Philadelphia,
Pennsylvania 19103, on Wednesday, August 20, 2008 at 4:00 p.m., or at any&nbsp;
postponement or adjournments&nbsp; thereof,&nbsp; with all the powers which the
undersigned would possess if personally present, and instructs them to vote upon
any matters which may properly be acted upon at this Meeting and specifically as
indicated&nbsp; on the&nbsp; reverse&nbsp; side of this proxy card.&nbsp;
Please&nbsp; refer to the proxy statement for a discussion of each of these
matters.</P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD,&nbsp; YOU AUTHORIZE
THE PROXIES TO VOTE ON THE PROPOSAL&nbsp; DESCRIBED IN THE&nbsp;
ACCOMPANYING&nbsp; PROXY STATEMENT AS MARKED,&nbsp; OR IF NOT MARKED, TO VOTE
"FOR" THE PROPOSAL,&nbsp; AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER
MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL
THIS&nbsp; PROXY&nbsp; CARD&nbsp; AT&nbsp; ONCE&nbsp; IN&nbsp; THE&nbsp;
ENCLOSED&nbsp; ENVELOPE.&nbsp; </STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center><STRONG>PLEASE SIGN AND DATE ON THE REVERSE SIDE.</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center>&nbsp;</P></DIV><BR><BR><BR>
<HR noShade SIZE=2>
<PAGE>
<DIV style="PADDING-LEFT: 30pt; FLOAT: left; WIDTH: 45%; POSITION: relative"><BR>&nbsp;<BR><FONT face=serif size=2><B><I>PROXY TABULATOR<BR>P.O. BOX 9112<BR>FARMINGDALE, NY
11735</I></B></FONT></DIV>
<DIV style="PADDING-RIGHT: 30pt; FLOAT: right; WIDTH: 45%; POSITION: relative"><BR>
<P align=justify><FONT face=serif size=1><B>To vote by Internet</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement and have
the proxy card below at hand.<BR>2) Go to website
<STRONG>www.proxyvote.com.<BR></STRONG>3) Follow the instructions provided on
the website.<BR><B>&nbsp;<BR></B><B>To&nbsp;vote by Telephone</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement and have
the proxy card below at hand.<BR>2)
Call&nbsp;<STRONG>1-800-690-6903.<BR></STRONG>3) Follow the
instructions.<BR>&nbsp;&nbsp;<BR><B>To vote by Mail</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement.<BR>2)
Check the appropiate boxes on the proxy card below.<BR>3) Sign and date the
proxy card.<BR>4) Return the proxy card in the envelope
provided.<BR>&nbsp;<BR>&nbsp;<BR></FONT></P></DIV>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=justify width="57%"></TD>
    <TD align=justify width="5%">&nbsp;</TD>
    <TD align=justify width="37%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=justify width="57%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK
      INK AS FOLLOWS:</TD>
    <TD align=right width="5%">DLWRI1</TD>
    <TD align=right width="37%">KEEP THIS PORTION FOR YOUR RECORDS</TD></TR>
  <TR style="FONT-SIZE: 1px" vAlign=bottom>
    <TD style="BORDER-BOTTOM: black 1px dashed" align=justify width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=justify width="57%">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">&nbsp;</DIV></TD>
    <TD align=justify width="5%">&nbsp;</TD>
    <TD align=right width="37%">DETACH AND RETURN THIS PORTION ONLY</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=3>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><B>THIS PROXY CARD IS
      VALID ONLY WHEN SIGNED AND DATED.</B></DIV></TD></TR></TABLE>
<DIV style="BORDER-RIGHT: black 2px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 2px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 2px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 2px solid">
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left width="30%" colSpan=4><B><FONT face=serif size=1></FONT></B></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="10%" colSpan=2>&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B></B></FONT>&nbsp;</P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=center width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD style="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid" align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B></B></FONT>&nbsp;</P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD vAlign=top align=left width="27%" colSpan=4>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: #000000 2pt solid" align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B>Vote on
      Directors</B></FONT></P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>For<BR>All</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>Withhold<BR>All</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>For
      All<BR>Except</FONT></STRONG></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD vAlign=top align=left width="27%" colSpan=4 rowSpan=2>
      <P align=justify><FONT face=serif size=1>To withhold authority to vote for
      any individual nominee(s), mark &#147;For All Except&#148; and write the number(s)
      of the nominee(s) on the line below.</FONT></P></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=left width="33%" colSpan=4><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="10%" colSpan=2><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="4%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=left width="4%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="3%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="1%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%">
      <P align=justify><FONT face=serif size=1><STRONG>1.</STRONG></FONT></P></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT size=1><STRONG>To elect the following nominees as
      Directors of the Fund</STRONG></FONT></P></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD vAlign=top align=center width="5%"><FONT face=serif size=1><B></B></FONT></TD>
    <TD vAlign=top align=center width="5%"><B><FONT face=serif size=1></FONT></B></TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face=serif size=1>&nbsp;</FONT></B></TD>
    <TD vAlign=top align=left width="4%">&nbsp;</TD>
    <TD vAlign=top align=left width="27%" colSpan=4>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT size=1><STRONG>Nominees:</STRONG></FONT></P></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="30%" colSpan=5>&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=middle align=left width="2%" rowSpan=2></TD>
    <TD vAlign=top align=left width="20%" rowSpan=2><FONT size=1><B>01) THOMAS
      L. BENNETT<BR>02) PATRICK P. COYNE<BR>03) JOHN A. FRY<BR>04) ANTHONY D.
      KNERR<BR>05) LUCINDA S. LANDRETH</B></FONT></TD>
    <TD vAlign=top align=left width="19%" colSpan=3 rowSpan=2><FONT size=1><B>06) ANN R. LEVEN<BR>07) THOMAS F. MADISON*<BR>08) JANET L.
      YEOMANS*<BR>09) J. RICHARD ZECHER</B></FONT></TD>
    <TD vAlign=bottom align=left width="2%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=left width="4%" rowSpan=2></TD>
    <TD vAlign=top align=left width="27%" colSpan=4>&nbsp;</TD>
    <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%" rowSpan=2></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="30%" colSpan=5>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=middle align=left width="2%">&nbsp;</TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="20%"></TD>
    <TD vAlign=middle align=left width="6%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="8%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="31%" colSpan=6></TD></TR>
  <TR>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="20%"></TD>
    <TD vAlign=middle align=left width="6%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="8%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="5%">&nbsp;</TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="31%" colSpan=6></TD></TR>
  <TR>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="16%" colSpan=2></TD>
    <TD vAlign=top align=left width="5%"></TD>
    <TD vAlign=top align=right width="6%"></TD>
    <TD vAlign=top align=right width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="80%" colSpan=12>&nbsp;</TD>
    <TD align=left width="11%" colSpan=2></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=center width="97%" colSpan=17><FONT size=1>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=left width="97%" colSpan=17>
      <P><FONT face=serif size=1>* The holders of common shares may not vote for
      these nominees.&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=center width="97%" colSpan=17>&nbsp;</TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=left width="97%" colSpan=17>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="4%"><FONT face=Wingdings></FONT></TD>
    <TD vAlign=top align=left width="40%" colSpan=7>
      <P style="PADDING-RIGHT: 6pt" align=justify><FONT size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top align=left width="6%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2>&nbsp;</TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=left width="40%" colSpan=7>&nbsp;</TD>
    <TD vAlign=top align=left width="6%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="97%" colSpan=17>
      <P align=justify><FONT face=serif size=1><B>THIS PROXY CARD IS ONLY VALID
      WHEN SIGNED AND DATED.</B> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS
      PRINTED ABOVE TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE.
      WHERE SHARES ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD
      SIGN. PERSONS SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER
      REPRESENTATIVE SHOULD GIVE FULL TITLE AS SUCH.</FONT></P></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2><FONT face=serif size=1></FONT></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="8%"><FONT face=Wingdings></FONT></TD>
    <TD align=left width="2%"><FONT face=Wingdings></FONT></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="28%" colSpan=3 rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="5%" rowSpan=2>&nbsp;</TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="30%" colSpan=5 rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="5%" rowSpan=2>&nbsp;</TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="28%" colSpan=3><FONT face=serif size=1>Signature
      [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD align=left width="5%"><FONT face=serif size=1>Date</FONT></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="30%" colSpan=5><FONT face=serif size=1>Signature
      (Joint Owners)</FONT></TD>
    <TD align=left width="5%"><FONT face=serif size=1>Date</FONT></TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<HR style="BORDER-RIGHT: black 2px dashed; BORDER-TOP: black 2px dashed; BORDER-LEFT: black 2px dashed; BORDER-BOTTOM: black 2px dashed" noShade SIZE=1>

<P></P>
<P></P>
<DIV style="BORDER-RIGHT: black 3px solid; PADDING-RIGHT: 2%; BORDER-TOP: black 3px solid; PADDING-LEFT: 2%; BORDER-LEFT: black 3px solid; WIDTH: 100%; BORDER-BOTTOM: black 3px solid"><BR>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center><BR><STRONG>DELAWARE INVESTMENTS<BR>2005 MARKET
STREET<BR>PHILADELPHIA, PA 19103</STRONG>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=right><STRONG>ANNUAL MEETING OF SHAREHOLDERS - AUGUST 20,
2008</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=right><STRONG>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=justify>The&nbsp; undersigned&nbsp; hereby&nbsp; appoints&nbsp; Michael E.
Dresnin,&nbsp; Deidre A. Downes, and Kathryn R. Williams, or any of them, with
the right of substitution,&nbsp; proxies of the undersigned at the Annual
Meeting of&nbsp; Shareholders&nbsp; of the Fund indicated on the reverse side of
this proxy card to be held at the offices of Stradley Ronon Stevenson &amp;
Young, LLP, One Commerce Square, 2005 Market Street, 26th Floor, Philadelphia,
Pennsylvania 19103, on Wednesday, August 20, 2008 at 4:00 p.m., or at any&nbsp;
postponement or adjournments&nbsp; thereof,&nbsp; with all the powers which the
undersigned would possess if personally present, and instructs them to vote upon
any matters which may properly be acted upon at this Meeting and specifically as
indicated&nbsp; on the&nbsp; reverse&nbsp; side of this proxy card.&nbsp;
Please&nbsp; refer to the proxy statement for a discussion of each of these
matters.</P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD,&nbsp; YOU AUTHORIZE
THE PROXIES TO VOTE ON THE PROPOSAL&nbsp; DESCRIBED IN THE&nbsp;
ACCOMPANYING&nbsp; PROXY STATEMENT AS MARKED,&nbsp; OR IF NOT MARKED, TO VOTE
"FOR" THE PROPOSAL,&nbsp; AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER
MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL
THIS&nbsp; PROXY&nbsp; CARD&nbsp; AT&nbsp; ONCE&nbsp; IN&nbsp; THE&nbsp;
ENCLOSED&nbsp; ENVELOPE.&nbsp; </STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center><STRONG>PLEASE SIGN AND DATE ON THE REVERSE SIDE.</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center>&nbsp;</P></DIV>
<P><BR><BR><BR>
<HR noShade SIZE=2>
<PAGE>
<DIV style="PADDING-LEFT: 30pt; FLOAT: left; WIDTH: 45%; POSITION: relative"><BR>&nbsp;<BR><FONT face=serif size=2><B><I>PROXY TABULATOR<BR>P.O. BOX 9112<BR>FARMINGDALE, NY
11735</I></B></FONT></DIV>
<DIV style="PADDING-RIGHT: 30pt; FLOAT: right; WIDTH: 45%; POSITION: relative"><BR>
<P align=justify><FONT face=serif size=1><B>To vote by Internet</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement and have
the proxy card below at hand.<BR>2) Go to website
<STRONG>www.proxyvote.com.<BR></STRONG>3) Follow the instructions provided on
the website.<BR><B>&nbsp;<BR></B><B>To&nbsp;vote by Telephone</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement and have
the proxy card below at hand.<BR>2)&nbsp;Call
<STRONG>1-800-690-6903.<BR></STRONG>3) Follow the
instructions.<BR>&nbsp;&nbsp;<BR><B>To vote by Mail</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement.<BR>2)
Check the appropiate boxes on the proxy card below.<BR>3) Sign and date the
proxy card.<BR>4) Return the proxy card in the envelope
provided.<BR>&nbsp;<BR>&nbsp;<BR></FONT></P></DIV>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=justify width="57%"></TD>
    <TD align=justify width="5%">&nbsp;</TD>
    <TD align=justify width="37%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=justify width="57%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK
      INK AS FOLLOWS:</TD>
    <TD align=right width="5%">DLWRI3</TD>
    <TD align=right width="37%">KEEP THIS PORTION FOR YOUR RECORDS</TD></TR>
  <TR style="FONT-SIZE: 1px" vAlign=bottom>
    <TD style="BORDER-BOTTOM: black 1px dashed" align=justify width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=justify width="57%">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">&nbsp;</DIV></TD>
    <TD align=justify width="5%">&nbsp;</TD>
    <TD align=right width="37%">DETACH AND RETURN THIS PORTION ONLY</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=3>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><B>THIS PROXY CARD IS
      VALID ONLY WHEN SIGNED AND DATED.</B></DIV></TD></TR></TABLE>
<DIV style="BORDER-RIGHT: black 2px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 2px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 2px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 2px solid">
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left width="30%" colSpan=4><B><FONT face=serif size=1></FONT></B></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="10%" colSpan=2>&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B></B></FONT>&nbsp;</P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=center width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD style="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid" align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B></B></FONT>&nbsp;</P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD vAlign=top align=left width="27%" colSpan=4>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: #000000 2pt solid" align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B>Vote on
    Trustees</B></FONT></P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>For<BR>All</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>Withhold<BR>All</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>For
      All<BR>Except</FONT></STRONG></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD vAlign=top align=left width="27%" colSpan=4 rowSpan=2>
      <P align=justify><FONT face=serif size=1>To withhold authority to vote for
      any individual nominee(s), mark &#147;For All Except&#148; and write the number(s)
      of the nominee(s) on the line below.</FONT></P></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=left width="33%" colSpan=4><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="10%" colSpan=2><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="4%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=left width="4%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="3%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="1%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%">
      <P align=justify><FONT face=serif size=1><STRONG>1.</STRONG></FONT></P></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT size=1><STRONG>To elect the following nominees as
      Trustees of the Fund</STRONG></FONT></P></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD vAlign=top align=center width="5%"><FONT face=serif size=1><B></B></FONT></TD>
    <TD vAlign=top align=center width="5%"><B><FONT face=serif size=1></FONT></B></TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face=serif size=1>&nbsp;</FONT></B></TD>
    <TD vAlign=top align=left width="4%">&nbsp;</TD>
    <TD vAlign=top align=left width="27%" colSpan=4>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT size=1><STRONG>Nominees:</STRONG></FONT></P></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="30%" colSpan=5>&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=middle align=left width="2%" rowSpan=2></TD>
    <TD vAlign=top align=left width="20%" rowSpan=2><FONT size=1><B>01) THOMAS
      L. BENNETT<BR>02) PATRICK P. COYNE<BR>03) JOHN A. FRY<BR>04) ANTHONY D.
      KNERR<BR>05) LUCINDA S. LANDRETH</B></FONT></TD>
    <TD vAlign=top align=left width="19%" colSpan=3 rowSpan=2><FONT size=1><B>06) ANN R. LEVEN<BR>07) THOMAS F. MADISON*<BR>08) JANET L.
      YEOMANS*<BR>09) J. RICHARD ZECHER</B></FONT></TD>
    <TD vAlign=bottom align=left width="2%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=left width="4%" rowSpan=2></TD>
    <TD vAlign=top align=left width="27%" colSpan=4>&nbsp;</TD>
    <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%" rowSpan=2></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="30%" colSpan=5>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=middle align=left width="2%">&nbsp;</TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="20%"></TD>
    <TD vAlign=middle align=left width="6%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="8%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="31%" colSpan=6></TD></TR>
  <TR>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="20%"></TD>
    <TD vAlign=middle align=left width="6%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="8%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="5%">&nbsp;</TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="31%" colSpan=6></TD></TR>
  <TR>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="16%" colSpan=2></TD>
    <TD vAlign=top align=left width="5%"></TD>
    <TD vAlign=top align=right width="6%"></TD>
    <TD vAlign=top align=right width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="80%" colSpan=12>&nbsp;</TD>
    <TD align=left width="11%" colSpan=2></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=center width="97%" colSpan=17><FONT size=1>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=left width="97%" colSpan=17>
      <P><FONT face=serif size=1>* The holders of common shares may not vote for
      these nominees.&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=center width="97%" colSpan=17>&nbsp;</TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=left width="97%" colSpan=17>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="4%"><FONT face=Wingdings></FONT></TD>
    <TD vAlign=top align=left width="40%" colSpan=7>
      <P style="PADDING-RIGHT: 6pt" align=justify><FONT size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top align=left width="6%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2>&nbsp;</TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=left width="40%" colSpan=7>&nbsp;</TD>
    <TD vAlign=top align=left width="6%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="97%" colSpan=17>
      <P align=justify><FONT face=serif size=1><B>THIS PROXY CARD IS ONLY VALID
      WHEN SIGNED AND DATED.</B> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS
      PRINTED ABOVE TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE.
      WHERE SHARES ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD
      SIGN. PERSONS SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER
      REPRESENTATIVE SHOULD GIVE FULL TITLE AS SUCH.</FONT></P></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2><FONT face=serif size=1></FONT></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="8%"><FONT face=Wingdings></FONT></TD>
    <TD align=left width="2%"><FONT face=Wingdings></FONT></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="28%" colSpan=3 rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="5%" rowSpan=2>&nbsp;</TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="30%" colSpan=5 rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="5%" rowSpan=2>&nbsp;</TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="28%" colSpan=3><FONT face=serif size=1>Signature
      [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD align=left width="5%"><FONT face=serif size=1>Date</FONT></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="30%" colSpan=5><FONT face=serif size=1>Signature
      (Joint Owners)</FONT></TD>
    <TD align=left width="5%"><FONT face=serif size=1>Date</FONT></TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR></TABLE></DIV><BR><PAGE><BR>
<HR style="BORDER-RIGHT: black 2px dashed; BORDER-TOP: black 2px dashed; BORDER-LEFT: black 2px dashed; BORDER-BOTTOM: black 2px dashed" noShade SIZE=1>

<P></P>
<P></P>
<DIV style="BORDER-RIGHT: black 3px solid; PADDING-RIGHT: 2%; BORDER-TOP: black 3px solid; PADDING-LEFT: 2%; BORDER-LEFT: black 3px solid; WIDTH: 100%; BORDER-BOTTOM: black 3px solid"><BR>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center><BR><STRONG>DELAWARE INVESTMENTS<BR>2005 MARKET
STREET<BR>PHILADELPHIA, PA 19103</STRONG>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=right><STRONG>ANNUAL MEETING OF SHAREHOLDERS - AUGUST 20,
2008</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=right><STRONG>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
TRUSTEES</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=justify>The&nbsp; undersigned&nbsp; hereby&nbsp; appoints&nbsp; Michael E.
Dresnin,&nbsp; Deidre A. Downes, and Kathryn R. Williams, or any of them, with
the right of substitution,&nbsp; proxies of the undersigned at the Annual
Meeting of&nbsp; Shareholders&nbsp; of the Fund indicated on the reverse side of
this proxy card to be held at the offices of Stradley Ronon Stevenson &amp;
Young, LLP, One Commerce Square, 2005 Market Street, 26th Floor, Philadelphia,
Pennsylvania 19103, on Wednesday, August 20, 2008 at 4:00 p.m., or at any&nbsp;
postponement or adjournments&nbsp; thereof,&nbsp; with all the powers which the
undersigned would possess if personally present, and instructs them to vote upon
any matters which may properly be acted upon at this Meeting and specifically as
indicated&nbsp; on the&nbsp; reverse&nbsp; side of this proxy card.&nbsp;
Please&nbsp; refer to the proxy statement for a discussion of each of these
matters.</P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD,&nbsp; YOU AUTHORIZE
THE PROXIES TO VOTE ON THE PROPOSAL&nbsp; DESCRIBED IN THE&nbsp;
ACCOMPANYING&nbsp; PROXY STATEMENT AS MARKED,&nbsp; OR IF NOT MARKED, TO VOTE
"FOR" THE PROPOSAL,&nbsp; AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER
MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL
THIS&nbsp; PROXY&nbsp; CARD&nbsp; AT&nbsp; ONCE&nbsp; IN&nbsp; THE&nbsp;
ENCLOSED&nbsp; ENVELOPE.&nbsp; </STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center><STRONG>PLEASE SIGN AND DATE ON THE REVERSE SIDE.</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center>&nbsp;</P></DIV>
<P><BR><BR><BR></P>
<P></P>
<HR noShade SIZE=2>
<PAGE>
<DIV style="PADDING-LEFT: 30pt; FLOAT: left; WIDTH: 45%; POSITION: relative"><BR>&nbsp;<BR><FONT face=serif size=2><B><I>PROXY TABULATOR<BR>P.O. BOX 9112<BR>FARMINGDALE, NY
11735</I></B></FONT></DIV>
<DIV style="PADDING-RIGHT: 30pt; FLOAT: right; WIDTH: 45%; POSITION: relative"><BR>
<P align=justify><FONT face=serif size=1><B>To vote by Internet</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement and have
the proxy card below at hand.<BR>2) Go to website
<STRONG>www.proxyvote.com.<BR></STRONG>3) Follow the instructions provided on
the website.<BR><B>&nbsp;<BR></B><B>To&nbsp;vote by Telephone</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement and have
the proxy card below at hand.<BR>2) Call <STRONG>1-800-690-6903.<BR></STRONG>3)
Follow the instructions.<BR>&nbsp;&nbsp;<BR><B>To vote by Mail</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement.<BR>2)
Check the appropiate boxes on the proxy card below.<BR>3) Sign and date the
proxy card.<BR>4) Return the proxy card in the envelope
provided.<BR>&nbsp;<BR>&nbsp;<BR></FONT></P></DIV>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=justify width="57%"></TD>
    <TD align=justify width="5%">&nbsp;</TD>
    <TD align=justify width="37%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=justify width="57%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK
      INK AS FOLLOWS:</TD>
    <TD align=right width="5%">DLWRI5</TD>
    <TD align=right width="37%">KEEP THIS PORTION FOR YOUR RECORDS</TD></TR>
  <TR style="FONT-SIZE: 1px" vAlign=bottom>
    <TD style="BORDER-BOTTOM: black 1px dashed" align=justify width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=justify width="57%">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">&nbsp;</DIV></TD>
    <TD align=justify width="5%">&nbsp;</TD>
    <TD align=right width="37%">DETACH AND RETURN THIS PORTION ONLY</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=3>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><B>THIS PROXY CARD IS
      VALID ONLY WHEN SIGNED AND DATED.</B></DIV></TD></TR></TABLE>
<DIV style="BORDER-RIGHT: black 2px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 2px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 2px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 2px solid">
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left width="30%" colSpan=4><B><FONT face=serif size=1></FONT></B></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="10%" colSpan=2>&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B></B></FONT>&nbsp;</P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=center width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD style="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid" align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B></B></FONT>&nbsp;</P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD vAlign=top align=left width="27%" colSpan=4>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: #000000 2pt solid" align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B>Vote on
      Directors</B></FONT></P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>For<BR>All</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>Withhold<BR>All</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>For
      All<BR>Except</FONT></STRONG></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD vAlign=top align=left width="27%" colSpan=4 rowSpan=2>
      <P align=justify><FONT face=serif size=1>To withhold authority to vote for
      any individual nominee(s), mark &#147;For All Except&#148; and write the number(s)
      of the nominee(s) on the line below.</FONT></P></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=left width="33%" colSpan=4><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="10%" colSpan=2><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="4%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=left width="4%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="3%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="1%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%">
      <P align=justify><FONT face=serif size=1><STRONG>1.</STRONG></FONT></P></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT size=1><STRONG>To elect the following nominees as
      Directors of the Fund</STRONG></FONT></P></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD vAlign=top align=center width="5%"><FONT face=serif size=1><B></B></FONT></TD>
    <TD vAlign=top align=center width="5%"><B><FONT face=serif size=1></FONT></B></TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face=serif size=1>&nbsp;</FONT></B></TD>
    <TD vAlign=top align=left width="4%">&nbsp;</TD>
    <TD vAlign=top align=left width="27%" colSpan=4>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT size=1><STRONG>Nominees:</STRONG></FONT></P></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="30%" colSpan=5>&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=middle align=left width="2%" rowSpan=2></TD>
    <TD vAlign=top align=left width="20%" rowSpan=2><FONT size=1><B>01) THOMAS
      L. BENNETT<BR>02) PATRICK P. COYNE<BR>03) JOHN A. FRY<BR>04) ANTHONY D.
      KNERR<BR>05) LUCINDA S. LANDRETH</B></FONT></TD>
    <TD vAlign=top align=left width="19%" colSpan=3 rowSpan=2><FONT size=1><B>06) ANN R. LEVEN<BR>07) THOMAS F. MADISON<BR>08) JANET L.
      YEOMANS<BR>09) J. RICHARD ZECHER</B></FONT></TD>
    <TD vAlign=bottom align=left width="2%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=left width="4%" rowSpan=2></TD>
    <TD vAlign=top align=left width="27%" colSpan=4>&nbsp;</TD>
    <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%" rowSpan=2></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="30%" colSpan=5>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=middle align=left width="2%">&nbsp;</TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="20%"></TD>
    <TD vAlign=middle align=left width="6%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="8%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="31%" colSpan=6></TD></TR>
  <TR>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="20%"></TD>
    <TD vAlign=middle align=left width="6%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="8%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="5%">&nbsp;</TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="31%" colSpan=6></TD></TR>
  <TR>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="16%" colSpan=2></TD>
    <TD vAlign=top align=left width="5%"></TD>
    <TD vAlign=top align=right width="6%"></TD>
    <TD vAlign=top align=right width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="80%" colSpan=12>&nbsp;</TD>
    <TD align=left width="11%" colSpan=2></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=center width="97%" colSpan=17><FONT size=1>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=left width="97%" colSpan=17>
      <P><FONT face=serif size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=center width="97%" colSpan=17>&nbsp;</TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=left width="97%" colSpan=17>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="4%"><FONT face=Wingdings></FONT></TD>
    <TD vAlign=top align=left width="40%" colSpan=7>
      <P style="PADDING-RIGHT: 6pt" align=justify><FONT size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top align=left width="6%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2>&nbsp;</TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=left width="40%" colSpan=7>&nbsp;</TD>
    <TD vAlign=top align=left width="6%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="97%" colSpan=17>
      <P align=justify><FONT face=serif size=1><B>THIS PROXY CARD IS ONLY VALID
      WHEN SIGNED AND DATED.</B> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS
      PRINTED ABOVE TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE.
      WHERE SHARES ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD
      SIGN. PERSONS SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER
      REPRESENTATIVE SHOULD GIVE FULL TITLE AS SUCH.</FONT></P></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2><FONT face=serif size=1></FONT></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="8%"><FONT face=Wingdings></FONT></TD>
    <TD align=left width="2%"><FONT face=Wingdings></FONT></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="28%" colSpan=3 rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="5%" rowSpan=2>&nbsp;</TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="30%" colSpan=5 rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="5%" rowSpan=2>&nbsp;</TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="28%" colSpan=3><FONT face=serif size=1>Signature
      [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD align=left width="5%"><FONT face=serif size=1>Date</FONT></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="30%" colSpan=5><FONT face=serif size=1>Signature
      (Joint Owners)</FONT></TD>
    <TD align=left width="5%"><FONT face=serif size=1>Date</FONT></TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>

<BR>
<HR style="BORDER-RIGHT: black 2px dashed; BORDER-TOP: black 2px dashed; BORDER-LEFT: black 2px dashed; BORDER-BOTTOM: black 2px dashed" noShade SIZE=1>

<P></P>
<P></P>
<DIV style="BORDER-RIGHT: black 3px solid; PADDING-RIGHT: 2%; BORDER-TOP: black 3px solid; PADDING-LEFT: 2%; BORDER-LEFT: black 3px solid; WIDTH: 100%; BORDER-BOTTOM: black 3px solid"><BR>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center><BR><STRONG>DELAWARE INVESTMENTS<BR>2005 MARKET
STREET<BR>PHILADELPHIA, PA 19103</STRONG>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=right><STRONG>ANNUAL MEETING OF SHAREHOLDERS - AUGUST 20,
2008</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=right><STRONG>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=justify>The&nbsp; undersigned&nbsp; hereby&nbsp; appoints&nbsp; Michael E.
Dresnin,&nbsp; Deidre A. Downes, and Kathryn R. Williams, or any of them, with
the right of substitution,&nbsp; proxies of the undersigned at the Annual
Meeting of&nbsp; Shareholders&nbsp; of the Fund indicated on the reverse side of
this proxy card to be held at the offices of Stradley Ronon Stevenson &amp;
Young, LLP, One Commerce Square, 2005 Market Street, 26th Floor, Philadelphia,
Pennsylvania 19103, on Wednesday, August 20, 2008 at 4:00 p.m., or at any&nbsp;
postponement or adjournments&nbsp; thereof,&nbsp; with all the powers which the
undersigned would possess if personally present, and instructs them to vote upon
any matters which may properly be acted upon at this Meeting and specifically as
indicated&nbsp; on the&nbsp; reverse&nbsp; side of this proxy card.&nbsp;
Please&nbsp; refer to the proxy statement for a discussion of each of these
matters.</P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD,&nbsp; YOU AUTHORIZE
THE PROXIES TO VOTE ON THE PROPOSAL&nbsp; DESCRIBED IN THE&nbsp;
ACCOMPANYING&nbsp; PROXY STATEMENT AS MARKED,&nbsp; OR IF NOT MARKED, TO VOTE
"FOR" THE PROPOSAL,&nbsp; AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER
MATTER THAT MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL
THIS&nbsp; PROXY&nbsp; CARD&nbsp; AT&nbsp; ONCE&nbsp; IN&nbsp; THE&nbsp;
ENCLOSED&nbsp; ENVELOPE.&nbsp; </STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center><STRONG>PLEASE SIGN AND DATE ON THE REVERSE SIDE.</STRONG></P>
<P style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman',Times,Serif" align=center>&nbsp;</P></DIV>
<P><BR><BR><BR></P>
<P></P>

<PAGE>


<DIV style="PADDING-LEFT: 30pt; FLOAT: left; WIDTH: 45%; POSITION: relative"><BR>&nbsp;<BR><FONT face=serif size=2><B><I>PROXY TABULATOR<BR>P.O. BOX 9112<BR>FARMINGDALE, NY
11735</I></B></FONT></DIV>
<DIV style="PADDING-RIGHT: 30pt; FLOAT: right; WIDTH: 45%; POSITION: relative"><BR>
<P align=justify><FONT face=serif size=1><B>To vote by Internet</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement and have
the proxy card below at hand.<BR>2) Go to website
<STRONG>www.proxyvote.com.<BR></STRONG>3) Follow the instructions provided on
the website.<BR><B>&nbsp;<BR></B><B>To&nbsp;vote by Telephone</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement and have
the proxy card below at hand.<BR>2)&nbsp;Call
<STRONG>1-800-690-6903.<BR></STRONG>3) Follow the
instructions.<BR>&nbsp;&nbsp;<BR><B>To vote by Mail</B></FONT></P>
<P align=justify><FONT face=serif size=1>1) Read the Proxy Statement.<BR>2)
Check the appropiate boxes on the proxy card below.<BR>3) Sign and date the
proxy card.<BR>4) Return the proxy card in the envelope
provided.<BR>&nbsp;<BR>&nbsp;<BR></FONT></P></DIV>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: Serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=justify width="57%"></TD>
    <TD align=justify width="5%">&nbsp;</TD>
    <TD align=justify width="37%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=justify width="57%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS
      FOLLOWS:</TD>
    <TD align=right width="5%">DLWRI7</TD>
    <TD align=right width="37%">KEEP THIS PORTION FOR YOUR RECORDS</TD></TR>
  <TR style="FONT-SIZE: 1px" vAlign=bottom>
    <TD style="BORDER-BOTTOM: black 1px dashed" align=justify width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=justify width="57%">
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px">&nbsp;</DIV></TD>
    <TD align=justify width="5%">&nbsp;</TD>
    <TD align=right width="37%">DETACH AND RETURN THIS PORTION ONLY</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="99%" colSpan=3>
      <DIV style="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><B>THIS PROXY CARD IS
      VALID ONLY WHEN SIGNED AND DATED.</B></DIV></TD></TR></TABLE>
<DIV style="BORDER-RIGHT: black 2px solid; PADDING-RIGHT: 5px; BORDER-TOP: black 2px solid; PADDING-LEFT: 5px; PADDING-BOTTOM: 5px; BORDER-LEFT: black 2px solid; WIDTH: 100%; PADDING-TOP: 5px; BORDER-BOTTOM: black 2px solid">
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left width="30%" colSpan=4><B><FONT face=serif size=1></FONT></B></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="10%" colSpan=2>&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B></B></FONT>&nbsp;</P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=center width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD style="BORDER-RIGHT: #000000 2pt solid; BORDER-TOP: #000000 2pt solid" align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B></B></FONT>&nbsp;</P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=center width="5%"><B><FONT size=1></FONT></B></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD vAlign=top align=left width="27%" colSpan=4>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD style="BORDER-RIGHT: #000000 2pt solid" align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="33%" colSpan=4>
      <P align=justify><FONT face=serif size=1><B>Vote on
    Trustees</B></FONT></P></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>For<BR>All</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>Withhold<BR>All</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>For
      All<BR>Except</FONT></STRONG></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD vAlign=top align=left width="27%" colSpan=4 rowSpan=2>
      <P align=justify><FONT face=serif size=1>To withhold authority to vote for
      any individual nominee(s), mark &#147;For All Except&#148; and write the number(s)
      of the nominee(s) on the line below.</FONT></P></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=left width="33%" colSpan=4><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="10%" colSpan=2><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="4%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=center width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=left width="4%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="3%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="1%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%">
      <P align=justify><FONT face=serif size=1><STRONG>1.</STRONG></FONT></P></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT size=1><STRONG>To elect the following nominees as
      Trustees of the Fund</STRONG></FONT></P></TD>
    <TD align=left width="4%">&nbsp;</TD>
    <TD vAlign=top align=center width="5%"><FONT face=serif size=1><B></B></FONT></TD>
    <TD vAlign=top align=center width="5%"><B><FONT face=serif size=1></FONT></B></TD>
    <TD vAlign=top noWrap align=center width="5%"><B><FONT face=serif size=1>&nbsp;</FONT></B></TD>
    <TD vAlign=top align=left width="4%">&nbsp;</TD>
    <TD vAlign=top align=left width="27%" colSpan=4>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT size=1><STRONG>Nominees:</STRONG></FONT></P></TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top noWrap align=center width="5%"><FONT face=Wingdings>o</FONT></TD>
    <TD vAlign=top align=left width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="30%" colSpan=5>&nbsp;</TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=middle align=left width="2%" rowSpan=2></TD>
    <TD vAlign=top align=left width="20%" rowSpan=2><FONT size=1><B>01) THOMAS
      L. BENNETT<BR>02) PATRICK P. COYNE<BR>03) JOHN A. FRY<BR>04) ANTHONY D.
      KNERR<BR>05) LUCINDA S. LANDRETH</B></FONT></TD>
    <TD vAlign=top align=left width="19%" colSpan=3 rowSpan=2><FONT size=1><B>06) ANN R. LEVEN<BR>07) THOMAS F. MADISON<BR>08) JANET L.
      YEOMANS<BR>09) J. RICHARD ZECHER</B></FONT></TD>
    <TD vAlign=bottom align=left width="2%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=bottom align=left width="4%" rowSpan=2>&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=center width="5%" rowSpan=2><FONT face=Wingdings></FONT></TD>
    <TD vAlign=bottom align=left width="4%" rowSpan=2></TD>
    <TD vAlign=top align=left width="27%" colSpan=4>&nbsp;</TD>
    <TD vAlign=bottom align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%" rowSpan=2></TD></TR>
  <TR>
    <TD vAlign=bottom align=left width="30%" colSpan=5>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=middle align=left width="2%">&nbsp;</TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="20%"></TD>
    <TD vAlign=middle align=left width="6%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="8%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="31%" colSpan=6></TD></TR>
  <TR>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="20%"></TD>
    <TD vAlign=middle align=left width="6%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="8%"></TD>
    <TD vAlign=middle align=left width="2%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="5%">&nbsp;</TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="5%"></TD>
    <TD vAlign=middle align=left width="4%"></TD>
    <TD vAlign=middle align=left width="31%" colSpan=6></TD></TR>
  <TR>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="10%" colSpan=2></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="16%" colSpan=2></TD>
    <TD vAlign=top align=left width="5%"></TD>
    <TD vAlign=top align=right width="6%"></TD>
    <TD vAlign=top align=right width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="2%"></TD>
    <TD vAlign=top align=left width="80%" colSpan=12>&nbsp;</TD>
    <TD align=left width="11%" colSpan=2></TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=center width="97%" colSpan=17><FONT size=1>&nbsp; </FONT></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=left width="97%" colSpan=17>
      <P><FONT face=serif size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=center width="97%" colSpan=17>&nbsp;</TD></TR>
  <TR>
    <TD width="2%"></TD>
    <TD align=left width="97%" colSpan=17>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=top align=left width="41%" colSpan=5>
      <P align=justify><FONT face=serif size=1></FONT>&nbsp;</P></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="4%"><FONT face=Wingdings></FONT></TD>
    <TD vAlign=top align=left width="40%" colSpan=7>
      <P style="PADDING-RIGHT: 6pt" align=justify><FONT size=1></FONT>&nbsp;</P></TD>
    <TD vAlign=top align=left width="6%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2>&nbsp;</TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="4%"></TD>
    <TD vAlign=top align=left width="40%" colSpan=7>&nbsp;</TD>
    <TD vAlign=top align=left width="6%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD vAlign=bottom align=left width="97%" colSpan=17>
      <P align=justify><FONT face=serif size=1><B>THIS PROXY CARD IS ONLY VALID
      WHEN SIGNED AND DATED.</B> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS
      PRINTED ABOVE TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE.
      WHERE SHARES ARE REGISTERED WITH JOINT OWNERS, ALL JOINT OWNERS SHOULD
      SIGN. PERSONS SIGNING AS EXECUTOR, ADMINISTRATOR, TRUSTEE OR OTHER
      REPRESENTATIVE SHOULD GIVE FULL TITLE AS SUCH.</FONT></P></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="26%" colSpan=2><FONT face=serif size=1></FONT></TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="8%"><FONT face=Wingdings></FONT></TD>
    <TD align=left width="2%"><FONT face=Wingdings></FONT></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="27%" colSpan=4></TD>
    <TD align=left width="3%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="28%" colSpan=3 rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="5%" rowSpan=2>&nbsp;</TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="30%" colSpan=5 rowSpan=2>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.5pt solid" align=left width="5%" rowSpan=2>&nbsp;</TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD align=left width="2%"></TD>
    <TD align=left width="28%" colSpan=3><FONT face=serif size=1>Signature
      [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD align=left width="5%"><FONT face=serif size=1>Date</FONT></TD>
    <TD align=left width="8%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="4%"></TD>
    <TD align=left width="30%" colSpan=5><FONT face=serif size=1>Signature
      (Joint Owners)</FONT></TD>
    <TD align=left width="5%"><FONT face=serif size=1>Date</FONT></TD>
    <TD align=left width="11%" colSpan=2>&nbsp;</TD>
    <TD align=left width="3%"></TD>
    <TD align=left width="1%"></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>gelaware1x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gelaware1x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"``W`+P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#]V_C9^WG_
M`,%$]'_X+3^%?^"77PM\<?L6>'?A_P#%#]EW5/VI_!_Q/\?_`+*GQR\?^,?!
MVDV7B+Q_X<A^'/B72_#O[</PRT3QIJ+3^`IKV7QUI:>![8Q:O';+X(5].:>_
M^H?V#_\`@I/XQ^-W[67[5W_!.?\`:E\!^!_AK^V;^R#IW@SQ3JFH?#/6]7NO
MA1^T-\)?&&A^&]0LOC1\*_#WC!1XX\%V5K>>*O#=OXM\`ZSJGCR#P1/XM\,Z
M5#\3_&=]+J<MA^6_[07B/Q5X2_X.9?A3^UI>_L[?MJ:Y^S9\)OV!]<_9V\;_
M`!E\`?L(_MF?$_P7:_%J7QG\8O$$6@>'[SX;_`KQ5<^.M+ET[Q=X>,?C'P':
M>)O!CSZ@UNOB`RV&I+9]1\._V"/VP_VD/VV_^"O_`/P4NL?#_C']E+Q!^TA^
MQ9X@_8L_X)]:#\1'TGPW\3IH[WX4^";-?CY\1_"%I/K&K_#&*Y^)/P^\,W_@
M#1?%=_X?^(FC:7JGB%/'?P\\.:EHNCO?@'[[^+/VC_`GC?X??M$V?[,?QX_9
M_P#&?QI^"?A3Q4-8TRWU_1_C'I_PQ\>:9H%]JFC:9\7?A[\/OB-X3\5V,3SV
MJ->>'+KQ7X)UF\M#(+74[-\3#X7_`."5W_!3G_AJC_@E;\$O^"@W[:_BW]GO
M]G>Z\>WWQ6M/'&OIKW_"I/@GX>_X0KXV_$3X:>'EM]5^+/C[Q#)I,NHZ/X1T
MZ>\&K^-+S[7K$U]+8K:6LD%A;?E-_P`$K?V6=4^'?[,/@'XP_'33O^"F_A;]
MJ+]BG]BCX_?L@^(?V;OB!^R[X5T'X3Z'X8UMUN-=TCX*3_!S]DKPOXX_:Q\-
M^-/&'P_\+^,/AOJ'@GXP?M`^,9M3N;34=9N;I]4O-0U#Y@_X)V^!?VD/AA_P
M3N_X(@?!#6?V!_VH-(^,/PB_;;_:,B^)/QD\;_`#]I'PSXB_8<M=9\>>._&$
MOC]/A1+;>`A\0+3XR?!GXQWGA'P;\1_&6B_$/]G'PAXA'B&V\:Z9XE\9^&?^
M$`N@#^N;Q;^V[^Q?X!^&O@CXS^.OVN_V8/!7P>^)LS6WPW^*_BWX^_"GPY\-
M?B#<);2WKP>"/'6L>++/POXKF6S@GNVBT'5;]UMH99RHBC=Q0'[>7[#;>(O'
M'A!?VS?V46\6_#'PIJOCOXD^%Q^T3\(3XB^'O@?0K.QU#6_&7CC1!XP_M+PG
MX4T:PU33+[5?$6O6VGZ1IUGJ-C<W=Y##=V[R?RZ_L,?\$WOC#\=?^"#G_!0[
M]A3XT?!+XI_"7X\V'[4'[37C[X%Z1\8?`'C;X=W%M\1O#MQX6^(7P,\<?#?Q
M$-%M+'7/">M>-="?1V\9?"JX\0>'KVPU'Q':6@U;3=3>RU/Z'^&7[)7[<^L?
MM=_\$N/VVO&'PX\0V7C7]M#]B?6/V6_^"K/AZ]N?&.GZ=\-M"T;X:^'OB1X-
MO]?\-WYGC\)>(=4N/#>M?#R]AU>4:AHOQ`\0QZ3Y]]J>I7&IT`?T.>*_VSOV
M/?`FE_"W7/''[5_[-7@W1?CEIVBZO\$]8\5_'7X7>'=+^,.D^)(K2?P[J?PM
MU#5_%-G:?$'3M?AU"PFT6]\)3:O;:K%>VDEC+.ES"7Z+Q/\`M/\`[-/@GXJ>
M'?@7XS_:'^!GA'XW>+_#<_C+PE\'/$_Q:\`Z!\5/%'A"VM?$-]<^*_#OP]U7
MQ!:>+=;\-V]EX2\5WD^NZ;I%SI<5KX9\0W$ETL.BZD]M_++_`,%G_@[^TE\>
MOB'_`,%8?AE\$_V'/C380:U^P-\!-%TKXR^!/A_\2OB1'^V_K?@[XE>%_'WA
M_P"'WA&==8U;X0^#H?V?=/O?B6C^"O"W@BW_`&A_B%XL2R;3-=M_"T>@^'/'
M]GXO>$?B/XH_;D_X-CO'&K_LS_M<:_X/_9W_`&<?$'_#1GB,?L@_M+ZYI7P<
M\4_$WX&^!OAUX`TOXL:M:_"N^LO"WB.Q^*/A'4AXQTC7+J'5/A]IMM;^,O'-
MOX?\*:MI.O7X!_4)K/[6/[+'AWX:>"_C1X@_:6_9_P!"^#OQ(N-,M/AW\6-9
M^,GPZTSX:>/;O6I_LNC6O@OQW>^(X/"WBFXU:Y_T?3(=#U6^DOY_W-JLLGRU
M[W!/!=00W-M-%<6UQ%'/;W$$B303P3()(IH98RT<L4L;*\<B,R.C!E)4@U_)
M]^W'^PQX]^`?_!1_]B#Q%\'O#W[4_P`+/^";>E_L??&7]D&TB_8*^`G@O]HC
MQ!^S#X^^*7C3Q5X[\;:GX@^$OC'X!?M2ZEHWPK^-.@S^'_">O>.O"?PINM3T
M&XT&RT=O$GAK1Y%L=:_HV_8_^!'A;]E_]E_X%_L[>!M7^)>N>!_@M\./#OPY
M\%:G\8KO0KWXE3>$/"UH-+\,0^*YO#>B>&M&6\L=#@L+"UM;;P_HLMCIMM96
M-]IEEJ%O=0(`?2%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!17\=G[47
M[-W[/7B3_@[G_8UTCQ!\"_A#K>D>,_\`@G[K'QN\9:3JGPY\(WVE^+_C)X>\
M5_M3VN@_%;Q7IUSI$EGXC^(FBP>#O"":5XRUJ&]\0Z>?"?AE[34(I-`TEK3[
MC^+O_!=;XI_"/QS_`,%9/!=_^Q'X2UQ/^"4MO\'?%GC'7-/_`&L+^WL_BS\-
M?C++)JFA:GHEI>?LRI?^%?B#9^")],UZY\$7,/B'PNVN1^(O##_$ZVM],T+Q
M%XL`/Z,**_&CXJ?\%6?&?PU_::_X)N?#1_V:?#DW[,W_``4IT[0Q\./VHO$7
MQ]O?"]_X`\8:U\/%^(ME\.O&7PBA^!_B"VD\7^);"]T71OA[;V?Q4CL?%^NZ
MA<6=W?>&X]*NYJSOVD_^"O$/[(>@?!RR_:'\"?LZ_#?XG_M2_'/XI?#G]F&S
M\2?M@MX5^!&M_"/X8Z;'J5U^T1\>OC_X]_9_\&CX)^#=32;3(K?1_"_PW^-5
MW<3>,?A[%X>U+Q+<>)K^#P\`?M117X)R_P#!=SX4>)O@5^RS\5?ACX1^%ZZQ
M^U%\=/C;^SCHVK_'/]H6;X4?LP^$OBQ\!K[5+'6]`UC]J?P#\&_COHTL/Q7C
MTLZW^SGJDWP]TS3/BMX=N[6[U"Z\$ZLTFAIQ'[;'_!1#]O+X<_MQ?\$A/V5/
MAC\#_@=X?\1_M?:-\1_BC\4?!'BK]H_Q58:-=>*OAC\$=<UKQ5\$M1^+_@S]
MGSQ\NG_#WPQXEUVR\0:-\2/#OPU\6:E\5+WPKI.G7W@_X:Z+>:A/=@']$=%?
MSJ_$_P#X+E?&'X=_$G_@K9\,H/V'_!6OZG_P2E\'^#OBCXDUP?M<:CI?A[XO
M?#3QKI5QXQTN:S>3]EZ\USP1\0W\`-I^KIX0&A>-/"W_``DL?B#PO>?$FQL=
M-T/Q1XJ]7_9O_P""UT7QT_:@_8F^!7BW]E'QE\$?`_\`P47^`/CGX^?LD^._
M%WQ-\->)/'_B+1?A_P"$;GQ[J-K\3_A7X,\/ZOX:^&]AXH\$Z9JWB[P%J]C\
M9/&MYJVAKI$?B;0/!GB'59/#^G`'[IT5_/Q\-O\`@X4_9<^)G[3_`,//@OHT
MOPD_X5O\6_VHO$O[&OP^\36W[2G@K4OVC;GXSZ//JFG^'?&7BO\`9)M_#2:]
MX/\`V:_B3XET6Z\"_#[XPWWQ,NO$^L^-M5\(6%S\)M.T#Q9IOB8>%>,O^#BC
MQM\-_@9^VQ^T!XY_83TVW\$_L`_M^M^P_P#'A/#'[5*:]J6O067C6/P'KOQ'
M^#MKJ7[//AI_%FL:3K$D%XG@#QROPNTC4-&U#3;BV^)BZB=7TK1@#^GRJ6I:
MEIVC:=?ZOJ]_9:5I.E65UJ6J:IJ5U!8Z=ING6,$EU>W]_>W4D5M9V5G;12W%
MU=7$L<%O!')++(D:,P_"GXO?M\_M;+_P7'^`G_!/?X5_#OX/ZE\&1^R+J?[4
MWC#4?$OQ?\;>"-;\6>'?$_Q"'PUE\03R:1\$_'<;^(/AG8Z#XLO?"7P?DMK7
MPWX^U+6M.UGQ'\7O!=UIVGV6C>V?LT?MU^)O^"A/BOX]?"SP=\.OA#X-^&O@
M?6?C%\*O$NLR?M"7OB7]J+X2_$3X=^+CX2\,Q_M"?L;:]\%/`4'@WPG\1)]-
MUOQ+X8NM"^.?Q'TOQ)X9L=.L=22VB\1:E_8`!]\_"C]IOX1?&C7M<\,>"KSQ
M[9:YHD^JK'8?$CX+?&GX+GQ7IVB7-A::EXJ^&5Q\8_A]X#M?BYX"AGU725B^
M(OPNG\8>!+M-6TJ:S\17$.I64D_OU?CW_P`$_?\`@G%J7[(OQ-^,/BV'P-\*
M?A-X;^(GQD\6_&O7])^&OQ5\4?&6_P#C#\6/$>E^(O#<WQ<UZ3QC\"?@O#\!
M+74=`\6^(3-^S_\`#N;XA?#_`,,:C<Z</"WC&VLK'5(?$?["4`%%%%`!1110
M`4444`%%%%`!1110!_$%^UM^W/\`\$Z/"G_!;^W_`&ZO&7_!8SX0_"OXR?L=
MZ-XR_8MU/]FS5/\`@EU^VS\1=+TCPMX-\:?%/1OB9X6\5_%7PI\3]-TOQ7\1
M+3Q/X\^(%AI7Q(\$Z7IO@:`V7AFZMO!WB;3M/OY?$_QU\:/VMO\`@DS\7OB%
M_P`%9O&2_P#!<SX8^'-)_P""KOASX:^#_&F@#_@DS^W1J]]\(O#OP<O]*TOX
M>KX;UYOB'IT/B?65^'%MJOAOQ?J.I:%I-EX@\6ZE;>-='T?PII>FGP-??T@_
MMZ?\%0OB;\-/VSO@!\%?V>(_&MU\'O@[^T3\!_"'[=OQ#\,_`/XC_$_P1=77
MQ]\:^!OAKH7[/=_\8=+^%GBOX/\`P;UKP+X8^+.B_M!_$C5/%?Q'\`>.&B@^
M$W@'P4FMW?CWQ+IMI^A7[;W[8/Q"_9>O/@OX<^%7P4\(_&OQE\6[SXQ7M]:^
M.OC3>?`[PEX`\!?!/X,^+?BUXM\?^(O$^F?"7XS:M=:6EUH7AWP4MGIWA"6:
M'5O&NDWDDQMX)890#^9#XZ?\%/O^""?[2O[!/[+W[''Q=_X*CC_A/?V5_$/[
M,OB_P%^T7\._V(?VQO!FN:;XN_9LU#1+*Q\5>$_!^I?#OQ==>#=?\7?#^PUO
MPA>WMOX[U9-&U#Q+>>([&":"TM?#PZC]O'_@K+_P09_:RU?]D#XJ?![_`(*@
MG]F+]I#]A+XBCQO^SC\4XOV(?VMOBOX2TKP_K-CH>@?$'X7^./AE=_"?P)<>
M*_`OCOPIX?TS1+N'2O'GA/6])EL[6^T_6/+%[8W_`.K-W_P6E\8:#X0\0ZSX
MQ_8T\0Z%XJU7P]^P_?\`P7\%>'/'_P`0/C+K'BKQ1^VSX%^)_CG2/!/Q3T'X
M#_LW_$_XE?#W6OACI?PE\1:EXL3X4_#3]HVYU3PYJWA/4=#L)]?U74/">C2Z
MA_P6.^+2>#?#6MV7["^MZ!XUTWX1^$_BQ\;/A1\:/BOXV^`OQ#\"6OCK]K;7
M/V1?A[HW@;P=\1?V:['QOXOG^,GBCPMX@\;_``/N_BOX1_9Z'C#P7'I$WC&T
M^&NIZE<6&F`'PG^T!_P7[_X(Z_M!?`35_A%XQ_X*5?`SQ5J7BWP;KWASQUIW
MQ7_X)B?M?_%#X`>*-5UT:!`NJO\`!B7P_P"&?&]EI?AVTL/$+^&-'_X7W=ZG
M::IXD34M9\3Z^FA:;95\,7O[=W_!`'0_'/\`P27\??"O_@K=XR\+ZU_P2D\!
M>+/A-X0E\=?L9?M6?$B3XM?#GQK\,+7X8ZQ#JSVOP:\#P>#_`!EIME:1ZCX7
MUZVM?$GA;1V":9>>`-8TZ""*/]U/B1_P4%_:Z\;>,/V=/"GP6^&_PB\$^/+7
M_@H!^U)\#/BQX+UC]H+2YOA3\4?A'^S#^S;\4_$>OSZA\;/$O[.&H>+?A]I(
M^+%]\/(_&,G@?X-ZWXV\+Z_X*U?P]IVI:]X3O-9U>YB\)?\`!;B\^*'C/]G+
M0/@Y^Q5\=OBIH'Q7\$?LS^//BMK7@KPQ\</&UQ\*M`_:BUNYTKPIK?AW6OA?
M^SA\1?@EXB\,>"=)T_5/'_Q!\0_&KXY_LRQGX=V9UKX=67Q%UJ/4/#6G`'\V
MGQ-_;'_X),_$+XK?\%:_B5;_`/!<7X7:';?\%7OAWX;^%OBS0)?^"3G[=>K3
M?!WPIX(AT[PCX0E\/ZROQ$TM/%NOP?"E-;\/>(M1U'2-$T_6O'>HZ=X]T[1O
M#NA:1<?#G6.A^#O[<7_!)'X<_M&_\$IOCWXH_P""W/PW\7VG_!*_]GS6OV</
M!W@O0O\`@E5^W+X-?XM>#-=^'GBOX/WNL>(?$M_XR\:GPSXI_P"%:ZSH%K'=
MZ?H6KZ0GC'0=0\3#11I.O1>$=$_L-^`O[;?B+XF_LV?%G]KOXG?!1?A'\#/`
M6D?&/Q;X1FTOXA2_$KXC>/\`P!\%?$WQ*TS6O&Y\%V?@+PMI7A_3/%_ACP+I
M7B[X?6$'C'Q'K.N0>))=/U73_#Z:9I^I>(_SN_:$_P""IG[3-Q\`OC'X7\"_
M"3X7_!+]IS7?!_[$.O\`P&U#1_VA;;XNZ?H?A;_@H-\?!\`?@[JGQ!O+S]F'
M6/#_`("^.FC:A#J/B1OA_-\/OCC\)VLK7^V[;Q]X]T73KK2M3`/S`_84_P""
MN/\`P1>_8`\8?&CPK\(O^"O4.L_L@?%CXQ>-_CUHGP"\5_L`?M<W/Q*^$_CS
MQ_K=CK?B+PWX%^.UCX"L_#K?"&]>UELF\&Z]\"-6\76UM,MQI7Q*TS5OMNIZ
MA^6?Q0^,/_!)/XI?L]?M_?LYZI_P7G^&VG>%O^"@O[;4O[;?Q`UBR_X)%?MS
M/K?@;Q=J?B[5O'&O^#?!YF^)S6<^@7VNIX/33;W6;>\O]*TK0=<LYEU2[\36
MNH^&O[?=:\??&_X?_M!_\$VOV:]3^,6KZSXF\9^#OVA?B5^T;<:U#\)_$>L_
M%?PW\'/A3X<\-W>GWNO>&_@O\(M-MK72OC3\:_AOK]MXG^&?PI^"[:W!X9M[
M34?#^B:7K&J^%[SR#XG?\%`/&G@;]KKXU_";X>^"=;^+LWA;XE?L5?LL>%O`
M6J?%+P+X,^'G_"[?V@?"7Q8^-WCK6FNM,_9[\0?$GPQJ?P]^!ND^#_&GC%]>
M^)GC_0/$GAVZT:V\(_#OP#K=EJNL^/@#\'KO_@K'_P`$6;W_`(*+_LW_`/!2
M27_@KAH]K\4_AK^Q[!^R'\=_!.G?\$^?VR8O!/Q>T.'Q!>^.7\8?"PZCX8U3
M6/@7?W7CG5M5ENM)\4WWQ]B'@N6R\-6FHV?B&SF\=WOT+\"?^"G/_!%7XX_\
M%/OV>_V@=$_;]\$?$']I/5_"T'[)OP@TWP-^PI^U+\%/B-\8_&7Q_P#$OA'P
MQ!I?[0/Q:N_!@\!?$3P[:^)[;1;?X0Z-J/@KX::/\*9]8UO5/$/B[Q,MT=2T
MW](M"_X*W_$?Q=\//"6N^%/V5/`EQ\1+/PYXZ\?_`!G\&>+/VN?"?PT\#:!\
M/_!_[3_CG]E/0)O@A\:_B#\+/#W@SXN^._C!X^^'VO7OPD\)?$ZW_9MT#4-+
MFT2+Q_X\^'6H^(-$M+_I=1_X*UBU\?H8O@7:C]GO5_BM^V!^S_X>^+4OQ3DE
M^)]K\6/V)_!OQ3\5_&?Q-XV^`D?PYBTWPO\`L[Z7>?![Q?X1@^*\7QKU7Q6/
M%%UX0BU'X4:9H/B_2O$0`/V4HK^;WX(?\%;/VL?!_P`$OV<XOB_^SMX?^-/B
MN?X??\$M%_:&^,>H_&C1?A+K-Y\5_P#@I9X]7P?9^$?AM\(O!OP&\2>%?$'B
M3X36>O>#?%^J:%=>,?`>BZKX3U:[BE\3Z9K>EV)\6?5O_!1/X_?M-:/^U?\`
MLD?LO_LU3?M3`?$#X/\`[3OQS^+47['5K^P5<?&4^'/A1K_P`\"^"09_^"AM
MJWP8L?!LGB;XOZ@^OSZ-?P>.)[RVT6UTJPO]-DUBZTL`_96BOP)TC_@HG\<O
M`WQ_N_V=/`_@;XM?M*?$B+XJ_!+]DQ]._::^+O[//P@T+PK\39?V)OB5^VY\
M6OB7\2?$7[+W[(OB/2?#^L>$-$G^&?PV^+;^"]7^)7PQN[V[36?@[X8TB[\.
MZEI?Q2V]6_X+;>']/^%O[%_Q&L_A+X+US6?VG]._9XU?QY\,/#OQ3^,'B_QA
M\)=(_:=^)T'PI^$>MZ3X@\!_LF>+OA3J6@^._$::Q)X`UG]H+XC_`+*%CX]@
MT+4=.\.R3^)8I-!B`/W;HK\1M4_X+(P^%=?\7>*_&GP`LM*_9E\(>(/^"BNB
MW/Q9T7XOW_B+XH7^E_\`!-]?%$7Q6\>:?\##\(-)L+KP%K^M>&'\':9J5O\`
M%N;7M.\7ZMI%M-X:OO#=T?%*/\?_`/!3+Q9867PV\-?$;PWX9^!7BOQ9^US\
M%/A9=:E\$/VI/@K\9(_#/@#5_@]XM_:T\>I\:!XR^`FNZQ\+=8\,_`+X>W5S
M\7_AWK/PN\-ZC/H7C?0K[X&?M!W0U'3OB-I0!^VU%?SK^,?^"MWQN^,GA'Q_
MX!^#/P\T[X._%#3OVR_^"?/P#^'GQ2TRY^(GBCPA\0_`7[4_QLM+KQ/J7AG1
M_P!J;]ES]FW7VU]/V>O"'B_Q<VL:1\-/B)\([SPGXS\,^+OA7\8/'MY!<#2/
MNS]KCXS?&;4_CK<_LW_"'QM\4OA8G@O]F'6_VI/%OB#X&Z+^S7??'CXF1P_$
M!?`7AWX:?!S5OVQ[/4?V9?#D6DS:;K.O?%37_B3ITT=AI>K>!M-L-9\'R^(&
M\0P@'Z>45^#OPG_X*W:E9_!+PGX[UGPIJWQH\&>#/V`IO^"B7QX^-OBU_"7P
M7\<^'?V?K[QK\2M.\&6O_"E/A4WQW\(>*/B]XG\%_#'Q=J&E6_A+XC^'?AGX
MPUGPKJ6HQ:Q\.=$UFRL-(],C_P""J_CKPY<^.O"/Q-_96M-(^*6B^-?V!M$\
M#^%_AK\<G^*'A3Q3H7_!03XPCX7_``^T_P`4^/;KX/\`@0>!_C)\-M$TWQ-\
M2_BE\,;#PWXV\+6'@ZR\.ZCX:^+?B32_%*ZOI(!^RU%?C!K_`/P5PFU76K'P
MM\%/@Y\-?B'K>OW7_!0;6/"^K>,/VDG^'GP[U'X7?\$^?%7AGP#XV^(VH^-M
M#^"GQ-DL+?QQXZUZ\T#0])TSP_K\.DPZ'J&L7NMW=C::N='_`$__`&>OB]:_
MM!?`/X)?'FQ\*^)/`UE\:_A)\.?BS9^"O&5M'9^+O"-K\1?"&C^+[?PUXGM(
M7DAMM?T.'5TTS5X8G>.._MIU1BH!H`TIO@G\&;CPIXC\!W'PC^&,_@?QCXHO
M/''B[P9-X"\*R^%/%7C34?$5MXOU#Q?XC\.OI+:1KGBB^\66=IXGO-?U.SNM
M6NO$5K;:U/=OJ4$5RNKXM^&'PT\?W5M?>._AYX&\:WMEX<\8^#K.\\6^$M`\
M275IX1^(EEI^F_$#PK;7&LZ?>S0>'/'6G:3I=AXQT.)TTSQ/9:;I]KK=K?06
M=O'&44`<CXD_9P_9X\9>&/&/@GQ?\!O@QXJ\&?$2P\-Z5\0/"/B3X7>!]<\,
M>.M+\&Z;;:-X0TWQCH&J:%=:5XGL/"ND65GI7ANSUNTOK?0]-M+:QTN.UM8(
MHDH1?LM_LR06<>GP?LZ?`F&PAT?X:>'HK&+X1?#^.SBT#X+^,;OXB?!W0X[9
M/#PA31_A/\0-0O\`QU\--,5!9>!/&-[=^)_"T&E:W<S7SE%`&#XW_8R_8^^)
MF@3^$_B1^RC^S7\0?"USX@\;^++GPUXW^!?PO\5Z!<>*OB;XMT[Q]\2/$T^C
M:]X6O].E\0?$'QWH^D>-?&^LR6S:CXK\6Z7IWB/7KF_UBQMKR+K->_9O_9W\
M5>/OAU\5O%'P%^"_B3XH_!^S.G?"7XDZ]\+?`^L>/OA=I[1-;M8_#KQCJ&A7
M'B+P39M`[PFV\-:CID!B=HRFQBI**`/0O"_@KP;X'\*Z3X$\%>$O#/A#P1H&
MF1Z)H7@WPOH.E>'_``KHNC1(T<6D:3X>TFTM-(T[3(XV:..PL[.&U1&9%B"D
MBO+?!7[+'[,7PVT&3PK\.OV<O@/X!\,3>/=*^*LWASP5\(?A]X6T&7XH:'JU
MOK^B?$B31]#\/6&GOX]T?7;6UUK2O&#6Y\0Z?JUM;ZC::C#>0QS*44`4_CE^
MR/\`LI?M/3^&KG]I7]F/]GK]H:Y\&1:K!X/N/CE\%_AO\6I_"D&O/I\FN0^&
MI?'WAKQ!)H46LR:3I3ZK'I;6J:B^F:>UX)FLK8QZVA_LS_LW^&+_`$K5?#7[
M/WP1\/:GH7BO0O'FB:CH?PI\!Z3?Z/XY\+_#=O@WX9\9Z5>6&@V]QI_BOP[\
M(6;X5Z%XBM)(=8TCX;LW@?3[RW\,$Z7110!'<?LP?LU7=_\`"_5;O]GGX&W6
MI_!"\OM0^"VHW'PE\`S7_P`(;_4Y9I]2OOA?>2>'VN/`%YJ$]Q/-?7/A2329
MKN6::2=Y'D<M$/V6OV8QXQ^*/Q$'[.?P('Q`^.'A^?PG\:?'0^$/P_'C'XO^
M%;K25T"Z\,_%'Q/_`,(]_;?C_P`/W.A(FBSZ-XLOM6TZ;2573I+9K-1""B@#
MHT^!7P1C8O'\'/A4CG7OA_XJ+)\/?"*L?$_PGM--L/A9XC++I`)U[X:6&C:/
M9?#_`%C/]H>#;32M-MO#MQIL-C:I%U[^"_!TOC&V^(DGA/PS)\0++PS?>"[/
MQT^@Z6_C&T\':IJFG:YJ?A.V\3M:G6X/#.HZWI&DZQ?:#%?)I=WJFEZ=J%Q:
MR7=E;31%%`'&V_P&^!MIXGU+QM:?!GX46OC/6O$^L>-M8\76_P`._"$/B?5O
M&?B+P98_#CQ!XMU+7H]'75;_`,3Z[\/-,TWP'K&O75W+JNI^#-/L?"][=SZ'
M:6]C'PUQ^QO^R%=ZC\-=8NOV5?V;KG5_@SH'A+PI\']4N/@;\,9M1^%/A?P!
MKNC>*/`GAOX:WTGA=KGP+H'@KQ-X<\/>(O"6C^%Y=+T[PWKN@Z-J^C6UEJ&E
MV-Q`44`=EI7[/OP$T&ZTB^T/X(?"'1KWP_!\4[;0;S2OAKX,TZZT2V^.GB.V
M\8?&VWTBXL]%AETV#XQ>+K.S\4_%.*R>&/XA>([6VUOQ:NKZG!%=+S/A7]DC
M]E+P+X6\$^!_!/[,G[/?@[P5\-=<\3>)OASX/\*_!?X<>'O"W@#Q)XTT76_#
M?C'Q!X)\/Z1X;L])\*ZYXL\.^)?$>@>)M6T*TL+_`%[1?$&MZ7JEQ=6.JW\$
MY10!+X*_9/\`V6?AKIF@Z)\.?V:O@!X`T;PKXFT+QIX8TCP5\&_AUX5TSPYX
MQ\+:/J7A[PQXLT&PT+PY86FC^)O#F@:SK&AZ%KVGQ6^J:1H^JZEIFGW5O97U
MU!+>^-_[,7[-?[36FZ'HW[2/[//P-_:#T?PS?7&I^&])^-_PF\!?%?3?#VI7
M=O\`9+K4=#L?'F@:_:Z3?7-K_HUQ=V$5O<36_P"YDD:/Y:**`.STSX4_"[1=
M7UKQ!HWPV\`Z3K_B3PAX=^'WB+6],\'>';#5]?\``/A";Q%<>$_!&M:E:Z=%
M>ZIX0\+S^+_%L_AWPU?33Z+HLWBCQ%)IME;/K>IM<^3:7^Q=^QUHGPFNO@'H
MO[)W[-&D?`N^UZR\57OP6TOX$?"VP^$UYXGTW5+76].\1W7PYM/"L7@^XUZP
MUJRLM7LM8ET9]0M=4M+74(+B.[MXID**`.(UC_@G[^R7XE^)EC\1/%'P7^'G
MBC3-%\!V7@CPM\(O$7P[^&^K_!7P=>0_%W6_CCJ?Q%\+?#^[\&R6FE?$_P`1
M_$C6(?$6N^+Q>2SRZCHFDZMI]KIVNR:SJVK_`&8B)$B1QHL<<:JD<:*$1$0!
341%4!555`554`*````***`/_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>gelaware4x8x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 gelaware4x8x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_
MVP!#`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0'_P``1"`!``'P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#^L7_@H/\`
M\%6/V<?^"95CX>\1_M0>$_C_`&/P]\2G3;.Q^*O@'X/:SXY^&5GXCU:?Q"EC
MX+UGQ9IMW%::-XOGM/#5_JL&C:A'`UUI<EM<V<URS3Q6_'^(/^"P_P"SM\.$
MT+5_CU\%_P!MK]G/X?>(-*?6[?XP?%S]D/XMI\(M&TDM;?9]2\:^/?A[I'C_
M`$GX>6$\-U%>W%]X^;PU9Z'IPFU+Q-/H=A;SW$?Y5_\`!XU!>R_\$C-,DM;2
M2Y@M?VM?@S/J,R68N5L+)O"_Q2MH[N:<P2_V=&^H7%A8B\$EL7FO8M/\]A?&
MVN/ZB;[P_I'BSP=>>%?%^BV.M:%XE\,W'A_Q/X=UF)]6TW5M(UG2WTW6M%U6
M'4Q+)J5C?V=S<V-]%J`D>\@EE6[#M)("`0^`OB%X%^*G@[P[\1/AAXW\(_$?
MX?\`B[38=9\)^.O`7B/1?&'@[Q/I%P66#5?#OB?P]>:CHFM:;.R.(;[3;ZYM
M9"C!)6*G$_C;Q1-X,\'>*?%T/AOQ1XSD\,>']6U]?"7@G3[35O&/B3^R;&>^
M.B^%M*O;_2K75/$&HK`;72=-EU&S^W7TD%JDRR2IG^,W_@C/^U+\(O\`@E)J
MW_!>KX#_`!=^)/B6U_8\_P""?O[5OA.Y^"6EZGJ<_C#4]&L?BIXE^*O@+0/A
MMHWB/6IM'TBW\5>*KGP%\-O#=MIWB+4O"GAB'Q4WB+Q'J>N6>D6WC;Q1IG[)
M?LT?\%OO@E\>OVZO"?[#-Q=_LX:WXC^+_P`/_&?Q%^!?Q&_9:_:^\)?M:^$]
M;C\%0ZOX@U7X9_%U/#/P]\"+\)/C19_#W1-0\=:AX:T?4OBAX`^QV=_IGA[X
MI^)KW3[MHP#[9_X)Z?\`!0+X9?\`!2'X*^*?CQ\(_`WQ/^'WA'PS\7_''P:;
M1OB]IWA'2?&5QK_P\@T*/Q'?SZ7X+\7^.='L=/&L:M=:98(WB&>]N(],:^N+
M:S6ZBMT^[M[>OZ#_``K^53_@@9^T7H/P@_X)R2ZEX.^'WC[XPS_'W_@II^U3
M\/O@;X/^$OA_3]1TC?XB\3:OXHT[5=?\5PWZ>#/`?PJ\.^%/"^O^+_$GC34]
M16WL-`L+V/PMHOBS5O['T;6/JNZ_X+7?%?PS\)/VZO%WCG]@/Q%:_&'_`()L
M^+K&R_:\_9^\#?M`^'?&/BOPE\*O$?PZ\/?$GP3\?/`^NZU\-?`NG>.?AEXE
M\-M\0O$!FDL_#NNZ?X-^'\GBE-)OUUB?3-"`/Z`-[>OZ#_"C>WK^@_PK\@/B
ME_P5-U_X->//^"<?@[QU^S68M+_X*/\`BSPCX-\!^,]$^,FFW^A_#G7?%-OI
M/B)-+\86VI>`=$U6^U1/!&N:=J&EVVCV<MGK7BZ+4_",>I6EA:V?BS4O7?&'
M[?7B3X=?%'QA\./&?[-OC.8CX]>'?V9O@G-X`\1_\)UXA^.GQB\9^#M"^+/A
M[2]*\/Q^%-%TKP1X5T#X%ZAXB^,WQ:\<>,/%MIH'PR\&_#WQU-/-KSZ(6F`/
MTBWMZ_H/\*-[>OZ#_"OR=^#/_!23XE^/+S_@H#\+OB#^QOXQ\&_M2?L"Z5X1
M\6:S\%/!'Q0\/>._"7QJ\"_%7P)KWC?X.^(_A?\`&[QQX9^"WA9IO%8\)>+M
M$\2Z?KNC6%OX/U3P_?6EMJOBC4+>^TZQ^3OV;/\`@N1X]^.'[+_[/7[:OBS]
M@KQY\,OV0?'?A#]H3XA_M(?M/ZG\=_@Q??"S]G?PM\&;OXD:?I-AX4T"'51\
M:?CAXGU[Q)X$M/A_?6-W\*?A!'-XOURSM_!(\9WAGT*T`/Z$][>OZ#_"C>WK
M^@_PK\"?AS_P<%_LE^./VA?V6OA!=:W\&/\`A$OVS=0T7PI\&?$?PU_:H^$/
MQT^*W@#XF>*+/2F\&?#3]JGX%_"U]<O/@?K_`(\UO6+3PCX5U'PSX[^+_ART
M\5%](^(&L>`9C&9/WTH`=O;U_0?X4;V]?T'^%-HH`>&8D<]QV'^%2U`O4?4?
MSJ>@#^6O_@ZJ^#?Q^_:R_8M^&G[+'[,_[,/[0/[0GQ+O_C?X:^,UUJWPL\/:
MD?`W@+0?`WACQ[X?D'C76YHH-(\2:EXE3Q5J-KH/@C3KNYU"SO;&V\2ZPNF2
M1>$;;Q-^KG[2'[9WQWT/X=Z#H7[&G[%O[0O[0'QM\>:3::?I<?C'P?>_LX?"
MWX,76O65A::3XK^+OCOXXZ#X6AO;'0;[5!?:GX6^%GA3XC:XD'A_6;;6=.\.
M0R:7/J'Y*?\`!U%XT^.?[*_[$OA_]K7]EG]H[]H?X!?%M?V@?AC\.?%<WP]^
M-7Q;L/!OB+X>ZUX(^*]M+H\/PWB\53_#3PIK"Z\-#UF;QEHOA?1=<U1]*BLM
M6U34KS^PVL?Z.OAUX?\``GP3T7PE\)8OB!KVJZWJ\VKW.BI\5OB]XQ^)'Q%\
M8ZJ\=]XA\13Z;JOQ4\8>*_&FJ6MO';ZIJ<&@:;J,^A^$]$M9+#0].TCP_I<-
MI:@'\SOQ#_X(8?M'^`?^"7?[2&D^$?B'X+_:)_X*E_&O]IOP/^W_`/&3Q[XC
MMM.T3X4_''X\?";XR:C\5-,^'GA7PK/X<\.^'-&\/ZCX4O\`5_#GAGPOXCL/
M#?@#5_B#JK_VK=?#'P#J_P#Q1WZ@?LJ?M=?%KXO>,X)M:_X)$_&W]D'1_!.@
M^(=;^+WQ/^-5E\.M+.E:OI[V^E0^%?V?O#OP8TGXG_$_]H/7]=TO4$NX+Z#P
MG\-_"LFCZ;XDL!XEN-8MO#VA>*OUAB\7^$[A;YH/%'AV9=+U9=!U-HM;TV1=
M.UQ[PZ>NBWQ2Y86FK-?@V*Z=<&.\-X#;"$S`I5S^WM#\B.Z_MG2?LTRJ\-Q_
M:-GY$J/9Q:BC1S>=Y;JVGSP7RLK$-9S17()AD1R`?R!_L#S_`/!2S]E#]@+X
M&^`O`'[+/Q[^$7C?XD_\%@=6O?VGK?7O@E9>-?'WP;_8E^.OBSQ#KGC#XH^`
M/#L.E:MH6L:QHL,EA:OKVD^$O'=MX2EL-5EU3P!=:1K7AB+4?J'_`()&_LO>
M./!'QI_X*Z_";XX?LN_M8^%?@5^UM\4?!,'@;Q%^TMK<OQ$UCXH?!S4/@9XN
M\%^-?%'Q!^+?B?XC_$3QEX@\5>(W&G1^+-+UCQOK>MV6K?$O1-,\/>"O"UCX
M8^)NG>`_Z3[_`,7^$]*O-!T_4_%'AW3;_P`5,Z>&+&_UO3;.\\1O&UFLBZ#;
M7%S'-K#(VHZ>KKIZ7!5KZS!`-S!O/$WB_P`)^"[*WU+QCXH\.^$].N[Z'3+3
M4/$VMZ;H-E=:E<13SP:=;W6J7-K!-?3P6MS-#:1R-<2Q6T\B1LD,A4`_B>B_
MX)8?\%&_%'_!.3QQ\8/C9KWQ-\;?MO?\$U-6\`^!O^"2G@#1_#&G1ZK\/M*_
M8,^/'C.Z\*?&32?!<MNG@'XKZ]^T/\.9?"O@M;#Q'\*9+_XG^!?@=\'O%7BS
M4?B3KNK^'6\,_LQ\:]/_`&VOV%/^">7[/5C^RG\+_&?Q$_:/^,O[1_PR\6?M
MM^,/!7@VX^-'CSX>7O[07B+5/B=^U_\`&OP7\+-;U?Q"?%4>@^++K4O"7@;P
MA)J_B6U\(Z#J7A:Q;^VM+T*\URW_`%6\:?M=_L^^`OV@_@1^RSKWQ`L9/CI^
MT?:_$#4OA=X$T6UO?$%_>Z)\,O!<WCWQ7XB\1SZ-!>VG@WP['H$2C2-;\4SZ
M5IWB'5KFUT70[B_U.=;:O>?^$G\-_P#"1KX/_P"$AT/_`(2Y]'F\0KX6_M:P
M_P"$C;0+:[M-/N-<71/M']IMH]O?W]C93:F+4V45W>6EL\ZS7$*.`?RX_L-_
M"SXQ_`O_`(*&_P#!6WQ[KG[)G[<W@[X0?M/_``9^!EGX"^(?Q]L[K]HOQWXY
M\6?#SP?\5]`U[Q,?B)X6\??$C6?#?A_Q'K.LZ=;Z-\%]%_X3#6=%L]=\*W5Q
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M$3_B/\`OC#X=_P"$6T?XU_&7XDW7[/'@_P#9Q\*1:!X4-Y/XR\`_$?P);^(_
M%_Q%U/4K_3];TOPIX.^'/PCET?0]<U?PUI?B#Q;X/\/:GJOB+P[^\%<]H_B_
MPGXATB;Q!H'B?P[KF@VZR/<:WH^M:;J>D0)#:Q7LK3:E97,]E$L5E/#=R,\R
MA+6:*X8B*1',&E>-_!>O0>'KK0_%_A?6;;Q;9RZAX4N-*U_2=1@\36$$+7$]
M]X>EL[N:/6K.&!6GEN=-:YACA5I'<("U`'445X%I?[4'P,UO]I3Q/^R)HWC_
M`$G5?V@_!7PJTGXT>,/A]IPGO;WPMX`U[7X_#FC:CX@O;>*33=(U+4[Z:VN;
M/P_?W<&NS:->V&NKIYT?4+*]N/8-0\4^&-)U*PT;5?$>@Z9K&J-"FF:5J&KZ
M?9:EJ+W-Q]EMUL+&YN([J\:XNO\`1H5MXI#+<?N8PTGRT`;R]1]1_.IZY[3?
M$GAW5[_4=,TG7M%U/4M%NY+'6-/T[5+&]OM)O8$M99K/4[2VGEGL+J&*]LY9
M;>ZCBFCCN[5W0+<1%^AH`_E(_P"#QJ_-I_P2,TNW%W>6PU3]K7X,V#0VTEY'
M#J`C\+_%+4_LFHK:V=S!-9HVG+?I'J,VGV8U"RL9DO'U"*QL+[Z=_P""AW[*
MO[.OQ2_X+`?\$BO%OC_X>V-[XN^*_@[]N;X8^/==TO6/%W@O5?B)X$\#_L[W
M/B+0OA_XOE\*Z]HEUXA\'(GC#QU:ZSX1U^2^T?Q)X:\1Z_X1\56>L^&M0NM(
ME^JO^"CW_!/O]CO]NJ[\.>$?VOO`O[57QC\*:)+;>-?#_@#X;^,_CS9?"+2_
M&%G;WOA71M5F\-_#S6=+\'+X[N=&U;Q3#::[JL<C>']%EUY=6U?PY'XOTJ#Q
M3P]Y^QG^S(?B9\`OCA?Z/_P4M\=?%']GJ[\2K\&]3\1_%?\`:@\0WGPXT;XA
MQ+X7\<:JL'C'Q='X<N[#Q%X9NY+'Q#HD\VK^-KCPGI\&C0^'"=.T324`/S+U
M;_@GK^RCX)_X+,?M#_\`!/+X7?!/X<^!/V0OV]_^"2>N_''XU?`#2?#VE:E\
M-O\`AH[P-^TIXC\!_#SXV^&/"FNVVMVWPBU7P%X>\:7T'@&U^$]OX(\-^&_$
M5O:^(-!T:W\1:9%?Q?.W_!+3X:?`7]OS]F7]CG_@FC\6_@-\`%^(W_!,K]J[
MXGWG[<_A#3O@Y\,=8TBZD_9>O+KP+X,AU6Y_X1N'2[N\_:I^(6H^!F^)'C&Z
MLKC7?CGX:^"?QR\->+XO$EOJ'B#Q"G[[>)OV9_V9->_;7TO]M34O`W[<J_M`
M:#X3G^&%E\2=%U#]H73O!5AX"@\:6OBFS^$"^"-(U"WM+WX?^+]:U1?%4R6O
MA&]\%V2->Q^-/$?AC6]'N=,TWW3X3Z+^SQ\%OB#\=/BS\(?V8?BYX1\=?M2^
M,]/^)7QS\2Z1\&O%VE77C/QKX2\/6?@'1;O5;#5Q9+ITUWI.CP:TL6CZ?:Z/
MJ.N>+/$?C7791XL\1>.M2`!_/5^PQ^QQ\2O^"I'[!'[:VE>./BO\&/@W\3/C
M'^VI\;_!7Q1-_P#LT^)?'?[0W[(?BW]G;XR^'U^#GP7^'_Q7T[]HCX>:3X=T
M;]GSP)X4\&CX-^&_#/A=_"OPZL?$:1Z8;V5]>LM1[S]KKP-^V5^SY^T9=?MR
M1?"#X1?\%IOV1+;_`()Q^`/V6/VJ;<>)?@Q\/_B7\---\(Z:_P`0/C=\0_AK
MX<NY/$]CJ_ASXTZ%K5K\:?%O@&WU#QAXL\8KXG\.>&CXETWP/X&^'VL6OW5\
M1_\`@E=_P2I^)/QW\6?M$>(_V*OCSH?C_P")E]?ZY\;(_`&F?M/>!/A]\;KO
M6/$.J^+Y;3XT?"WX=>)=+\&?$BUUOQAHUCXN\1Z5>>%[[3/$FLZUHS?$^'5(
M!K-AI?M_BS]DO]EGQ-\0?B%XGL?A_P#MK_#W2/CK\.?!OPI^-?PP^#=[\<O@
M[\&-7\&^%?"%M\/M#@UKP;\.+SPS86NMZ=\,-*TOP&_BSX3W3>*-/\$Z)HWA
M#2]8LWM;'3&`/PQ\>_L^?\$X_CE_P7<_X)__``^\9?`CP_XU_9O_`&I?^",7
MA_4/@N/B/X0\/>,?#'QA\1>'[F_G^&-KJ/B#Q=I4GC.P^(_@']FSX:VMU<^-
M=,\?>(?&4=K_`,(/H-O8>'+#7O%>L^,/K;4OV(/V2O%O_!RMXC\,^(?@;\/]
M6\)K_P`$:?A=\2;_`,"W]DMGX0U[Q?X-_:>@^!_A.[UWP#%K^F:'\1?#'AOX
M6>`O`7ABVT;Q+X'\=^"=%O/"'@BXFN?#7B3PUX3BOOTF^/'[)'[&?[4ES^S7
MKGQ!^#W[4_P@\;?LNR^+?!G[./COX,Z;^T;\&/B3\+/#&KZ%8>"M3TG1/'WP
M#<:KH'@OQIX(TJSM;'^U-8LY](TDS:?>-X2\2W=[ILL?A_\`9A_99\)_M7>'
M_P!N+P[X)_;6U/\`:-\+?!L_`2S\17EI^T')9:M\%O#DNGVUM\*/$_AKQ9:Z
M?X5\8Z/'J=RWBNUU3Q7%JNM^(_%GA+_A84GBK6?%O_"/:]K8!^2/_!-7]@G]
MC;QK_P`%'/\`@N-^S)XS^`/@?QE^S=\!OB_^RO+\'OV;?%\.K^)_V>/AK=_&
M'X+>*]?\=Z_X1^".O7=[\*=*\6:QK&E6]Q9>+;7P[+XK\+Q6R6GAG4/#EA*(
MKW\_OV-/BEX]\9?L"?\`!%+]C#7[_P`*-^S!\:O^"D_[7/P6\?/\8?"VK_&7
MP!K7A#X*^(_BKXJ_9S_9@^*WA>Y\7^#[?X@^"_'/CO5[1=.\*Z_JRVDS_#?P
M0JPS>'/#UYX7U;^FGX,?LH?LR?`?XF?M'?%[X=Z'^W9H?Q%_:MT+3]`^/WBK
M5-2_:%\2:EXMU#0_!L>B^$_$-M<7B:M-H7CGPQ8:Y>>'O"_Q!\"&PO/#^H:)
M>L^O6FA3VE_K?C7A7_@EA_P2YT+]F7Q9^QCK7[-G[0_Q*_97UCQ9I/C73/AA
M\5/#W[57C+2/"?Q!2\\0ZEK'Q`^$NKW]I%\3_A?XTN8O$FJVGBCQAX9U?PQJ
MFNZ-J6H>&=%O]3M-<\4:3J@!XO\`M7?\$V=&T[PE_P`%-_B!^TK\<_@/\2?A
ME^T'^Q7KGB"V_9#\%?L_ZU\%/"/ACQK^RIX+U75_`/Q^T*WC_:,^)7B+6_$/
M@]1HECKE[I.@6"FYM_##0W6G+9V.F7'XH?'[]BO]G?P#_P`&W'[%'_!0GPM\
M.K73?VS/@9X)_8=^(GPT^-WB'Q3X[USQ%HNL^)?V@/@SHDMK%9>(O$K:#<>&
M8=-O+5=$\,7.EMX9\-:-:+!X5M]-LP+B3^D#P!_P3M_8'^'/PG^*7P)\)>'/
MVT;>S^,'@V+X>?$GXH^(8?VQ/&/Q>\2?"/0[:[@N/@EI/QB\:^%_$'BGP1\+
M9M$U6\TC_A"OA[>^#],U:#5KU]!DNO$L>HWUG=\7_P#!/S]@_P")/[%/P_\`
M^">7B;0?VO[O]DCP?';:WX7^&$7A?]JG0KA=+\+:Q=^(O#7AWQ/XWLOAUI_C
M[5=+\*>(IVUWPMX,\8^)KF1M3L]!F33-2C\-^%HM)`/S8\-_L!?L/_%3_@Y`
M_:Z\.?$']G/X4^(H-(_8P^!'[3>CZ1<>&;Z!8/CE?_&*[CU[XLI=)JEM'!XJ
MN3-I4=^VE6HTC5!)93WT*:QIMU-?>6ZUX'U3]CK]KGQQX4_X*F_LB:+\;/V<
M_P!JO_@JGX/_`&C?V2?^"J_PM\4Z!<^/OA-\<_%_B7P1??LK?#OX@Z#IMMIO
MQ0^'^@^"-/\`AQ8>`[GQ?H.J6O@32=,M_P#A"X]!\6^#_$[:VO[1>-_V+_V,
M_B'\=/`O[3.H-^W5X;^/GAWX/:)\$M<^*WPVU3]NOX1>,OBK\'/"6MKXETCP
M+\7-7^&^B^$KC75C\1PQ:U>:E$=!\<>)KR"UCUW6M:LK:SM(F^#?V&OV+[9O
M"GA;4[3]L'X@_#?PG^T98?M7_##X-_%?2/VI=5^$_P`,?CG_`,)?/XCT+Q)X
M9M-7\":5?Z9X:\.>*KR_U[2_A;XJ\3ZI\)_#M_J.H^*)O!%M>WD^L.`9'_!/
MW_@CK\.OV`/VF/CG^TAX/^+>O^.M6^-^G^.],UC3M7\&:%X?UJ^3QK\5HOB/
M!J?Q#\7:/J#R?$[Q-X9L].TW0])\5:KHFDZ]=ZCK/Q%\1:U?:DOC'2]$\(?L
MM4"]1]1_.IZ`/@3XU?M'_M`>%OVDOA)X#^%/P/U?Q7\!-%\;^&O"O[5?Q1OO
M!7BO6-3T6[^,3Z)X7^#6E_!FRT/6+&YURQ\.^*/$MEXP_:'^(_\`PCGC3PM\
M(?`-KI@U_3-.T?7?&_Q*^#'@7Q%_;S_:S\+>/?VFU\%?L4:Q\0OA/\(O"GB?
M4?A+JR7/Q:\)^/\`XI>)?"6@_M':-JMKKFB^)/@Q:^$]"\+R_%_]FGQ1IFCZ
MKX"\6?%3Q+XB^$'C;X0_%/P[X/U>\^,?PC\'>/?UT*$DGCDGU_PI-A]1^O\`
MA0!^$7QL_P""GW[;GP^^+GA?1?AM_P`$W_B-\2O@;I_B+PAX2^*WQ2U=_%'A
MW5EN]3^*'[,GA36_%7P5TCX=^'?C;X3^+'A6?P=^U7X=USPY+;>.=+M-0USX
M!?M<6VDZ]XG\,_`O4_$VH^4?`#_@K=^W]XV^'GP_T[XA_P#!,GXK:?\`%[6/
MV>?CKXT>_D\+?'?P3X.\=_&+X4:4;/PAX+L--^(GP)\&>)OA\OC?QC)HNEZ]
M9^)]*EO+.W\03:E\-8_B/I.@75U<_P!&FP^H_7_"C8?4?K_A0!^2'[2_[<O[
M6_P"^*'P5^$^F?L@:I\1Y?&G[+GQP^,_Q5^)/PU\.?'GXI^$/`/Q,^%_P=^(
M/C;3?AQX0L/`?PAO].\8V\WC[PGX6\$"W\8^/?A7XZ^(+?$OP5I_PN\':_XS
MU7_A%X=*[^/7[3WPE\8>%_@+\0M7UWXB?%:R_83U'X@WGC/PW\"/%EWX+^*7
M[5OC3XB:;X/TC2=%\1^"_`=]\/?!?AWX7:EIUQ%'X-\0>(M,\3ZKX%\>Z9XK
MU.V\90>$/%/B71?U=V'U'Z_X4;#ZC]?\*`/Q$\:_\%&/VS_A3\,?!OB'7_V'
MM4\?^--?\-_M#>,=(\&>`H_VDO$?BOQYI/PM_9K\"?'CX*_#ZUL=*_9+M+7P
M-\<_CCJOC>;X=^+M&\?6GA+P9\-_%?@+XD:!X"U/XU?$K3?"GPB\5^2?"7_@
MIA_P4:^)-G\-/B6/^">FNZ%I_P`2H_"OAS7O@YXYU_XR^!8_!MCH'[16N_!'
M4?BWX-UGQ3^Q_P"'/BA?ZC\<1\3_`(/>-M#\'?$KP9X?\(_#'X,^$KOXH?%#
MQ7\*?#%UKGBW6?Z%MA]1^O\`A1L/J/U_PH`_*WXA_M&?MKZ5\9OVIVT/X0Z,
MO[-OP+UKP]H'@+6=$TWQ=JGQ=^*VM^#/V;]"_:>\<R>'=`U'P=<:-X@\(>,]
M<UL?LY3W_@3_`(3+4M/UG2M?B\)SQ?%#1M4\.:=XAI'_``4G_;?UCQOJOP,M
M_P#@G;?M\=M#^#WQ#U_5KR+XA>-[3]FR'XN>#_VM=._9N\&Z1HO[17C+X,>!
M_#7B[X;?%?PEJ$_QDMKW0M,?XN^`-,T74/#NI?"7Q4JZAXCT3]P=A]1^O^%&
MP^H_7_"@#\7O`_\`P4O_`&A->\'^-O$'CS]B_P"*OP^\3^$?ACX@\=Z9X$T'
MX1_M/?$2W\:6_A;X#ZI\4]<\0Z;X_P#$/P*^#FDZ/I4OC4Z-\-?`GP^NM"U+
MXR?%C4K/Q</!'@NYUGP[JNAZ9C^'?^"CO[6GC[]E#XA_M3:5^QGXV^%]_H'B
MK]ASP5!\&_'/A/XK_$/QAX2TGXX>'OV?O'7[3/QBO_"?@GX<^&/B-X_\,_L_
M:%^T1J>DWV@>#M!9Y['X`^+/%6M:OX2\17OC;X7_``W_`&YV'U'Z_P"%&P^H
M_7_"@#\0OBQ_P4O_`&L/`.@?#7QMX$_8JUOXL^!_B'XR_9S\#:7OT+X_>%/B
MC=ZM\5/@CIGQV\?OJOPP^'WP4_:!TKP$?#NE>+O!/PZ\*7VN?$S6/AFWQ,7X
MDZ-\1_BYX`C^'D0\59WQ*_X*X?%SPI\?_@#\!_!O[&WCCQOKOQ1^.]C\+?'5
MM!HG[0-IJ/@CPG;^._A3X:\=>,K#4$_9TN/`UU;?#SP]\:_"WB'4_%WB;QEX
M4^!FIZGX#^-'A(?&?2-<\%:?#KW[G;#ZC]?\*-A]1^O^%`#5ZCZC^=3U&$((
*/'!'K_A4E`'_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
