<SEC-DOCUMENT>0001206774-09-001839.txt : 20120529
<SEC-HEADER>0001206774-09-001839.hdr.sgml : 20120529

<ACCEPTANCE-DATETIME>20090925172855

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001206774-09-001839

CONFORMED SUBMISSION TYPE:	DEF 14A

PUBLIC DOCUMENT COUNT:		3

CONFORMED PERIOD OF REPORT:	20091112

FILED AS OF DATE:		20090925

DATE AS OF CHANGE:		20090925

EFFECTIVENESS DATE:		20090925


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Delaware Investments National Municipal Income Fund

		CENTRAL INDEX KEY:			0000895574

		IRS NUMBER:				411737161

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			0330



	FILING VALUES:

		FORM TYPE:		DEF 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07410

		FILM NUMBER:		091088401



	BUSINESS ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103

		BUSINESS PHONE:		18005231918



	MAIL ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND

		DATE OF NAME CHANGE:	20020327



	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 INVESTMENTS ARIZONA MUNICIPAL INCOME FUND, INC

		CENTRAL INDEX KEY:			0000895577

		IRS NUMBER:				411737155

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			0330



	FILING VALUES:

		FORM TYPE:		DEF 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07412

		FILM NUMBER:		091088405



	BUSINESS ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103

		BUSINESS PHONE:		18005231918



	MAIL ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS ARIZONA MUNICIPAL INCOME FUND INC

		DATE OF NAME CHANGE:	20020327



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	VOYAGEUR ARIZONA MUNICIPAL INCOME FUND INC

		DATE OF NAME CHANGE:	19930519




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC

		CENTRAL INDEX KEY:			0000895658

		IRS NUMBER:				411737158

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			0330



	FILING VALUES:

		FORM TYPE:		DEF 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07420

		FILM NUMBER:		091088403



	BUSINESS ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103

		BUSINESS PHONE:		18005231918



	MAIL ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II INC

		DATE OF NAME CHANGE:	20020327



	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 DIVIDEND & INCOME FUND, INC

		CENTRAL INDEX KEY:			0000896923

		IRS NUMBER:				232713064

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1130



	FILING VALUES:

		FORM TYPE:		DEF 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07460

		FILM NUMBER:		091088400



	BUSINESS ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103

		BUSINESS PHONE:		18005231918



	MAIL ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS DIVIDEND & INCOME FUND INC

		DATE OF NAME CHANGE:	20020319



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	DELAWARE GROUP DIVIDEND & INCOME FUND INC

		DATE OF NAME CHANGE:	19930714




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Delaware Investments Colorado Municipal Income Fund, Inc.

		CENTRAL INDEX KEY:			0000907573

		IRS NUMBER:				411751991

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			0330



	FILING VALUES:

		FORM TYPE:		DEF 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07810

		FILM NUMBER:		091088404



	BUSINESS ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103

		BUSINESS PHONE:		18005231918



	MAIL ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	DELAWARE INV COLORADO INSURED MUNICIPAL INCOME FUND INC

		DATE OF NAME CHANGE:	20020327



	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 GLOBAL DIVIDEND & INCOME FUND, INC

		CENTRAL INDEX KEY:			0000916713

		IRS NUMBER:				232753201

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1130



	FILING VALUES:

		FORM TYPE:		DEF 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-08246

		FILM NUMBER:		091088407



	BUSINESS ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103

		BUSINESS PHONE:		18005231918



	MAIL ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS GLOBAL DIVIDEND & INCOME FUND INC

		DATE OF NAME CHANGE:	20020327



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	DELAWARE GROUP GLOBAL DIVIDEND & INCOME FUND INC

		DATE OF NAME CHANGE:	19931229




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Delaware Enhanced Global Dividend & Income Fund

		CENTRAL INDEX KEY:			0001396167

		IRS NUMBER:				260161937

		FISCAL YEAR END:			1130



	FILING VALUES:

		FORM TYPE:		DEF 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-22050

		FILM NUMBER:		091088406



	BUSINESS ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		2005 MARKET STREET

		CITY:			PHILADELPHIA

		STATE:			PA

		ZIP:			19103

		BUSINESS PHONE:		18005231918



	MAIL ADDRESS:	

		STREET 1:		ONE COMMERCE SQUARE

		STREET 2:		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



</SEC-HEADER>

<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>delawareclosedend_def14a.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><BR>Delaware Investments Minnesota Municipal Income Fund II, Inc.
<BR><BR>Delaware Investments National Municipal Income
Fund<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>
<P align=center><B><FONT face=sans-serif size=2>PROXY MATERIALS</FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify><B><FONT face=serif size=2>Delaware
Investments Dividend and Income Fund, Inc.<BR>Delaware Investments Global
Dividend and Income Fund, Inc.<BR>Delaware Enhanced Global Dividend and Income
Fund<BR>Delaware Investments Arizona Municipal Income Fund, Inc.<BR>Delaware
Investments Colorado Municipal Income Fund, Inc.<BR>Delaware Investments
Minnesota Municipal Income Fund II, Inc.<BR>Delaware Investments National
Municipal Income Fund</FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify><B><FONT face=serif size=2>(each, a
&#147;Fund,&#148; and collectively, the &#147;Funds&#148;)</FONT></B></P>
<P align=justify><FONT face=serif size=2>Dear Shareholder:</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>I am
writing to let you know that a joint special meeting of shareholders (the
&#147;Meeting&#148;) of the Funds will be held at the offices of Stradley Ronon Stevens
&amp; Young, LLP, 2005 Market Street, 21st Floor, Philadelphia, Pennsylvania
19103 on November 12, 2009 at 3:00 p.m., Eastern time. The purpose of the
Meeting is to vote on an important proposal that affects the Funds and your
investment in one or more of them. The Meeting will be held concurrently with
the meetings of shareholders of other funds within the Delaware
Investments<SUP>&reg;</SUP></FONT><FONT face=serif size=2> Family of Funds. As a
shareholder, you have the opportunity to voice your opinion on a matter that
affects your Fund(s). This package contains information about the proposal and
the materials to use when voting by mail, telephone, or through the
Internet.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Please
read the enclosed materials and cast your vote on the proxy card(s) or by
telephone or via the Internet. </FONT><B><FONT face=serif size=2>Please vote
your shares promptly. Your vote is extremely important, no matter how large or
small your holdings may be. </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
proposal has been carefully reviewed by the Board of Trustees/Directors of each
Fund. The Trustees/Directors, all but one of whom are not affiliated with
Delaware Investments, are responsible for protecting your interests as a
shareholder. The Trustees/Directors believe this proposal is in the best
interests of shareholders. </FONT></P>
<P align=center><B><FONT face=sans-serif size=2>The Boards of Trustees/Directors
recommend that you vote FOR the proposal.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
enclosed Q&amp;A is provided to assist you in understanding the proposal. The
proposal is described in greater detail in the enclosed Proxy
Statement.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=serif size=2>Voting
is quick and easy. Everything you need is enclosed.</FONT></B><FONT face=serif size=2> To cast your vote, simply complete the proxy card(s) enclosed in this
package. Be sure to sign the card(s) before mailing it (them) in the
postage-paid envelope. You may also vote your shares by touch-tone telephone or
through the Internet. Simply call the toll-free number or visit the Web site
indicated on your proxy card(s), enter the control number found on the card(s),
and follow the recorded or online instructions.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If you
have any questions before you vote, please call Computershare Fund Services,
Inc. (&#147;Computershare&#148;), the Funds&#146; proxy solicitor, at 877 520-8548.
Computershare will help you get your vote in quickly. You may also receive a
telephone call from Computershare reminding you to vote your shares. Thank you
for your participation in this important initiative.</FONT></P>
<P align=justify><FONT face=serif size=2>Sincerely,</FONT></P>
<P align=justify><FONT face=serif size=2>/s/ Patrick P. Coyne<BR>Patrick P.
Coyne<BR></FONT><FONT face=serif size=2>Chairman, President, and Chief Executive
Officer</FONT></P>
<P align=justify><FONT face=serif size=2>September 25, 2009</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=sans-serif size=2>NOTICE OF JOINT SPECIAL MEETING
OF SHAREHOLDERS</FONT></B></P>
<P align=center><B><FONT face=sans-serif size=2>To be held on November 12,
2009</FONT></B></P>
<P align=center><B><FONT face=serif size=2>Important notice regarding the
availability of proxy materials for the shareholder<BR>meeting to be held on
November 12, 2009: this proxy statement is available
at<BR>www.delawareinvestments.com/proxy.</FONT></B></P>
<P align=justify><FONT face=serif size=2>To the Shareholders of:</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><B><FONT face=serif size=2>Delaware
Investments Dividend and Income Fund, Inc.<BR>Delaware Investments Global
Dividend and Income Fund, Inc.<BR>Delaware Enhanced Global Dividend and Income
Fund<BR>Delaware Investments Arizona Municipal Income Fund, Inc.<BR>Delaware
Investments Colorado Municipal Income Fund, Inc.<BR>Delaware Investments
Minnesota Municipal Income Fund II, Inc.<BR>Delaware Investments National
Municipal Income Fund</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>NOTICE IS
HEREBY GIVEN that a joint special meeting (the &#147;Meeting&#148;) of shareholders of the
closed-end registered investment companies listed above (each, a &#147;Fund,&#148; and
collectively, the &#147;Funds&#148;), along with certain other funds within the Delaware
Investments<SUP>&reg; </SUP></FONT><FONT face=serif size=2>Family of Funds, each of
which is issuing proxy solicitation materials, will be held at the offices of
Stradley Ronon Stevens &amp; Young, LLP, 2005 Market Street, 21st Floor,
Philadelphia, Pennsylvania 19103 on November 12, 2009 at 3:00 p.m., Eastern
time. The Meeting is being called to approve a new investment advisory agreement
for each Fund.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Shareholders of record of the Funds as of the close of business on
September 18, 2009 are entitled to notice of, and to vote at, the Meeting or any
adjournment thereof. </FONT><B><FONT face=serif size=2>Whether or not you plan
to attend the Meeting, please vote your shares by returning the proxy card(s) by
mail in the enclosed postage-paid envelope provided, or by voting by telephone
or over the Internet. Your vote is important.</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>By order of the
      Boards of Trustees/Directors,</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>/s/ Patrick P.
      Coyne</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%"><FONT size=2>Patrick P. Coyne</FONT>
  </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Chairman,
      President, and Chief Executive Officer</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>September 25,
      2009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%">&nbsp; </TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>To secure the largest possible
representation and to save the expense of further mailings, please mark your
proxy card(s), sign, and return it (them) in the enclosed envelope, which
requires no postage if mailed from the United States. If you prefer, you may
instead vote by telephone or the Internet. You may revoke your proxy at any time
before or at the Meeting or vote in person if you attend the Meeting, as
provided in the attached Proxy Statement.</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>SOME SHAREHOLDERS HOLD SHARES IN
MORE THAN ONE FUND AND MAY RECEIVE PROXY CARDS AND/OR PROXY MATERIALS FOR EACH
FUND OWNED. PLEASE SIGN AND PROMPTLY RETURN EACH PROXY CARD IN THE
SELF-ADDRESSED ENVELOPE REGARDLESS OF THE NUMBER OF SHARES OWNED.
</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=sans-serif size=2>PROXY STATEMENT</FONT></B></P>
<P align=center><B><FONT face=sans-serif size=2>TABLE OF CONTENTS</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face=serif size=2>Page</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>THE PROPOSAL: TO APPROVE A NEW INVESTMENT</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>ADVISORY AGREEMENT FOR EACH FUND</FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>3</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description of the
      Transaction</FONT></B></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>3</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15(f) of the 1940
      Act</FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>The New
      Investment Advisory Agreements</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Additional
      information about DMC</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Board
      considerations in approving the New Investment</FONT></FONT></STRONG></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Advisory Agreements</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Required
      vote</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>22</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><B><FONT face=serif size=2>VOTING
      INFORMATION</FONT></B></TD>
    <TD noWrap align=right width="2%"><B><FONT face=serif size=2>23</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>How will
      shareholder voting be handled?</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>How do I
      ensure my vote is accurately recorded?</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>May I revoke
      my proxy?</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>What other
      matters will be voted upon at the Meeting?</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Who is
      entitled to vote?</FONT></FONT></STRONG>&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>What is the
      Quorum requirement?</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Who will pay
      the expenses of the Meeting?</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>What other
      solicitations will be made?</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>25</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Why did my
      household receive only one copy of this Proxy
      Statement?</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>How do I
      submit a shareholder proposal for inclusion in the
      Funds&#146;</FONT></FONT></STRONG></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>proxy statement for the Funds&#146; next annual shareholder
      meeting?</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%"><FONT face=serif size=2>26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>How may I
      communicate with the Boards?</FONT></FONT></STRONG></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><B><FONT face=serif size=2>MORE
      INFORMATION ABOUT THE FUNDS</FONT></B></TD>
    <TD noWrap align=right width="2%"><B><FONT face=serif size=2>26</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>PRINCIPAL HOLDERS OF SHARES</FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>27</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><B><FONT face=serif size=2>APPENDIX A &#151;
      FORM OF NEW INVESTMENT ADVISORY</FONT></B></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><B><FONT face=serif size=2>AGREEMENT</FONT></B></TD>
    <TD noWrap align=right width="2%"><B><FONT face=serif size=2>A-1</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>APPENDIX B &#151; CURRENT INVESTMENT ADVISORY</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>AGREEMENTS: DATES OF APPROVAL</FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>B-1</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><B><FONT face=serif size=2>APPENDIX C &#151;
      FEES PAID TO DMC AND AFFILIATES</FONT></B></TD>
    <TD noWrap align=right width="2%"><B><FONT face=serif size=2>C-1</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>APPENDIX D &#151; OTHER FUNDS ADVISED BY DMC</FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>D-1</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><B><FONT face=serif size=2>APPENDIX E &#151;
      DIRECTORS AND OFFICERS OF DMC</FONT></B></TD>
    <TD noWrap align=right width="2%"><B><FONT face=serif size=2>E-1</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>APPENDIX F &#151; NUMBER OF SHARES OF EACH FUND</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>OUTSTANDING AS OF JULY 31, 2009</FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><B><FONT face=serif size=2>F-1</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><B><FONT face=serif size=2>APPENDIX G &#151;
      5% SHARE OWNERSHIP</FONT></B></TD>
    <TD noWrap align=right width="2%"><B><FONT face=serif size=2>G-1</FONT></B></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=sans-serif size=2>JOINT PROXY
STATEMENT</FONT></B></P>
<P align=center><B><FONT face=sans-serif size=2>FOR</FONT></B></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>Delaware
Investments Dividend and Income Fund, Inc.<BR>Delaware Investments Global
Dividend and Income Fund, Inc.<BR>Delaware Enhanced Global Dividend and Income
Fund<BR>Delaware Investments Arizona Municipal Income Fund, Inc.<BR>Delaware
Investments Colorado Municipal Income Fund, Inc.<BR>Delaware Investments
Minnesota Municipal Income Fund II, Inc.<BR>Delaware Investments National
Municipal Income Fund</FONT></P>
<P style="PADDING-LEFT: 15pt" align=justify><FONT face=serif size=2>(each, a
&#147;Fund,&#148; and collectively, the &#147;Funds&#148;)</FONT></P>
<P align=center><FONT face=sans-serif size=2>Dated September 25, 2009</FONT></P>
<P align=center><B><FONT face=serif size=2>Important notice regarding the
availability of proxy materials for the shareholder<BR>meeting to be held on
November 12, 2009: this proxy statement is available
at<BR>www.delawareinvestments.com/proxy.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
joint proxy statement (the &#147;Proxy Statement&#148;) solicits proxies to be voted at a
joint special meeting of shareholders (the &#147;Meeting&#148;) of each of the Funds,
along with registered open-end management investment companies within the
Delaware Investments<SUP>&reg; </SUP></FONT><FONT face=serif size=2>Family of Funds,
each of which is issuing proxy solicitation materials. The Meeting was called by
the Board of Trustees or Directors of each Fund (each Board is hereafter
referred to as a &#147;Board&#148; or a &#147;Board of Directors&#148; and Board members are
referred to as &#147;Directors&#148;) to vote to approve a new investment advisory
agreement for each Fund, as is described more fully below.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
principal offices of the Funds are located at 2005 Market Street, Philadelphia,
Pennsylvania 19103. You can reach the offices of the Funds by telephone by
calling 800 523-1918. Each of the Funds is a diversified closed-end management
investment company registered under the Investment Company Act of 1940, as
amended (the &#147;1940 Act&#148;). Delaware Investments Dividend and Income Fund, Inc.
and Delaware Investments Global Dividend and Income Fund, Inc. are organized as
Maryland corporations; Delaware Investments Arizona Municipal Income Fund, Inc.,
Delaware Investments Colorado Municipal Income Fund, Inc., and Delaware
Investments Minnesota Municipal Income Fund II, Inc. are organized as Minnesota
corporations; Delaware Enhanced Global Dividend and Income Fund is organized as
a Delaware statutory trust; and Delaware Investments National Municipal Income
Fund is organized as a Massachusetts business trust.</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
Meeting will be held at the offices of Stradley Ronon Stevens &amp; Young, LLP,
2005 Market Street, 21st Floor, Philadelphia, Pennsylvania 19103 on November 12,
2009 at 3:00 p.m., Eastern time. Only Fund shareholders will be admitted to the
Meeting. The Boards, on behalf of each Fund, are soliciting these proxies. This
Proxy Statement is first being sent to shareholders on or about September 30,
2009.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
Proxy Statement gives you information about the new investment advisory
agreements, and other matters that you should know before voting. The Boards
have determined that the joint use of this Proxy Statement for the Meeting is in
the best interests of each Fund and its shareholders in light of the similar
matters being considered and voted on by the shareholders of all of the Funds.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each
Fund&#146;s annual report to shareholders is sent to shareholders of record following
the Fund&#146;s fiscal year end. Each Fund will furnish, without charge, a copy of
its most recent annual report and most recent succeeding semiannual report, if
any, to a shareholder upon request. Such requests should be directed to a Fund
by calling 800 523-1918 or by writing to the Fund at 2005 Market Street,
Philadelphia, Pennsylvania 19103. Each Fund&#146;s most recent annual report and most
recent succeeding semiannual report, if any, are also available free of charge
through the Funds&#146; Web site at www.delawareinvestments.com.</FONT></P>
<P align=center><FONT face=serif size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=sans-serif size=2>THE PROPOSAL: TO APPROVE A NEW
INVESTMENT ADVISORY AGREEMENT FOR EACH FUND</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In the
proposal, you are being asked to approve a new investment advisory agreement
between your Fund and Delaware Management Company (&#147;DMC&#148;) (each, a &#147;New
Investment Advisory Agreement&#148;). DMC currently serves as investment adviser for
each Fund, but, for the reasons discussed below, a New Investment Advisory
Agreement will be required if the Transaction (as defined below) is completed.
For a general description of the proposed New Investment Advisory Agreements and
a comparison of the proposed New Investment Advisory Agreements and the
investment advisory agreements currently in effect for each Fund (each, a
&#147;Current Investment Advisory Agreement&#148;), see &#147;The New Investment Advisory
Agreements&#148; below. The form of the New Investment Advisory Agreement is
presented in Appendix A. The date of each Fund&#146;s Current Investment Advisory
Agreement and the date on which it was last approved by shareholders are
provided in Appendix B. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Boards are proposing the approval of the New Investment Advisory Agreements
because the Current Investment Advisory Agreements will terminate upon
completion of the Transaction. As required by the 1940 Act, each Current
Investment Advisory Agreement terminates automatically upon its &#147;assignment.&#148;
Under the 1940 Act, a change in control of an investment adviser constitutes an
&#147;assignment.&#148; The consummation of the Transaction will result in a change of
control of DMC, and thus, the assignment and automatic termination of the
Current Investment Advisory Agreements. Shareholders of each Fund are therefore
being asked to approve a New Investment Advisory Agreement for their Fund. Each
New Investment Advisory Agreement would become effective only if approved by the
shareholders of the applicable Fund and if the Transaction is completed.
Although the closing of the Transaction (the &#147;Closing&#148;) is currently expected to
take place on or about December 31, 2009, if the Transaction is not completed or
the Transaction Agreement (as defined below) is terminated, the New Investment
Advisory Agreements will not go into effect and the Current Investment Advisory
Agreements will continue in effect. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Description of the Transaction
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Lincoln
National Corporation (&#147;LNC&#148;) and its indirect, wholly owned subsidiary, Lincoln
National Investment Companies, Inc. (&#147;LNIC&#148;), entered into a definitive
agreement (the &#147;Transaction Agreement&#148;), dated as of August 18, 2009, with
Macquarie Bank Limited, whereby LNIC will sell all of the issued and outstanding
capital stock of Delaware Management Holdings, Inc. (&#147;DMHI&#148;) to Macquarie Bank
Limited (or a subsidiary thereof) (the &#147;Transaction&#148;). Certain Fund service
providers </FONT></P>
<P align=center><FONT face=serif size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>are subsidiaries of DMHI and will be
included in the Transaction, including DMC, Delaware Service Company, Inc.
(&#147;DSC&#148;), the fund accounting and financial administration oversight provider for
the Funds. DMHI and its subsidiaries are referred to collectively as &#147;Delaware
Investments.&#148;</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Macquarie Group Limited and its
various subsidiaries (including Macquarie Bank Limited) are referred to
collectively as &#147;Macquarie Group.&#148; The Transaction Agreement requires Macquarie
Bank Limited (or a permitted assignee) to pay LNIC approximately $428 million in
cash at the Closing to acquire DMHI and its subsidiaries, subject to certain
specified closing adjustments at and after the Closing. The Closing is subject
to the satisfaction or waiver of customary closing conditions, including (i)
annualized advisory fees payable to Delaware Investments by all clients that
have consented to the assignment of their investment advisory agreements or
approved a new investment advisory agreement (including the Funds) not being
less than a minimum percentage of annualized advisory fees payable to Delaware
Investments as of April 30, 2009 and (ii) the parties obtaining certain domestic
and international regulatory approvals (including expiration of the required
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended). </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>DMC
manages the assets of each Fund and makes each Fund&#146;s investment decisions,
subject to the supervision of the Board of each Fund. DMC is a series of
Delaware Management Business Trust (&#147;DMBT&#148;), which is an indirect subsidiary of
DMHI. DMC, DMBT, and DMHI are located at 2005 Market Street, Philadelphia,
Pennsylvania 19103. Delaware Investments has been managing mutual funds since
1938. As of June 30, 2009, Delaware Investments managed, in the aggregate, more
than $120 billion in assets in various institutional, separately managed,
investment company, and insurance accounts. DMHI, a Delaware corporation, is a
holding company that, through its subsidiaries and affiliates, provides
investment advisory, asset management, administrative, broker/dealer, and
related products and services. DMHI&#146;s asset management capabilities include the
ability to manage equity, fixed income, and money market securities, which are
offered through vehicles such as mutual funds, closed-end funds, privately
managed accounts, and institutional separate accounts. DMHI is an indirect,
wholly owned subsidiary of, and subject to ultimate majority control of, LNC,
which is a publicly traded corporation. LNC is a diversified organization with
operations in many aspects of the financial services industry, including
insurance and investment management. LNIC is an Indiana corporation and an
indirect, wholly owned subsidiary of LNC. LNIC owns 100% of the issued and
outstanding common stock of DMHI. After the Transaction, DMHI will be an
indirect, wholly owned subsidiary of Macquarie Group Limited. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Macquarie
Group is a global provider of banking, financial, advisory, investment and fund
management services. Macquarie Group Limited, No. 1 Martin Place, Sydney, New
South Wales 2000, Australia, is listed on the Australian Securities</FONT></P>
<P align=center><FONT face=serif size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Exchange (ASX:MQG) and is regulated by
the Australian Prudential Regulation Authority, the Australian banking
regulator, as the owner of Macquarie Bank Limited, an authorized deposit taker.
Founded in 1969, Macquarie Group now operates in more than 70 office locations
in over 26 countries. Macquarie Group employed approximately 12,500 people and
had assets under management of $190 billion as of July 31, 2009. Macquarie Group
has been active in North America for over a decade. Macquarie Group currently
has more than 1,900 professionals in offices in 25 North American locations.
Macquarie Funds Group, the asset management arm of Macquarie Group, is a full
service global fund manager with over 25 years&#146; experience and offers a range of
investments for retail and institutional investors across a variety of asset
classes including fixed income, cash, currencies, equities, commodities,
emerging markets, listed infrastructure and listed real estate as well as
private equity and hedge fund of funds. Macquarie Funds Group employs over 600
staff across 19 locations globally with assets under management of approximately
$67 billion as of July 31, 2009. More information on Macquarie Group&#146;s
operations is available at www.macquarie.com.au and at www.macquarie.com/us.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Australian Banking Regulations require the following disclaimer to be
made: </FONT><B><FONT face=serif size=2>Investments in the Funds are not and
will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008
583 542 and its holding companies including their subsidiaries or related
companies, and are subject to investment risk, including possible delays in
repayment and loss of income and capital invested. No Macquarie Group company
guarantees or will guarantee the performance of any Fund, the repayment of
capital from any Fund, or any particular rate of return. </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Transaction is part of Macquarie Group&#146;s strategy to develop a global asset
management capability through building a highly regarded team of investment
professionals, offering an attractive suite of investment products and gaining
broader access to markets in the United States. Macquarie Group values DMC&#146;s
focus on the advisory segment of the U.S. market, its significant investment
management capabilities, and its experienced management team. The Transaction is
not currently expected to result in a change in the persons responsible for the
day-to-day management of the Funds or in the operation of the Funds. Moreover,
it is currently anticipated that following the Closing, DMHI, DMC, DSC, and the
Funds will continue to operate in substantially the same manner as at present,
and the Delaware Investments brand will remain with the business. Upon
completion of the Transaction, the combined assets under management of Macquarie
Group, including DMHI and its subsidiaries, are expected to be over $300
billion. After the Transaction, DMHI and its subsidiaries (including DMC) will
remain headquartered in Philadelphia. Investment management professionals
serving DMC&#146;s clients are currently not expected to change as a result of the
Transaction. Clients of DMC may be offered opportunities to invest in new
products with access to Macquarie</FONT></P>
<P align=center><FONT face=serif size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Group&#146;s investment strategies, notably
in real assets, global fixed income securities, and alternative investments.
Macquarie Group clients across its global network may be offered investment
products involving Delaware Investments&#146; investment strategies in structures
designed specifically for them. Macquarie Group also currently anticipates
providing additional funding to support the growth of DMC and its affiliates,
for example through potential investment in operations and distribution and a
commitment to expanding its multi-boutique approach.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
anticipation of the Transaction, the Boards have had a number of telephonic and
in-person meetings and met both formally and in informational sessions between
April 16, 2009 and September 3, 2009, for purposes of, among other things,
considering whether it would be in the best interests of each Fund and its
shareholders to approve a New Investment Advisory Agreement. The 1940 Act
requires that each Fund&#146;s New Investment Advisory Agreement be approved by the
Fund&#146;s shareholders in order to become effective. At the in-person meeting held
on September 3, 2009, for the reasons discussed below under &#147;Board
considerations in approving the New Investment Advisory Agreements,&#148; the Boards,
including a majority of the Directors on each Board who are not &#147;interested
persons&#148; of the applicable Fund, as that term is defined in the 1940 Act
(&#147;Independent Directors&#148;), approved the New Investment Advisory Agreements as
being in the best interests of the Funds and their shareholders and recommended
their approval by shareholders. In the event shareholders of a Fund do not
approve a New Investment Advisory Agreement, the Fund&#146;s Board will take such
action as it deems to be in the best interests of the Fund and its shareholders,
including entering into a temporary, interim advisory agreement with DMC
pursuant to Rule 15a-4 of the 1940 Act pending further solicitation of
shareholder approval.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Section 15(f) of the 1940
Act</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Boards have been advised that the parties intend to rely on Section 15(f) of the
1940 Act, which provides a non-exclusive safe harbor whereby an owner (such as
LNC and LNIC) of an investment adviser (such as DMC) to an investment company
(such as a Fund) may receive payment or benefit in connection with the sale of
an interest in the investment adviser if two conditions are satisfied. The first
condition is that during the three-year period following the transaction, at
least 75% of the investment company&#146;s board must not be &#147;interested persons&#148; (as
defined in the 1940 Act) of the investment adviser or its predecessor. Each
Board currently meets this test and is expected to do so after the Transaction
is completed. Second, no &#147;unfair burden&#148; can be imposed on the investment
company as a result of the transaction. An &#147;unfair burden&#148; includes any
arrangement during the two-year period after the transaction where the
investment adviser (or predecessor or successor adviser), or any of its
&#147;interested persons&#148; (as defined in the 1940 Act), receive or is entitled to
receive any compensation, directly or indirectly, (i) from any person</FONT></P>
<P align=center><FONT face=serif size=2>6</FONT></P>
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<P align=justify><FONT face=serif size=2>in connection with the purchase or sale
of securities or other property to, from or on behalf of the investment company
(other than bona fide ordinary compensation as principal underwriter for the
investment company) or (ii) from the investment company or its shareholders
(other than fees for bona fide investment advisory or other services). Macquarie
Bank Limited has agreed as part of the Transaction Agreement that, following the
Closing, to the extent within its control, it will not take or fail to take (and
will not cause its affiliates to take or fail to take) any action, if such
action or failure to take action would have the effect, directly or indirectly,
of causing the requirements of Section 15(f) of the 1940 Act not to be met with
respect to the Transaction. In that regard, from and after the Closing date and
to the extent within its control, Macquarie Bank Limited has agreed to conduct
its business (and to cause each of its affiliates to conduct its business) so as
to assure that the two aforementioned conditions are satisfied. </FONT></P>
<P align=justify><B><FONT face=serif size=2>The New Investment Advisory
Agreements</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Each
Fund&#146;s New Investment Advisory Agreement will be substantially similar to its
Current Investment Advisory Agreement. Appendix A contains the form of the New
Investment Advisory Agreement. The following is a comparison of certain
provisions of the New Investment Advisory Agreements and Current Investment
Advisory Agreements. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Fees. </FONT></I></B><FONT face=serif size=2>There will be no change in
the fee schedule applicable to any Fund under its New Investment Advisory
Agreement. The New Investment Advisory Agreements have been modified, with
regard to the calculation of each Fund&#146;s management fees, to exclude from a
Fund&#146;s average daily net assets the liquidation or other involuntary liquidation
preference of any outstanding senior security which is a stock. This
modification gives the Funds increased flexibility in issuing senior securities
by allowing them to treat advisory fees on assets attributable to any other form
of senior equity security that they may issue in the future in the same way that
assets attributable to preferred shares were previously treated. Additional
approval from a Fund&#146;s Board and/or shareholders would be required before any
such new senior securities are issued. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Investment Advisory Services. </FONT></I></B><FONT face=serif size=2>Each
New Investment Advisory Agreement requires DMC to provide the same services to
the applicable Funds as it does under the Current Investment Advisory Agreement.
Each Fund&#146;s New Investment Advisory Agreement generally provides that, subject
to the direction and control of the Fund&#146;s Board, DMC shall (i) regularly make
decisions as to what securities and other instruments to purchase and sell on
behalf of the Fund; (ii) effect the purchase and sale of those investments in
furtherance of the Fund&#146;s objectives and policies; and (iii) furnish the Board
with information and reports regarding the Fund&#146;s investments as DMC deems
appropriate or as the Board may reasonably request.</FONT></P>
<P align=center><FONT face=serif size=2>7</FONT></P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Subject
to the primary objective of obtaining best execution, DMC may place orders for
the purchase and sale of portfolio securities and other instruments with
broker/dealers that provide statistical, factual, or financial information and
services to a Fund, to DMC, or to other clients of DMC. Both the Current and New
Investment Advisory Agreement for each Fund provide that the services of DMC are
not exclusive to the Funds, and DMC and its affiliates may render services to
others. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The New
Investment Advisory Agreements provide that DMC may, to the extent permitted by
applicable law, appoint at its own expense one or more sub-advisers, including
affiliates of DMC, to perform investment advisory services for the Funds. DMC
may terminate a sub-adviser in its sole discretion at any time to the extent
permitted by applicable law. A similar provision is included in the Current
Investment Advisory Agreements. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Fund Administration Services. </FONT></I></B><FONT face=serif size=2>DMC
and Macquarie Group have advised the Boards that they anticipate and intend that
the nature and level of administrative services provided to the Funds under
their Current Investment Advisory Agreements, in combination with any
administrative services agreements, will not be diminished as a result of the
Transaction or the implementation of the New Investment Advisory Agreements. In
addition, any fees for administrative services, whether payable under a Current
Investment Advisory Agreement or a separate administrative agreement, will not
increase as a direct result of the Transaction or the New Investment Advisory
Agreement. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Payment of Expenses.</FONT></I></B><FONT face=serif size=2> The
provisions contained in each Fund&#146;s New Investment Advisory Agreement addressing
allocation of expenses are substantially similar in all material respects to
those contained in that Fund&#146;s Current Investment Advisory Agreement. Both the
Current and New Investment Advisory Agreements provide that each Fund is
responsible for its own expenses, including costs incurred in the maintenance of
a Fund&#146;s corporate existence; the maintenance of the Fund&#146;s books, records and
procedures; dealing with the Fund&#146;s shareholders; the payment of dividends;
transfer of shares, including issuance, redemption and repurchase of shares;
preparation of share certificates; reports and notices to shareholders; calling
and holding of shareholders&#146; and Board meetings; miscellaneous office expenses;
brokerage commissions; custodian fees; legal and accounting fees; taxes; and
federal and state registration fees. In addition, to avoid uncertainty, certain
other expenses paid by the Funds under the Current Investment Advisory
Agreements are listed expressly as Fund expenses in the New Investment Advisory
Agreements. These expenses include auditing, fund accounting and financial
administration fees, and other costs and expenses approved by the Board. Except
as expressly provided for in the Current and New Investment Advisory Agreements,
DMC is not responsible</FONT></P>
<P align=center><FONT face=serif size=2>8</FONT></P>
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<P align=justify><FONT face=serif size=2>for a Fund&#146;s expenses. The costs of the
Transaction, however, are treated differently. See &#147;Board considerations in
approving the New Investment Advisory Agreements &#150; Comparative
Expenses.&#148;</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Trustees, officers, and employees of
DMC may be Directors and officers of the Funds, but trustees, officers, and
employees of DMC who are Directors, officers and/ or employees of the Funds do
not receive any compensation from the Funds for acting in a dual capacity. DMC
and the Funds may share common facilities, which may include legal and
accounting personnel, with appropriate proration of expenses between the
applicable Fund and DMC. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Limitation on Liability. </FONT></I></B><FONT face=serif size=2>Under the
Current and New Investment Advisory Agreements, in the absence of willful
misfeasance, bad faith, gross negligence, or a reckless disregard of the
performance of its duties as the investment adviser to a Fund, DMC shall not be
liable to a Fund or to any shareholder for any action or omission arising in the
course of, or connected with, rendering its services under the Agreement or for
any losses arising from the purchase, holding or sale of any security, or
otherwise.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Term and Continuance. </FONT></I></B><FONT face=serif size=2>If approved
by shareholders of a Fund, the New Investment Advisory Agreement for the Fund
will continue in effect for an initial period of two years from the date of
implementation, and may be renewed thereafter provided that its renewal is
specifically approved at least annually by both (i) the vote of a majority of
the Fund&#146;s Board or the vote of a 1940 Act Majority (as defined below) of the
outstanding voting securities of the Fund, and (ii) the vote of a majority of
the Independent Directors cast in person at a meeting called for the purpose of
voting on the approval. The Current Investment Advisory Agreements have similar
provisions for their term and continuance. The initial two year period has
elapsed for the Current Investment Advisory Agreements, which were most recently
approved by the applicable Fund&#146;s Board in May 2009.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>A &#147;1940
Act Majority&#148; of the outstanding voting securities of a Fund means the lesser
of: (i) 67% or more of the voting securities of the Fund that are present in
person or by proxy at a meeting if holders of shares representing more than 50%
of the outstanding voting securities of the Fund are present in person or by
proxy or (ii) more than 50% of the outstanding voting securities of the Fund.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Termination. </FONT></I></B><FONT face=serif size=2>Each Fund&#146;s New
Investment Advisory Agreement generally provides that the Agreement may be
terminated at any time, without the payment of any penalty, by the Fund upon
giving DMC 60 days&#146; written notice, provided that the termination is directed or
approved by the vote of a majority of the Fund&#146;s Board or by the vote of a 1940
Act Majority of the Fund&#146;s outstanding voting securities. The New Investment
Advisory Agreements may also be terminated by DMC on</FONT></P>
<P align=center><FONT face=serif size=2>9</FONT></P>
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<PAGE>
<P align=justify><FONT face=serif size=2>60 days&#146; written notice. As required by
the 1940 Act, each New Investment Advisory Agreement will also immediately
terminate in the event of its &#147;assignment&#148; (as defined in the 1940 Act). The
Current Investment Advisory Agreements contain similar termination provisions.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Proxy Voting. </FONT></I></B><FONT face=serif size=2>Each Fund&#146;s New
Investment Advisory Agreement provides explicitly that DMC shall be responsible
for voting proxies of portfolio securities of each Fund and discretion relating
to consent to corporate action and any other rights pertaining to each Fund&#146;s
investment securities, a service currently provided by DMC but not provided for
explicitly in the Current Investment Advisory Agreements. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Amendments. </FONT></I></B><FONT face=serif size=2>Reflecting the
requirements of the 1940 Act, both the Current Investment Advisory Agreements
and the New Investment Advisory Agreements provide that an Agreement may not be
amended without a shareholder vote and a vote of the Independent Directors, but
that it may be amended without shareholder approval if the amendment relates
solely to a change for which applicable laws and regulations do not require
shareholder approval. The New Investment Advisory Agreements provide that they
may be amended pursuant to a written agreement executed by a Fund and DMC.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Other Changes. </FONT></I></B><FONT face=serif size=2>Each Fund&#146;s New
Investment Advisory Agreement conforms the Fund&#146;s Current Investment Advisory
Agreement to currently applicable laws and regulations and includes a number of
minor wording changes that clarify non-material ambiguities in the Current
Investment Advisory Agreement.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Additional Information. </FONT></I></B><FONT face=serif size=2>A
discussion of the basis for a Board&#146;s approval of each Fund&#146;s Current Investment
Advisory Agreement is available, or will be made available, in the Fund&#146;s most
recent or next-published annual or semiannual report to shareholders. Appendix B
provides information on the Current Investment Advisory Agreements, including
the dates of the Current Investment Advisory Agreements, the dates of last
shareholder approval, and the reason for the most recent submission to
shareholders. Exhibit A to Appendix A discloses the rate of compensation of DMC
under both the Current Investment Advisory Agreements and the New Investment
Advisory Agreements. Appendix C describes for each Fund the aggregate amount of
DMC&#146;s fees and the amount and purpose of any other material payments to DMC
(including any affiliated person of DMC) for services provided to each Fund
during the last fiscal year of the Fund. These services will continue to be
provided if the New Investment Advisory Agreements are approved. For other
registered funds advised by DMC that have investment objectives similar to those
of the Funds, Appendix D sets forth the fund&#146;s name, the fund&#146;s net assets as of
July 31, 2009, the rate of DMC&#146;s compensation, and whether DMC has waived,
reduced, or otherwise agreed to reduce its compensation under the applicable
contract.</FONT></P>
<P align=center><FONT face=serif size=2>10</FONT></P>
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<P align=justify><B><FONT face=serif size=2>Additional information about
DMC</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Appendix
E provides the name, address and principal occupation of each executive officer
and each trustee of DMC, and each individual who is an officer or Director of
the Funds and who is also an officer, employee or shareholder of DMC. Mr. Coyne,
a Director and executive officer of the Funds, and certain other executive
officers of the Funds, may be deemed to have a substantial interest in the
proposal arising from equity interests (the &#147;Equity Interests&#148;) they hold in
Delaware Investments U.S., Inc. (&#147;DIUS&#148;), a subsidiary of DMHI and indirect
parent of DMC. These persons may indirectly receive a portion of the purchase
consideration for the Transaction as a result of the accelerated vesting of the
Equity Interests caused by the Transaction. Based on the purchase consideration
described above and other valuations, the approximate Equity Interests as a
percentage of issued and outstanding equity of DIUS held by these persons as of
August 18, 2009 are as follows: Patrick P. Coyne 0.32%; Michael J. Hogan 0.25%;
See Yeng Quek 0.29%; David P. O&#146;Connor 0.17%; and Richard Salus 0.01%. See
Appendix E for a list of the executive officer positions with the Funds of each
of the above named individuals. Generally, the Equity Interests will be fully
vested and may be put back to DIUS or called by DIUS not later than thirteen
months following the Closing. The holders of the Equity Interests will only
obtain a portion of the purchase consideration if they put their vested Equity
Interests back to DIUS or their Equity Interests are called by DIUS, and the
dollar value of the Equity Interests will be ascertained at the time of the put
or call, as the case may be. Certain other officers of DMC who are also officers
of the Funds own or hold vested or unvested stock or options on stock of
LNC.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Board considerations in approving
the New Investment Advisory Agreements</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At an
in-person meeting held on September 3, 2009, the Boards, including the
Independent Directors, discussed and unanimously approved the New Investment
Advisory Agreement between each Fund and DMC. Concluding that approval of the
New Investment Advisory Agreement would be in the best interests of each Fund
and its shareholders, the Boards also directed that each New Investment Advisory
Agreement be submitted to the applicable Fund shareholders for approval, and
recommended that shareholders vote </FONT><B><FONT face=serif size=2>&#147;FOR&#148;</FONT></B><FONT face=serif size=2> approval of each New Investment
Advisory Agreement. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Prior to
their consideration of the New Investment Advisory Agreements, pursuant to
letters from their independent legal counsel addressed to Macquarie Group and
DMC, the Independent Directors requested extensive materials about the
Transaction and matters related to the proposed approvals. To assist the Boards
in considering the New Investment Advisory Agreements, Macquarie Group provided
materials and information about Macquarie Group, including detailed</FONT></P>
<P align=center><FONT face=serif size=2>11</FONT></P>
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<PAGE>
<P align=justify><FONT face=serif size=2>written responses to the questions
posed to it by the Independent Directors. DMC also provided materials and
information about the Transaction, including detailed written responses to the
questions posed to it by the Independent Directors. The Boards requested and
received certain information regarding the policies of DMC with respect to
advisory fee levels and DMC&#146;s philosophy with respect to breakpoints; the
structure of portfolio manager compensation; DMC&#146;s profitability; as well as any
constraints or limitations on the availability of securities in certain
investment styles that might inhibit DMC&#146;s ability to invest fully in accordance
with Fund policies. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Coordinating Director and the Chair of each committee of the Boards, together
with their independent legal counsel and Fund counsel, met with representatives
of DMC and Macquarie Group to discuss the Transaction in very preliminary terms.
Thereafter, the Independent Directors, together with their independent legal
counsel and Fund counsel, participated in a combination of four separate
in-person meetings and telephone conference calls with representatives of DMC
and Macquarie Group. In addition, management of DMC and certain Independent
Directors met in person or by telephone on several other occasions during the
months preceding the Boards&#146; in-person meeting on September 3, 2009. At these
meetings and on these telephone calls, the Transaction and future plans for DMC
and the Funds were discussed at length. Finally, the Independent Directors
consulted with their independent legal counsel in executive sessions on numerous
occasions during the time period covered by the negotiation of the Transaction
and discussed, among other things, the legal standards applicable to their
review of the New Investment Advisory Agreements and certain other contracts and
considerations relevant to their deliberations on whether to approve the New
Investment Advisory Agreements. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At the
in-person meetings and telephonic conference calls, the Directors discussed the
Transaction with DMC management and with key Macquarie Group representatives.
The meetings included discussions of the strategic rationale for the Transaction
as discussed above under &#147;Description of the Transaction,&#148; and Macquarie Group&#146;s
general plans and intentions regarding the Funds and DMC. On these occasions,
representatives of DMC and Macquarie Group made presentations to, and responded
to questions from, the Directors. The Board members also inquired about the
plans for, and anticipated roles and responsibilities of, key employees and
officers of DMHI and DMC in connection with the Transaction. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
connection with the Directors&#146; review of the New Investment Advisory Agreements,
DMC and/or Macquarie Group emphasized that:</FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>They expected that there will be no adverse
  changes as a result of the Transaction in the nature, quality, or extent of
  services currently provided to the Funds and their shareholders, including
  investment management, distribution, or other shareholder
services;</FONT></LI></UL>
<P align=center><FONT face=serif size=2>12</FONT></P>
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<PAGE>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>No material changes in personnel or operations are
  currently contemplated in the operation of DMC under Macquarie Group as a
  result of the Transaction and no material changes are currently contemplated
  in connection with third party service providers to the Funds;
  and<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>Under the Transaction Agreement, Macquarie Bank
  Limited has agreed to conduct, and to cause its affiliates to conduct, their
  respective businesses in compliance with the conditions of Section 15(f) of
  the 1940 Act with respect to the Funds to the extent within its control,
  including maintaining Board composition of at least 75% of the Board members
  qualifying as Independent Directors and not imposing any &#147;unfair burden&#148; on
  the Funds for at least two years from the Closing.</FONT></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In
addition to the information provided by DMC and Macquarie Group as described
above, the Directors also considered all other factors they believed to be
relevant to evaluating the New Investment Advisory Agreements, including the
specific matters discussed below. In their deliberations, the Directors did not
identify any particular information that was controlling, and different
Directors may have attributed different weights to the various factors. However,
for each Fund, the Directors determined that the overall arrangements between
the Fund and DMC, as provided in its respective New Investment Advisory
Agreement, including the proposed advisory fees and the related administration
arrangements between the Fund and DMC, were fair and reasonable in light of the
services to be performed, expenses incurred and such other matters as the
Directors considered relevant. Factors evaluated included:</FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>The reputation, financial strength, and resources
  of Macquarie Group as well as its historic and ongoing commitment to the asset
  management business in Australia and other parts of the
  world;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>The terms and conditions of the New Investment
  Advisory Agreements, including that each Fund&#146;s contractual fee rate under the
  New Investment Advisory Agreements will remain the same (see &#147;The New
  Investment Advisory Agreements&#148; above);<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>The Boards&#146; full annual review of the Current
  Investment Advisory Agreements at their in-person meeting in May 2009 as
  required by the 1940 Act and their determination at that time that (i) DMC had
  the capabilities, resources, and personnel necessary to provide the
  satisfactory advisory and administrative services currently provided to each
  Fund and (ii) the advisory and/or management fees paid by each Fund
  represented reasonable compensation to DMC in light of the services provided,
  the</FONT></LI></UL>
<P align=center><FONT face=sans-serif size=2>13</FONT></P>
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<P style="PADDING-LEFT: 30pt" align=justify><FONT face=serif size=2>costs to DMC
of providing those services, economies of scale, and the fees and other expenses
paid by similar funds and such other matters that the Boards considered relevant
in the exercise of their reasonable judgment;</FONT></P>
<UL style="TEXT-ALIGN: justify">
  <LI><FONT face=serif size=2>The portfolio management teams for the Funds are
  not currently expected to change as a result of the
  Transaction;<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>LNIC&#146;s and Macquarie Bank Limited&#146;s execution of
  an agreement with the Funds (the &#147;Expense Agreement&#148;) pursuant to which LNIC
  and Macquarie Bank Limited have agreed to pay (or reimburse) all reasonable
  out-of-pocket costs and expenses of the Funds in connection with the Boards&#146;
  consideration of the Transaction, the New Investment Advisory Agreements and
  related agreements, and all costs related to proxy solicitation (subject to
  certain limited exceptions);<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>The likelihood that Macquarie Group would invest
  additional amounts in Delaware Investments, including DMC, which could result
  in increased assets under management, which would in turn allow some Funds the
  potential opportunity to achieve economies of scale and lower fees payable by
  Fund shareholders; and<BR>&nbsp;</FONT>
  <LI><FONT face=serif size=2>The compliance and regulatory history of Macquarie
  Group and its affiliates.</FONT></LI></UL>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Certain of these considerations are
discussed in more detail below.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In making
their decision relating to the approval of each Fund&#146;s New Investment Advisory
Agreement, the Independent Directors gave attention to all information
furnished. The following discussion, however, identifies the primary factors
taken into account by the Directors and the conclusions reached in approving the
New Investment Advisory Agreements.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Nature, Extent, and Quality of Service. </FONT></I></B><FONT face=serif size=2>The Directors considered the services historically provided by DMC to the
Funds and their shareholders. In reviewing the nature, extent, and quality of
services, the Boards considered that the New Investment Advisory Agreements will
be substantially similar to the Current Investment Advisory Agreements (as
discussed above under &#147;The New Investment Advisory Agreements&#148;), and they
therefore, considered the many reports furnished to them throughout 2008 and
2009 at regular Board meetings covering matters such as the relative performance
of the Funds; the compliance of portfolio managers with the investment policies,
strategies, and restrictions for the Funds; the compliance of management
personnel with the Code of Ethics adopted throughout the Delaware
Investments<SUP>&reg; </SUP></FONT><FONT face=serif size=2>Family of Funds; and the
adherence to fair value pricing procedures as established by the Boards. The
Directors were pleased with the current staffing of DMC and the emphasis
placed</FONT></P>
<P align=center><FONT face=serif size=2>14</FONT></P>
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<PAGE>
<P align=justify><FONT face=serif size=2>on research and risk management in the
investment process. Favorable consideration was given to DMC&#146;s efforts to
maintain expenditures and, in some instances, increase financial and human
resources committed to Fund matters. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Boards were assured that shareholders would continue to receive the benefits
provided to Fund shareholders by being part of the Delaware
Investments<SUP>&reg;</SUP> Family of Funds. Based on the information provided by
DMC and Macquarie Group, including that Macquarie Group and DMC currently
expected no material changes as a result of the Transaction in (i) personnel or
operations of DMC or (ii) third party service providers to the Funds, the Boards
concluded that the satisfactory nature, extent, and quality of services
currently provided to the Funds and their shareholders were very likely to
continue under the New Investment Advisory Agreements. The Boards concluded that
it was very unlikely that any &#147;unfair burden&#148; would be imposed on any of the
Funds for the first two years following the Closing as a result of the
Transaction. Consequently, the Boards concluded that they did not expect the
Transaction to result in any adverse changes in the nature, quality, or extent
of services (including investment management and other shareholder services)
currently provided to the Funds and their shareholders.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Investment Performance. </FONT></I></B><FONT face=serif size=2>The Boards
considered the overall investment performance of DMC and the Funds. The
Directors placed significant emphasis on the investment performance of the Funds
in view of its importance to shareholders. Although the Directors gave
appropriate consideration to performance reports and discussions with portfolio
managers at Board meetings throughout the year, the Directors gave particular
weight to their review of investment performance in connection with the approval
of the Current Investment Advisory Agreements at the Board meeting held in May
2009. At that meeting, the Directors reviewed reports for each Fund prepared by
Lipper, Inc., an independent statistical compilation organization (&#147;Lipper&#148;),
which showed the Fund&#146;s investment performance as of December 31, 2008 in
comparison to a group of funds selected by Lipper as being similar to the Fund
(the &#147;Performance Universe&#148;). A fund with the best performance ranked first, and
a fund with the poorest performance ranked last. The highest/best performing 25%
of funds in the Performance Universe made up the first quartile; the next 25%
made up the second quartile; the next 25% made up the third quartile; and the
poorest/worst performing 25% of funds in the Performance Universe made up the
fourth quartile. Annualized investment performance for each Fund was shown for
the past 1-, 3-, 5-, and 10-year periods, to the extent applicable, compared to
that of the Performance Universe. The Boards&#146; objective was that each Fund&#146;s
performance for the periods considered be at or above the median of its
Performance Universe. During the May 2009 review process, the Directors observed
the significant improvements to relative investment performance of the funds in
the Delaware Investments Family of Funds as compared to the funds&#146; performance
as of December 31, 2007.</FONT></P>
<P align=center><FONT face=serif size=2>15</FONT></P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At their
meeting on September 3, 2009, the Directors, including the Independent Directors
in consultation with their independent counsel, updated their examination of the
investment performance of each fund in the Delaware Investments<SUP>&reg;</SUP>
Family of Funds. The Directors compared the performance of each fund in the
Delaware Investments Family of Funds to that of its respective Performance
Universe for the 1-, 3-, 5-, and 10-year periods ended June 30, 2009 and
compared its relative investment performance against the corresponding relative
investment performance of each fund in the Delaware Investments Family of Funds
for such time periods ended December 31, 2008, to the extent applicable. As of
June 30, 2009, 30 of the funds in the Delaware Investments Family of Funds had
investment performance relative to that of the respective Performance Universe
that was better than the corresponding relative investment performance at
December 31, 2008 for all applicable time periods. At June 30, 2009, an
additional six funds in the Delaware Investments Family of Funds had investment
performance relative to that of their respective Performance Universe that was
better than the corresponding relative investment performance at December 31,
2008 for a majority of the applicable time periods. At June 30, 2009, 15
additional funds in the Delaware Investments Family of Funds had investment
performance relative to that of their respective Performance Universe that was
better than the corresponding relative investment performance at December 31,
2008 for an equal number of the applicable time periods, and only 29 funds in
the Delaware Investments Family of Funds had poorer relative investment
performance at June 30, 2009 compared to that at December 31, 2008. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Boards therefore concluded that the investment performance of the funds in the
Delaware Investments Family of Funds on an aggregate basis had continued to
improve relative to their respective Performance Universe since the data
reviewed at the May 2009 meeting. Based on information provided by DMC and
Macquarie Group, the Boards concluded that neither the Transaction nor the New
Investment Advisory Agreements would likely have an adverse effect on the
investment performance of any Fund because (i) DMC and Macquarie Group did not
currently expect the Transaction to cause any material change to the Funds&#146;
portfolio management teams responsible for investment performance, which the
Boards found to be satisfactory and improving, (ii) as discussed in more detail
below, the Funds&#146; expenses were not expected to increase as a result of the
Transaction, (iii) the Directors thought it was extremely unlikely that the
Funds would bear any Transaction-related expenses, and (iv) there was not
expected to be any &#147;unfair burden&#148; imposed on the Funds as a result of the
Transaction. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Comparative Expenses. </FONT></I></B><FONT face=serif size=2>The
Directors also evaluated expense comparison data for the Funds previously
considered in May 2009. At that meeting, DMC had provided the Boards with
information on pricing levels and fee structures for the Funds and comparative
funds. The Directors focused on the comparative analysis of the</FONT></P>
<P align=center><FONT face=serif size=2>16</FONT></P>
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<P align=justify><FONT face=serif size=2>effective management fees and total
expense ratios of each Fund versus the effective management fees and expense
ratios of a group of funds selected by Lipper as being similar to each Fund (the
&#147;Expense Group&#148;). In reviewing comparative costs, each Fund&#146;s contractual
management fee and the actual management fee incurred by the Fund were compared
with the contractual management fees (assuming all funds in the Expense Group
were similar in size to the Fund) and actual management fees (as reported by
each fund) of other funds within the Expense Group, taking into account any
applicable breakpoints and fee limitations. Each Fund&#146;s total expenses were also
compared with those of its Expense Group. The Directors also considered fees
paid to Delaware Investments for non-management services. The Directors&#146;
objective was for each Fund&#146;s total expense ratio to be competitive with that of
the funds in the Expense Group. According to the Lipper reports furnished for
the May 2009 meeting, the effective management fees and total expense ratios for
a majority of the funds in the Delaware Investments<SUP>&reg;</SUP> Family of Funds
were below the respective Expense Group median. At the September 3, 2009
meeting, DMC advised the Boards that the more recent comparative expenses for
the Funds remained consistent with the previous review in May 2009, and
consequently the Directors concluded that expenses of the Funds were
satisfactory. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Boards also considered the Expense Agreement in evaluating Fund expenses. The
Expense Agreement provides that LNIC and Macquarie Bank Limited will pay or
reimburse the Funds for all reasonable out-of-pocket costs and expenses in
connection with the Transaction, and the consideration of the New Investment
Advisory Agreements (subject to certain limited exceptions). These obligations
of LNIC and Macquarie Bank Limited apply regardless of whether or not the
Transaction is consummated. As a result, the Funds will bear no costs in
connection with or related to evaluating the Transaction or seeking or obtaining
shareholder approval of the New Investment Advisory Agreements (other than as
described above). </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Based on
information provided by DMC and Macquarie Group, the Boards concluded that
neither the Transaction nor the New Investment Advisory Agreements would likely
have an adverse effect on the Funds&#146; expenses because (i) each Fund&#146;s
contractual fee rates under the New Investment Advisory Agreements would remain
the same, (ii) under the Expense Agreement, the Funds would be reimbursed for
all reasonable out-of-pocket costs and expenses in connection with the
Transaction and the related proxy solicitation (subject to certain limited
exceptions), (iii) consistent with Section 15(f) of the 1940 Act, no &#147;unfair
burden&#148; would be imposed on the Funds for the first two years after the Closing,
and (iv) the expense ratios of certain Funds might decline as a result of the
possible increased investment in Delaware Investments by Macquarie Group, as
discussed below under &#147;Economies of Scale.&#148;</FONT></P>
<P align=center><FONT face=sans-serif size=2>17</FONT></P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Management Profitability. </FONT></I></B><FONT face=serif size=2>At their
meeting on September 3, 2009, the Boards evaluated DMC&#146;s profitability in
connection with the operation of the Funds. The Boards had previously considered
DMC&#146;s profitability in connection with the operation of the Funds at their May
2009 meeting. At that meeting, the Boards reviewed an analysis that addressed
the overall profitability of Delaware Investments&#146; business in providing
management and other services to each of the Funds and the Delaware
Investments<SUP>&reg;</SUP> Family of Funds as a whole. Specific attention was given
to the methodology followed in allocating costs for the purpose of determining
profitability. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>At the
May 2009 meeting, representatives of DMC had stated that the level of profits of
DMC, to a certain extent, reflected operational cost savings and efficiencies
initiated by Delaware Investments (including DMC and its affiliates that provide
services to the Funds). The Boards considered Delaware Investments&#146; efforts to
improve services provided to Fund shareholders and to meet additional regulatory
and compliance requirements resulting from recent industry-wide SEC initiatives.
At that meeting, the Boards found that the management fees charged were
reasonable in light of the services rendered and the level of profitability of
DMC. At the September 3, 2009 meeting, DMC advised the Boards that DMC did not
expect the Transaction to affect materially the profitability of Delaware
Investments compared to the level of profitability considered during the May
2009 review. Moreover, the Directors reviewed </FONT><I><FONT face=serif size=2>pro forma</FONT></I><FONT face=serif size=2> balance sheets of certain
key companies in Delaware Investments as of June 30, 2009 (which were provided
by Macquarie Group and DMC in response to the Directors&#146; requests), and
evaluated the projections of Delaware Investments&#146; capitalization following the
Transaction for purposes of evaluating the financial ability of Delaware
Investments to continue to provide the nature, extent, and quality of services
as it had under the Current Investment Advisory Agreements.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Based on
information provided by DMC and Macquarie Group, the Boards concluded that DMC
and Delaware Investments would be sufficiently capitalized following the
Transaction to continue the same level and quality of services to the Funds
under the New Investment Advisory Agreements as was the case under the Current
Investment Advisory Agreements. The Boards also concluded that Macquarie Group
had sufficient financial strength and resources, as well as an ongoing
commitment to a global asset management business, to continue investing in
Delaware Investments, including DMC to the extent that Macquarie Group
determined it was appropriate. Finally, because services and costs were expected
to be substantially the same (and DMC had represented that, correspondingly,
profitability would be about the same), under the New Investment Advisory
Agreements as under the Current Investment Advisory Agreements, the Directors
concluded that the profitability of Delaware Investments would not result in an
inequitable charge on </FONT></P>
<P align=center><FONT face=sans-serif size=2>18</FONT></P>
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<PAGE>
<P align=justify><FONT face=serif size=2>the Funds or their shareholders.
Accordingly, the Boards concluded that the fees charged under the New Investment
Advisory Agreements would be reasonable in light of the services to be provided
and the expected profitability of DMC.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Economies of Scale. </FONT></I></B><FONT face=serif size=2>The Directors
considered whether economies of scale would be realized by Delaware Investments
as each Fund&#146;s assets increase and the extent to which any economies of scale
would be reflected in the management fees charged. The Directors took into
account DMC&#146;s practice of maintaining the competitive nature of management fees
based on its analysis of fees charged by comparable funds. DMC management
believed, and the Boards agreed, that the Funds were priced with breakpoints and
relatively low management fees to reflect potential economies of scale to Fund
shareholders. The Boards also acknowledged Macquarie Group&#146;s statement that the
Transaction would not by itself immediately provide additional economies of
scale given Macquarie Group&#146;s limited presence in the U.S. mutual fund market.
</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Nonetheless, the Directors concluded that additional economies of scale
could potentially be achieved in the future if DMC were owned by Macquarie Group
as a result of Macquarie Group&#146;s willingness to invest additional amounts in
Delaware Investments if appropriate opportunities arise. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Fall-Out Benefits. </FONT></I></B><FONT face=serif size=2>The Boards
acknowledged that DMC would continue to benefit from soft dollar arrangements
using portfolio brokerage of each Fund that invests in equity securities and
that DMC&#146;s profitability would likely be somewhat lower without the benefit of
practices with respect to allocating Fund portfolio brokerage for brokerage and
research services. The Boards also considered that Macquarie Group and Delaware
Investments may derive reputational, strategic, and other benefits from their
association with the Delaware Investments Family of Funds and evaluated the
extent to which Delaware Investments might derive ancillary benefits from fund
operations, including the potential for procuring additional business as a
result of the prestige and visibility associated with its role as service
provider to the Delaware Investments<SUP>&reg;</SUP> Family of Funds and the
benefits from allocation of fund brokerage to improve trading efficiencies.
However, the Boards concluded that (i) any such benefits under the New
Investment Advisory Agreements would not be dissimilar from those existing under
the Current Investment Advisory Agreements, (ii) such benefits did not impose a
cost or burden on the Funds or their shareholders, and (iii) such benefits would
probably have an indirectly beneficial effect on the Funds and their
shareholders because of the added importance that DMC and Macquarie Group might
attach to the Funds as a result of the fall-out benefits that the Funds
conveyed.</FONT></P>
<P align=center><FONT face=sans-serif size=2>19</FONT></P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>The
Transaction Agreement. </FONT></I></B><FONT face=serif size=2>The Directors
reviewed the Transaction Agreement in advance of the September 3, 2009 meeting.
The Directors considered the terms of the Transaction Agreement, including those
related to Section 15(f) of the 1940 Act and that LNIC and Macquarie Bank
Limited will bear the expenses related to the Funds&#146; proxy solicitations. At the
meeting, the Directors discussed the purchase price to be paid and noted the
conditions to the Closing, including the requirements for obtaining consents to
the change in control from Delaware Investments&#146; advisory clients, such as the
Funds. The Directors believed that Delaware Investments&#146; ability to continue to
manage the general account assets of certain LNC subsidiaries was important
because it allowed Delaware Investments&#146; overhead expenses to be spread over a
larger base of assets under management and thus potentially reduce costs to the
Funds and their shareholders as compared to the costs that might apply if
Delaware Investments did not manage the general account assets. Consequently,
the Directors evaluated the provisions of the Transaction Agreement related to
the management of those assets and concluded that those provisions were
satisfactory and likely to be beneficial to Fund shareholders.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Board Review of Macquarie Group. </FONT></I></B><FONT face=serif size=2>The Directors reviewed detailed information supplied by Macquarie Group
about its operations as well as other information regarding Macquarie Group
provided by independent legal counsel to the Independent Directors. As
previously noted, to consider Delaware Investments&#146; ability to continue to
provide the same level and quality of services to the Funds, the Boards
requested, received and reviewed pro forma balance sheets of certain key
companies in Delaware Investments as of June 30, 2009, which projected Delaware
Investments&#146; capitalization following the Transaction. Based on this review, the
Directors concluded that Delaware Investments would continue to have the
financial ability to maintain the high quality of services required by the
Funds. The Directors noted that there would be a limited transition period
during which some services previously provided by LNC to Delaware Investments
would continue to be provided by LNC after the Closing, and concluded that this
arrangement would help minimize disruption in Delaware Investments&#146; provision of
services to the Funds following the Transaction.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Macquarie
Group described its proposed changes to Delaware Investments&#146; corporate
governance, primarily through the anticipated addition of certain Macquarie
Group officers to DMHI&#146;s board of directors and to Delaware Investments&#146;
distribution and product management affiliates. The Directors considered
favorably Macquarie Group&#146;s statement that it had no current intention to change
the executive, administrative, investment, or support staff of Delaware
Investments in any significant way as a result of the Transaction. Macquarie
Group described the proposed harmonization of the compensation system in use at
Delaware Investments with the compensation plan used by Macquarie Group,
including short-term and </FONT></P>
<P align=center><FONT face=sans-serif size=2>20</FONT></P>
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<PAGE>
<P align=justify><FONT face=serif size=2>long-term incentive compensation and
equity interests for executive officers and investment personnel. Macquarie
Group described its current intention to enhance certain administrative and
operational areas of DMC following the Transaction, including information
technology, product management, and risk management. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Boards considered Macquarie Group&#146;s current intention to leave the Funds&#146; other
service providers in place. The Boards also considered Macquarie Group&#146;s current
strategic plans to increase its asset management activities, one of its core
businesses, particularly in North America, and its statement that its
acquisition of DMC is an important component of this strategic growth and the
establishment of a significant presence in the United States. Based in part on
the information provided by DMC and Macquarie Group, the Boards concluded that
Macquarie Group&#146;s acquisition of Delaware Investments could potentially enhance
the nature, quality, and extent of services provided to the Funds and their
shareholders.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>DMC and
Macquarie Group explained to the Boards that, as a subsidiary of an Australian
authorized deposit-taking institution, Delaware Investments would become subject
to certain Australian regulatory oversight and requirements following the
Transaction, including those related to disclosure, fund holdings, affiliated
transactions, advisory agreements, and expense limitation agreements. DMC and
Macquarie Group also explained to the Boards that certain exemptive relief had
been provided to Macquarie Group by the Australian bank regulator in
anticipation of the Transaction, and the Boards were informed of the nature of
future relief that may be required. Based on the information provided and
representations made by DMC and Macquarie Group, the Boards concluded that the
Australian bank regulatory requirements would not have a material effect on the
operations of DMC or the Funds, including DMC&#146;s ability in its discretion to
provide voluntary expense limitations and reimbursements to the Funds or to
contribute appropriate levels of seed capital to new funds.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Boards noted that DMC has placed brokerage transactions with a broker/ dealer
affiliate of Macquarie Group and received research in connection with those
transactions. In addition, certain other Macquarie Group affiliates participate
as underwriters for securities offerings outside of the United States.
Consequently, the Boards determined to have DMC report to them regularly to
monitor any brokerage transactions with Macquarie Group affiliates for
compliance with the requirements of Section 15(f) and Section 17(e) of the 1940
Act, and to ensure compliance with the Funds&#146; procedures under Rule 10f-3
promulgated under the 1940 Act for offerings in which a Macquarie Group
affiliate is a member of the underwriting syndicate. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Conclusion. </FONT></I></B><FONT face=serif size=2>The Independent
Directors of each Fund deliberated in executive session; the entire Board of
each Fund, including the Independent Directors, then approved each New
Investment Advisory Agreement. The Boards concluded that the </FONT></P>
<P align=center><FONT face=sans-serif size=2>21</FONT></P>
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<PAGE>
<P align=justify><FONT face=serif size=2>advisory fee rate under each New
Investment Advisory Agreement is reasonable in relation to the services provided
and that execution of the New Investment Advisory Agreements is in the best
interests of the shareholders. For each Fund, the Directors noted that they had
concluded in their most recent advisory agreement continuance considerations in
May 2009 that the management fees and total expense ratios were at acceptable
levels in light of the quality of services provided to the Funds and in
comparison to those of the Funds&#146; respective peer groups; that the advisory fee
schedule would not be increased and would stay the same for all of the Funds;
that the total expense ratio had not changed materially since that
determination; and that DMC had represented that the overall expenses for each
Fund were not expected to be adversely affected by the Transaction. On that
basis, the Directors concluded that the total expense ratio and proposed
advisory fee for the Funds anticipated to result from the Transaction was
acceptable. In approving each New Investment Advisory Agreement, each Board
stated that it anticipated reviewing the continuance of the agreement in advance
of the expiration of the initial two-year period.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Required vote</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>To become
effective with respect to a particular Fund, the New Investment Advisory
Agreement for that Fund must be approved by a 1940 Act Majority vote of the
Fund&#146;s outstanding voting securities. The approval of one Fund&#146;s New Investment
Advisory Agreement is not contingent on the approval of any other Fund&#146;s New
Investment Advisory Agreement. Each New Investment Advisory Agreement was
approved separately by the Independent Directors and by the Board of the
applicable Fund as a whole after consideration of all factors that it determined
to be relevant to its deliberations, including those discussed above. The Board
of each Fund also determined to submit each applicable Fund&#146;s New Investment
Advisory Agreement for consideration by the shareholders of the Fund. If the
shareholders of a Fund do not approve the Fund&#146;s New Investment Advisory
Agreement, the Board of that Fund will consider other possible courses of action
for the Fund, including entering into an interim advisory agreement with DMC
pursuant to Rule 15a-4 of the 1940 Act.</FONT></P>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face=sans-serif size=2>FOR THE REASONS DISCUSSED ABOVE, THE BOARD OF<BR>EACH FUND UNANIMOUSLY
RECOMMENDS THAT YOU VOTE FOR<BR></FONT></B><B><FONT face=sans-serif size=2>THE
APPROVAL OF THE NEW INVESTMENT ADVISORY AGREEMENT.</FONT></B></P>
<P align=center><FONT face=sans-serif size=2>22</FONT></P>
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<PAGE>
<P align=center><B><FONT face=sans-serif size=2>VOTING
INFORMATION</FONT></B></P>
<P align=justify><B><FONT face=serif size=2>How will shareholder voting be
handled?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Only
shareholders of record of the Funds at the close of business on September 18,
2009 (the &#147;Record Date&#148;), will be entitled to notice of, and to vote at, the
Meeting on the proposal described in this Proxy Statement. Shareholders will be
entitled to one vote for each full share and a fractional vote for each
fractional share that they hold. If sufficient votes to approve the proposal for
a Fund are not received by the date of the Meeting, the Meeting may be adjourned
for that Fund to permit further solicitations of proxies. 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 (or, for some Funds, an
adjournment may be called by an officer of the Fund, the chairperson of the
Board, or the chairperson of the Meeting). The persons named as proxies on the
enclosed proxy cards will vote their proxies in their discretion on questions of
adjournment and any other items (other than the proposal) that properly come
before the Meeting. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Abstentions and broker non-votes (if any) will be counted for purposes of
determining whether a quorum is present at the Meeting. Abstentions and broker
non-votes (if any) will have the same effect as a vote &#147;against&#148; the proposal.
Because no discretionary proposals are included in this Proxy Statement, the
Funds do not anticipate receiving broker non-votes. </FONT></P>
<P align=justify><B><FONT face=serif size=2>How do I ensure my vote is
accurately recorded?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>You may
attend the Meeting and vote in person. You may also vote by completing, signing,
and returning the enclosed proxy card in the enclosed postage paid envelope, or
by telephone or through the Internet. If you return your signed proxy card or
vote by telephone or through the Internet, your vote will be officially cast at
the Meeting by the persons appointed as proxies. A proxy card is, in essence, a
ballot. If you sign and date the proxy card but give no voting instructions,
your shares will be voted &#147;For&#148; the proposal. Your proxies will also be voted in
the discretion of the persons appointed as proxies on any other matters that may
properly come before the Meeting or any adjournment or postponement of the
Meeting, although management of the Funds does not expect any such matters to
come before the Meeting. If your shares are held of record by a broker/dealer
and you wish to vote in person at the Meeting, you must obtain a legal proxy
from the broker of record and present it at the Meeting.</FONT></P>
<P align=center><FONT face=sans-serif size=2>23</FONT></P>
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<PAGE>
<P align=justify><B><FONT face=serif size=2>May I revoke my
proxy?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>You may
revoke your proxy for a Fund at any time before it is voted by sending a written
notice to the Fund expressly revoking your proxy, by signing and forwarding to
the Fund a later-dated proxy, or by attending the Meeting and voting in person.
If your shares are held in the name of your broker, you will have to make
arrangements with your broker to revoke a previously executed proxy. If you wish
to vote in-person at the Meeting, you must obtain a legal proxy from your broker
of record and present it at the Meeting.</FONT></P>
<P align=justify><B><FONT face=serif size=2>What other matters will be voted
upon at the Meeting?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
Boards do not intend to bring any matters before the Meeting other than as
described in this Proxy Statement. Because the Meeting is a special meeting, the
Boards do not anticipate that any other matters will be brought before the
Meeting by others. However, if any other matter legally comes before the
Meeting, proxies will be voted in the discretion of the persons appointed as
proxies.</FONT></P>
<P align=justify><B><FONT face=serif size=2>Who is entitled to
vote?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Only
shareholders of record on the Record Date will be entitled to vote at the
Meeting on the matters described in this Proxy Statement. The table in Appendix
F shows the number of shares outstanding for each Fund as of July 31,
2009.</FONT></P>
<P align=justify><B><FONT face=serif size=2>What is the Quorum
requirement?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>A
&#147;Quorum&#148; is the minimum number of shares that must be present in order to
conduct the Meeting. A Quorum for a particular Fund means the presence in person
or by proxy of holders of a majority of outstanding shares entitled to vote at
the Meeting. </FONT></P>
<P align=justify><B><FONT face=serif size=2>Who will pay the expenses of the
Meeting?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Under the
Expense Agreement, all reasonable out-of-pocket costs and expenses incurred by
the Funds related to the Meeting, including the costs of preparing proxy
solicitation materials and soliciting proxies in connection with the Meeting,
will be reimbursed by Macquarie Bank Limited and LNIC (subject to certain limited exceptions). The Funds have engaged
Computershare Fund Services, Inc. (&#147;Computershare&#148;) to solicit proxies from
brokers, banks, other institutional holders and individual shareholders at an
anticipated cost of approximately $45,000. Fees and expenses may be greater
depending on the effort necessary to obtain shareholder votes. The agreement
with Computershare provides that Computershare shall be indemnified against
certain liabilities and expenses, including liabilities under the federal
securities laws. </FONT></P>
<P align=center><FONT face=sans-serif size=2>24</FONT></P>
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<PAGE>
<P align=justify><B><FONT face=serif size=2>What other solicitations will be
made?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>This
proxy solicitation is being made by the Boards for use at the Meeting. In
addition to solicitations 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. Reasonable out-of-pocket expenses of
broker/dealer firms, custodians, nominees, and fiduciaries for their reasonable
expenses incurred in connection with the proxy solicitation will be shared
equally by LNIC and Macquarie Bank Limited as provided above. In addition to
solicitations by mail, officers and employees of the Funds, DMC, and their
affiliates may, without extra pay, conduct additional solicitations by
telephone, telecopy, and personal interviews. The Funds expect that any
solicitations will be primarily by mail, but also may include telephone,
telecopy, or oral solicitations.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As the
Meeting date approaches, you may receive a telephone call from a representative
of Computershare if your votes have not yet been received. Proxies that are
obtained telephonically will be recorded in accordance with the procedures
described below. These procedures are designed to ensure that both the identity
of the shareholder casting the vote and the voting instructions of the
shareholder are accurately determined.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In all
cases where a telephonic proxy is solicited, the Computershare representative is
required to ask for each shareholder&#146;s full name and address, and to confirm
that the shareholder has received the proxy materials in the mail. If the
shareholder is a corporation or other entity, the Computershare representative
is required to ask for the person&#146;s title and confirmation that the person is
authorized to direct the voting of the shares. If the information elicited
matches the information previously provided to Computershare, then the
Computershare representative has the responsibility to explain the voting
process, read the proposal listed on the proxy card and ask for the
shareholder&#146;s instructions on the proposal. Although the Computershare
representative is permitted to answer questions about the process, he or she is
not permitted to recommend to the shareholder how to vote, other than to read
any recommendation set forth in this Proxy Statement. Computershare will record
the shareholder&#146;s instructions on the card. Within 72 hours, the shareholder
will be sent a letter or mailgram to confirm his or her vote and asking the
shareholder to call Computershare immediately if his or her instructions are not
correctly reflected in the confirmation.</FONT></P>
<P align=center><FONT face=sans-serif size=2>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><FONT face=serif size=2>Why did my household receive only
one copy of this Proxy Statement?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Unless
you have instructed the Funds not to do so, only one copy of this Proxy
Statement will be mailed to multiple Fund shareholders sharing an address
</FONT><FONT face=serif size=2>(a &#147;Household&#148;), even if more than one
shareholder in a Household is a Fund shareholder of record. If you need
additional copies of this Proxy Statement, please contact your participating
broker/dealer firm or other financial intermediary. If you do not want the
mailing of proxy solicitation materials to be combined with those of other
members of your Household in the future, or if you are receiving multiple copies
and would rather receive just one copy for the Household, please contact your
participating broker/dealer firm or other financial intermediary or, if you hold
Fund shares directly with the Funds, you may write to the Funds c/o BNY Mellon
Shareowner Services, 480 Washington Boulevard, Jersey City, New Jersey 07310 or
call toll-free 800 851-9677.</FONT></P>
<P align=left><B><FONT face=serif size=2>How do I submit a shareholder proposal
for inclusion in the Funds&#146; proxy statement for the Funds&#146; next annual
shareholder meeting?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Instructions for the submission of shareholder proposals for the Funds&#146;
2010 annual meeting of shareholders were included in the Funds&#146; proxy statement
for their 2009 Annual Meeting of Shareholders, which is available on the Web
site of the SEC at www.sec.gov.</FONT></P>
<P align=justify><B><FONT face=serif size=2>How may I communicate with the
Boards?</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Shareholders who wish to communicate with the Boards may address
correspondence to Ann R. Leven, Coordinating Director for the Funds, c/o the
applicable Fund at 2005 Market Street, Philadelphia, Pennsylvania 19103.
Shareholders may also send correspondence to the Coordinating Director, or any
individual Director, c/o the applicable 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=center><B><FONT face=sans-serif size=2>MORE INFORMATION ABOUT THE
FUNDS</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Fund Accountants. </FONT></I></B><FONT face=serif size=2>The Bank of New
York Mellon (&#147;BNY Mellon&#148;), One Wall Street, New York, New York 10286-0001,
provides fund accounting and financial administration services to each Fund.
Those services include providing financial reporting information, regulatory
compliance testing, and other related accounting services. For these services,
the Funds pay BNY Mellon an asset-based fee, subject to certain fee minimums
plus certain out-of-pocket expenses and transactional charges. </FONT></P>
<P align=center><FONT face=sans-serif size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>DSC
provides fund accounting and financial administration oversight services to the
Funds. Those services include overseeing the Funds&#146; pricing process, the
calculation and payment of fund expenses, and financial reporting in shareholder
reports, registration statements and other regulatory filings. DSC also manages
the process for the payment of dividends and distributions and the dissemination
of Fund performance data. For these services, the Funds pay DSC fees based on
the aggregate daily net assets of the funds in the Delaware
Investments<SUP>&reg;</SUP> Family of Funds. The fees payable to BNY Mellon and DSC
for the services described above are allocated among all funds in the Delaware
Investments Family of Funds on a relative net asset value basis.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I><FONT face=serif size=2>Registrar and Stock Transfer Agent. </FONT></I></B><FONT face=serif size=2>BNY Mellon Shareowner Services, 480 Washington Boulevard, Jersey City,
New Jersey 07310, serves as registrar and stock transfer agent 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 (&#147;E&amp;Y&#148;) serves as the Funds&#146; independent registered public
accounting firm. Representatives of E&amp;Y are not expected to be present at
the Meeting, but will be available telephonically if necessary.</FONT></P>
<P align=center><B><FONT face=sans-serif size=2>PRINCIPAL HOLDERS OF
SHARES</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>As of
July 31, 2009, the officers and Directors of the Funds, as a group, owned less
than 1% of the outstanding voting shares of each of the Funds. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>To the
best knowledge of the Funds, as of July 31, 2009, no person, except as set forth
in Appendix G, owned of record 5% or more of the outstanding shares of any Fund.
Except as noted in Appendix G, the Funds have no knowledge of beneficial
ownership of 5% or more of the outstanding shares of any Fund.</FONT></P>
<P align=center><FONT face=sans-serif size=2>27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=sans-serif size=2>APPENDICES TO<BR>PROXY
STATEMENT</FONT></B></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>APPENDIX A &#151; FORM OF NEW INVESTMENT ADVISORY AGREEMENT</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>A-1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="98%"><FONT face=serif size=2>APPENDIX B &#151; CURRENT
      INVESTMENT ADVISORY AGREEMENTS: DATES OF APPROVAL</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>B-1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>APPENDIX C &#151; FEES PAID TO DMC AND AFFILIATES</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>C-1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="98%"><FONT face=serif size=2>APPENDIX D &#151; OTHER
      FUNDS ADVISED BY DMC</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>D-1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>APPENDIX E &#151; DIRECTORS AND OFFICERS OF DMC</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>E-1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="98%"><FONT face=serif size=2>APPENDIX F &#151; NUMBER OF
      SHARES OF EACH FUND OUTSTANDING AS OF JULY 31, 2009</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>F-1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="98%" bgColor=#c0c0c0><FONT face=serif size=2>APPENDIX G &#151; 5% SHARE OWNERSHIP</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>G-1</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>APPENDIX A &#151; FORM OF NEW INVESTMENT
ADVISORY AGREEMENT </FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>AGREEMENT, made by and between </FONT><B><FONT face=serif size=2>[NAME OF
INVESTMENT COMPANY]</FONT></B><FONT face=serif size=2>, a [Delaware statutory
trust] [Maryland corporation] [Minnesota corporation] Massachusetts business
trust] (the &#147;Company&#148;), and </FONT><B><FONT face=serif size=2>DELAWARE
MANAGEMENT COMPANY</FONT></B><FONT face=serif size=2>, a series of Delaware
Management Business Trust, a Delaware statutory trust (the &#147;Investment
Manager&#148;).</FONT></P>
<P align=center><B><FONT face=serif size=2>W I T N E S S E T H:</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>WHEREAS,
the Company has been organized and operates as an investment company registered
under the Investment Company Act of 1940, as amended (the &#147;1940
Act&#148;);</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>WHEREAS, the Company engages in the
business of investing and reinvesting its assets in securities;</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>WHEREAS, the Investment Manager is
registered under the Investment Advisers Act of 1940, as amended (the &#147;Advisers
Act&#148;), as an investment adviser and engages in the business of providing
investment management services; and</FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>WHEREAS, the Company and the
Investment Manager desire to enter into this Agreement so that the Investment
Manager may provide investment management services to the Company.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>NOW,
THEREFORE, in consideration of the mutual covenants herein contained, and each
of the parties hereto intending to be legally bound, it is agreed as
follows:</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1. The
Company hereby employs the Investment Manager to manage the investment and
reinvestment of the Company&#146;s assets and to administer the Company&#146;s affairs,
subject to the direction of the Company&#146;s Board of Trustees/ Directors and
officers for the period and on the terms hereinafter set forth. The Investment
Manager hereby accepts such employment and agrees during such period to render
the services and assume the obligations herein set forth for the compensation
herein provided. The Investment Manager shall for all purposes herein be deemed
to be an independent contractor, and shall, unless otherwise expressly provided
and authorized, have no authority to act for or represent the Company in any
way, or in any way be deemed an agent of the Company. The Investment Manager
shall regularly make decisions as to what securities and other instruments to
purchase and sell on behalf of the Company and shall effect the purchase and
sale of such investments in furtherance of the Company&#146;s investment objectives
and policies and shall furnish the Board of Trustees/Directors of the Company
with such information and reports regarding the Company&#146;s investments as the
Investment Manager deems appropriate or as the Trustees/Directors of the Company
may reasonably request. </FONT></P>
<P align=center><FONT face=sans-serif size=2>A-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>Such decisions and services shall
include exercising discretion regarding any voting rights, rights to consent to
corporate actions and any other rights pertaining to the Company&#146;s investment
securities. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>2. The
Company shall conduct its own business and affairs and shall bear the expenses
and salaries necessary and incidental thereto, including, but not in limitation
of the foregoing, the costs incurred in: the maintenance of its corporate
existence; the maintenance of its own books, records and procedures; dealing
with its own shareholders; the payment of dividends; transfer of shares,
including issuance, redemption and repurchase of shares; preparation of share
certificates; reports and notices to shareholders; calling and holding of
shareholders&#146; and Trustees&#146;/Directors&#146; meetings; miscellaneous office expenses;
brokerage commissions; custodian fees; legal, auditing, fund accounting and
financial administration fees; taxes; federal and state registration fees; and
other costs and expenses approved by the Board of Directors/Trustees. Trustees,
officers and employees of the Investment Manager may be directors, trustees,
officers and employees of any of the investment companies within the Delaware
Investments family of funds (including the Company). Trustees, officers and
employees of the Investment Manager who are directors, trustees, officers and/or
employees of these investment companies shall not receive any compensation from
such companies for acting in such dual capacity.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>In the
conduct of the respective businesses of the parties hereto and in the
performance of this Agreement, the Company and Investment Manager may share
facilities common to each, which may include legal and accounting personnel,
with appropriate proration of expenses between them. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>3. (a)
Subject to the primary objective of obtaining the best execution, the Investment
Manager may place orders for the purchase and sale of portfolio securities and
other instruments with such broker/dealers selected by the Investment Manager
who provide statistical, factual and financial information and services to the
Company, to the Investment Manager, to any sub-adviser (as defined in Paragraph
5 hereof, a &#147;Sub-Adviser&#148;) or to any other fund or account for which the
Investment Manager or any Sub-Adviser provides investment advisory services and/
or with broker/dealers who sell shares of the Company or who sell shares of any
other investment company (or series thereof) for which the Investment Manager or
any Sub-Adviser provides investment advisory services. Broker/dealers who sell
shares of any investment companies or series thereof for which the Investment
Manager or Sub-Adviser provides investment advisory services shall only receive
orders for the purchase or sale of portfolio securities to the extent that the
placing of such orders is in compliance with the rules of the Securities and
Exchange Commission (the &#147;SEC&#148;) and Financial Industry Regulatory Authority,
Inc. (&#147;FINRA&#148;) and does not take into account such broker/dealer&#146;s promotion or
sale of such shares. </FONT></P>
<P align=center><FONT face=sans-serif size=2>A-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>(b)
Notwithstanding the provisions of subparagraph (a) above and subject to such
policies and procedures as may be adopted by the Board of Trustees/Directors and
officers of the Company, the Investment Manager may cause the Company to pay a
member of an exchange, broker or dealer an amount of commission for effecting a
securities transaction in excess of the amount of commission another member of
an exchange, broker or dealer would have charged for effecting that transaction,
in such instances where the Investment Manager has determined in good faith that
such amount of commission was reasonable in relation to the value of the
brokerage and research services provided by such member, broker or dealer,
viewed in terms of either that particular transaction or the Investment
Manager&#146;s overall responsibilities with respect to the Company and to other
investment companies (or series thereof) and other advisory accounts for which
the Investment Manager exercises investment discretion.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>4. As
compensation for the investment services to be rendered to the Company by the
Investment Manager under the provisions of this Agreement, the Company shall pay
monthly to the Investment Manager exclusively from the Company&#146;s assets, a fee
based on the average daily net assets of the Company during the month. Such fee
shall be calculated in accordance with the fee schedule applicable to the
Company as set forth in Exhibit A hereto. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>If this
Agreement is terminated prior to the end of any calendar month, the management
fee for the Company shall be prorated for the portion of any month in which this
Agreement is in effect according to the proportion which the number of calendar
days during which the Agreement is in effect bears to the number of calendar
days in the month, and shall be payable within 10 calendar days after the date
of termination.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>5. The
Investment Manager may, at its expense, select and contract with one or more
investment advisers registered under the Advisers Act (&#147;Sub-Advisers&#148;) to
perform some or all of the services for the Company for which it is responsible
under this Agreement. The Investment Manager will compensate any Sub-Adviser for
its services to the Company. The Investment Manager may terminate the services
of any Sub-Adviser at any time in its sole discretion, and shall at such time
assume the responsibilities of such Sub-Adviser unless and until a successor
Sub-Adviser is selected and the requisite approval of the Company&#146;s
shareholders, if any is required, is obtained. The Investment Manager will
continue to have responsibility for all advisory services furnished by any
Sub-Adviser.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>6. The
services to be rendered by the Investment Manager to the Company under the
provisions of this Agreement are not to be deemed to be exclusive. The
Investment Manager, its trustees, officers, employees, agents and shareholders
may engage in other businesses, may render investment advisory services to other
</FONT></P>
<P align=center><FONT face=sans-serif size=2>A-3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>investment companies, or to any other
corporation, association, firm or individual, and may render underwriting
services to the Company or to any other investment company, corporation,
association, firm or individual, so long as the Investment Manager&#146;s other
activities do not impair its ability to render the services provided for in this
Agreement.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>7. It is
understood and agreed that so long as the Investment Manager and/or its advisory
affiliates shall continue to serve as the investment adviser to the Company,
other investment companies as may be sponsored or advised by the Investment
Manager or its affiliates may have the right permanently to adopt and to use the
words &#147;Delaware,&#148; &#147;Delaware Investments&#148; or &#147;Delaware Group&#148; in their names and
in the names of any series or class of shares of such funds.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>8. In the
absence of willful misfeasance, bad faith, gross negligence, or a reckless
disregard of the performance of its duties as the Investment Manager to the
Company, the Investment Manager shall not be subject to liability to the Company
or to any shareholder of the Company for any action or omission in the course
of, or connected with, rendering services hereunder or for any losses that may
be sustained in the purchase, holding or sale of any security, or
otherwise.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>9. (a)
This Agreement shall be executed and become effective as of the date written
below, only if approved by the vote of a majority of the outstanding voting
securities of the Company. It shall continue in effect for an initial period of
two years and may be renewed thereafter only so long as such renewal and
continuance is specifically approved at least annually by the Board of
Trustees/Directors or by the vote of a majority of the outstanding voting
securities of the Company and only if the terms and the renewal hereof have been
approved by the vote of a majority of the Trustees/Directors of the Company who
are not parties hereto or interested persons of any such party (&#147;Independent
Trustees/Directors&#148;), cast in person at a meeting called for the purpose of
voting on such approval. </FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>(b) This Agreement (and Exhibit A hereto) may be amended without the
approval of a majority of the outstanding voting securities of the Company if
the amendment relates solely to a management fee reduction or other change that
is permitted or not prohibited under the then current federal law, rule,
regulation or SEC staff interpretation thereof to be made without shareholder
approval. This Agreement may be amended from time to time pursuant to a written
agreement executed by the Company and the Investment Manager. </FONT></P>
<P align=justify><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(c) This Agreement may
be terminated by the Company at any time, without the payment of a penalty, on
sixty days&#146; written notice to the Investment Manager of the Company&#146;s intention
to do so, pursuant to action by the Board of Trustees/ Directors of the Company
or pursuant to the vote of a majority of the outstanding </FONT></P>
<P align=center><FONT face=sans-serif size=2>A-4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>voting securities of the Company. The
Investment Manager may terminate this Agreement at any time, without the payment
of a penalty, on sixty days&#146; written notice to the Company of its intention to
do so. Upon termination of this Agreement, the obligations of all the parties
hereunder shall cease and terminate as of the date of such termination, except
for any obligation to respond for a breach of this Agreement committed prior to
such termination, and except for the obligation of the Company to pay to the
Investment Manager the fee provided in Paragraph 4 hereof, prorated to the date
of termination. This Agreement shall automatically terminate in the event of its
assignment.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>10. This
Agreement shall extend to and bind the administrators, successors and permitted
assigns of the parties hereto.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>11. For
the purposes of this Agreement, (i) the terms &#147;vote of a majority of the
outstanding voting securities&#148;; &#147;interested persons&#148;; and &#147;assignment&#148; shall
have the meaning ascribed to them in the 1940 Act; and (ii) references to the
SEC and FINRA shall be deemed to include any successor regulators.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by
their duly authorized officers as of the ______ day of _______,
200__.</FONT></P>
<TABLE style="FONT-SIZE: 12pt; FLOAT: left; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=2><B><FONT face=serif size=2>DELAWARE
      MANAGEMENT COMPANY, </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=2><B><FONT face=serif size=2>a series
      of Delaware Management Business Trust</FONT></B></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2>By</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="98%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2>Name&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="98%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2>Title</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="98%"></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 12pt; FLOAT: right; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=2><B><FONT face=serif size=2>[NAME OF
      INVESTMENT COMPANY]</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2>By</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2>Name&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT size=2>Title</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="99%"></TD></TR></TABLE><BR clear=all><BR>
<P align=center><FONT face=sans-serif size=2>A-5</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=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>THIS
EXHIBIT to the Investment Advisory Agreement between </FONT><B><FONT face=serif size=2>[INVESTMENT COMPANY]</FONT></B><FONT face=serif size=2> (the &#147;Company&#148;)
and </FONT><B><FONT face=serif size=2>DELAWARE MANAGEMENT
COMPANY</FONT></B><FONT face=serif size=2>, a series of Delaware Management
Business Trust (the &#147;Investment Manager&#148;) entered into as of the __ day of
_____, 200_ (the &#147;Agreement&#148;) provides the management fee rate schedule for the
Company and the date on which the Agreement became effective for the
Company.</FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" align=left width="47%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="25%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="25%"><B><FONT face=serif size=2>Management Fee Schedule
      (as</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="25%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="25%"><B><FONT face=serif size=2>a
      percentage of average daily</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="25%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="25%"><B><FONT face=serif size=2>net
      assets)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="47%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><B><FONT face=serif size=2>Effective Date</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><B><FONT face=serif size=2>Annual Rate*</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="47%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Dividend and
      Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>_______, 200__</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>0.55%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="47%"><FONT face=serif size=2>Delaware Enhanced Global Dividend and Income
    Fund</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%"><FONT face=serif size=2>_______, 200__</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%"><FONT face=serif size=2>1.00%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="47%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Global
      Dividend and Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>_______, 200__</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>0.70%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="47%"><FONT face=serif size=2>Delaware Investments Arizona Municipal Income Fund,
      Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%"><FONT face=serif size=2>_______, 200__</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%"><FONT face=serif size=2>0.40%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="47%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado
      Municipal Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>_______, 200__</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>0.40%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="47%"><FONT face=serif size=2>Delaware Investments Minnesota Municipal Income Fund II,
      Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%"><FONT face=serif size=2>_______, 200__</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%"><FONT face=serif size=2>0.40%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="47%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments National
      Municipal Income Fund</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>_______, 200__</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>0.40%</FONT></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face=serif size=2>*</FONT></I></TD>
    <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="100%">
      <P align=justify><I><FONT face=serif size=2>For the purposes of
      calculating the fee, the Company&#146;s average daily net assets shall be
      calculated without regard to (i) the liquidation value or other
      involuntary liquidation preference of any outstanding senior security
      which is a stock (including shares of preferred stock) of the Company (as
      those terms are used in Section 18 of the 1940 Act) and (ii) liabilities
      arising from other senior securities, borrowings or other forms of
      leveraging.</FONT></I></P></TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>A-6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>APPENDIX B &#151; CURRENT INVESTMENT
ADVISORY AGREEMENTS:<BR>DATES OF APPROVAL </FONT></B></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" align=left width="48%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="25%"><B><FONT face=serif size=2>Date of Current</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="25%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="48%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="25%"><B><FONT face=serif size=2>Investment
      Advisory</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="25%"><B><FONT face=serif size=2>Date Last
      Approved</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="48%"><B><FONT face=serif size=2>Fund</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><B><FONT face=serif size=2>Agreement*</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><B><FONT face=serif size=2>by Shareholders</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="48%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Dividend and
      Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>1/1/99</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>12/4/98</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="48%"><FONT face=serif size=2>Delaware Investments Global Dividend and Income Fund,
      Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><FONT face=serif size=2>1/1/99</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><FONT face=serif size=2>12/4/98</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="48%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Enhanced Global Dividend
      and Income Fund</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>6/27/07</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>5/21/07</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="48%"><FONT face=serif size=2>Delaware Investments Arizona Municipal Income Fund,
      Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><FONT face=serif size=2>1/1/99</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><FONT face=serif size=2>12/4/98</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="48%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado
      Municipal Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>1/1/99</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>12/4/98</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="48%"><FONT face=serif size=2>Delaware Investments Minnesota Municipal Income Fund II,
      Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><FONT face=serif size=2>1/1/99</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><FONT face=serif size=2>12/4/98</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="48%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments National
      Municipal Income Fund</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>1/1/99</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%" bgColor=#c0c0c0><FONT face=serif size=2>12/4/98</FONT></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face=serif size=2>*</FONT></I></TD>
    <TD noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left width="100%">
      <P align=justify><I><FONT face=serif size=2>In general, each Current
      Investment Advisory Agreement was last approved by shareholders (or, to
      the extent applicable, the initial shareholder) of the relevant Fund
      either in connection with the initial approval of such agreement or in
      connection with any later amendment requiring such
    approval.</FONT></I></P></TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>B-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>APPENDIX</FONT></B><B><FONT face=serif size=2> C &#151; FEES PAID TO DMC AND </FONT></B><B><FONT face=serif size=2>AFFILIATES</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
</FONT><FONT face=serif size=2>following</FONT><FONT face=serif size=2> table
lists the Funds by </FONT><FONT face=serif size=2>investment</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>category,</FONT><FONT face=serif size=2> and </FONT><FONT face=serif size=2>includes</FONT><FONT face=serif size=2> for the fiscal years </FONT><FONT face=serif size=2>indicated</FONT><FONT face=serif size=2> the </FONT><FONT face=serif size=2>aggregate</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>amount</FONT><FONT face=serif size=2> of DMC&#146;s fee paid by each Fund
</FONT><FONT face=serif size=2>indicated</FONT><FONT face=serif size=2> and the
</FONT><FONT face=serif size=2>amounts</FONT><FONT face=serif size=2> paid by
each Fund to </FONT><FONT face=serif size=2>affiliates</FONT><FONT face=serif size=2> of DMC during the fiscal year and for the </FONT><FONT face=serif size=2>purposes</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>indicated.</FONT><FONT face=serif size=2> All fees are shown net of any
</FONT><FONT face=serif size=2>applicable</FONT><FONT face=serif size=2> waivers
and </FONT><FONT face=serif size=2>reimbursements.</FONT><FONT face=serif size=2> </FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="59%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%"><B><FONT face=serif size=1>&nbsp;
      Fiscal Year&nbsp; </FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%"><B><FONT face=serif size=1>&nbsp;
      Advisory&nbsp; </FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%"><B><FONT face=serif size=1>&nbsp;
      Administration&nbsp; </FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%"><B><FONT face=serif size=1>&nbsp;
      Distribution&nbsp; </FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="7%"><B><FONT face=serif size=1>&nbsp;
      Transfer Agency&nbsp; </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="59%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><B><FONT face=serif size=1>Ended</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><B><FONT face=serif size=1>Fees ($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><B><FONT face=serif size=1>Fees ($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><B><FONT face=serif size=1>Fees ($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%"><B><FONT face=serif size=1>Fees ($)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="59%" bgColor=#c0c0c0><B><FONT face=serif size=1>EQUITY</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="59%"><FONT face=serif size=1>Delaware Enhanced
      Global Dividend and Income Fund</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>11/31/08</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>2,029,426</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>35,904</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>-</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>71,030</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>Delaware Investments Dividend&nbsp;and Income Fund, Inc.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>11/31/08</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>766,423</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>81,115</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT size=1>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>48,795</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="59%"><FONT face=serif size=1>Delaware Investments
      Global Dividend and Income Fund, Inc.</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>11/31/08</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>502,602</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>3,592</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="7%"><FONT size=1>-</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>71,030</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="59%" bgColor=#c0c0c0><B><FONT face=serif size=1>FIXED INCOME TAX EXEMPT</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="59%"><FONT face=serif size=1>Delaware Investments
      Arizona Municipal Income Fund, Inc.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>3/31/09</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>211,193</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>2,637</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT size=1>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>17,596</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>Delaware Investments Colorado Municipal Income Fund, Inc.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>3/31/09</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>350,519</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>4,376</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT size=1>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>27,859</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="59%"><FONT face=serif size=1>Delaware Investments
      Minnesota Municipal Income Fund II, Inc.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>3/31/09</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>832,313</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>10,392</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT size=1>-</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="7%"><FONT face=serif size=1>64,291</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="59%" bgColor=#c0c0c0><FONT face=serif size=1>Delaware Investments National Municipal Income Fund</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>3/31/09</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>164,555</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>2,054</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT size=1>-</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="7%" bgColor=#c0c0c0><FONT face=serif size=1>25,786</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>C-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>APPENDIX</FONT></B><B><FONT face=serif size=2> D &#151; </FONT></B><B><FONT face=serif size=2>OTHER</FONT></B><B><FONT face=serif size=2> </FONT></B><B><FONT face=serif size=2>FUNDS</FONT></B><B><FONT face=serif size=2>
</FONT></B><B><FONT face=serif size=2>ADVISED</FONT></B><B><FONT face=serif size=2> BY DMC</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>DMC
</FONT><FONT face=serif size=2>provides</FONT><FONT face=serif size=2>
</FONT><FONT face=serif size=2>investment</FONT><FONT face=serif size=2>
</FONT><FONT face=serif size=2>advisory</FONT><FONT face=serif size=2>
</FONT><FONT face=serif size=2>services</FONT><FONT face=serif size=2> to other
</FONT><FONT face=serif size=2>registered</FONT><FONT face=serif size=2> funds
that have </FONT><FONT face=serif size=2>investment</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>objectives</FONT><FONT face=serif size=2>
similar to those of the Funds. For each such fund, the </FONT><FONT face=serif size=2>following</FONT><FONT face=serif size=2> table sets forth by </FONT><FONT face=serif size=2>investment</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>category</FONT><FONT face=serif size=2> the fund&#146;s name, the
fund&#146;s net assets as of July 31, 2009, the rate of DMC&#146;s </FONT><FONT face=serif size=2>compensation,</FONT><FONT face=serif size=2> and </FONT><FONT face=serif size=2>whether</FONT><FONT face=serif size=2> DMC has </FONT><FONT face=serif size=2>waived,</FONT><FONT face=serif size=2> </FONT><FONT face=serif size=2>reduced,</FONT><FONT face=serif size=2> or </FONT><FONT face=serif size=2>otherwise</FONT><FONT face=serif size=2> agreed to reduce its
</FONT><FONT face=serif size=2>compensation</FONT><FONT face=serif size=2> under
the </FONT><FONT face=serif size=2>applicable</FONT><FONT face=serif size=2>
</FONT><FONT face=serif size=2>contract.</FONT><FONT face=serif size=2> For
funds </FONT><FONT face=serif size=2>subadvised</FONT><FONT face=serif size=2>
by DMC, the net assets shown are only the portion of the fund&#146;s assets that are
under the </FONT><FONT face=serif size=2>management</FONT><FONT face=serif size=2> of DMC. </FONT></P>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="41%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="41%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="41%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="41%" bgColor=#c0c0c0><B><FONT face=serif size=1>EQUITY</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="8%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="41%" rowSpan=4><FONT size=1>Delaware
      Aggressive Allocation Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=4><FONT size=1>49,597,075</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.65% on first
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=4><FONT size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.60% on next
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.55% on next
      $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.50% on assets
      in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>Delaware American Services Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>165,871,237</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.70% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="41%" rowSpan=4><FONT size=1>Delaware
      Conservative Allocation Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=4><FONT size=1>51,620,209</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.65% on first
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=4><FONT size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.60% on next
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.55% on next
      $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.50% on assets
      in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>Delaware Dividend Income Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>376,294,484</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.55% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>D-1</FONT></P><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="FONT-SIZE: 12pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="41%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="41%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="41%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>Delaware Emerging Markets Fund</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>566,312,347</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.25%
      on first $500 million</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.20%
      on next $500 million</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.15%
      on next $1.5 billion</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.10%
      on assets in excess of $2.5 billion</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="41%" rowSpan=4><FONT size=1>Delaware
      Focus Global Growth Fund</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD vAlign=middle align=right width="10%" rowSpan=4><FONT size=1>4,867,071</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.85% on first $500
      million</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD vAlign=middle align=center width="8%" rowSpan=4><FONT size=1>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.80% on next $500
      million</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.75% on next $1.5
      billion</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.70% on assets in
      excess of $2.5 billion</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>Delaware Foundation<SUP>&reg;</SUP> Equity Fund<SUP>1</SUP></FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>N/A</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65%
      on first $500 million</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT size=1>N/A</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60%
      on next $500 million</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.55%
      on next $1.5 billion</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50%
      on assets in excess of $2.5 billion</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="41%" rowSpan=4><FONT face=serif size=1>Delaware Global Value Fund</FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD vAlign=middle align=right width="10%" rowSpan=4><FONT face=serif size=1>38,943,506</FONT></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.85% on first $500
      million</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD vAlign=middle align=center width="8%" rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.80% on next $500
      million</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.75% on next $1.5
      billion</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.70% on assets in
      excess of $2.5 billion</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Growth Opportunities Fund</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>221,862,433</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75%
      on first $500 million</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.70%
      on next $500 million</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65%
      on next $1.5 billion</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60%
      on assets in excess of $2.5 billion</FONT></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle align=left width="41%" rowSpan=4><FONT face=serif size=1>Delaware Healthcare Fund</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD vAlign=middle align=right width="10%" rowSpan=4><FONT face=serif size=1>3,391,264</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.85% on first $500
      million</FONT></TD>
    <TD align=left width="1%"></TD>
    <TD vAlign=middle align=center width="8%" rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.80% on next $500
      million</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.75% on next $1.5
      billion</FONT></TD>
    <TD align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="38%"><FONT face=serif size=1>0.70% on assets in
      excess of $2.5 billion</FONT></TD>
    <TD align=left width="1%"></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>D-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="40%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware International Value Equity
      Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>359,015,223</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.85% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.80% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.70% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" rowSpan=4><FONT face=serif size=1>Delaware Large Cap Core Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=4><FONT face=serif size=1>1,625,300</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.65% on the
      first $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.60% on the
      next $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.55% on the
      next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.50% on assets
      in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Large Cap Value Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>655,924,118</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.55% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" rowSpan=4><FONT face=serif size=1>Delaware Mid Cap Value Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=4><FONT face=serif size=1>8,888,367</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.75% on first
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.70% on next
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.65% on next
      $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.60% on assets
      in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Moderate Allocation
      Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>235,959,745</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.55% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=serif size=1>The Emerging
      Markets Portfolio<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=1>608,767,439</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>1.00%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=1>The Focus Smid-Cap Growth Equity Portfolio<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>2,800,870</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face=serif size=1>The
      International Equity Portfolio<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=1>901,424,861</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.75%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face=serif size=1>The Labor Select International Equity
    Portfolio<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>747,573,551</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>N</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>D-3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="41%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><FONT face=serif size=1>The Large-Cap Growth Equity Portfolio<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>245,411,670</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.55%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#ffffff><FONT face=serif size=1>The Large-Cap Value Equity Portfolio<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="10%" bgColor=#ffffff><FONT face=serif size=1>9,686,377</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.55%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=center width="8%" bgColor=#ffffff><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><FONT face=serif size=1>The Mid-Cap Growth Equity Portfolio<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>4,065,931</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#ffffff><FONT face=serif size=1>The Select 20 Portfolio<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="10%" bgColor=#ffffff><FONT face=serif size=1>9,816,096</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.75%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=center width="8%" bgColor=#ffffff><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><FONT face=serif size=1>The Small-Cap Growth Equity Portfolio<SUP>2</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>507,668</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>Delaware Select Growth Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>238,312,832</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.75% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.70% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.65% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.60% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Small Cap Core Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>60,932,993</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.70% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=3><FONT face=serif size=1>Delaware Small Cap Growth Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=3><FONT face=serif size=1>11,390,960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>1.00% on first $250 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=3><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.90% on next $250 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.75% on assets in excess of $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Small Cap Value Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>316,722,748</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.70% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>Delaware Trend<SUP>&reg;</SUP>
Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>345,331,552</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.75% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.70% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.65% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.60% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>D-4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="41%"><STRONG><FONT size=1>Fund</FONT></STRONG></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware U.S. Growth Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>577,585,096</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.55% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>Delaware Value<SUP>&reg;
</SUP>Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>359,029,563</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.65% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.60% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.55% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.50% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware VIP<SUP>&reg; </SUP></FONT><FONT face=serif size=1>Emerging Markets Series</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>442,609,293</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.25% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.20% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.15% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.10% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>Delaware VIP Growth Opportunities
      Series</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>24,047,567</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.75% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.70% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.65% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.60% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware VIP International Value Equity
      Series</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>97,145,078</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.85% on the first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.80% on the next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75% on the next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.70% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>Delaware VIP Small Cap Value
      Series</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>691,218,393</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.75% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.70% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.65% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.60% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>D-5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="41%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware VIP<SUP>&reg; </SUP></FONT><FONT face=serif size=1>Trend Series</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>281,638,575</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.75% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.70% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>Delaware VIP U.S. Growth
Series</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>166,486,594</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.65% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=4><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.60% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.55% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.50% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware VIP Value Series</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>452,864,697</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.65% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.60% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.55% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=5><FONT face=serif size=1>Optimum International Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=5><FONT face=serif size=1>162,317,432</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.8750% up to $50 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=5><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.8000% from $50 to $100 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.7800% from $100 to $300 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.7650% from $300 to $400 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.7300% over $400 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=7><FONT face=serif size=1>Optimum Large Cap Growth Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=7><FONT face=serif size=1>614,887,900</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.8000% up to $250 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=7><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.7875% from $250 million to $300 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.7625% from $300 million to $400 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.7375% from $400 million to $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.7250% from $500 million to $1 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.7100% from $1 billion to $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.7000% over $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>D-6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="41%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=6><FONT face=serif size=1>Optimum Large Cap Value Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=6><FONT face=serif size=1>548,159,133</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.8000% up to $100 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=6><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.7375% from $100 million to $250 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.7125% from $250 million to $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.6875% from $500 million to $1 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.6675% from $1 billion to $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.6475% over $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#ffffff><FONT face=serif size=1>Optimum Small-Mid Cap Growth Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="10%" bgColor=#ffffff><FONT face=serif size=1>163,600,949</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>1.1000%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="8%" bgColor=#ffffff><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=3><FONT face=serif size=1>Optimum Small-Mid Cap Value
    Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=3><FONT face=serif size=1>133,415,186</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.0500% up to $75 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=3><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.0250% from $75 million to $150 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>1.0000% over $150 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#ffffff><FONT face=serif size=1>Subadvised Equity Fund A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="10%" bgColor=#ffffff><FONT face=serif size=1>421,150,657</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.40%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="8%" bgColor=#ffffff><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><FONT face=serif size=1>Subadvised Equity Fund B</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>90,675,085</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=2><FONT face=serif size=1>Subadvised Equity Fund C</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=2><FONT face=serif size=1>141,442,959</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.35% up to $200 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=2><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT size=1>0.20% over
      $200 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><FONT face=serif size=1>Subadvised Equity Fund D</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>138,929,930</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.45%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=5><FONT face=serif size=1>Subadvised Equity Fund E</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=5><FONT face=serif size=1>24,685,274</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.35% up to $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=5><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.30% over $500 million (assets aggregated with</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>those of other accounts having similar investment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>objectives subadvised by DMC for the same</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>investment manager)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=2><FONT face=serif size=1>Subadvised Equity Fund F</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=2><FONT face=serif size=1>26,740,544</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.40% up to $200 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=2><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.35% over $200 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#ffffff rowSpan=2><FONT face=serif size=1>Subadvised Equity Fund G</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#ffffff rowSpan=2><FONT face=serif size=1>66,390,469</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.40% up to $200 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#ffffff rowSpan=2><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="38%" bgColor=#ffffff><FONT face=serif size=1>0.35% over $200 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>D-7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="41%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><FONT face=serif size=1>Subadvised Equity Fund H</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>299,933,951</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.20%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=1>Subadvised
      Equity Fund I</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=1>201,788,849</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.40%</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><FONT face=serif size=1>Subadvised Equity Fund J</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>638,932,185</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.20%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=1>Subadvised
      Equity Fund K</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=1>275,580,815</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.35%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><FONT face=serif size=1>Subadvised Equity Fund L</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>74,309,777</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.35%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=1>Subadvised
      Equity Fund M</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=1>1,110,154,464</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.20%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><FONT face=serif size=1>Subadvised Equity Fund N</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>469,430,328</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.20%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" rowSpan=2><FONT face=serif size=1>Subadvised Equity Fund O</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=2><FONT face=serif size=1>80,390,330</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="38%" rowSpan=2><FONT face=serif size=1>0.40%
      up to $200 million</FONT><BR><FONT face=serif size=1>0.35% over $200
      million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=2><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><FONT face=serif size=1>Subadvised Equity Fund P</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0><FONT face=serif size=1>158,593,379</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.20%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=1>Subadvised
      Equity Fund Q</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=1>371,403,316</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.35%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1>N</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="41%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="38%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%" bgColor=#c0c0c0><B><FONT face=serif size=1>FIXED INCOME TAX EXEMPT</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0><FONT face=serif size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" rowSpan=5><FONT face=serif size=1>Delaware Minnesota High-Yield Municipal Bond Fund</FONT></TD>
    <TD vAlign=middle noWrap align=left width="1%" rowSpan=5></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=5><FONT face=serif size=1>136,173,985</FONT></TD>
    <TD vAlign=middle noWrap align=right width="1%" rowSpan=5></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.55% on first
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=5><FONT size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.50% on next
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.45% on next
      $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.425% on assets
      in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=5><FONT face=serif size=1>Delaware National High-Yield Municipal
      Bond Fund</FONT></TD>
    <TD vAlign=middle noWrap align=left width="1%" bgColor=#c0c0c0 rowSpan=5></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=5><FONT face=serif size=1>74,306,095</FONT></TD>
    <TD vAlign=middle noWrap align=right width="1%" bgColor=#c0c0c0 rowSpan=5></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0 rowSpan=5><FONT face=serif size=1>0.55% on first $500 million</FONT><BR><FONT face=serif size=1>0.50% on next $500 million</FONT><BR><FONT face=serif size=1>0.45%
      on next $1.5 billion</FONT><BR><FONT face=serif size=1>0.425% on assets in
      excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0 rowSpan=5></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=5><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD></TD></TR>
  <TR vAlign=bottom>
    <TD></TD></TR>
  <TR vAlign=bottom>
    <TD></TD></TR>
  <TR vAlign=bottom>
    <TD></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>D-8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="40%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Tax-Free Arizona Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0 rowSpan=4>&nbsp;</TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>124,554,577</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0 rowSpan=4>&nbsp;</TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.475% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.45% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.425% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" rowSpan=4><FONT face=serif size=1>Delaware Tax-Free California Fund</FONT></TD>
    <TD noWrap align=left width="1%" rowSpan=4></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=4><FONT face=serif size=1>78,089,669</FONT></TD>
    <TD noWrap align=right width="1%" rowSpan=4></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.55% on first
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.50% on next
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.45% on next
      $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.425% on assets
      in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Tax-Free Colorado
Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0 rowSpan=4></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>235,014,874</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0 rowSpan=4></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.55% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.45% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.425% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" rowSpan=4><FONT face=serif size=1>Delaware Tax-Free Idaho Fund</FONT></TD>
    <TD noWrap align=left width="1%" rowSpan=4></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=4><FONT face=serif size=1>101,869,779</FONT></TD>
    <TD noWrap align=right width="1%" rowSpan=4></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.55% on first
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.50% on next
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.45% on next
      $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.425% on assets
      in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Tax-Free Minnesota
    Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0 rowSpan=4></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>603,258,720</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0 rowSpan=4></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.55% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.45% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.425% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" rowSpan=4><FONT face=serif size=1>Delaware Tax-Free Minnesota Intermediate Fund</FONT></TD>
    <TD noWrap align=left width="1%" rowSpan=4></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=4><FONT face=serif size=1>85,783,562</FONT></TD>
    <TD noWrap align=right width="1%" rowSpan=4></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.50% on first
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.475% on next
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.45% on next
      $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.425% on assets
      in excess of $2.5 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>D-9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="40%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Tax-Free Money Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>13,020,741</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.45% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.40% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.35% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.30% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" rowSpan=4><FONT face=serif size=1>Delaware Tax-Free New York Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=4><FONT face=serif size=1>28,054,946</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.55% on first
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.50% on next
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.45% on next
      $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.425% on assets
      in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Tax-Free Pennsylvania
      Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>502,398,994</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.55% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.45% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.425% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" rowSpan=4><FONT face=serif size=1>Delaware Tax-Free USA Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=4><FONT face=serif size=1>554,012,527</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.55% on first
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.50% on next
      $500 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.45% on next
      $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.425% on assets
      in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Delaware Tax-Free USA Intermediate
      Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>481,653,858</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.50% on first $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=4><FONT face=serif size=1>Y</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.475% on next $500 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.45% on next $1.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.425% on assets in excess of $2.5 billion</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="40%" rowSpan=4><FONT face=serif size=1>Subadvised Fixed Income Tax Exempt Fund A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=right width="10%" rowSpan=4><FONT face=serif size=1>82,621,889</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.23% up to $25
      million</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="8%" rowSpan=4><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.20% from $25
      million to $100 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.17% from $100
      million to $200 million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.125% over $200
      million</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>D-10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>Management
      Fee Schedule</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="8%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="10%"><B><FONT face=serif size=1>Fund Net
      Assets</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="38%"><B><FONT face=serif size=1>(as a
      percentage of average daily</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%"><B><FONT face=serif size=1>Waiver</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="41%"><B><FONT face=serif size=1>Fund</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><B><FONT face=serif size=1>(as of 7/31/09) ($)</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="38%"><B><FONT face=serif size=1>net assets) Annual
    Rate</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=1>(Y/N)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=left width="41%" bgColor=#c0c0c0 rowSpan=7><FONT face=serif size=1>Subadvised Fixed Income Tax Exempt Fund
      B</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=middle noWrap align=right width="10%" bgColor=#c0c0c0 rowSpan=7><FONT face=serif size=1>201,199,741</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.23% on first $25 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=middle noWrap align=center width="8%" bgColor=#c0c0c0 rowSpan=7><FONT face=serif size=1>N</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.20% on next $75 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.17% on next $100 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>0.125% over $100 million</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>(assets aggregated with those of other accounts having</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>similar investment objectives subadvised by DMC for</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="38%" bgColor=#c0c0c0><FONT face=serif size=1>the same investment manager)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="41%"><FONT face=serif size=1>Subadvised Fixed
      Income Tax Exempt Fund C</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="10%"><FONT face=serif size=1>321,920,551</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="38%"><FONT face=serif size=1>0.15%</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="8%"><FONT face=serif size=1>N</FONT></TD></TR></TABLE>____________________<BR>&nbsp;<BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face=serif size=2>1</FONT></I></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><I><FONT face=serif size=2>Delaware
      Foundation<SUP>&reg;</SUP> Equity Fund commenced operations on August 31,
      2009.</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face=serif size=2>2</FONT></I></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top width="100%"><I><FONT face=serif size=2>A series of
      Delaware Pooled<SUP>&reg;</SUP> Trust.</FONT></I></TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>D-11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>APPENDIX E &#151; DIRECTORS AND OFFICERS
OF DMC</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following persons have held the following positions with the Funds and with DMC
during the past two years. The principal business address of each is 2005 Market
Street, Philadelphia, Pennsylvania 19103-7094. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Positions and Offices
      with</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Positions
      and Offices</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Delaware
      Management</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=serif size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>with the Funds</FONT></B>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Patrick P. Coyne</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Trustee, Chairman/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>President</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>President/Chief</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="34%" bgColor=#c0c0c0><FONT face=serif size=2></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="32%" bgColor=#c0c0c0><FONT size=2>Executive Officer</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="32%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>David P.
      O&#146;Connor</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Trustee,
      Senior</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Strategic
      Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Strategic
      Investment</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Relationships
      and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Relationships
      and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Initiatives/General</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Initiatives/General</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Counsel</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Counsel</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>See Yeng Quek</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Trustee, Executive Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Executive Vice</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>President/Managing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>President/Managing</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Director, Fixed Income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Director/Chief</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Investment Officer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Fixed Income</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Michael J.
      Hogan</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Executive
      Vice</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Executive
      Vice</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>President/Head
      of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>President/Head
      of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Investments</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Investments</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Marshall T. Bassett</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Chief Investment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Chief Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Officer &#151; Emerging</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Officer &#151; Emerging</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Growth Equity</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Growth Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Joseph R.
      Baxter</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Head of
      Municipal Bond</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Head of
      Municipal Bond</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Investments</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Investments</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Christopher S. Beck</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Michael P.
      Buckley</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Director of
      Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Director of
      Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research</FONT>&nbsp;
</TD></TR></TABLE>
<P align=center><FONT face=sans-serif size=2>E-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Positions and Offices
      with</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Positions
      and Offices</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;</TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Delaware
      Management</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="34%"><B><FONT face=serif size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>with the Funds</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Company</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Stephen J. Busch</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President &#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Investment Accounting</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Investment Accounting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Michael F.
      Capuzzi</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President &#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Investment Systems</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Investment Systems</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Lui-Er Chen</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Chief</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Chief</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Investment Officer,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Investment Officer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Emerging Markets</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Emerging Markets</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Thomas H.
      Chow</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior
      Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior
      Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Stephen J. Czepiel</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Portfolio Manager/Head</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Portfolio Manager/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Bond Trader</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Municipal Bond</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Chuck M.
      Devereux</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Senior Research Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Senior Research Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Roger A. Early</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Stuart M.
      George</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Head of Equity Trading</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Head of Equity Trading</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Paul Grillo</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>William F.
      Keelan</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Director of
      Quantitative</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Director of
      Quantitative</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Kevin P. Loome</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Head of High</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Head of High</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Yield Investments</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Yield
  Investments</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>E-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Positions and Offices
      with</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Positions
      and Offices</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Delaware
      Management</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="34%"><B><FONT face=serif size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>with the Funds</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Company</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Francis X. Morris</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Chief Investment Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Chief Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>&#151; Core Equity</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Officer &#151; Core Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Brian L. Murray,
      Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Chief
      Compliance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Chief
      Compliance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Officer</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Officer</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>D. Tysen Nutt</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Chief Investment</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Chief Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Officer, Large Cap Value</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Officer, Large Cap Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Equity</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Philip O.
      Obazee</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Derivatives Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Derivatives Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Richard Salus</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Chief Financial Officer</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Controller/Treasurer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Jeffrey S. Van
      Harte</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Chief Investment
      Officer</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Chief
      Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>&#151; Focus Growth
      Equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Officer &#151; Focus
      Growth</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Babak Zenouzi</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Senior Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Gary T.
      Abrams</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Trader</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Trader</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Christopher S. Adams</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Senior Equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Senior Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Damon J.
      Andres</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Portfolio Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Portfolio Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Wayne A. Anglace</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Credit</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Credit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Research Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Research Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Margaret
      MacCarthy Bacon</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Investment Specialist</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Investment
  Specialist</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>E-3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Positions and Offices
      with</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Positions
      and Offices</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Delaware
      Management</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face=serif size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>with the Funds</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Kristen E. Bartholdson</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Todd
      Bassion</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Jo Anne Bennick</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/15(c)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/15(c)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></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="32%" bgColor=#c0c0c0><FONT face=serif size=2>Reporting</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Reporting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Richard E.
      Biester</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Christopher J. Bonavico</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Portfolio Manager/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Portfolio Manager/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Equity Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Equity Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Vincent A.
      Brancaccio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Kenneth F. Broad</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Portfolio Manager/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Portfolio Manager/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Equity Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Equity Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Kevin J.
      Brown</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior
      Investment</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Senior
      Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Specialist</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Specialist</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Mary Ellen M. Carrozza</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Client</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Client</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Services</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Services</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Stephen G.
      Catricks</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Wen-Dar Chen</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Anthony G.
      Ciavarelli</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Associate</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Associate</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>General
      Counsel/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>General
      Counsel/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Assistant Secretary</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Assistant Secretary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>David F. Connor</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Deputy</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Deputy</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>General Counsel/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>General Counsel/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Secretary</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Secretary</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>E-4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Positions and Offices
      with</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Positions
      and Offices</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Delaware
      Management</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face=serif size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>with the Funds</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Michael Costanzo</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Performance Analyst</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Performance Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Kishor K.
      Daga</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Derivatives Operations</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Derivatives Operations</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Cori E. Daggett</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Associate</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Counsel/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>General Counsel/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Assistant Secretary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="32%" bgColor=#c0c0c0><FONT size=2>Assistant Secretary</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" align=center width="32%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Craig C.
      Dembek</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Camillo D&#146;Orazio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Investment Accounting</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Investment Accounting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Christopher M.
      Ericksen</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager/Equity Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager/Equity Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Joel A. Ettinger</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President &#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Taxation</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Taxation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Devon K.
      Everhart</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Joseph Fiorilla</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President &#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Trading Operations</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Trading Operations</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Charles E.
      Fish</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Clifford M. Fisher</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Bond Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Bond Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Patrick G.
      Fortier</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager/Equity Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager/Equity Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Denise A. Franchetti</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Municipal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Bond Credit Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Bond Credit Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Lawrence G.
      Franko</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity
Analyst</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>E-5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Positions and Offices
      with</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Positions
      and Offices</FONT></B></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Delaware
      Management</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face=serif size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>with the Funds</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Daniel V. Geatens</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Director of Financial</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Administration</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Gregory A.
      Gizzi</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Head</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Head</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Municipal Bond Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Municipal Bond Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Barry S. Gladstein</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Gregg J.
      Gola</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>High Yield Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>High Yield Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Christopher Gowlland</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Quantitative Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Quantitative Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Edward
      Gray</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Portfolio Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Portfolio Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>David J. Hamilton</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Credit</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Fixed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Research Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Income Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Brian
      Hamlet</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Corporate Bond Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Corporate Bond Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Lisa L. Hansen</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Head of</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Head of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Focus Growth Equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Focus Growth Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Trading</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Trading</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Gregory M.
      Heywood</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager/Equity Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager/Equity Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Sharon Hill</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Head</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Head</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>of Equity Quantitative</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>of Equity Quantitative</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Research and Analytics</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Research and
Analytics</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>J. David
      Hillmeyer</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Corporate Bond Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Christopher M. Holland</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Chungwei
      Hsia</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research
Analyst</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>E-6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Positions and Offices
      with</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Positions
      and Offices</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Delaware
      Management</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face=serif size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>with the Funds</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Michael E. Hughes</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Equity Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Equity Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Jordan L.
      Irving</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Portfolio Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Portfolio Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Cynthia Isom</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Kenneth R.
      Jackson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Quantitative Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Stephen M. Juszczyszyn</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Structured Products</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Structured Products</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst/Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst/Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Anu B.
      Kothari</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Roseanne L. Kropp</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Fund Analyst &#151; High</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Fund Analyst II &#151; High</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Grade</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Grade</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Nikhil G.
      Lalvani</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Equity
      Analyst/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Brian R. Lauzon</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Chief</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Chief</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Operating Officer,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Operating Officer,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Equity Investments</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Equity Investments</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Anthony A.
      Lombardi</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Portfolio Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Portfolio Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Francis P. Magee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>John P.
      McCarthy</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research Analyst/Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research Analyst/Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Brian McDonnell</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Structured Products</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Structured Products</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst/Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst/Trader</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>E-7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="34%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Positions and Offices
      with</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Positions
      and Offices</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Delaware
      Management</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="34%"><B><FONT face=serif size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>with the Funds</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Michael S. Morris</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Senior Equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Senior Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Terrance M.
      O&#146;Brien</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Fixed</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Fixed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Income
      Reporting</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Income
      Reporting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Donald G. Padilla</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Senior Equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager/Senior Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Daniel J.
      Prislin</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Portfolio
      Manager/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Portfolio
      Manager/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Gretchen Regan</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Quantitative Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Quantitative Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Carl
    Rice</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Investment
      Specialist,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Investment
      Specialist,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Large Cap Value
      Focus</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Large Cap Value
      Focus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Joseph T. Rogina</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Trader</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Trader</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Debbie A.
      Sabo</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Trader &#151; Focus
      Growth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Trader &#151; Focus
      Growth</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Kevin C. Schildt</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Credit</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Municipal Credit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%"><FONT face=serif size=2>Bruce
      Schoenfeld</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="34%" bgColor=#c0c0c0><FONT face=serif size=2>Nancy E. Smith</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President &#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="34%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Investment Accounting</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Investment
  Accounting</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>E-8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="33%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Positions and Offices
      with</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Positions
      and Offices</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=center width="32%"><B><FONT face=serif size=2>Delaware
      Management</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face=serif size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>with the Funds</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=2>Company</FONT></B> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Brenda L. Sprigman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Business</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Business</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager &#151; Fixed</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager &#151; Fixed</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Income</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Income</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Junee
      Tan-Torres</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Structured Solutions</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Structured Solutions</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Rudy D. Torrijos, III</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Michael J.
      Tung</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Robert A. Vogel, Jr.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Portfolio Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Portfolio Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Lori P.
      Wachs</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Jeffrey S. Wang</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Michael G.
      Wildstein</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Kathryn R. Williams</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Associate</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Associate</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>General Counsel/</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>General Counsel/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Assistant Secretary</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Assistant Secretary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Nashira
      Wynn</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Portfolio</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Senior</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Equity
      Analyst/Portfolio</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Manager</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face=serif size=2>Guojia Zhang</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Vice President/Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=2>Analyst</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face=serif size=2>Douglas R.
      Zinser</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Credit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face=serif size=2>Vice
      President/Credit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="33%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research Analyst</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%"><FONT face=serif size=2>Research
Analyst</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>E-9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>APPENDIX F &#151; NUMBER OF SHARES OF EACH
FUND <BR>OUTSTANDING AS OF JULY 31, 2009</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="90%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=2>Total Shares</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="90%"><B><FONT face=serif size=2>Fund Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="8%"><B><FONT face=serif size=2>Outstanding</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Dividend and
      Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>9,439,042.159</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT face=serif size=2>Delaware Investments Global Dividend
      and Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=serif size=2>4,931,030.607</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Enhanced Global Dividend
      and Income Fund</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>12,929,435.602</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT face=serif size=2>Delaware Investments Arizona Municipal
      Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=serif size=2>2,982,200.000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments Colorado
      Municipal Income Fund, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>4,837,100.000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%"><FONT face=serif size=2>Delaware Investments Minnesota
      Municipal Income Fund II, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%"><FONT face=serif size=2>11,504,975.086</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="90%" bgColor=#c0c0c0><FONT face=serif size=2>Delaware Investments National
      Municipal Income Fund</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="8%" bgColor=#c0c0c0><FONT face=serif size=2>2,422,200.000</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>F-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>APPENDIX G &#151; 5% SHARE OWNERSHIP
</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>The
following table shows, as of July 31, 2009, the accounts of each Fund that own
of record 5% or more of such Fund. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="32%"><B><FONT face=serif size=1>Fund
      Name</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%"><B><FONT face=serif size=1>Name and
      Address of Account</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face=serif size=1>Share
      Amount</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face=serif size=1>Percentage</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Delaware Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face=serif size=1>9,734,723.2001</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face=serif size=1>97.79%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Dividend and Income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>New York, New York 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=serif size=1>Delaware
      Investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=1>Cede &amp;
      Co</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="20%"><FONT face=serif size=1>5,077,210.3938</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="20%"><FONT face=serif size=1>97.64%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=serif size=1>Global Dividend
      and</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=1>P.O. Box
      20</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=serif size=1>Income Fund,
      Inc.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=1>Bowling Green
      Station</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%" bgColor=#ffffff><FONT face=serif size=1>New York, New York 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Delaware Enhanced</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face=serif size=1>12,924,194.3913</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face=serif size=1>99.82%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Global Dividend and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Income Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>New York, New York 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=serif size=1>Delaware
      Investments Arizona</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=1>Cede &amp;
      Co</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="20%"><FONT face=serif size=1>2,938,104.9264</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="20%"><FONT face=serif size=1>98.53%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=serif size=1>Municipal
      Income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=1>P.O. Box
      20</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=serif size=1>Fund,
    Inc.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=1>Bowling Green
      Station</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%" bgColor=#ffffff><FONT face=serif size=1>New York, New York 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Delaware Investments Colorado</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face=serif size=1>4,668,665.4720</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face=serif size=1>96.59%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Municipal Income</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>New York, New York 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=serif size=1>Delaware
      Investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=1>Cede &amp;
      Co</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="20%"><FONT face=serif size=1>10,743,284.7038</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="20%"><FONT face=serif size=1>93.49%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=serif size=1>Minnesota
      Municipal Income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=1>P.O. Box
      20</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%"><FONT face=serif size=1>Fund II,
      Inc.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="25%"><FONT face=serif size=1>Bowling Green
      Station</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%" bgColor=#ffffff><FONT face=serif size=1>New York, New York 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Delaware Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>Cede &amp; Co</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face=serif size=1>2,329,995.0240</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face=serif size=1>96.31%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>National Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>P.O. Box 20</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="32%" bgColor=#c0c0c0><FONT face=serif size=1>Income Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>Bowling Green Station</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="32%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%" bgColor=#c0c0c0><FONT face=serif size=1>New York, New York 10274</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=2>G-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<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 align=right><IMG src="closedend_def14a3x1x1.jpg" border=0></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS DIVIDEND AND
      INCOME FUND, INC.</STRONG></TD>
    <TD align=right width="50%"><STRONG>JOINT SPECIAL MEETING OF SHAREHOLDERS
      &#150; NOVEMBER 12, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Anthony G. Ciavarelli, David F. Connor, Emilia
      P. Wang, and Kathryn R. Williams, or any of them, with the right of
      substitution, proxies of the undersigned at the joint special meeting of
      shareholders of the Fund indicated on the reverse side of this proxy card
      to be held at the offices of Stradley Ronon Stevens &amp; Young, LLP, One
      Commerce Square, 2005 Market Street, 21st Floor, Philadelphia,
      Pennsylvania 19103, on Thursday, November 12, 2009 at 3:00 p.m. Eastern
      time, or at any postponements or adjournments thereof, with all the powers
      which the undersigned would possess if personally present, and instructs
      them to vote in their discretion upon any matters which may properly be
      acted upon at this Meeting and specifically as indicated on the reverse
      side of this proxy card. Please refer to the proxy statement for a
      discussion of these matters.</P>
      <P align=justify><STRONG>RECEIPT OF THE NOTICE OF THE JOINT SPECIAL
      MEETING OF SHAREHOLDERS AND THE ACCOMPANYING PROXY STATEMENT, WHICH
      DESCRIBES THE MATTER TO BE CONSIDERED AND VOTED ON, IS HEREBY
      ACKNOWLEDGED.</STRONG></P>
      <P align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD, YOU
      AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE
      ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR"
      THE PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT
      MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL THIS PROXY
      CARD AT ONCE IN THE ENCLOSED ENVELOPE.</STRONG></P>
      <P align=justify><STRONG>Important notice regarding the availability of
      proxy materials for the shareholder meeting to be held on November 12,
      2009:&nbsp; the proxy statement is available at
      www.delawareinvestments.com/proxy.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website <STRONG>www.proxyvote.com</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS DIVIDEND AND
      INCOME FUND, INC.</STRONG></TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Approval of Investment Advisory
      Agreement</B></TD>
    <TD noWrap width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="5%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="5%"><STRONG>&nbsp;&nbsp;&nbsp;AGAINST&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="6%"><STRONG>&nbsp;&nbsp;&nbsp;ABSTAIN&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp; </TD>
    <TD vAlign=top width="72%" colSpan=9><STRONG>To approve a new investment
      advisory agreement between the Fund and Delaware Management Company, a
      series of Delaware Management Business Trust</STRONG></TD>
    <TD width="7%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="5%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="6%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="79%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><STRONG></STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. PERSONS SIGNING
      AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER REPRESENTATIVE SHOULD GIVE
      FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="PADDING-LEFT: 2.5in" width="1%"></TD>
    <TD style="PADDING-LEFT: 0.5in" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR></TABLE></DIV>&nbsp;<BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS GLOBAL DIVIDEND
      AND INCOME FUND, INC.</STRONG></TD>
    <TD align=right width="50%"><STRONG>JOINT SPECIAL MEETING OF SHAREHOLDERS
      &#150; NOVEMBER 12, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Anthony G. Ciavarelli, David F. Connor, Emilia
      P. Wang, and Kathryn R. Williams, or any of them, with the right of
      substitution, proxies of the undersigned at the joint special meeting of
      shareholders of the Fund indicated on the reverse side of this proxy card
      to be held at the offices of Stradley Ronon Stevens &amp; Young, LLP, One
      Commerce Square, 2005 Market Street, 21st Floor, Philadelphia,
      Pennsylvania 19103, on Thursday, November 12, 2009 at 3:00 p.m. Eastern
      time, or at any postponements or adjournments thereof, with all the powers
      which the undersigned would possess if personally present, and instructs
      them to vote in their discretion upon any matters which may properly be
      acted upon at this Meeting and specifically as indicated on the reverse
      side of this proxy card. Please refer to the proxy statement for a
      discussion of these matters.</P>
      <P align=justify><STRONG>RECEIPT OF THE NOTICE OF THE JOINT SPECIAL
      MEETING OF SHAREHOLDERS AND THE ACCOMPANYING PROXY STATEMENT, WHICH
      DESCRIBES THE MATTER TO BE CONSIDERED AND VOTED ON, IS HEREBY
      ACKNOWLEDGED.</STRONG></P>
      <P align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD, YOU
      AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE
      ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR"
      THE PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT
      MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL THIS PROXY
      CARD AT ONCE IN THE ENCLOSED ENVELOPE.</STRONG></P>
      <P align=justify><STRONG>Important notice regarding the availability of
      proxy materials for the shareholder meeting to be held on November 12,
      2009:&nbsp; the proxy statement is available at
      www.delawareinvestments.com/proxy.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website <STRONG>www.proxyvote.com</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS GLOBAL DIVIDEND
      AND INCOME FUND, INC.</STRONG></TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Approval of Investment Advisory
      Agreement</B></TD>
    <TD noWrap width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="5%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="5%"><STRONG>&nbsp;&nbsp;&nbsp;AGAINST&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="6%"><STRONG>&nbsp;&nbsp;&nbsp;ABSTAIN&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp; </TD>
    <TD vAlign=top width="72%" colSpan=9><STRONG>To approve a new investment
      advisory agreement between the Fund and Delaware Management Company, a
      series of Delaware Management Business Trust</STRONG></TD>
    <TD width="7%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="5%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="6%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="79%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><STRONG></STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. PERSONS SIGNING
      AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER REPRESENTATIVE SHOULD GIVE
      FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="PADDING-LEFT: 2.5in" width="1%"></TD>
    <TD style="PADDING-LEFT: 0.5in" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR></TABLE></DIV>&nbsp;<BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS ARIZONA
      MUNICIPAL INCOME FUND, INC.</STRONG></TD>
    <TD align=right width="50%"><STRONG>JOINT SPECIAL MEETING OF SHAREHOLDERS
      &#150; NOVEMBER 12, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Anthony G. Ciavarelli, David F. Connor, Emilia
      P. Wang, and Kathryn R. Williams, or any of them, with the right of
      substitution, proxies of the undersigned at the joint special meeting of
      shareholders of the Fund indicated on the reverse side of this proxy card
      to be held at the offices of Stradley Ronon Stevens &amp; Young, LLP, One
      Commerce Square, 2005 Market Street, 21st Floor, Philadelphia,
      Pennsylvania 19103, on Thursday, November 12, 2009 at 3:00 p.m. Eastern
      time, or at any postponements or adjournments thereof, with all the powers
      which the undersigned would possess if personally present, and instructs
      them to vote in their discretion upon any matters which may properly be
      acted upon at this Meeting and specifically as indicated on the reverse
      side of this proxy card. Please refer to the proxy statement for a
      discussion of these matters.</P>
      <P align=justify><STRONG>RECEIPT OF THE NOTICE OF THE JOINT SPECIAL
      MEETING OF SHAREHOLDERS AND THE ACCOMPANYING PROXY STATEMENT, WHICH
      DESCRIBES THE MATTER TO BE CONSIDERED AND VOTED ON, IS HEREBY
      ACKNOWLEDGED.</STRONG></P>
      <P align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD, YOU
      AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE
      ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR"
      THE PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT
      MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL THIS PROXY
      CARD AT ONCE IN THE ENCLOSED ENVELOPE.</STRONG></P>
      <P align=justify><STRONG>Important notice regarding the availability of
      proxy materials for the shareholder meeting to be held on November 12,
      2009:&nbsp; the proxy statement is available at
      www.delawareinvestments.com/proxy.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website <STRONG>www.proxyvote.com</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS ARIZONA MUNICIPAL
      INCOME FUND, INC.</STRONG></TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Approval of Investment Advisory
      Agreement</B></TD>
    <TD noWrap width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="5%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="5%"><STRONG>&nbsp;&nbsp;&nbsp;AGAINST&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="6%"><STRONG>&nbsp;&nbsp;&nbsp;ABSTAIN&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp; </TD>
    <TD vAlign=top width="72%" colSpan=9><STRONG>To approve a new investment
      advisory agreement between the Fund and Delaware Management Company, a
      series of Delaware Management Business Trust</STRONG></TD>
    <TD width="7%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="5%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="6%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="79%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><STRONG></STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. PERSONS SIGNING
      AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER REPRESENTATIVE SHOULD GIVE
      FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="PADDING-LEFT: 2.5in" width="1%"></TD>
    <TD style="PADDING-LEFT: 0.5in" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR></TABLE></DIV>&nbsp;<BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS COLORADO
      MUNICIPAL INCOME FUND, INC.</STRONG></TD>
    <TD align=right width="50%"><STRONG>JOINT SPECIAL MEETING OF SHAREHOLDERS
      &#150; NOVEMBER 12, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Anthony G. Ciavarelli, David F. Connor, Emilia
      P. Wang, and Kathryn R. Williams, or any of them, with the right of
      substitution, proxies of the undersigned at the joint special meeting of
      shareholders of the Fund indicated on the reverse side of this proxy card
      to be held at the offices of Stradley Ronon Stevens &amp; Young, LLP, One
      Commerce Square, 2005 Market Street, 21st Floor, Philadelphia,
      Pennsylvania 19103, on Thursday, November 12, 2009 at 3:00 p.m. Eastern
      time, or at any postponements or adjournments thereof, with all the powers
      which the undersigned would possess if personally present, and instructs
      them to vote in their discretion upon any matters which may properly be
      acted upon at this Meeting and specifically as indicated on the reverse
      side of this proxy card. Please refer to the proxy statement for a
      discussion of these matters.</P>
      <P align=justify><STRONG>RECEIPT OF THE NOTICE OF THE JOINT SPECIAL
      MEETING OF SHAREHOLDERS AND THE ACCOMPANYING PROXY STATEMENT, WHICH
      DESCRIBES THE MATTER TO BE CONSIDERED AND VOTED ON, IS HEREBY
      ACKNOWLEDGED.</STRONG></P>
      <P align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD, YOU
      AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE
      ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR"
      THE PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT
      MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL THIS PROXY
      CARD AT ONCE IN THE ENCLOSED ENVELOPE.</STRONG></P>
      <P align=justify><STRONG>Important notice regarding the availability of
      proxy materials for the shareholder meeting to be held on November 12,
      2009:&nbsp; the proxy statement is available at
      www.delawareinvestments.com/proxy.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website <STRONG>www.proxyvote.com</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS COLORADO MUNICIPAL
      INCOME FUND, INC.</STRONG></TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Approval of Investment Advisory
      Agreement</B></TD>
    <TD noWrap width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="5%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="5%"><STRONG>&nbsp;&nbsp;&nbsp;AGAINST&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="6%"><STRONG>&nbsp;&nbsp;&nbsp;ABSTAIN&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp; </TD>
    <TD vAlign=top width="72%" colSpan=9><STRONG>To approve a new investment
      advisory agreement between the Fund and Delaware Management Company, a
      series of Delaware Management Business Trust</STRONG></TD>
    <TD width="7%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="5%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="6%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="79%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><STRONG></STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. PERSONS SIGNING
      AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER REPRESENTATIVE SHOULD GIVE
      FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="PADDING-LEFT: 2.5in" width="1%"></TD>
    <TD style="PADDING-LEFT: 0.5in" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR></TABLE></DIV>&nbsp;<BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="40%"><STRONG>DELAWARE INVESTMENTS MINNESOTA
      MUNICIPAL INCOME FUND II, INC.</STRONG></TD>
    <TD align=right width="60%"><STRONG>JOINT SPECIAL MEETING OF SHAREHOLDERS
      &#150; NOVEMBER 12, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      DIRECTORS</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Anthony G. Ciavarelli, David F. Connor, Emilia
      P. Wang, and Kathryn R. Williams, or any of them, with the right of
      substitution, proxies of the undersigned at the joint special meeting of
      shareholders of the Fund indicated on the reverse side of this proxy card
      to be held at the offices of Stradley Ronon Stevens &amp; Young, LLP, One
      Commerce Square, 2005 Market Street, 21st Floor, Philadelphia,
      Pennsylvania 19103, on Thursday, November 12, 2009 at 3:00 p.m. Eastern
      time, or at any postponements or adjournments thereof, with all the powers
      which the undersigned would possess if personally present, and instructs
      them to vote in their discretion upon any matters which may properly be
      acted upon at this Meeting and specifically as indicated on the reverse
      side of this proxy card. Please refer to the proxy statement for a
      discussion of these matters.</P>
      <P align=justify><STRONG>RECEIPT OF THE NOTICE OF THE JOINT SPECIAL
      MEETING OF SHAREHOLDERS AND THE ACCOMPANYING PROXY STATEMENT, WHICH
      DESCRIBES THE MATTER TO BE CONSIDERED AND VOTED ON, IS HEREBY
      ACKNOWLEDGED.</STRONG></P>
      <P align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD, YOU
      AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE
      ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR"
      THE PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT
      MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL THIS PROXY
      CARD AT ONCE IN THE ENCLOSED ENVELOPE.</STRONG></P>
      <P align=justify><STRONG>Important notice regarding the availability of
      proxy materials for the shareholder meeting to be held on November 12,
      2009:&nbsp; the proxy statement is available at
      www.delawareinvestments.com/proxy.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">1)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Go to website <STRONG>www.proxyvote.com</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">1)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">2)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">3)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">4)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS MINNESOTA
      MUNICIPAL INCOME FUND II, INC.</STRONG></TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Approval of Investment Advisory
      Agreement</B></TD>
    <TD noWrap width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="5%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="5%"><STRONG>&nbsp;&nbsp;&nbsp;AGAINST&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="6%"><STRONG>&nbsp;&nbsp;&nbsp;ABSTAIN&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp; </TD>
    <TD vAlign=top width="72%" colSpan=9><STRONG>To approve a new investment
      advisory agreement between the Fund and Delaware Management Company, a
      series of Delaware Management Business Trust</STRONG></TD>
    <TD width="7%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="5%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="6%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="79%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><STRONG></STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. PERSONS SIGNING
      AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER REPRESENTATIVE SHOULD GIVE
      FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="PADDING-LEFT: 2.5in" width="1%"></TD>
    <TD style="PADDING-LEFT: 0.5in" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR></TABLE></DIV>&nbsp;<BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE ENHANCED GLOBAL DIVIDEND
      AND INCOME FUND</STRONG></TD>
    <TD align=right width="50%"><STRONG>JOINT SPECIAL MEETING OF SHAREHOLDERS
      &#150; NOVEMBER 12, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      TRUSTEES</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Anthony G. Ciavarelli, David F. Connor, Emilia
      P. Wang, and Kathryn R. Williams, or any of them, with the right of
      substitution, proxies of the undersigned at the joint special meeting of
      shareholders of the Fund indicated on the reverse side of this proxy card
      to be held at the offices of Stradley Ronon Stevens &amp; Young, LLP, One
      Commerce Square, 2005 Market Street, 21st Floor, Philadelphia,
      Pennsylvania 19103, on Thursday, November 12, 2009 at 3:00 p.m. Eastern
      time, or at any postponements or adjournments thereof, with all the powers
      which the undersigned would possess if personally present, and instructs
      them to vote in their discretion upon any matters which may properly be
      acted upon at this Meeting and specifically as indicated on the reverse
      side of this proxy card. Please refer to the proxy statement for a
      discussion of these matters.</P>
      <P align=justify><STRONG>RECEIPT OF THE NOTICE OF THE JOINT SPECIAL
      MEETING OF SHAREHOLDERS AND THE ACCOMPANYING PROXY STATEMENT, WHICH
      DESCRIBES THE MATTER TO BE CONSIDERED AND VOTED ON, IS HEREBY
      ACKNOWLEDGED.</STRONG></P>
      <P align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD, YOU
      AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE
      ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR"
      THE PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT
      MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL THIS PROXY
      CARD AT ONCE IN THE ENCLOSED ENVELOPE.</STRONG></P>
      <P align=justify><STRONG>Important notice regarding the availability of
      proxy materials for the shareholder meeting to be held on November 12,
      2009:&nbsp; the proxy statement is available at
      www.delawareinvestments.com/proxy.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">4)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">5)</TD>
    <TD width="99%">Go to website <STRONG>www.proxyvote.com</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">6)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">4)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">5)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">6)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">5)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">6)</TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">7)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">8)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE ENHANCED GLOBAL DIVIDEND AND
      INCOME FUND</STRONG></TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Approval of Investment Advisory
      Agreement</B></TD>
    <TD noWrap width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="5%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="5%"><STRONG>&nbsp;&nbsp;&nbsp;AGAINST&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="6%"><STRONG>&nbsp;&nbsp;&nbsp;ABSTAIN&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp; </TD>
    <TD vAlign=top width="72%" colSpan=9><STRONG>To approve a new investment
      advisory agreement between the Fund and Delaware Management Company, a
      series of Delaware Management Business Trust</STRONG></TD>
    <TD width="7%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="5%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="6%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="79%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><STRONG></STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. PERSONS SIGNING
      AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER REPRESENTATIVE SHOULD GIVE
      FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="PADDING-LEFT: 2.5in" width="1%"></TD>
    <TD style="PADDING-LEFT: 0.5in" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR></TABLE></DIV>&nbsp;<BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>DELAWARE
INVESTMENTS<BR></B><B>2005 MARKET STREET<BR>PHILADELPHIA, PA
19103</B></FONT></P>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=bottom width="50%"><STRONG>DELAWARE INVESTMENTS NATIONAL
      MUNICIPAL INCOME FUND</STRONG></TD>
    <TD align=right width="50%"><STRONG>JOINT SPECIAL MEETING OF SHAREHOLDERS
      &#150; NOVEMBER 12, 2009<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
      TRUSTEES</STRONG></TD></TR>
  <TR>
    <TD vAlign=bottom width="100%" colSpan=2>
      <P align=justify>The undersigned hereby revokes all previous proxies for
      his/her shares and appoints Anthony G. Ciavarelli, David F. Connor, Emilia
      P. Wang, and Kathryn R. Williams, or any of them, with the right of
      substitution, proxies of the undersigned at the joint special meeting of
      shareholders of the Fund indicated on the reverse side of this proxy card
      to be held at the offices of Stradley Ronon Stevens &amp; Young, LLP, One
      Commerce Square, 2005 Market Street, 21st Floor, Philadelphia,
      Pennsylvania 19103, on Thursday, November 12, 2009 at 3:00 p.m. Eastern
      time, or at any postponements or adjournments thereof, with all the powers
      which the undersigned would possess if personally present, and instructs
      them to vote in their discretion upon any matters which may properly be
      acted upon at this Meeting and specifically as indicated on the reverse
      side of this proxy card. Please refer to the proxy statement for a
      discussion of these matters.</P>
      <P align=justify><STRONG>RECEIPT OF THE NOTICE OF THE JOINT SPECIAL
      MEETING OF SHAREHOLDERS AND THE ACCOMPANYING PROXY STATEMENT, WHICH
      DESCRIBES THE MATTER TO BE CONSIDERED AND VOTED ON, IS HEREBY
      ACKNOWLEDGED.</STRONG></P>
      <P align=justify><STRONG>BY SIGNING AND DATING THIS PROXY CARD, YOU
      AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE
      ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR"
      THE PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT
      MAY PROPERLY COME BEFORE THE MEETING. PLEASE COMPLETE AND MAIL THIS PROXY
      CARD AT ONCE IN THE ENCLOSED ENVELOPE.</STRONG></P>
      <P align=justify><STRONG>Important notice regarding the availability of
      proxy materials for the shareholder meeting to be held on November 12,
      2009:&nbsp; the proxy statement is available at
      www.delawareinvestments.com/proxy.</STRONG></P></TD></TR></TABLE>
<P align=center><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: serif"><B>PLEASE SIGN
AND DATE ON THE REVERSE SIDE. </B></FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<DIV style="PADDING-RIGHT: 0.5in; PADDING-LEFT: 0.5in; WIDTH: 100%; HEIGHT: 40%">
<TABLE style="FONT-SIZE: 10pt; FLOAT: left; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD noWrap width="100%"><B><I>PROXY TABULATOR<BR>P.O. BOX
      9112<BR>FARMINGDALE, NY 11735</I></B></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FLOAT: right; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><STRONG>To vote by Internet</STRONG></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">7)&nbsp;&nbsp; </TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">8)</TD>
    <TD width="99%">Go to website <STRONG>www.proxyvote.com</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">9)</TD>
    <TD width="99%">Follow the instructions provided on the website.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap width="100%" colSpan=2><B>To vote by Telephone</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">7)</TD>
    <TD width="99%">Read the Proxy Statement and have the proxy card below at
      hand.</TD></TR>
  <TR>
    <TD width="1%">8)</TD>
    <TD width="99%">Call <STRONG>1-800-690-6903</STRONG>.</TD></TR>
  <TR>
    <TD width="1%">9)</TD>
    <TD width="99%">Follow the instructions.</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="100%" colSpan=2><B>To vote by Mail</B></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="1%">9)</TD>
    <TD width="99%">Read the Proxy Statement</TD></TR>
  <TR>
    <TD width="1%">10)&nbsp;&nbsp; </TD>
    <TD width="99%">Check the appropriate boxes on the proxy card below.</TD></TR>
  <TR>
    <TD width="1%">11)</TD>
    <TD width="99%">Sign and date the proxy card.</TD></TR>
  <TR>
    <TD width="1%">12)</TD>
    <TD width="99%">Return the proxy card in the envelope provided.</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center width="100%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><!-- MAIN Proxy card HERE --><BR clear=all>&nbsp;
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="72%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=left width="1%"><DIV style="WIDTH: 30pt"></DIV></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt dashed" noWrap align=right width="26%">KEEP THIS PORTION FOR YOUR RECORDS.</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=right width="26%">DETACH AND RETURN THIS PORTION
  ONLY</TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD style="FONT-SIZE: 8pt; FONT-FAMILY: serif" noWrap align=center width="99%" colSpan=3><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND
      DATED.</B></TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=3>&nbsp; </TD></TR></TABLE>
<DIV style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; FONT-SIZE: 8pt; PADDING-BOTTOM: 4pt; WIDTH: 100%; PADDING-TOP: 4pt; FONT-FAMILY: serif; TEXT-ALIGN: justify">
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp; </TD></TR>
  <TR>
    <TD width="74%" colSpan=11><STRONG>DELAWARE INVESTMENTS NATIONAL MUNICIPAL
      INCOME FUND</STRONG></TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="72%" colSpan=9>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="74%" colSpan=11><B>Vote on Approval of Investment Advisory
      Agreement</B></TD>
    <TD noWrap width="7%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="8%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="5%"></TD>
    <TD style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt" noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"><STRONG>FOR</STRONG></TD>
    <TD noWrap align=center width="5%"><STRONG>&nbsp;&nbsp;&nbsp;AGAINST&nbsp;&nbsp;&nbsp;</STRONG></TD>
    <TD noWrap align=center width="6%"><STRONG>&nbsp;&nbsp;&nbsp;ABSTAIN&nbsp;&nbsp;&nbsp;</STRONG></TD></TR>
  <TR>
    <TD width="74%" colSpan=11>&nbsp;</TD>
    <TD noWrap width="7%"></TD>
    <TD noWrap align=center width="8%"></TD>
    <TD noWrap align=center width="5%"></TD>
    <TD noWrap align=center width="6%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=right width="1%"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</STRONG></TD>
    <TD vAlign=top width="1%">&nbsp;&nbsp; </TD>
    <TD vAlign=top width="72%" colSpan=9><STRONG>To approve a new investment
      advisory agreement between the Fund and Delaware Management Company, a
      series of Delaware Management Business Trust</STRONG></TD>
    <TD width="7%">&nbsp;</TD>
    <TD noWrap align=center width="8%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="5%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap align=center width="6%"><FONT face=Wingdings size=2>o</FONT></TD></TR>
  <TR>
    <TD align=right width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="79%" colSpan=10>&nbsp; </TD>
    <TD noWrap align=center width="8%">&nbsp;</TD>
    <TD noWrap align=center width="5%">&nbsp;</TD>
    <TD noWrap align=center width="6%"><STRONG></STRONG></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=13>&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=15>
      <P align=justify><STRONG>THIS PROXY CARD IS ONLY VALID WHEN SIGNED AND
      DATED.</STRONG> PLEASE DATE AND SIGN NAME OR NAMES BELOW AS PRINTED ABOVE
      TO AUTHORIZE THE VOTING OF YOUR SHARES AS INDICATED ABOVE. PERSONS SIGNING
      AS EXECUTOR, ADMINISTRATOR, TRUSTEE, OR OTHER REPRESENTATIVE SHOULD GIVE
      FULL TITLE AS SUCH.</P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 8pt; FONT-FAMILY: serif; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="48%" colSpan=3>&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"></TD>
    <TD width="49%" colSpan=3></TD></TR>
  <TR style="HEIGHT: 20pt">
    <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 2.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"><BR></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 0.5in; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1.25pt solid" width="1%"></TD>
    <TD width="46%">&nbsp;</TD>
    <TD style="PADDING-LEFT: 2%" noWrap width="1%"></TD>
    <TD style="PADDING-LEFT: 2.5in" width="1%"></TD>
    <TD style="PADDING-LEFT: 0.5in" width="1%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="1%">Signature [PLEASE SIGN WITHIN BOX]</TD>
    <TD width="1%">Date</TD>
    <TD width="46%"></TD>
    <TD noWrap width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD></TR></TABLE></DIV>&nbsp;<BR>
<HR align=center width="100%" noShade SIZE=2>

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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>3
<FILENAME>filename3.htm
<TEXT>

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<P align=center><FONT face=serif size=3>Stradley Ronon Stevens &amp; Young,
LLP<BR></FONT><FONT face=serif size=2>2600 One Commerce Square<BR>Philadelphia,
Pennsylvania 19103-7098<BR>(215) 564-8000</FONT></P>
<P align=center><FONT face=serif size=2>September 25, 2009 </FONT></P>
<P align=left><B><U><FONT face=serif size=2>VIA EDGAR
TRANSMISSION</FONT></U></B><B><FONT face=serif size=2> </FONT></B></P>
<P align=left><FONT face=serif size=2>Filing Desk<BR></FONT><FONT face=serif size=2>U.S. Securities and Exchange Commission<BR>100 F Street,
N.E.<BR></FONT><FONT face=serif size=2>Washington, DC 20549</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"><B><FONT face=serif size=2>RE:</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="96%"><STRONG><FONT size=2>Delaware Investments Dividend and Income Fund, Inc. (File No.
      811-07460), Delaware Investments Global Dividend and Income Fund, Inc.
      (File No. 811-08246), Delaware Enhanced Global Dividend and Income Fund
      (File No. 811-22050), Delaware Investments Arizona Municipal Income Fund,
      Inc. (File No. 811-07412), Delaware Investments Colorado Municipal Income
      Fund, Inc. (File No. 811-07810), Delaware Investments National Municipal
      Income Fund (File No. 811-07410), and Delaware Investments Minnesota
      Municipal Income Fund II, Inc. (File No. 811-07420) (collectively, the
      &#147;Funds&#148;)</FONT></STRONG></TD></TR></TABLE>
<P align=left><FONT face=serif size=2>Dear Sir or Madam: </FONT></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif size=2>Pursuant to the
requirements of Rule 14a-6(b) under the Securities Exchange Act of 1934, as
amended, submitted electronically via the EDGAR system are a definitive proxy
statement, notice of special meeting, and form of proxy to be furnished to
shareholders of the Funds, all to be used in connection with a joint special
meeting of shareholders of the Funds (the &#147;Meeting&#148;) scheduled to be held on
November 12, 2009. Definitive copies of these proxy solicitation materials are
expected to be sent to shareholders on or about September 30, 2009.</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the Meeting, shareholders of each Fund will be asked to approve an
investment management agreement between the Fund and Delaware Management
Company. </FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Please direct any questions and comments relating to this filing to
Michael D. Mabry, Esq. at (215) 564-8011 or, in my absence, to Samuel K.
Goldstein, Esq. at (215) 564-8128.</FONT></P>
<DIV align=right>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Very truly yours,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp; </TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><FONT size=2>/s/ Michael D. Mabry</FONT></TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Michael D. Mabry, Esq.</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%"></TD></TR></TABLE></DIV><BR>
<P align=left><FONT face=serif size=2>cc: James O&#146;Connor</FONT></P>
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