<SEC-DOCUMENT>0001206774-14-002043.txt : 20140701
<SEC-HEADER>0001206774-14-002043.hdr.sgml : 20140701
<ACCEPTANCE-DATETIME>20140701110259
ACCESSION NUMBER:		0001206774-14-002043
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20140820
FILED AS OF DATE:		20140701
DATE AS OF CHANGE:		20140701
EFFECTIVENESS DATE:		20140701

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07460
		FILM NUMBER:		14951217

	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 MINNESOTA MUNICIPAL INCOME FUND II, INC
		CENTRAL INDEX KEY:			0000895658
		IRS NUMBER:				411737158
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07420
		FILM NUMBER:		14951218

	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 National Municipal Income Fund
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		14951219

	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 Colorado Municipal Income Fund, Inc.
		CENTRAL INDEX KEY:			0000907573
		IRS NUMBER:				411751991
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07810
		FILM NUMBER:		14951220

	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 Enhanced Global Dividend & Income Fund
		CENTRAL INDEX KEY:			0001396167
		IRS NUMBER:				260161937
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22050
		FILM NUMBER:		14951221

	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>declosedend_def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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

<BODY bgcolor=#ffffff>
<BR>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2>SCHEDULE 14A </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2>(Rule 14a-101) </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2>INFORMATION REQUIRED IN PROXY STATEMENT </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2>SCHEDULE 14A INFORMATION </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2>Proxy Statement Pursuant to Section 14(a) of the<BR>Securities Exchange
Act of 1934 (Amendment No. )</FONT><FONT style="FONT-FAMILY: Times New Roman">
</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=left>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="12%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by the Registrant
      [X]</FONT></TD>
    <TD vAlign=top noWrap align=left width="88%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="12%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by a Party other than
      the Registrant [&nbsp;&nbsp; ]&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="87%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="12%" colSpan=3>&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="87%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="12%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Check the appropriate
      box:</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="87%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Preliminary Proxy
      Statement</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp; ]&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=left width="87%"><FONT style="FONT-FAMILY: times new roman" size=2>Soliciting Material Under Rule
      14a-12</FONT></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Confidential, For Use of
      the<BR>Commission Only (as permitted<BR>by Rule 14a-6(e)(2))</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="87%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[X]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Proxy
      Statement</FONT></TD>
    <TD vAlign=top noWrap align=left width="88%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="10%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Additional
      Materials</FONT></TD>
    <TD noWrap align=left width="88%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="94%"><FONT style="FONT-FAMILY: times new roman" size=2>Delaware Investments Dividend and Income Fund, Inc.<BR><BR>
Delaware Enhanced Global Dividend and Income Fund<BR><BR>
Delaware Investments Colorado Municipal Income Fund, Inc.<BR><BR>
Delaware Investments National Municipal Income Fund<BR><BR>
Delaware Investments Minnesota Municipal Income Fund II, Inc.<BR><BR></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="3%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" width="94%"><FONT style="FONT-FAMILY: times new roman" size=2>(Name of Registrant as
      Specified In Its Charter)</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%">&nbsp;</TD></TR>
  <TR>
    <TD width="3%"></TD>
    <TD width="94%">&nbsp; </TD>
    <TD width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="94%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="94%">
      <DIV align=center><FONT style="FONT-FAMILY: times new roman" size=2>(Name
      of Person(s) Filing Proxy Statement, if Other Than the
      Registrant)</FONT></DIV></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="100%" colSpan=5><FONT style="FONT-FAMILY: times new roman" size=2>Payment of Filing Fee (Check
      the appropriate box):</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[X]</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="98%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>No fee required.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp;
      ]</FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=3>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2>Fee computed on
      table below per Exchange Act Rules 14a-6(i)(4) and
0-11.</FONT></DIV></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%"><FONT size=2>1)</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=left width="1%">&nbsp;<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top align=left width="96%"><FONT size=2>Title of each class of
      securities to which transaction applies:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" vAlign=top width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;
      </FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>2)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>Aggregate number of
      securities to which transaction applies:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>3)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>Per unit price or
      other underlying value of transaction computed pursuant to Exchange Act
      Rule 0-11 (set forth the amount on which the filing fee is calculated and
      state how it was determined):</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>4)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>Proposed maximum
      aggregate value of transaction:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>5)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>Total fee
      paid:</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp;
      ]</FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=3>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2>Fee paid previously
      with preliminary materials:</FONT></DIV></TD></TR>
  <TR style="LINE-HEIGHT: normal">
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp;
      ]</FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="TEXT-ALIGN: left" vAlign=top width="98%" colSpan=3>
      <DIV style="TEXT-ALIGN: left"><FONT style="FONT-FAMILY: times new roman" size=2>Check box if any part of the fee is offset as provided by Exchange
      Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
      was paid previously. Identify the previous filing by registration
      statement number, or the form or schedule and the date of its
      filing.</FONT></DIV></TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>Amount previously
    paid:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>2)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>Form, Schedule or Registration
      Statement No.:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>3)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>Filing Party:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>4)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>Date Filed:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><IMG src="declosedend_def14a1x1x1.jpg" border=0> <BR>
<P align=center><B><FONT face="Arial" size=2>COMBINED PROXY STATEMENT
AND<BR></FONT></B><B><FONT face="Arial" size=2>NOTICE OF JOINT ANNUAL MEETING OF
SHAREHOLDERS<BR>TO BE HELD ON AUGUST 20, 2014</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>Important notice regarding the
availability of proxy materials for the shareholder<BR>meeting to be held on
August 20, 2014: this proxy statement is available
at<BR>delawareinvestments.com/ceproxy.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>To the Shareholders of:</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware
Investments Dividend and Income Fund,
Inc.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware
Enhanced Global Dividend and Income
Fund<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware
Investments Colorado Municipal Income Fund,
Inc.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware
Investments National Municipal Income
Fund<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware
Investments Minnesota Municipal Income Fund II, Inc.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>This is
your official notice that the Joint Annual Meeting of Shareholders (&#147;Meeting&#148;)
of each Delaware Investments closed-end registered investment company listed
above (each, individually, a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;) will be held
at the offices of Stradley Ronon Stevens &amp; Young, LLP, located at One
Commerce Square, 2005 Market Street, 26th Floor, Philadelphia, Pennsylvania
19103 on Wednesday, August 20, 2014 at 4:00 p.m., Eastern time. The purpose of
the Meeting is:</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>To elect a Board of Directors or
      Trustees for each Fund; and</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>To transact any other business
      that properly comes before the Meeting and any adjournments of the
      Meeting.</FONT></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Please
vote and send in your proxy card(s) promptly to avoid the need for further
mailings. Your vote is important.</FONT></P><IMG src="declosedend_def14a1x1x2.jpg" border=0> <BR>
<P align=justify><FONT face="Times New Roman" size=2>Patrick P. Coyne<BR>Chairman</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>July 1, 2014</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><IMG src="declosedend_def14a1x1x1.jpg"></TD>
    <TD noWrap align=right width="50%"><FONT face="Times New Roman" size=2>2005 Market Street<BR><FONT face="Times New Roman" size=2>Philadelphia, PA 19103<BR></FONT><FONT face="Times New Roman" size=2>1-866-437-0252</FONT></FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Arial" size=2>COMBINED PROXY
STATEMENT</FONT></B></P>
<P align=center><B><FONT face="Arial" size=2>JOINT ANNUAL MEETING OF
SHAREHOLDERS<BR>TO BE HELD ON WEDNESDAY, AUGUST 20, 2014</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2><I><B>Meeting Information. </B></I></FONT><FONT face="Times New Roman" size=2>The
Board of Directors or Trustees (each Board is hereinafter referred to as a
&#147;Board&#148; and Board members are referred to as &#147;Directors&#148;) of each Fund listed on
the accompanying Notice is soliciting your proxy to be voted at the Joint Annual
Meeting of Shareholders to be held on Wednesday, August 20, 2014, at 4:00 p.m.,
Eastern time, at the offices of Stradley Ronon Stevens &amp; Young, LLP located
at One Commerce Square, 2005 Market Street, 26th Floor, Philadelphia,
Pennsylvania 19103 and/or at any adjournments of the meeting (the &#147;Meeting&#148;).
Participating in the Meeting are holders of common shares of beneficial interest
or common stock, as applicable (the &#147;Common Shares&#148;), and the holders of
preferred shares of beneficial interest or preferred stock, as applicable (the
&#147;Preferred Shares&#148;), for those Funds with outstanding Preferred
Shares.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>General Voting
Information.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> You may provide proxy
instructions by returning the enclosed proxy card(s) (&#147;Proxy Card&#148;) by mail in
the enclosed envelope. The persons designated on the Proxy Card(s) as proxies
will vote your shares as you instruct on each Proxy Card. If you return a signed
Proxy Card without any voting instructions, your shares will be voted &#147;FOR ALL&#148;
of the Director nominees in accordance with the recommendation of the Board. The
persons designated on the Proxy Card as proxies will also be authorized to vote
(or to withhold their votes) in their discretion on any other matters which
properly come before the Meeting. They may also vote in their discretion to
adjourn the Meeting. If you sign and return a Proxy Card, you may still attend
the Meeting to vote your shares in person. If your shares are held of record by
a broker and you wish to vote in person at the Meeting, you should obtain a
legal proxy from your broker and present it at the Meeting. You may revoke your
proxy at any time before the Meeting (i) by notifying Delaware Investments in
writing at 2005 Market Street, Philadelphia, PA 19103; (ii) by submitting a
later signed Proxy Card; or (iii) by voting your shares in person at the
Meeting. If your shares are held in the name of your broker, you will have to
make arrangements with your broker to revoke any previously executed
proxy.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each shareholder may cast one vote
for each full share, and a partial vote for each partial share, of a Fund that
they owned of record on June 23, 2014 (the &#147;Record Date&#148;). Exhibit A shows the
number of shares of each Fund that were outstanding on the Record Date and
Exhibit B lists the shareholders who owned 5% or more of the outstanding shares
of any class of any Fund on that date. It is expected that this Combined Proxy
Statement and the accompanying Proxy Card(s) will be first mailed to
shareholders on or about July 7, 2014.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>This
proxy solicitation is being made primarily by mail, but may also be made by
officers or employees of the Funds or their investment manager or affiliates,
through telephone, facsimile, or other communications. The Funds may, but do not
currently expect to, also employ a professional proxy solicitation firm. If a
proxy solicitor is used, the cost will be borne by the Funds. The Funds may
reimburse banks, brokers or dealers for their reasonable expenses in forwarding
soliciting materials to beneficial owners of the Funds&#146; shares.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All shareholders of a Fund vote
together to elect Directors, regardless of whether the Fund has both common and
preferred shareholders, with one exception. For Delaware Investments Colorado
Municipal Income Fund, Inc., Delaware Investments National Municipal Income
Fund, and Delaware Investments Minnesota Municipal Income Fund II, Inc. (each, a
&#147;Municipal Fund&#148; and, collectively, the &#147;Municipal Funds&#148;), each of which has
outstanding Preferred Shares, the holders of Preferred Shares have the exclusive
right to separately elect two Directors (the &#147;Preferred Share Directors&#148;), in
addition to the right to vote for the remaining Directors together with the
holders of the Common Shares.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The presence in person or by proxy
of holders of a majority of a Fund&#146;s outstanding shares shall constitute a
quorum for such Fund. With respect to the Municipal Funds, the presence in
person or by proxy of holders of 33</FONT>&#8531;<FONT face="Times New Roman" size=2>% of the outstanding
Preferred Shares entitled to vote at the Meeting shall constitute a quorum of
the preferred share class of the respective Municipal Fund for purposes of
electing the two Preferred Share Directors. In the event that a quorum is not
present or if sufficient votes are not received consistent with the Board&#146;s
recommendation regarding the proposal, management may propose an adjournment or
adjournments of the Meeting for a Fund. Any adjournment would require a vote in
favor of the adjournment by the holders of a majority of the shares present at
the Meeting in person or by proxy. The persons named as proxies on the Proxy
Card(s) may vote (or withhold their votes) in their discretion on any proposed
adjournment.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Abstentions and Broker
Non-Votes.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Because the only
proposal scheduled to be considered at the Meeting is for the election of
Directors, the Funds do not expect to receive any abstentions or broker
non-votes. In the unlikely event that they do, however, abstentions and broker
non-votes will be included for purposes of determining whether a quorum is
present for each Fund at the Meeting. They will be treated as votes present at
the Meeting, but will not be treated as votes cast. Broker non-votes occur when
a meeting has (1) a &#147;routine&#148; proposal, such as the election of directors, where
the applicable stock exchange permits brokers to vote their clients&#146; shares in
their discretion, and (2) a &#147;non-routine&#148; proposal, such as a change to a
fundamental investment policy, where the applicable exchange does not permit
brokers to vote their clients&#146; shares in their discretion. The shares that are
considered </FONT></P>
<P align=center><FONT face="arial" size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>to be present as a result of the broker
discretionary vote on the routine proposal but that are not voted on the
non-routine proposal are called &#147;broker non-votes.&#148; Because the only proposal to
be presented at the Meeting is considered to be a &#147;routine&#148; voting item, the
Funds do not expect to receive any broker non-votes.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Copies of
each Fund&#146;s most recent annual report and semi-annual report, including
financial statements, have previously been delivered to shareholders. Copies of
these reports are available upon request, at no charge, by writing the Funds at
the address shown on the top of the first page of this Combined Proxy Statement,
by calling toll-free (866) 437-0252, or through the Funds&#146; website at
delawareinvestments.com.</FONT></P>
<P align=center><B><FONT face="Arial" size=2>THE PROPOSAL: TO ELECT A BOARD
OF DIRECTORS<BR>FOR EACH FUND</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>You are being asked to reelect each
of the current members of the Board of your Fund. The nominees are: Thomas L.
Bennett, Joseph W. Chow, Patrick P. Coyne, John A. Fry, Lucinda S. Landreth,
Frances A. Sevilla-Sacasa, Thomas K. Whitford, Janet L. Yeomans, and J. Richard
Zecher.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If elected, these persons will serve
as Directors until the next annual meeting of shareholders called for the
purpose of electing Directors and/or until their successors have been elected
and qualify for office. It is not expected that any nominee will withdraw or
become unavailable for election, but in such a case, the power given by you in
the Proxy Card may be used by the persons named as proxies to vote for a
substitute nominee or nominees as recommended by the Board.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each Municipal Fund issues Common
Shares and Preferred Shares. The holders of Preferred Shares of each Municipal
Fund exclusively are entitled to elect two of their respective Preferred Share
Directors, and the remaining Directors are to be elected by the holders of the
Preferred Shares and Common Shares voting together. The nominees for Preferred
Share Directors of the Municipal Funds are Janet L. Yeomans and J. Richard
Zecher.</FONT></P>
<P align=center><FONT face="arial" size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Arial" size=2>INFORMATION ON THE
NOMINEES</FONT></B></P>
<TABLE style="PADDING-RIGHT: 2pt; PADDING-LEFT: 2pt; PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal; PADDING-TOP: 2pt 0pt; BORDER-COLLAPSE: collapse;" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><B><FONT face="Times New Roman" size=1>Name, Address,<BR>and Birthdate</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><STRONG><FONT size=1 face="Times New Roman">Position(s)<BR>Held with<BR>the
      Funds</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><STRONG><FONT size=1 face="Times New Roman">Length of<BR>Time Served<FONT face="Times New Roman"></FONT></FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Principal<BR>Occupation(s)<BR>During
      Past<BR>Five Years</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><STRONG><FONT size=1 face="Times New Roman">Number<BR>of Funds<BR>in
      Fund<BR>Complex<BR>Overseen<BR>by Director<FONT face="Times New Roman"></FONT></FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%"><STRONG><FONT size=1 face="Times New Roman">Other<BR>Directorships<BR>Held by
      Director<BR>During the Past<BR>Five Years</FONT></STRONG></TD></TR>
  <TR>
    <TD noWrap style="text-align: center" width="14%" bgColor=#c0c0c0>
      <P align=justify><B><I><FONT face="Times New Roman" size=1><U>Interested
      Director</U></FONT></I></B></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap style="text-align: center" width="14%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1><STRONG>Patrick P.
      Coyne</STRONG></FONT><FONT face="Times New Roman" size=1><SUP><STRONG>1<BR></STRONG></SUP>2005 Market
      Street<BR>Philadelphia,<BR>PA 19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>April 1963</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Chairman,<BR>President,
      <BR>
Chief<BR>Executive<BR>Officer, and<BR>Director</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Chairman and<BR>Director
      since<BR>Aug. 16, 2006</font></P>
      <P align=center><FONT face="Times New Roman" size=1>President<BR>and
      Chief<BR>Executive<BR>Officer since<BR>Aug. 1, 2006</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Patrick P. Coyne<BR>has served
      in<BR>various executive<BR>capacities at<BR>different
      times<BR>at Delaware<BR>Investments.<SUP>2</SUP></FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>70</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Board of Governors<BR>Member
      &#151;<BR>Investment<BR>Company Institute<BR>(ICI)</FONT></P>
      <P align=center><FONT face="Times New Roman" size=1>Director and<BR>Audit
      Committee<BR>Member &#151; Kaydon<BR>Corp. (2007&#150;2013)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="14%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="21%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=justify><B><I><FONT face="Times New Roman" size=1><U>Independent
      Directors</U></FONT></I></B></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="14%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="21%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>Thomas L.
      Bennett<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia,<BR>PA 19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>October 1947</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Since March<BR>2005</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Private Investor &#151;<BR>(March
      2004&#150;<BR>Present)</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>70</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director &#151; Bryn<BR>Mawr Bank
      Corp.<BR></FONT><FONT face="Times New Roman" size=1>(BMTC)<BR>(2007&#150;2011)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="14%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="14%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="21%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>Joseph W. Chow<BR>
</FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia,<BR>PA 19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>January 1953</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Since January<BR>2013</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Executive
      Vice<BR>President<BR>(Emerging<BR>Economies<BR>Strategies, Risk<BR>and
      Corporate<BR>Administration)<BR>State Street<BR>Corporation<BR>(July
      2004-<BR>March 2011)</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>70</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director and<BR>Audit
      Committee<BR>Member &#151; Hercules<BR>Technology Growth<BR>Capital,
      Inc.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="14%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="14%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD vAlign=top noWrap align=center width="21%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>John A. Fry</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia,<BR></FONT><FONT face="Times New Roman" size=1>PA
      19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>May 1960</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Since January<BR>2001</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>President &#151;<BR>Drexel
      University<BR>(August 2010&#150;<BR>Present)</FONT></P>
      <P align=center><FONT face="Times New Roman" size=1>President &#151;<BR>Franklin
      &amp;<BR>Marshall College<BR>(July 2002&#150;<BR>July 2010)</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>70</FONT></P></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director &#151;
      Hershey<BR>Trust</FONT></P>
      <P align=center><FONT face="Times New Roman" size=1>Director and Audit<BR>Committee
      Member &#151;<BR>Community Health<BR>Systems</FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT face="Arial" size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="PADDING-RIGHT: 2pt; PADDING-LEFT: 2pt; PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><B><FONT face="Times New Roman" size=1>Name, Address,<BR>and
      Birthdate</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><STRONG><FONT face="Times New Roman" size=1>Position(s)<BR>Held with<BR>the Funds</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><STRONG><FONT face="Times New Roman" size=1>Length of<BR>Time
      Served<FONT face="Times New Roman"></FONT></FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Principal<BR>Occupation(s)<BR>During Past<BR>Five
    Years</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><STRONG><FONT face="Times New Roman" size=1>Number<BR>of
      Funds<BR>in Fund<BR>Complex<BR>Overseen<BR>by Director<FONT face="Times New Roman"></FONT></FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%"><STRONG><FONT face="Times New Roman" size=1>Other<BR>Directorships<BR>Held by Director<BR>During the
      Past<BR>Five Years</FONT></STRONG></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" bgColor=#c0c0c0>
      <P align=justify><B><I><FONT face="Times New Roman" size=1><U>Independent
      Directors</U></FONT></I></B></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0>
      <P align=justify><B><I><FONT face="Times New Roman" size=1>(continued)</FONT></I></B></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="21%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="14%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="21%"></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>Lucinda S.
      Landreth<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia,<BR>PA 19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>June
    1947</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Since
      March<BR>2005</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Private
      Investor<BR>(2004&#150;Present)</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>70</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>None</FONT></P></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="14%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="14%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="21%"></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="14%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>Frances A.
      Sevilla-<BR>Sacasa<BR></FONT></B><FONT face="Times New Roman" size=1>2005
      Market Street<BR>Philadelphia,<BR>PA 19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>January
      1956</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Since
      <BR>September<BR>2011</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Chief
      Executive<BR>Officer &#151; Banco<BR>Ita&#250; International<BR>(April
      2012&#150;<BR>Present)</FONT></P>
      <P align=center><FONT face="Times New Roman" size=1>Executive
      Advisor<BR>to Dean<BR>(August 2011&#150;<BR>March 2012) and<BR>Interim
      Dean<BR>(January 2011&#150;<BR>July 2011) &#151;<BR>University of<BR>Miami
      School<BR>of Business<BR>Administration</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>70</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Trust Manager
      and<BR>Audit Committee<BR>Member &#151; Camden<BR>Property
  Trust</FONT></P></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="14%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="14%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="21%"></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="14%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>Thomas K.
      Whitford<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia,<BR>PA 19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>March
    1956</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Since
      January<BR>2013</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Vice
      Chairman<BR>(2010&#150;April
      2013),<BR>Chief<BR>Administrative<BR>Officer<BR>(2008-2010),<BR>and
      Executive<BR>Vice President<BR>and
      Chief<BR>Administrative<BR>Officer<BR>(2007-2009) &#151;<BR>PNC
      Financial<BR>Services Group</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>70</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director&#151;HSBC<BR>Finance Corporation<BR>and HSBC North<BR>American
      Holdings<BR>Inc.</FONT></P></TD></TR></TABLE><BR>
  <P align=center><FONT face="Arial" size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="PADDING-RIGHT: 2pt; PADDING-LEFT: 2pt; PADDING-BOTTOM: 2pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><B><FONT face="Times New Roman" size=1>Name, Address,<BR>and
      Birthdate</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><STRONG><FONT face="Times New Roman" size=1>Position(s)<BR>Held with<BR>the Funds</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><STRONG><FONT face="Times New Roman" size=1>Length of<BR>Time
      Served<FONT face="Times New Roman"></FONT></FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Principal<BR>Occupation(s)<BR>During Past<BR>Five
    Years</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><STRONG><FONT face="Times New Roman" size=1>Number<BR>of
      Funds<BR>in Fund<BR>Complex<BR>Overseen<BR>by Director<FONT face="Times New Roman"></FONT></FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="21%"><STRONG><FONT face="Times New Roman" size=1>Other<BR>Directorships<BR>Held by Director<BR>During the
      Past<BR>Five Years</FONT></STRONG></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" bgColor=#c0c0c0>
      <P align=justify><B><I><FONT face="Times New Roman" size=1><U>Independent
      Directors</U></FONT></I></B></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0>
      <P align=justify><B><I><FONT face="Times New Roman" size=1>(continued)</FONT></I></B></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="21%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="14%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="14%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="21%"></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="14%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>Janet L.
      Yeomans<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia,<BR>PA 19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>July
    1948</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Since
      April<BR>1999</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Vice President
      and<BR>Treasurer<BR>(January 2006&#150;<BR>July 2012),<BR>Vice President
      &#151;<BR>Mergers &amp;<BR>Acquisitions<BR>(January 2003&#150;<BR>January 2006),
      and<BR>Vice President and<BR>Treasurer<BR>(July 1995&#150;<BR>January
      2003)<BR>3M Corporation</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>70</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director,
      Audit<BR>Committee Chair,<BR>Investment<BR>Committee Member,<BR>and
      Governance<BR>Committee<BR>Member &#151;<BR>Okabena Company </FONT></P>
      <P align=center><FONT face="Times New Roman" size=1>Chair &#151;<BR>3M
      Investment<BR>Management<BR>Company<BR>(2005&#150;2012)</FONT></P></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="14%" bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" vAlign=top noWrap width="14%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>J. Richard
      Zecher<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia,<BR></FONT><FONT face="Times New Roman" size=1>PA
      19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>July
    1940</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="14%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Since
      March<BR>2005</FONT></P></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Founder
      &#151;<BR>Investor<BR>Analytics (Risk<BR>Management)<BR>(May
      1999&#150;<BR>Present)</FONT></P>
      <P align=center><FONT face="Times New Roman" size=1>Founder &#151;
      P/E<BR>Investments<BR>(Hedge Fund)<BR>(September
      1996&#150;<BR>Present)</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>70</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="21%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Director
      and<BR>Compensation<BR>Committee<BR>Member &#151;
      Investor<BR>Analytics</FONT></P>
      <P align=center><FONT face="Times New Roman" size=1>Director &#151;<BR>P/E
      Investments</FONT></P></TD></TR></TABLE>____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>Patrick P. Coyne is considered
      to be an &#147;Interested Director&#148; because he is an executive officer of the
      Funds&#146; investment adviser.</FONT></I></TD></TR>
  <TR>
    <TD colSpan=2><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></EM></TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>2</FONT></I></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>Delaware Investments is the
      marketing name for Delaware Management Holdings, Inc. and its
      subsidiaries, including the Funds&#146; investment
  adviser.</FONT></I></TD></TR></TABLE>
<P align=center><FONT face="Arial" size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>The
following table shows each Director&#146;s ownership of shares of each Fund and of
all other Funds in the Delaware Investments<SUP>&#174;</SUP> Family of Funds (the
&#147;Fund Complex&#148;) as of March 31, 2014.</FONT></P>
<TABLE style="LINE-HEIGHT: normal; padding: 2pt 0pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="91%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=1>Name of Director</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><STRONG><FONT size=1 face="Times New Roman">Dollar Range of<BR>Equity
      Securities in<BR>a Fund</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><STRONG><FONT size=1 face="Times New Roman">Aggregate Dollar Range of<BR>Equity
      Securities in All Registered<BR>Investment Companies Overseen
      by<BR>Director in Fund Complex</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1>Interested Director</FONT></I></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="91%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Patrick P. Coyne</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1>Independent Directors</FONT></I></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Joseph W. Chow</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>John A. Fry</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lucinda S.
    Landreth</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Frances A. Sevilla-Sacasa</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>$50,001 - $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas K.
    Whitford</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>J. Richard
Zecher</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$10,001 &#150;
$50,000*</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over
  $100,000</FONT></TD></TR></TABLE>____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>As of March 31, 2014, Mr.
      Zecher owned Common Shares of Delaware Investments National Municipal
      Income Fund.</FONT></I></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>Board Leadership Structure and
Functions.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2><I><B>Common Board of Directors.</B></I></FONT><FONT face="Times New Roman" size=2>
The business of each Fund is managed under the direction of its Board. The
Directors also serve on the Boards of all the other investment companies that
comprise the Fund Complex. The Directors believe that having a common Board for
all funds in the complex is efficient and enhances the ability of the Board to
address its responsibilities to each fund in the complex. The Directors believe
that the common board structure allows the Directors to leverage their
individual expertise and that their judgment is enhanced by being Directors of
all of the funds in the complex.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Board Chairman.
</EM></STRONG></FONT><FONT face="Times New Roman" size=2>Mr. Coyne, who is an Interested
Director, serves as the Chairman of the Board. The Board believes that having a
representative of Fund management as its Chairman is beneficial to the Funds.
Mr. Coyne is President of Delaware Management Company (&#147;DMC&#148;) and its service
provider affiliates and oversees the day-to-day investment and business affairs
affecting DMC and the Funds. Accordingly, his participation in the Board&#146;s
deliberations helps assure </FONT></P>
<P align=center><FONT face="Arial" size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>that the Board&#146;s decisions are informed
and appropriate. Mr. Coyne&#146;s presence on the Board ensures that the Board&#146;s
decisions are accurately communicated to and implemented by Fund
management.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2><I><B>Coordinating Director.</B></I></FONT><FONT face="Times New Roman" size=2> The
Directors who are not &#147;interested persons&#148; of the Funds, as that term is defined
in the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;),
(collectively, the &#147;Independent Directors&#148; and each an &#147;Independent Director&#148;)
designate one of their members to serve as Coordinating Director. The
Coordinating Director, in consultation with Fund management, legal counsel, and
the other Directors, proposes Board agenda topics, actively participates in
developing Board meeting agendas, and ensures that appropriate and timely
information is provided to the Board in connection with Board meetings. The
Coordinating Director also conducts meetings of the Independent Directors. The
Coordinating Director also generally serves as a liaison among the Independent
Directors, Chairman, Fund officers, and legal counsel, and is an</FONT><I><FONT face="Times New Roman" size=2> ex officio</FONT></I><FONT face="Times New Roman" size=2> member of the
Nominating and Corporate Governance Committee, discussed below.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Size and Composition of
Board.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The Board is currently
comprised of nine Directors. The Directors believe that the current size of the
Board is conducive to Board interaction, dialogue and debate, resulting in an
effective decision-making body. The Board is comprised of Directors with a
variety of professional backgrounds. The Board believes that the skill sets of
its members are complementary and add to the overall effectiveness of the Board.
The Directors regard diversity as an important consideration in the present
composition of the Board and the selection of qualified candidates to fill
vacancies on the Board.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Board
Meetings.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Each Municipal Fund held
five Board meetings during their last fiscal year, ended March 31, 2014.
Delaware Investments Dividend and Income Fund, Inc. (&#147;DDF&#148;) and Delaware
Enhanced Global Dividend and Income Fund (&#147;DEX&#148;) held five Board meetings during
their last fiscal year, ended November 30, 2013. Each Director attended at least
75% of the Board meetings described above and of the meetings of committees on
which the Director served. Directors are encouraged to attend each annual
meeting of shareholders either in person or by telephone, if possible. All
Directors were present at the Funds&#146; annual meeting held on August 21,
2013.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Board
Committees.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The Board has
established several committees, each of which focuses on a particular
substantive area and provides reports and recommendations to the full Board. The
committee structure enables the Board to manage efficiently and effectively the
large volume of information relevant to the Board&#146;s oversight of the Funds. The
committees benefit from the professional expertise of their members. At the same
time, membership on a committee enhances the expertise of its members and
benefits the overall effectiveness of the Board.</FONT></P>
<P align=center><FONT face="Arial" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Each Fund
has an Audit Committee that monitors accounting and financial reporting
policies, practices and internal controls for the Fund. It also oversees the
quality and objectivity of the Fund&#146;s financial statements and the independent
audit thereof, and acts as a liaison between the Fund&#146;s independent registered
public accounting firm and the full Board. The Audit Committee of each Fund
consists of the following Independent Directors appointed by the Board: Janet L.
Yeomans, Chairperson; Joseph W. Chow; Lucinda S. Landreth; and Frances A.
Sevilla-Sacasa. Each Audit Committee member also meets the standard of
independence for Audit Committee members set forth in the listing standards of
the New York Stock Exchange (the &#147;NYSE&#148;) and NYSE MKT LLC (&#147;NYSE MKT&#148;) (formerly
the NYSE Amex). Members of the Audit Committee serve for two-year terms or until
their successors have been appointed and qualified. The Audit Committee held six
meetings for DDF and DEX for the fiscal year ended November 30, 2013, and six
meetings for the Municipal Funds for the fiscal year ended March 31, 2014. The
Board of each Fund has adopted a written charter for the Fund&#146;s Audit Committee,
which is available on the Funds&#146; website at delawareinvestments.com.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each Fund has an Independent
Directors Committee that develops and recommends to the Board a set of corporate
governance principles and oversees the evaluation of the Board, its committees
and its activities. The committee is comprised of all of the Fund&#146;s Independent
Directors. The Independent Directors Committee held four meetings during the
fiscal year ended November 30, 2013 for DDF and DEX, and four meetings for the
Municipal Funds for the fiscal year ended March 31, 2014.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each Fund has an Investments
Committee. The primary purposes of the Investments Committee are to: (i) assist
the Board at its request in its oversight of the investment advisory services
provided to the Fund by the Fund&#146;s investment adviser as well as any
sub-advisers; (ii) review all proposed advisory and sub-advisory agreements for
new funds or proposed amendments to existing agreements and to recommend what
action the full Board and the Independent Directors should take regarding the
approval of all such proposed agreements; and (iii) review reports supplied by
the investment adviser regarding investment performance, portfolio risk and
expenses and to suggest changes to such reports. The Investments Committee
consists of the following Independent Directors: J. Richard Zecher, Chairperson;
Joseph W. Chow; Lucinda S. Landreth; Frances A. Sevilla-Sacasa; and Thomas K.
Whitford. The Investments Committee held five meetings during the fiscal year
ended November 30, 2013 for DDF and DEX, and five meetings for the Municipal
Funds for the fiscal year ended March 31, 2014.</FONT></P>
<P align=center><FONT face="Arial" size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>Each
Fund&#146;s Nominating and Corporate Governance Committee (the &#147;Nominating
Committee&#148;) recommends Board nominees, fills Board vacancies that arise in
between meetings of shareholders, and considers the qualifications and
independence of Board members. The committee also monitors the performance of
counsel for the Independent Directors. The Nominating Committee is comprised of
the following four Independent Directors appointed by the Board: John A. Fry,
Chairperson; Thomas L. Bennett, Coordinating Director (</FONT><I><FONT face="Times New Roman" size=2>ex officio</FONT></I><FONT face="Times New Roman" size=2>); Thomas K.
Whitford; and Janet L. Yeomans, all of whom meet the independence requirements
set forth in the listing standards of the NYSE and NYSE MKT. The Nominating
Committee recommends nominees for Independent Directors for consideration by the
incumbent Independent Directors of each Fund, and the Nominating Committee
recommends nominees for Interested Directors for consideration by the full Board
of each Fund. The Nominating Committee held four meetings during the fiscal year
ended November 30, 2013 for DDF and DEX, and four meetings for the Municipal
Funds for the fiscal year ended March 31, 2014. Each Fund&#146;s Board has adopted a
formal charter for the Nominating Committee setting forth its responsibilities,
which is available on the Funds&#146; website at delawareinvestments.com.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Nominating Committee will
consider shareholder recommendations for nomination to the Board only in the
event that there is a vacancy on the Board. Shareholders who wish to submit
recommendations for nominations to the Board to fill a vacancy must submit their
recommendations in writing to the Nominating and Corporate Governance Committee,
c/o Delaware Investments<SUP>&#174;</SUP> Funds at 2005 Market Street, Philadelphia,
Pennsylvania 19103-7094. Shareholders should include appropriate information on
the background and qualifications of any person recommended (e.g., a resume), as
well as the candidate&#146;s contact information and a written consent from the
candidate to serve if nominated and elected. Shareholder recommendations for
nominations to the Board will be accepted on an ongoing basis and such
recommendations will be kept on file for consideration when there is a vacancy
on the Board.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In reaching its determination that
an individual should serve or continue to serve as a Director of a Fund, the
Nominating Committee considers, in light of the Fund&#146;s business and structure,
the individual&#146;s experience, qualifications, attributes and skills (the
&#147;Selection Factors&#148;). No one Selection Factor is determinative, but some of the
relevant factors that have been considered include: (i) the Director&#146;s business
and professional experience and accomplishments, including prior experience in
the financial services industry or on other boards; (ii) the ability to work
effectively and collegially with other people; and (iii) how the Director&#146;s
background and attributes contribute to the overall mix of skills and experience
on the Board as a whole.</FONT></P>
<P align=center><FONT face="Arial" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Director
Qualifications.</FONT></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2>In
evaluating and selecting candidates for the Board, the Board intends to seek
individuals who will serve the best interests of the Funds&#146; shareholders and
whose attributes will, among other factors, also complement the experience,
skills and diversity of the other Directors and add to the overall effectiveness
of the Board. In the evaluation of such candidates, the Board believes that
diversity with respect to factors such as background, education, experience,
skills, differences of viewpoint, race, gender, national origin, and other
factors that contribute to the Board&#146;s having an appropriate range of expertise,
talents, experiences and viewpoints is an important consideration in the Board&#146;s
composition. In addition to discussing diversity considerations in connection
with the evaluation of each candidate for Board membership, the Board requests
that the Nominating Committee discuss diversity considerations on a periodic
basis in connection with the composition of the Board as a whole. Below is a
brief summary of the Selection Factors that relate to each Director as of the
date of this Combined Proxy Statement.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Thomas L.
Bennett.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Currently the Coordinating
Director, Mr. Bennett has over 30 years of experience in the investment
management industry, particularly with fixed income portfolio management and
credit analysis. He has served in senior management for a number of money
management firms. Mr. Bennett has also served as a board member of another
investment company, an educational institution, nonprofit organizations and
for-profit companies. He has an M.B.A. from the University of Cincinnati and is
a Chartered Financial Analyst. Mr. Bennett has served on the Board since March
2005.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Joseph W.
Chow.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Chow has over 30 years of
experience in the banking and financial services industry. In electing him in
2013, the Independent Directors of the Funds found that his extensive experience
in business strategy in non-U.S. markets complemented the skills of existing
Board members and also reflected the increasing importance of global financial
markets in investment management. The Independent Directors also found that Mr.
Chow&#146;s management responsibilities as a former Executive Vice President of a
leading global asset servicing and investment management firm as well as his
experience as Chief Risk and Corporate Administration Officer would add helpful
oversight skills to the Board&#146;s expertise. Mr. Chow holds a B.A. degree from
Brandeis University and M.C.P and M.S. in Management degree from Massachusetts
Institute of Technology. Mr. Chow has served on the Board since January
2013.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>John A.
Fry.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Fry has over 25 years of
experience in higher education. He has served in senior management for three
major institutions of higher learning. Mr. Fry has also served as a board member
of many nonprofit organizations and </FONT></P>
<P align=center><FONT face="Arial" size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>several for-profit companies. Mr. Fry
has extensive experience in overseeing areas such as finance, investments, risk
management, internal audit and information technology. He holds a B.A. degree in
American Civilization from Lafayette College and an M.B.A. from New York
University. Mr. Fry has served on the Board since January 2001.</FONT></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Times New Roman" size=2><I><B>Lucinda S. Landreth.</B></I></FONT><FONT face="Times New Roman" size=2> Ms.
Landreth has over 35 years of experience in the investment management industry,
particularly with equity management and analysis. She has served as Chief
Investment Officer for a variety of money management firms including a bank, a
broker, and an insurance company. Ms. Landreth has advised mutual funds, pension
funds, and family wealth managers and has served on the board and executive
committees of her college, two foundations and several nonprofit institutions.
In addition to her B.A., she is a Chartered Financial Analyst. Ms. Landreth has
served on the Board since March 2005.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Frances A.
Sevilla-Sacasa. </EM></STRONG></FONT><FONT face="Times New Roman" size=2>Ms. Sevilla-Sacasa
has over 30 years of experience in banking and wealth management. In electing
her in 2011, the Independent Directors of the Board found that her extensive
international wealth management experience, in particular, complemented the
skills of existing Board members and also reflected the increasing importance of
international investment management not only for dollar-denominated investors
but also for investors outside the United States. The Independent Directors also
found that Ms. Sevilla-Sacasa&#146;s management responsibilities as the former
President and Chief Executive Officer of a major trust and wealth management
company would add a helpful oversight skill to the Board&#146;s expertise, and her
extensive nonprofit board experience gave them confidence that she would make a
meaningful, experienced contribution to the Board. Finally, in electing Ms.
Sevilla-Sacasa to the Board, the Independent Directors valued her perceived
dedication to client service as a result of her overall career experience. Ms.
Sevilla-Sacasa holds B.A. and M.B.A. degrees. Ms. Sevilla-Sacasa has served on
the Board since September 2011.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><STRONG><EM>Thomas K. Whitford.
</EM></STRONG></FONT><FONT face="Times New Roman" size=2>Mr. Whitford has over 25 years of
experience in the banking and financial services industry, and served as Vice
Chairman of a major banking, asset management and residential mortgage banking
institution. In electing him in 2013, the Independent Directors of the Funds
found that Mr. Whitford&#146;s senior management role in wealth management and
experience in the mutual fund servicing business would provide valuable current
management and financial industry insight, in particular, and complemented the
skills of existing Board members. The Independent Directors also found that his
senior management role in integrating company acquisitions, technology and
operations and his past role as Chief Risk Officer would add a helpful oversight
skill to the Board&#146;s expertise. Mr. Whitford </FONT></P>
<P align=center><FONT face="Arial" size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>holds a B.S. degree from the University
of Massachusetts and an M.B.A. degree from the University of Pennsylvania&#146;s
Wharton School. Mr. Whitford has served on the Board since January
2013.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Janet L. Yeomans. </EM></STRONG></FONT><FONT face="Times New Roman" size=2>Ms. Yeomans has over 28 years of business experience with a large global
diversified manufacturing company, including service as Treasurer for this
company. In this role, Ms. Yeomans had significant broad-based financial
experience, including global financial risk management and mergers and
acquisitions. She also serves as a board member of a for-profit company. She
holds degrees in mathematics and physics from Connecticut College, an M.S. in
mathematics from Illinois Institute of Technology, and an M.B.A. from the
University of Chicago. Ms. Yeomans has served on the Board since April
1999.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>J. Richard Zecher.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Zecher has over 35 years of experience in the investment management
industry. He founded a hedge fund investment advisory firm and a risk-management
consulting company. He also served as Treasurer of a money center New York bank.
Prior thereto, Mr. Zecher was the Chief Economist at the U.S. Securities and
Exchange Commission. Mr. Zecher has served as a board member and board committee
member of a for-profit company. He holds degrees in Economics from The Ohio
State University. Mr. Zecher has served on the Board since March
2005.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Patrick P. Coyne.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Mr. Coyne has over 25 years of experience in the investment management
industry. Mr. Coyne has managed funds, investment teams and fixed income trading
operations. He has held executive management positions at Delaware Investments
for several years, serving as the firm&#146;s Chief Investment Officer for fixed
income investments, as Chief Investment Officer for equity investments and,
since 2006, as President of Delaware Investments. Mr. Coyne has served as a
board member of nonprofit organizations and for-profit companies, and currently
serves on the Board of Governors of the Investment Company Institute. He holds a
B.A. degree from Harvard University and an M.B.A. from The Wharton School of the
University of Pennsylvania. Mr. Coyne has served on the Board since August
2006.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Board Role in Risk Oversight.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The Board performs a risk oversight function for the Funds
consisting, among other things, of the following activities: (1) receiving and
reviewing reports related to the performance and operations of the Funds; (2)
reviewing, approving, or modifying, as applicable, the compliance policies and
procedures of the Funds; (3) meeting with portfolio management teams to review
investment strategies, techniques and the processes used to manage related
risks; (4) addressing security valuation risk in connection with its review of
fair valuation decisions made by Fund management pursuant to Board-approved
procedures; (5) meeting with representatives of key service providers, including
the Funds&#146; investment adviser, transfer agent, custodian and independent
registered public </FONT></P>
<P align=center><FONT face="Arial" size=2>13</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>accounting firm, to review and discuss
the activities of the Funds and to provide direction with respect thereto; (6)
engaging the services of the Funds&#146; Chief Compliance Officer to test the
compliance procedures of the Fund and its service providers; and (7) requiring
management&#146;s periodic presentations on specified risk topics.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Directors perform this risk oversight function throughout the year in
connection with each quarterly Board meeting. The Directors routinely discuss
certain risk-management topics with Fund management at the Board level and also
through the standing committees of the Board. In addition to these recurring
risk-management discussions, Fund management raises other specific
risk-management issues relating to the Funds with the Directors at Board and
committee meetings. When discussing new product initiatives with the Board, Fund
management also discusses risk &#150; either the risks associated with the new
proposals or the risks that the proposals are designed to mitigate. Fund
management also provides periodic presentations to the Board to give the
Directors a general overview of how the Funds&#146; investment adviser and its
affiliates identify and manage risks pertinent to the Funds.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee looks at specific risk-management issues on an
ongoing basis. The Audit Committee is responsible for certain aspects of risk
oversight relating to financial statements, the valuation of Fund assets, and
certain compliance matters. In addition, the Audit Committee meets with the
investment adviser&#146;s internal audit and risk-management personnel on a quarterly
basis to review the reports on their examinations of functions and processes
affecting the Funds.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board&#146;s other committees also play a role in assessing and managing
risk. The Nominating Committee and the Independent Director Committee play a
role in managing governance risk by developing and recommending to the Board
corporate governance principles and, in the case of the Independent Director
Committee, by overseeing the evaluation of the Board, its committees and its
activities. The Investments Committee plays a significant role in assessing and
managing risk through its oversight of investment performance, investment
process, investment risk controls and Fund expenses.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Because risk is inherent in the operation of any business endeavor, and
particularly in connection with the making of financial investments, there can
be no assurance that the Board&#146;s approach to risk oversight will be able to
minimize or even mitigate any particular risk. Each Fund is designed for
investors that are prepared to accept investment risk, including the possibility
that as yet unforeseen risks may emerge in the future.</FONT></P>
<P align=center><FONT face="Arial" size=2>14</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><I><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Board
Compensation.</FONT></I></B><FONT face="Times New Roman" size=2> Each Independent Director
receives compensation from each Fund of which he/she is a member of the Board.
The Interested Director is compensated by the investment adviser and does not
receive compensation from the Funds. Each Independent Director currently
receives a total annual retainer fee of $145,000 for serving as a Director of
all 26 investment companies within the Fund Complex, plus $10,000 per meeting
for attending each Board Meeting in person held on behalf of all investment
companies in the complex. Each Director also receives a $5,000 fee for attending
telephonic meetings on behalf of the investment companies in the complex. Thomas
L. Bennett is the current Coordinating Director for the Funds and receives an
additional annual retainer totaling $40,000 with respect to all 26 investment
companies within the Fund Complex. Members of the Nominating Committee, Audit
Committee, and Investments Committee receive additional compensation of $3,000
for each Committee meeting attended. The Directors may receive an additional fee
if a committee meeting exceeds 4 hours. In addition, the chairperson of the
Audit Committee receives an annual retainer of $25,000, the chairperson of the
Investments Committee receives an annual retainer of $20,000, and the
chairperson of the Nominating Committee receives an annual retainer of
$20,000.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The following table sets forth the
compensation received by each Independent Director from each Fund and the total
compensation received from the Fund Complex as a whole during the twelve months
ended April 30, 2014.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="31%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=1>Total
  Compensation</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="31%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=1>Aggregate</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=1>from the
    Investment</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="31%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=1>Compensation from
    the</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=1>Companies in the
    Fund</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="31%"><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face="Times New Roman" size=1>Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas L. Bennett</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$3,636</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$252,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"><FONT face="Times New Roman" size=1>Joseph W. Chow</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$3,116</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$215,667</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>John A. Fry</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$3,088</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$213,833</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"><FONT face="Times New Roman" size=1>Anthony D. Knerr<SUP>1</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$3,224</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$223,167</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lucinda S. Landreth</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$3,124</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$216,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"><FONT face="Times New Roman" size=1>Frances A. Sevilla-Sacasa</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$3,116</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$215,667</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas K. Whitford</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$3,073</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$212,667</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%"><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$3,550</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$245,667</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="31%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>J. Richard Zecher</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$3,100</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$214,667</FONT></TD></TR></TABLE>____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>1</FONT></I></TD>
    <TD><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></EM></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>Mr. Knerr retired from the
      Board effective February 20, 2014.</FONT></I></TD></TR></TABLE>
<P align=center><FONT face="Arial" size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Officers.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The
following individuals are executive officers of one or more of the Funds:
Patrick P. Coyne, David F. Connor, Daniel V. Geatens, David P. O&#146;Connor, and
Richard Salus. Exhibit C includes certain information concerning these officers,
except for Mr. Coyne, whose information is set forth with that of the other
Directors. The shares of each Fund that are owned by the executive officers as a
group is less than one percent. In addition, to the knowledge of the Funds&#146;
management, the Directors and officers of the Funds owned, as a group, less than
one percent of the outstanding shares of each class of the Funds.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Section 16(a) Beneficial Ownership Reporting
Compliance.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> Section 16 of the
Securities Exchange Act of 1934, as amended (the &#147;1934 Act&#148;), requires that
Forms 3, 4, and 5 be filed with the SEC, the relevant securities exchange and
the relevant Fund, by or on behalf of certain persons, including directors,
certain officers, and certain affiliated persons of the investment adviser. The
Funds believe that these requirements were met for each Fund&#146;s last fiscal
year.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Required Vote.</EM></STRONG></FONT><FONT face="Times New Roman" size=2>
All shareholders of a Fund vote together to elect Directors, except that the
preferred shareholders of the Municipal Funds have the exclusive right to
separately elect two Preferred Share Directors, in addition to the right to vote
for the remaining Directors together with the holders of the Common Shares. The
Preferred Share Director nominees are Janet L. Yeomans and J. Richard Zecher.
Provided that a quorum is present at the Meeting, either in person or by proxy,
the following votes are required to elect each Fund&#146;s Board.</FONT></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="42%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="57%" colSpan=3><B><FONT face="Times New Roman" size=1>Proposal</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="42%"></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="57%" colSpan=3><B><FONT face="Times New Roman" size=1>Election of Directors</FONT></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=5></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="42%"><FONT face="Times New Roman" size=1>FUND</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"><FONT face="Times New Roman" size=1>Coyne, Bennett, Chow,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=1>Yeomans and Zecher</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="42%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"><FONT face="Times New Roman" size=1>Fry, Landreth,
    Sevilla-Sacasa,</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="26%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="42%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="30%"><FONT face="Times New Roman" size=1>and Whitford</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="26%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="42%"><FONT face="Times New Roman" size=1>DDF
      and DEX</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="57%" colSpan=3><FONT face="Times New Roman" size=1>Plurality of votes cast.</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD noWrap align=left width="42%"><FONT face="Times New Roman" size=1>Municipal Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"><FONT face="Times New Roman" size=1>Plurality of Common and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="26%"><FONT face="Times New Roman" size=1>Plurality of Preferred</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="42%"></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="30%"><FONT face="Times New Roman" size=1>Preferred Share votes cast.</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="26%"><FONT face="Times New Roman" size=1>Share votes cast.</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Arial" size=2>THE BOARD
UNANIMOUSLY<BR>RECOMMENDS THAT YOU VOTE &#147;FOR&#148;<BR>EACH OF THE
NOMINEES</FONT></B></P>
<P align=center><B><FONT face="Arial" size=2>INDEPENDENT ACCOUNTANTS AND
AUDIT COMMITTEE REPORT</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The firm of PricewaterhouseCoopers LLP (&#147;PwC&#148;) has been selected as the
independent registered public accounting firm (&#147;independent auditors&#148;) for the
Funds, for each Funds&#146; current fiscal year. In accordance with Public Company
Accounting Oversight Board Rule 3526 (&#147;PCAOB Rule 3526&#148;), PwC has confirmed
</FONT></P>
<P align=center><FONT face="Arial" size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>its independence to each Fund&#146;s Audit
Committee. PwC also acted as independent auditors of the Funds for their most
recently completed fiscal years and has been appointed as independent auditors
for the Funds&#146; current fiscal years.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Audit Committee must approve all audit and non-audit services
provided to the Funds by their independent auditors, as well as non-audit
services provided by their independent auditors to Delaware Management Company
(&#147;DMC&#148;) and its affiliates that provide ongoing services to the Funds if such
non-audit services relate to the operations or financial reporting of the Funds.
The Audit Committee reviews any audit or non-audit services to determine whether
they are appropriate and permissible under applicable law.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Fund&#146;s Audit Committee has adopted policies and procedures to
provide a framework for the Audit Committee&#146;s consideration of audit and
non-audit services by the independent auditors. These policies and procedures
require that: (i) any audit and non-audit services to be provided by the
independent auditors to a Fund, and (ii) non-audit services relating directly to
the operations or financial reporting of the Funds that are provided by the
Funds&#146; independent auditors to DMC or to any entity controlling, controlled by
or under common control with DMC that provides ongoing services to the Funds are
subject to pre-approval by the Audit Committee or the Chairperson of the Audit
Committee before such service is provided. The Audit Committee has pre-approved
certain services with respect to the Funds, DMC and its affiliates up to certain
specified fee limits.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As required by its charter, each Fund&#146;s Audit Committee has reviewed and
discussed with Fund management and representatives from PwC the audited
financial statements for each Fund&#146;s last fiscal year. The Audit Committee has
discussed with PwC its judgments as to the quality, not just the acceptability,
of the Funds&#146; accounting principles and such other matters required to be
discussed with the Audit Committee by Statement on Auditing Standards No. 114
(The Auditor&#146;s Communication With Those Charged With Governance). The Audit
Committee also received the written disclosures and the letter from PwC required
by PCAOB Rule 3526, and discussed with a representative of PwC the independent
auditor&#146;s independence. Each Fund&#146;s Board considered fees received by PwC from
DMC and its affiliates during the last fiscal year in connection with its
consideration of the auditors&#146; independence. Based on the foregoing discussions
with management and the independent auditors, each Fund&#146;s Audit Committee
unanimously recommended to the Fund&#146;s Board that the aforementioned audited
financial statements be included in each Fund&#146;s annual report to shareholders
for the last fiscal year.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All members of each Fund&#146;s Audit Committee are not considered to be
&#147;interested persons&#148; under the 1940 Act. Each Fund&#146;s Board has adopted a formal
charter for the Audit Committee setting forth its responsibilities. A copy of
the Audit Committee&#146;s charter is available at
delawareinvestments.com.</FONT></P>
<P align=center><FONT face="Arial" size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Representatives of PwC are expected to attend the Meeting. The PwC
representatives will have the opportunity to make a statement if they desire to
do so and will be available to answer appropriate questions.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Audit and Other Fees.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> The Funds and &#147;Covered Entities&#148; (the investment adviser, excluding
sub-advisers unaffiliated with the investment adviser, and any entity
controlling, controlled by or under common control with the investment adviser
that provides ongoing services to the Funds) were billed the amounts listed
below by PwC during each Fund&#146;s last two fiscal years. None of the fees in the
table below were approved by the registrant&#146;s Audit Committee pursuant to the
</FONT><I><FONT face="Times New Roman" size=2>de minimis</FONT></I><FONT face="Times New Roman" size=2>
exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of
Regulation S-X.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="74%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=9><B><FONT face="Times New Roman" size=1>Non-Audit Fees</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="74%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>Audit</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="74%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Fiscal
Year</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=2><B><FONT face="Times New Roman" size=1>Related</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="74%"><STRONG><FONT size=1 face="Times New Roman">Fund</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><STRONG><FONT size=1 face="Times New Roman">End</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Audit
      Fees</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><STRONG><FONT size=1 face="Times New Roman">Fees<FONT face="Times New Roman"><SUP>(1)</SUP></FONT></FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Tax
      Fees<SUP>(2)</SUP></FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><STRONG><FONT size=1 face="Times New Roman">All
      Other<SUP>(3)</SUP></FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware Investments
      Dividend</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11/30/13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>28,035</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,850</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Income Fund,
      Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11/30/12</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>16,300</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,090</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Delaware Enhanced Global Dividend</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>11/30/13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="3%"><FONT face="Times New Roman" size=1>29,735</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4,850</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and
      Income Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>11/30/12</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="3%"><FONT face="Times New Roman" size=1>19,240</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,750</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware Investments
      Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3/31/14</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>29,535</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund,
      Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3/31/13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>16,910</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,090</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Delaware Investments National</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>3/31/14</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="3%"><FONT face="Times New Roman" size=1>29,535</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Municipal Income Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>3/31/13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="3%"><FONT face="Times New Roman" size=1>15,980</FONT></TD>
    <TD align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>2,090</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware Investments
      Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3/31/14</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>29,535</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund
      II, Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3/31/13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>19,030</FONT></TD>
    <TD align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,750</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%"><FONT face="Times New Roman" size=1>Covered Entities</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>11/30/13</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT size=1 face="Times New Roman">618,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=1>11/30/12</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=1 face="Times New Roman">685,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=1>3/31/14</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=1 face="Times New Roman">618,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="74%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=1>3/31/13</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#ffffff><FONT size=1 face="Times New Roman">565,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#ffffff></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR></TABLE>____________________<BR><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>1</FONT></I></TD>
    <TD></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>Includes fees billed for
      year-end audit procedures, reporting up and subsidiary
      statutory.</FONT></I></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>2</FONT></I></TD>
    <TD><EM><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></EM></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>Includes fees billed to the
      Funds for the review of income tax returns and annual excise distribution
      calculations.</FONT></I></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>3</FONT></I></TD>
    <TD></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>Includes fees billed for the
      attest examination of management&#146;s assertion to the controls in place at
      the transfer agent to be in compliance with Rule 17Ad-13(a)(3) of the 1934
      Act.</FONT></I></TD></TR></TABLE>
<P align=center><FONT face="Arial" size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Aggregate non-audit fees to the Funds, the investment adviser
and service provider affiliates. </EM></STRONG></FONT><FONT face="Times New Roman" size=2>The aggregate non-audit fees billed by the independent auditors for
services rendered to VCF, VFL and VMM and to Covered Entities were $8,090,937
and $10,584,953 for the fiscal years ended March 31, 2014 and March 31, 2013,
respectively. The aggregate non-audit fees billed by the independent auditors
for services rendered to DDF and DEX, and to Covered Entities, were $6,016,353
and $10,867,923 for the fiscal years ended November 30, 2013 and November 30,
2012, respectively.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with its selection of PwC, the Audit Committee has
considered PwC&#146;s provision of non-audit services to the investment adviser and
other service providers under common control with the investment adviser that
were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of
Regulation S-X. The Audit Committee has determined that the independent
auditors&#146; provision of these services is compatible with maintaining the
auditors&#146; independence.</FONT></P>
<P align=center><B><FONT face="Arial" size=2>COMMUNICATIONS TO THE
BOARD</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Shareholders who wish to communicate to the full Board may address
correspondence to Thomas L. Bennett, Coordinating Director for the Funds, c/o
the Fund at 2005 Market Street, Philadelphia, Pennsylvania 19103. Shareholders
may also send correspondence to the Coordinating Director or any individual
Director c/o the Fund at 2005 Market Street, Philadelphia, Pennsylvania 19103.
Without opening any such correspondence, Fund management will promptly forward
all such correspondence to the addressed recipient(s).</FONT></P>
<P align=center><FONT face="Arial" size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Arial" size=2>OTHER INFORMATION</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Investment Adviser.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> DMC, a series of Delaware Management Business Trust, 2005 Market Street,
Philadelphia, PA 19103, serves as investment adviser to each Fund.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Administrator.</EM></STRONG></FONT><FONT face="Times New Roman" size=2>
Delaware Service Company, Inc., 2005 Market St., Philadelphia, PA 19103, an
affiliate of DMC, performs administrative and fund accounting oversight services
for the Funds.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Independent Auditors.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> PwC serves as the Funds&#146; independent auditors. PwC&#146;s principal address
is Two Commerce Square, Suite 1700, 2001 Market Street, Philadelphia, PA
19103-7042.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Proxy Solicitation.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> This proxy solicitation is being made by the Board for use at the
Meeting. The cost of this proxy solicitation will be borne equally by the Funds.
The Funds do not currently expect to engage a proxy solicitor with respect to
the proposal. In addition to solicitation by mail, solicitations also may be
made by advertisement, telephone, telegram, facsimile transmission or other
electronic media, or personal contacts. The Funds will request broker-dealer
firms, custodians, nominees and fiduciaries to forward proxy materials to the
beneficial owners of the shares of record. The Funds may reimburse broker-dealer
firms, custodians, nominees and fiduciaries for their reasonable expenses
incurred in connection with such proxy solicitation. In addition to
solicitations by mail, officers and employees of the Funds, Delaware Management
Business Trust and their affiliates, without extra pay, may conduct additional
solicitations by telephone, fax, email, and personal interviews.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Householding.</EM></STRONG></FONT><FONT face="Times New Roman" size=2>
Unless you have instructed the Funds not to, only one copy of this proxy
solicitation will be mailed to multiple Fund shareholders of record who share a
mailing address (a &#147;Household&#148;). If you need additional copies of this proxy
solicitation, 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 Delaware Investments, 2005 Market Street,
Philadelphia, PA 19103 or call toll-free (866) 437-0252. If you do not want the
mailing of your 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 your 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 Delaware
Investments, 2005 Market Street, Philadelphia, PA 19103 or call toll-free (866)
437-0252.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Shareholder Proposals.</EM></STRONG></FONT><FONT face="Times New Roman" size=2> For the Funds&#146; annual meeting of shareholders in 2015, shareholder
proposals to be included in the Funds&#146; Combined Proxy Statement for that meeting
must be received no later than March 9, 2015. Such proposals should </FONT></P>
<P align=center><FONT face="Arial" size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>be sent to the Fund, directed to the
attention of its Secretary, at the address of its principal executive office
printed on the first page of this Combined Proxy Statement. The inclusion and/or
presentation of any such proposal is subject to the applicable requirements of
the proxy rules under the 1934 Act, other applicable law and each Fund&#146;s
governing instruments. The persons designated as proxies will vote in their
discretion on any matter if the Funds do not receive notice of such matter prior
to May 23, 2015.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><STRONG><EM>Fund Reports.</EM></STRONG></FONT><FONT face="Times New Roman" size=2>
Each Fund&#146;s most recent annual report and semi-annual report were previously
mailed to shareholders. Copies of these reports are available upon request,
without charge, by writing the Funds c/o Delaware Investments, 2005 Market
Street, Philadelphia, PA 19103, or by calling toll-free (866)
437-0252.</FONT></P>
<P align=center><FONT face="Arial" size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Arial" size=2>EXHIBIT A</FONT></B></P>
<P align=center><B><FONT face="Arial" size=2>OUTSTANDING SHARES AS OF RECORD
DATE (JUNE 23, 2014)</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="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments Dividend and Income
      Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
      Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9,439,042.1587</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Delaware Enhanced Global Dividend and Income
      Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
      Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>15,863,615.6820</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments Colorado Municipal
      Income Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
      Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,837,100.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Preferred Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Delaware Investments National Municipal
      Income Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
      Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>4,528,443.5050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#ffffff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Preferred Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff><FONT face="Times New Roman" size=2>300.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments Minnesota Municipal
      Income Fund II, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common
      Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11,504,975.0862</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Preferred Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>750.0000</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Arial" size=2>A-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Arial" size=2>EXHIBIT B</FONT></B></P>
<P align=center><B><FONT face="Arial" size=2>SHAREHOLDERS OWNING 5% OR MORE
OF A FUND</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>According to disclosure publicly filed with the SEC, as of June 23, 2014,
the following accounts held of record 5% or more of the outstanding shares of
the Funds listed below. Except as noted below, management does not have
knowledge of beneficial owners.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="77%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><B><FONT face="Times New Roman" size=1>Percent of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="77%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><B><FONT face="Times New Roman" size=1>Outstanding</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="77%"><B><FONT face="Times New Roman" size=1>Fund</FONT></B></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="5%"><B><FONT face="Times New Roman" size=1>Name and Address</FONT></B></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="3%"><B><FONT face="Times New Roman" size=1>Class of Shares</FONT></B></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="5%" colSpan=3><B><FONT face="Times New Roman" size=1>Shares</FONT></B></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="6%" colSpan=4><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware Enhanced
      Global</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>First Trust Portfolios
      L.P.,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Common Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp; &nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2,200,709</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp; &nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>13.87</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;
</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Dividend and Income
      Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>First Trust
    Advisors</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>L.P., and The
      Charger</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Corporation</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>120 East Liberty
      Drive,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Suite 400</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="77%" 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="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wheaton, Illinois 60187</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="3%" 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="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" 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="1%" 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="3%" 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="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face="Times New Roman" size=1>Delaware Enhanced Global</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>Advisors Asset</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>Common Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>1,266,495</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>7.98</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face="Times New Roman" size=1>Dividend &amp; Income Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>Management, Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>18925 Base Camp Road,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>Monument,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="77%"></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="5%"><FONT face="Times New Roman" size=1>Colorado 80132</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="3%"></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="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></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="1%"></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="3%"></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="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
    Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>First Trust Portfolios
      L.P.,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Common Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>286,531</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5.92</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Colorado
    Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>First Trust
    Advisors</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Income Fund,
Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>L.P., and The
      Charger</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Corporation</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>120 East Liberty
      Drive,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Suite 400</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="77%" 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="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wheaton, Illinois 60187</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="3%" 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="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" 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="1%" 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="3%" 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="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face="Times New Roman" size=1>Delaware Investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>Wells Fargo Bank,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>Preferred Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>300</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>100</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face="Times New Roman" size=1>Colorado Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>National Association</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face="Times New Roman" size=1>Income Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>101 N. Phillips Avenue</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>Sioux Falls, South Dakota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="77%"></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="5%"><FONT face="Times New Roman" size=1>57104</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="3%"></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="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></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="1%"></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="3%"></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="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
    Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wells Fargo
Bank,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Preferred Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>National
    Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>National
    Association</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Income Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>101 N. Phillips
      Avenue</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Sioux Falls, South
      Dakota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="77%" 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="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>57104</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="3%" 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="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%" 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="1%" 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="3%" 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="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face="Times New Roman" size=1>Delaware Investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>Wells Fargo Bank,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>Preferred Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>750</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>100</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>%</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face="Times New Roman" size=1>Minnesota Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>National Association</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"><FONT face="Times New Roman" size=1>Income Fund II, Inc.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>101 N. Phillips Avenue</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=1>Sioux Falls, South Dakota</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="77%"></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="5%"><FONT face="Times New Roman" size=1>57104</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="3%"></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="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></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="1%"></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="3%"></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="1%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Arial" size=2>B-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Arial" size=2>EXHIBIT C</FONT></B></P>
<P align=center><B><FONT face="Arial" size=2>EXECUTIVE OFFICERS OF THE
FUNDS</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2><FONT size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board and the senior management of each Fund appoint officers each
year, and from time to time as necessary. Listed below are the executive
officers, their years of birth and addresses, positions and length of service
with the Funds, and principal occupations during the past five years. Each
executive officer is also an officer of DMC, the investment adviser of each
Fund, and considered to be an &#147;interested person&#148; of the Funds under the 1940
Act. No officer receives compensation from the Funds.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"><B><FONT face="Times New Roman" size=1>Name, Address,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"><B><FONT face="Times New Roman" size=1>Position(s) Held</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="16%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="40%"><B><FONT face="Times New Roman" size=1>Principal Occupation(s)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face="Times New Roman" size=1>and
    Birthdate</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face="Times New Roman" size=1>with the
      Funds</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><B><FONT face="Times New Roman" size=1>Time
    Served</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="40%"><B><FONT face="Times New Roman" size=1>During Past Five
      Years</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>David F. Connor</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Senior Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Senior Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>David F. Connor has served as</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President since</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Deputy General Counsel of
  Delaware</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Deputy General</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>May 2013; Deputy</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investments since 2000.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Counsel, and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>General Counsel</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <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><FONT face="Times New Roman" size=1>Secretary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>since September</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>December 1963</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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2000; Secretary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <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>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>since October 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#ffffff><B><FONT face="Times New Roman" size=1>Daniel V. Geatens</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Vice President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Treasurer since</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Daniel V. Geatens has served in</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>and Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff><FONT face="Times New Roman" size=1>October 2007</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff><FONT face="Times New Roman" size=1>various capacities at different
    times</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff><FONT face="Times New Roman" size=1>at Delaware Investments.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD width="99%" bgColor=#ffffff colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>October 1972</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>David P. O&#146;Connor</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>David P. O&#146;Connor has served</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>President since</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>in various executive and legal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>General Counsel,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>February 2012;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>capacities at different times
at</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Chief Legal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>General Counsel</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware Investments.</FONT></TD></TR>
  <TR vAlign=bottom>
    <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><FONT face="Times New Roman" size=1>Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Chief Legal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>February 1966</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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Officer since</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <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>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>October 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#ffffff><B><FONT face="Times New Roman" size=1>Richard Salus</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Senior Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Chief Financial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Richard Salus has served in
  various</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>2005 Market Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>President and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Officer since</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff><FONT face="Times New Roman" size=1>executive capacities at
  different</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Chief Financial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff><FONT face="Times New Roman" size=1>November 2006</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff><FONT face="Times New Roman" size=1>times at Delaware Investments.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=1>Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD noWrap align=left width="20%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD noWrap align=left width="20%" bgColor=#ffffff>
      <P align=justify><FONT face="Times New Roman" size=1>October
      1963</FONT></P></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="16%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="40%" bgColor=#ffffff></TD></TR></TABLE><BR>
<P align=center><FONT face="Arial" size=2>C-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV align=right>
<TABLE style="PADDING-LEFT: 6pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><STRONG>Delaware Investments Dividend</STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Income Fund,
      Inc.</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>Delaware Enhanced Global</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and Income
      Fund</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>Delaware Investments Colorado</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund,
      Inc.</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>Delaware Investments National</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income
      Fund</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold">&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>Delaware Investments Minnesota</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><FONT style="FONT-FAMILY: times new roman; FONT-VARIANT: small-caps" size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund II,
      Inc.</B></FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%">&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>COMBINED
  PROXY</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>STATEMENT</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>Notice of
    Joint</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>Annual
  Meeting</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: black 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>of
    Shareholders</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="100%"><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: times new roman" size=2>AUGUST 20,
      2014<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">
      <DIV align=center><IMG src="declosedend_def14a2x13x1.jpg" border=0></DIV></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="100%">
      <DIV>
      <DIV align=center><IMG src="declosedend_def14a2x13x2.jpg" border=0></DIV></DIV></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="18%" border=0>

  <TR>
    <TD noWrap width="99%" colSpan=3>
      <P STYLE="text-align: left"><B><FONT face="Times New Roman" size=4>EASY</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=4>VOTING OPTIONS:
      </FONT></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE ON THE INTERNET<br>Log on to:
      <BR></FONT></B><B><U><FONT face="Times New Roman" size=2>www.proxy-direct.com</FONT></U></B><B><FONT face="Times New Roman" size=2>
      <BR>or scan the QR code <BR>Follow the on-screen
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours </FONT></I></B></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x2.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY PHONE <BR>Call
      1-800-337-3503 <BR>Follow the recorded
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours</FONT></I></B><I><FONT face="Times New Roman" size=2> </FONT></I></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x3.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY MAIL <BR>Vote, sign and
      date this Proxy <BR>Card and return in the <BR>postage-paid envelope
      </FONT></B></P></TD></TR></TABLE></DIV>
<P align=center><BR><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.<BR>&nbsp; </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="93%"><B><FONT face="Times New Roman" size=2>DELAWARE
      INVESTMENTS DIVIDEND AND INCOME FUND, INC.<BR>JOINT ANNUAL MEETING OF
      SHAREHOLDERS<BR>TO BE HELD ON AUGUST 20, 2014</FONT></B></TD>
    <TD vAlign=top noWrap align=right width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>COMMON SHARES<BR></FONT></B><B><FONT face="Times New Roman" size=2>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned hereby revokes all
previous proxies for his/her shares and appoints A.G. Ciavarelli, Deidre A.
Downes, Michael E. Dresnin, and Kathryn R. Williams, or any of them, with the
right of substitution, proxies of the undersigned at the joint annual meeting of
shareholders of the Fund indicated above to be held at the offices of Stradley
Ronon Stevens &amp; Young, LLP, One Commerce Square, 2005 Market Street, 26th
Floor, Philadelphia, Pennsylvania 19103, on Wednesday, August 20, 2014 at 4:00
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 joint annual meeting of shareholders and specifically as
indicated on the reverse side of this proxy card. </FONT><B><FONT face="Times New Roman" size=2>Please refer to the Proxy Statement for a discussion of these
matters.</FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3>
      <P align=justify><B><FONT face="Times New Roman" size=1>Note</FONT></B><FONT face="Times New Roman" size=1>: PLEASE SIGN EXACTLY AS YOUR NAME(S) APPEAR(S) ON THIS
      PROXY CARD. When signing as custodian, attorney, executor, administrator,
      trustee, guardian, etc., please sign your title as such. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=1>Date</FONT></TD>
    <TD noWrap align=right width="40%"><FONT face="Times New Roman" size=1>DEL_25771_062614A</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PLEASE MARK, SIGN, DATE AND RETURN
THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=4></FONT></B>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman">Important Notice Regarding the Availability
of Proxy Materials for the <BR>Joint Annual Shareholders Meeting to Be Held on
August 20, 2014.<BR></FONT></B><B><FONT face="Times New Roman">The Proxy Statement for this
meeting is available at: <BR></FONT></B><B><U><FONT face="Times New Roman">https://www.delawareinvestments.com/ceproxy</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE BOARD OF DIRECTORS RECOMMENDS
THAT YOU VOTE &#147;FOR ALL&#148; THE NOMINEES BELOW. </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD noWrap width="97%">
      <P align=justify><B><FONT face="Times New Roman" size=2>TO VOTE, MARK BLOCKS BELOW IN
      BLUE OR BLACK INK. Example: </FONT></B></P></TD>
    <TD width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%" bgColor=#555555>&nbsp; &nbsp; </TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="93%" colSpan=13><FONT face="Times New Roman" size=2>To elect the
      following nominees as Directors of the Fund:</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">WITHHOLD<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR ALL<BR>EXCEPT<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="94%" colSpan=14>&nbsp;</TD>
    <TD width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>01.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>02.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Joseph W. Chow</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>03.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Patrick P.
      Coyne</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>04.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>John A. Fry</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>05.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A.
      Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</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="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Janet L. Yeomans</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>09.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>J. Richard
      Zecher</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%" colSpan=11>
      <P align=justify><FONT size=2 face="Times New Roman"><STRONG><U>INSTRUCTIONS:</U> </STRONG><FONT face="Times New Roman">To withhold authority to
      vote &#147;FOR&#148; any individual nominee(s), mark the &#147;For All Except&#148; box and
      write that nominee name(s) on the line provided
below.</FONT></FONT></P></TD>
    <TD noWrap align=left width="1%">&nbsp;
    &nbsp;</TD>
    <TD align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" colSpan=11>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><STRONG></STRONG></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2><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 &#147;FOR&#148; THE
PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY
PROPERLY COME BEFORE THE JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE. </STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><FONT size=1 face="Times New Roman"><STRONG>DEL_25771_062614A</STRONG></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="18%" border=0>

  <TR>
    <TD noWrap width="99%" colSpan=3>
      <P align=justify><B><FONT face="Times New Roman" size=4>EASY</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=4>VOTING OPTIONS:
      </FONT></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE ON THE INTERNET<br>Log on to:
      <BR></FONT></B><B><U><FONT face="Times New Roman" size=2>www.proxy-direct.com</FONT></U></B><B><FONT face="Times New Roman" size=2>
      <BR>or scan the QR code <BR>Follow the on-screen
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours </FONT></I></B></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x2.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY PHONE <BR>Call
      1-800-337-3503 <BR>Follow the recorded
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours</FONT></I></B><I><FONT face="Times New Roman" size=2> </FONT></I></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x3.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY MAIL <BR>Vote, sign and
      date this Proxy <BR>Card and return in the <BR>postage-paid envelope
      </FONT></B></P></TD></TR></TABLE></DIV>
<P align=center><BR><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.<BR>&nbsp; </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="93%"><B><FONT face="Times New Roman" size=2>DELAWARE INVESTMENTS ENHANCED GLOBAL DIVIDEND AND INCOME FUND<BR>JOINT ANNUAL MEETING OF
      SHAREHOLDERS<BR>TO BE HELD ON AUGUST 20, 2014</FONT></B></TD>
    <TD vAlign=top noWrap align=right width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>COMMON SHARES<BR></FONT></B><B><FONT face="Times New Roman" size=2>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
TRUSTEES.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned hereby revokes all
previous proxies for his/her shares and appoints A.G. Ciavarelli, Deidre A.
Downes, Michael E. Dresnin, and Kathryn R. Williams, or any of them, with the
right of substitution, proxies of the undersigned at the joint annual meeting of
shareholders of the Fund indicated above to be held at the offices of Stradley
Ronon Stevens &amp; Young, LLP, One Commerce Square, 2005 Market Street, 26th
Floor, Philadelphia, Pennsylvania 19103, on Wednesday, August 20, 2014 at 4:00
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 joint annual meeting of shareholders and specifically as
indicated on the reverse side of this proxy card. </FONT><B><FONT face="Times New Roman" size=2>Please refer to the Proxy Statement for a discussion of these
matters.</FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3>
      <P align=justify><B><FONT face="Times New Roman" size=1>Note</FONT></B><FONT face="Times New Roman" size=1>: PLEASE SIGN EXACTLY AS YOUR NAME(S) APPEAR(S) ON THIS
      PROXY CARD. When signing as custodian, attorney, executor, administrator,
      trustee, guardian, etc., please sign your title as such. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=1>Date</FONT></TD>
    <TD noWrap align=right width="40%"><FONT face="Times New Roman" size=1>DEL_25771_062614B</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PLEASE MARK, SIGN, DATE AND RETURN
THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=4></FONT></B>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman">Important Notice Regarding the Availability
of Proxy Materials for the <BR>Joint Annual Shareholders Meeting to Be Held on
August 20, 2014.<BR></FONT></B><B><FONT face="Times New Roman">The Proxy Statement for this
meeting is available at: <BR></FONT></B><B><U><FONT face="Times New Roman">https://www.delawareinvestments.com/ceproxy</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE BOARD OF TRUSTEES RECOMMENDS
THAT YOU VOTE &#147;FOR ALL&#148; THE NOMINEES BELOW. </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD noWrap width="97%">
      <P align=justify><B><FONT face="Times New Roman" size=2>TO VOTE, MARK BLOCKS BELOW IN
      BLUE OR BLACK INK. Example: </FONT></B></P></TD>
    <TD width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%" bgColor=#555555>&nbsp; &nbsp; </TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="93%" colSpan=13><FONT face="Times New Roman" size=2>To elect the
      following nominees as  Trustees of the Fund:</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">WITHHOLD<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR ALL<BR>EXCEPT<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="94%" colSpan=14>&nbsp;</TD>
    <TD width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>01.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>02.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Joseph W. Chow</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>03.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Patrick P.
      Coyne</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>04.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>John A. Fry</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>05.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A.
      Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</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="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Janet L. Yeomans</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>09.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>J. Richard
      Zecher</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%" colSpan=11>
      <P align=justify><FONT size=2 face="Times New Roman"><STRONG><U>INSTRUCTIONS:</U> </STRONG><FONT face="Times New Roman">To withhold authority to
      vote &#147;FOR&#148; any individual nominee(s), mark the &#147;For All Except&#148; box and
      write that nominee name(s) on the line provided
below.</FONT></FONT></P></TD>
    <TD noWrap align=left width="1%">&nbsp;
    &nbsp;</TD>
    <TD align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" colSpan=11>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><STRONG></STRONG></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2><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 &#147;FOR&#148; THE
PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY
PROPERLY COME BEFORE THE JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE. </STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><FONT size=1 face="Times New Roman"><STRONG>DEL_25771_062614B</STRONG></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="18%" border=0>

  <TR>
    <TD noWrap width="99%" colSpan=3>
      <P STYLE="text-align: left"><B><FONT face="Times New Roman" size=4>EASY</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=4>VOTING OPTIONS:
      </FONT></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE ON THE INTERNET<br>Log on to:
      <BR></FONT></B><B><U><FONT face="Times New Roman" size=2>www.proxy-direct.com</FONT></U></B><B><FONT face="Times New Roman" size=2>
      <BR>or scan the QR code <BR>Follow the on-screen
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours </FONT></I></B></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x2.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY PHONE <BR>Call
      1-800-337-3503 <BR>Follow the recorded
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours</FONT></I></B><I><FONT face="Times New Roman" size=2> </FONT></I></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x3.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY MAIL <BR>Vote, sign and
      date this Proxy <BR>Card and return in the <BR>postage-paid envelope
      </FONT></B></P></TD></TR></TABLE></DIV>
<P align=center><BR><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.<BR>&nbsp; </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="93%"><B><FONT face="Times New Roman" size=2>DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.<BR>JOINT ANNUAL MEETING OF
      SHAREHOLDERS<BR>TO BE HELD ON AUGUST 20, 2014</FONT></B></TD>
    <TD vAlign=top noWrap align=right width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>COMMON SHARES<BR></FONT></B><B><FONT face="Times New Roman" size=2>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned hereby revokes all
previous proxies for his/her shares and appoints A.G. Ciavarelli, Deidre A.
Downes, Michael E. Dresnin, and Kathryn R. Williams, or any of them, with the
right of substitution, proxies of the undersigned at the joint annual meeting of
shareholders of the Fund indicated above to be held at the offices of Stradley
Ronon Stevens &amp; Young, LLP, One Commerce Square, 2005 Market Street, 26th
Floor, Philadelphia, Pennsylvania 19103, on Wednesday, August 20, 2014 at 4:00
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 joint annual meeting of shareholders and specifically as
indicated on the reverse side of this proxy card. </FONT><B><FONT face="Times New Roman" size=2>Please refer to the Proxy Statement for a discussion of these
matters.</FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3>
      <P align=justify><B><FONT face="Times New Roman" size=1>Note</FONT></B><FONT face="Times New Roman" size=1>: PLEASE SIGN EXACTLY AS YOUR NAME(S) APPEAR(S) ON THIS
      PROXY CARD. When signing as custodian, attorney, executor, administrator,
      trustee, guardian, etc., please sign your title as such. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=1>Date</FONT></TD>
    <TD noWrap align=right width="40%"><FONT face="Times New Roman" size=1>DEL_25771_062614C</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PLEASE MARK, SIGN, DATE AND RETURN
THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=4></FONT></B>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman">Important Notice Regarding the Availability
of Proxy Materials for the <BR>Joint Annual Shareholders Meeting to Be Held on
August 20, 2014.<BR></FONT></B><B><FONT face="Times New Roman">The Proxy Statement for this
meeting is available at: <BR></FONT></B><B><U><FONT face="Times New Roman">https://www.delawareinvestments.com/ceproxy</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE BOARD OF DIRECTORS RECOMMENDS
THAT YOU VOTE &#147;FOR ALL&#148; THE NOMINEES BELOW. </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD noWrap width="97%">
      <P align=justify><B><FONT face="Times New Roman" size=2>TO VOTE, MARK BLOCKS BELOW IN
      BLUE OR BLACK INK. Example: </FONT></B></P></TD>
    <TD width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%" bgColor=#555555>&nbsp; &nbsp; </TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="93%" colSpan=13><FONT face="Times New Roman" size=2>To elect the
      following nominees as Directors of the Fund:</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">WITHHOLD<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR ALL<BR>EXCEPT<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="94%" colSpan=14>&nbsp;</TD>
    <TD width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>01.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>02.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Joseph W. Chow</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>03.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Patrick P.
      Coyne</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>04.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>John A. Fry</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>05.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A.
      Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</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="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2></FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%" colSpan=11>
      <P align=justify><FONT size=2 face="Times New Roman"><STRONG><U>INSTRUCTIONS:</U> </STRONG><FONT face="Times New Roman">To withhold authority to
      vote &#147;FOR&#148; any individual nominee(s), mark the &#147;For All Except&#148; box and
      write that nominee name(s) on the line provided
below.</FONT></FONT></P></TD>
    <TD noWrap align=left width="1%">&nbsp;
    &nbsp;</TD>
    <TD align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" colSpan=11>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><STRONG></STRONG></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2><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 &#147;FOR&#148; THE
PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY
PROPERLY COME BEFORE THE JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE. </STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><FONT size=1 face="Times New Roman"><STRONG>DEL_25771_062614C</STRONG></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="18%" border=0>

  <TR>
    <TD noWrap width="99%" colSpan=3>
      <P STYLE="text-align: left"><B><FONT face="Times New Roman" size=4>EASY</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=4>VOTING OPTIONS:
      </FONT></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE ON THE INTERNET<br>Log on to:
      <BR></FONT></B><B><U><FONT face="Times New Roman" size=2>www.proxy-direct.com</FONT></U></B><B><FONT face="Times New Roman" size=2>
      <BR>or scan the QR code <BR>Follow the on-screen
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours </FONT></I></B></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x2.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY PHONE <BR>Call
      1-800-337-3503 <BR>Follow the recorded
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours</FONT></I></B><I><FONT face="Times New Roman" size=2> </FONT></I></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x3.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY MAIL <BR>Vote, sign and
      date this Proxy <BR>Card and return in the <BR>postage-paid envelope
      </FONT></B></P></TD></TR></TABLE></DIV>
<P align=center><BR><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.<BR>&nbsp; </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="93%"><B><FONT face="Times New Roman" size=2>DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND<BR>JOINT ANNUAL MEETING OF
      SHAREHOLDERS<BR>TO BE HELD ON AUGUST 20, 2014</FONT></B></TD>
    <TD vAlign=top noWrap align=right width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>COMMON SHARES<BR></FONT></B><B><FONT face="Times New Roman" size=2>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned hereby revokes all
previous proxies for his/her shares and appoints A.G. Ciavarelli, Deidre A.
Downes, Michael E. Dresnin, and Kathryn R. Williams, or any of them, with the
right of substitution, proxies of the undersigned at the joint annual meeting of
shareholders of the Fund indicated above to be held at the offices of Stradley
Ronon Stevens &amp; Young, LLP, One Commerce Square, 2005 Market Street, 26th
Floor, Philadelphia, Pennsylvania 19103, on Wednesday, August 20, 2014 at 4:00
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 joint annual meeting of shareholders and specifically as
indicated on the reverse side of this proxy card. </FONT><B><FONT face="Times New Roman" size=2>Please refer to the Proxy Statement for a discussion of these
matters.</FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3>
      <P align=justify><B><FONT face="Times New Roman" size=1>Note</FONT></B><FONT face="Times New Roman" size=1>: PLEASE SIGN EXACTLY AS YOUR NAME(S) APPEAR(S) ON THIS
      PROXY CARD. When signing as custodian, attorney, executor, administrator,
      trustee, guardian, etc., please sign your title as such. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=1>Date</FONT></TD>
    <TD noWrap align=right width="40%"><FONT face="Times New Roman" size=1>DEL_25771_062614D</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PLEASE MARK, SIGN, DATE AND RETURN
THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=4></FONT></B>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman">Important Notice Regarding the Availability
of Proxy Materials for the <BR>Joint Annual Shareholders Meeting to Be Held on
August 20, 2014.<BR></FONT></B><B><FONT face="Times New Roman">The Proxy Statement for this
meeting is available at: <BR></FONT></B><B><U><FONT face="Times New Roman">https://www.delawareinvestments.com/ceproxy</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE BOARD OF TRUSTEES RECOMMENDS
THAT YOU VOTE &#147;FOR ALL&#148; THE NOMINEES BELOW. </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD noWrap width="97%">
      <P align=justify><B><FONT face="Times New Roman" size=2>TO VOTE, MARK BLOCKS BELOW IN
      BLUE OR BLACK INK. Example: </FONT></B></P></TD>
    <TD width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%" bgColor=#555555>&nbsp; &nbsp; </TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="93%" colSpan=13><FONT face="Times New Roman" size=2>To elect the
      following nominees as Trustees of the Fund:</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">WITHHOLD<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR ALL<BR>EXCEPT<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="94%" colSpan=14>&nbsp;</TD>
    <TD width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>01.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>02.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Joseph W. Chow</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>03.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Patrick P.
      Coyne</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>04.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>John A. Fry</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>05.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A.
      Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</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="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2></FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%" colSpan=11>
      <P align=justify><FONT size=2 face="Times New Roman"><STRONG><U>INSTRUCTIONS:</U> </STRONG><FONT face="Times New Roman">To withhold authority to
      vote &#147;FOR&#148; any individual nominee(s), mark the &#147;For All Except&#148; box and
      write that nominee name(s) on the line provided
below.</FONT></FONT></P></TD>
    <TD noWrap align=left width="1%">&nbsp;
    &nbsp;</TD>
    <TD align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" colSpan=11>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><STRONG></STRONG></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2><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 &#147;FOR&#148; THE
PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY
PROPERLY COME BEFORE THE JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE. </STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><FONT size=1 face="Times New Roman"><STRONG>DEL_25771_062614D</STRONG></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="18%" border=0>

  <TR>
    <TD noWrap width="99%" colSpan=3>
      <P align=justify><B><FONT face="Times New Roman" size=4>EASY</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=4>VOTING OPTIONS:
      </FONT></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE ON THE INTERNET<br>Log on to:
      <BR></FONT></B><B><U><FONT face="Times New Roman" size=2>www.proxy-direct.com</FONT></U></B><B><FONT face="Times New Roman" size=2>
      <BR>or scan the QR code <BR>Follow the on-screen
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours </FONT></I></B></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x2.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY PHONE <BR>Call
      1-800-337-3503 <BR>Follow the recorded
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours</FONT></I></B><I><FONT face="Times New Roman" size=2> </FONT></I></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x3.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY MAIL <BR>Vote, sign and
      date this Proxy <BR>Card and return in the <BR>postage-paid envelope
      </FONT></B></P></TD></TR></TABLE></DIV>
<P align=center><BR><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.<BR>&nbsp; </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="93%"><B><FONT face="Times New Roman" size=2>DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.<BR>JOINT ANNUAL MEETING OF
      SHAREHOLDERS<BR>TO BE HELD ON AUGUST 20, 2014</FONT></B></TD>
    <TD vAlign=top noWrap align=right width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>COMMON SHARES<BR></FONT></B><B><FONT face="Times New Roman" size=2>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned hereby revokes all
previous proxies for his/her shares and appoints A.G. Ciavarelli, Deidre A.
Downes, Michael E. Dresnin, and Kathryn R. Williams, or any of them, with the
right of substitution, proxies of the undersigned at the joint annual meeting of
shareholders of the Fund indicated above to be held at the offices of Stradley
Ronon Stevens &amp; Young, LLP, One Commerce Square, 2005 Market Street, 26th
Floor, Philadelphia, Pennsylvania 19103, on Wednesday, August 20, 2014 at 4:00
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 joint annual meeting of shareholders and specifically as
indicated on the reverse side of this proxy card. </FONT><B><FONT face="Times New Roman" size=2>Please refer to the Proxy Statement for a discussion of these
matters.</FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3>
      <P align=justify><B><FONT face="Times New Roman" size=1>Note</FONT></B><FONT face="Times New Roman" size=1>: PLEASE SIGN EXACTLY AS YOUR NAME(S) APPEAR(S) ON THIS
      PROXY CARD. When signing as custodian, attorney, executor, administrator,
      trustee, guardian, etc., please sign your title as such. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=1>Date</FONT></TD>
    <TD noWrap align=right width="40%"><FONT face="Times New Roman" size=1>DEL_25771_062614E</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PLEASE MARK, SIGN, DATE AND RETURN
THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=4></FONT></B>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman">Important Notice Regarding the Availability
of Proxy Materials for the <BR>Joint Annual Shareholders Meeting to Be Held on
August 20, 2014.<BR></FONT></B><B><FONT face="Times New Roman">The Proxy Statement for this
meeting is available at: <BR></FONT></B><B><U><FONT face="Times New Roman">https://www.delawareinvestments.com/ceproxy</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE BOARD OF DIRECTORS RECOMMENDS
THAT YOU VOTE &#147;FOR ALL&#148; THE NOMINEES BELOW. </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD noWrap width="97%">
      <P align=justify><B><FONT face="Times New Roman" size=2>TO VOTE, MARK BLOCKS BELOW IN
      BLUE OR BLACK INK. Example: </FONT></B></P></TD>
    <TD width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%" bgColor=#555555>&nbsp; &nbsp; </TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="93%" colSpan=13><FONT face="Times New Roman" size=2>To elect the
      following nominees as Directors of the Fund:</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">WITHHOLD<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR ALL<BR>EXCEPT<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="94%" colSpan=14>&nbsp;</TD>
    <TD width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>01.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>02.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Joseph W. Chow</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>03.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Patrick P.
      Coyne</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>04.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>John A. Fry</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>05.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A.
      Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</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="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2></FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%" colSpan=11>
      <P align=justify><FONT size=2 face="Times New Roman"><STRONG><U>INSTRUCTIONS:</U> </STRONG><FONT face="Times New Roman">To withhold authority to
      vote &#147;FOR&#148; any individual nominee(s), mark the &#147;For All Except&#148; box and
      write that nominee name(s) on the line provided
below.</FONT></FONT></P></TD>
    <TD noWrap align=left width="1%">&nbsp;
    &nbsp;</TD>
    <TD align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" colSpan=11>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><STRONG></STRONG></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2><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 &#147;FOR&#148; THE
PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY
PROPERLY COME BEFORE THE JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE. </STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><FONT size=1 face="Times New Roman"><STRONG>DEL_25771_062614E</STRONG></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="18%" border=0>

  <TR>
    <TD noWrap width="99%" colSpan=3>
      <P STYLE="text-align: left"><B><FONT face="Times New Roman" size=4>EASY</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=4>VOTING OPTIONS:
      </FONT></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE ON THE INTERNET<br>Log on to:
      <BR></FONT></B><B><U><FONT face="Times New Roman" size=2>www.proxy-direct.com</FONT></U></B><B><FONT face="Times New Roman" size=2>
      <BR>or scan the QR code <BR>Follow the on-screen
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours </FONT></I></B></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x2.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY PHONE <BR>Call
      1-800-337-3503 <BR>Follow the recorded
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours</FONT></I></B><I><FONT face="Times New Roman" size=2> </FONT></I></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x3.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY MAIL <BR>Vote, sign and
      date this Proxy <BR>Card and return in the <BR>postage-paid envelope
      </FONT></B></P></TD></TR></TABLE></DIV>
<P align=center><BR><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.<BR>&nbsp; </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="93%"><B><FONT face="Times New Roman" size=2>DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.<BR>JOINT ANNUAL MEETING OF
      SHAREHOLDERS<BR>TO BE HELD ON AUGUST 20, 2014</FONT></B></TD>
    <TD vAlign=top noWrap align=right width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>PREFERRED SHARES<BR></FONT></B><B><FONT face="Times New Roman" size=2>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned hereby revokes all
previous proxies for his/her shares and appoints A.G. Ciavarelli, Deidre A.
Downes, Michael E. Dresnin, and Kathryn R. Williams, or any of them, with the
right of substitution, proxies of the undersigned at the joint annual meeting of
shareholders of the Fund indicated above to be held at the offices of Stradley
Ronon Stevens &amp; Young, LLP, One Commerce Square, 2005 Market Street, 26th
Floor, Philadelphia, Pennsylvania 19103, on Wednesday, August 20, 2014 at 4:00
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 joint annual meeting of shareholders and specifically as
indicated on the reverse side of this proxy card. </FONT><B><FONT face="Times New Roman" size=2>Please refer to the Proxy Statement for a discussion of these
matters.</FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3>
      <P align=justify><B><FONT face="Times New Roman" size=1>Note</FONT></B><FONT face="Times New Roman" size=1>: PLEASE SIGN EXACTLY AS YOUR NAME(S) APPEAR(S) ON THIS
      PROXY CARD. When signing as custodian, attorney, executor, administrator,
      trustee, guardian, etc., please sign your title as such. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=1>Date</FONT></TD>
    <TD noWrap align=right width="40%"><FONT face="Times New Roman" size=1>DEL_25771_062614A</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PLEASE MARK, SIGN, DATE AND RETURN
THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=4></FONT></B>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman">Important Notice Regarding the Availability
of Proxy Materials for the <BR>Joint Annual Shareholders Meeting to Be Held on
August 20, 2014.<BR></FONT></B><B><FONT face="Times New Roman">The Proxy Statement for this
meeting is available at: <BR></FONT></B><B><U><FONT face="Times New Roman">https://www.delawareinvestments.com/ceproxy</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE BOARD OF DIRECTORS RECOMMENDS
THAT YOU VOTE &#147;FOR ALL&#148; THE NOMINEES BELOW. </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD noWrap width="97%">
      <P align=justify><B><FONT face="Times New Roman" size=2>TO VOTE, MARK BLOCKS BELOW IN
      BLUE OR BLACK INK. Example: </FONT></B></P></TD>
    <TD width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%" bgColor=#555555>&nbsp; &nbsp; </TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="93%" colSpan=13><FONT face="Times New Roman" size=2>To elect the
      following nominees as Directors of the Fund:</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">WITHHOLD<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR ALL<BR>EXCEPT<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="94%" colSpan=14>&nbsp;</TD>
    <TD width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>01.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>02.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Joseph W. Chow</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>03.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Patrick P.
      Coyne</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>04.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>John A. Fry</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>05.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A.
      Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</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="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Janet L. Yeomans</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>09.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>J. Richard
      Zecher</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%" colSpan=11>
      <P align=justify><FONT size=2 face="Times New Roman"><STRONG><U>INSTRUCTIONS:</U> </STRONG><FONT face="Times New Roman">To withhold authority to
      vote &#147;FOR&#148; any individual nominee(s), mark the &#147;For All Except&#148; box and
      write that nominee name(s) on the line provided
below.</FONT></FONT></P></TD>
    <TD noWrap align=left width="1%">&nbsp;
    &nbsp;</TD>
    <TD align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" colSpan=11>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><STRONG></STRONG></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2><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 &#147;FOR&#148; THE
PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY
PROPERLY COME BEFORE THE JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE. </STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><FONT size=1 face="Times New Roman"><STRONG>DEL_25771_062614A</STRONG></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="18%" border=0>

  <TR>
    <TD noWrap width="99%" colSpan=3>
      <P STYLE="text-align: left"><B><FONT face="Times New Roman" size=4>EASY</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=4>VOTING OPTIONS:
      </FONT></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE ON THE INTERNET<br>Log on to:
      <BR></FONT></B><B><U><FONT face="Times New Roman" size=2>www.proxy-direct.com</FONT></U></B><B><FONT face="Times New Roman" size=2>
      <BR>or scan the QR code <BR>Follow the on-screen
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours </FONT></I></B></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x2.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY PHONE <BR>Call
      1-800-337-3503 <BR>Follow the recorded
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours</FONT></I></B><I><FONT face="Times New Roman" size=2> </FONT></I></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x3.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY MAIL <BR>Vote, sign and
      date this Proxy <BR>Card and return in the <BR>postage-paid envelope
      </FONT></B></P></TD></TR></TABLE></DIV>
<P align=center><BR><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.<BR>&nbsp; </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="93%"><B><FONT face="Times New Roman" size=2>DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND<BR>JOINT ANNUAL MEETING OF
      SHAREHOLDERS<BR>TO BE HELD ON AUGUST 20, 2014</FONT></B></TD>
    <TD vAlign=top noWrap align=right width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>PREFERRED SHARES<BR></FONT></B><B><FONT face="Times New Roman" size=2>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
TRUSTEES.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned hereby revokes all
previous proxies for his/her shares and appoints A.G. Ciavarelli, Deidre A.
Downes, Michael E. Dresnin, and Kathryn R. Williams, or any of them, with the
right of substitution, proxies of the undersigned at the joint annual meeting of
shareholders of the Fund indicated above to be held at the offices of Stradley
Ronon Stevens &amp; Young, LLP, One Commerce Square, 2005 Market Street, 26th
Floor, Philadelphia, Pennsylvania 19103, on Wednesday, August 20, 2014 at 4:00
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 joint annual meeting of shareholders and specifically as
indicated on the reverse side of this proxy card. </FONT><B><FONT face="Times New Roman" size=2>Please refer to the Proxy Statement for a discussion of these
matters.</FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3>
      <P align=justify><B><FONT face="Times New Roman" size=1>Note</FONT></B><FONT face="Times New Roman" size=1>: PLEASE SIGN EXACTLY AS YOUR NAME(S) APPEAR(S) ON THIS
      PROXY CARD. When signing as custodian, attorney, executor, administrator,
      trustee, guardian, etc., please sign your title as such. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=1>Date</FONT></TD>
    <TD noWrap align=right width="40%"><FONT face="Times New Roman" size=1>DEL_25771_062614B</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PLEASE MARK, SIGN, DATE AND RETURN
THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=4></FONT></B>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman">Important Notice Regarding the Availability
of Proxy Materials for the <BR>Joint Annual Shareholders Meeting to Be Held on
August 20, 2014.<BR></FONT></B><B><FONT face="Times New Roman">The Proxy Statement for this
meeting is available at: <BR></FONT></B><B><U><FONT face="Times New Roman">https://www.delawareinvestments.com/ceproxy</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE BOARD OF TRUSTEES RECOMMENDS
THAT YOU VOTE &#147;FOR ALL&#148; THE NOMINEES BELOW. </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD noWrap width="97%">
      <P align=justify><B><FONT face="Times New Roman" size=2>TO VOTE, MARK BLOCKS BELOW IN
      BLUE OR BLACK INK. Example: </FONT></B></P></TD>
    <TD width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%" bgColor=#555555>&nbsp; &nbsp; </TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="93%" colSpan=13><FONT face="Times New Roman" size=2>To elect the
      following nominees as Trustees of the Fund:</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">WITHHOLD<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR ALL<BR>EXCEPT<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="94%" colSpan=14>&nbsp;</TD>
    <TD width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>01.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>02.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Joseph W. Chow</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>03.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Patrick P.
      Coyne</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>04.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>John A. Fry</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>05.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A.
      Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</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="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Janet L. Yeomans</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>09.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>J. Richard
      Zecher</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%" colSpan=11>
      <P align=justify><FONT size=2 face="Times New Roman"><STRONG><U>INSTRUCTIONS:</U> </STRONG><FONT face="Times New Roman">To withhold authority to
      vote &#147;FOR&#148; any individual nominee(s), mark the &#147;For All Except&#148; box and
      write that nominee name(s) on the line provided
below.</FONT></FONT></P></TD>
    <TD noWrap align=left width="1%">&nbsp;
    &nbsp;</TD>
    <TD align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" colSpan=11>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><STRONG></STRONG></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2><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 &#147;FOR&#148; THE
PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY
PROPERLY COME BEFORE THE JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE. </STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><FONT size=1 face="Times New Roman"><STRONG>DEL_25771_062614B</STRONG></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="18%" border=0>

  <TR>
    <TD noWrap width="99%" colSpan=3>
      <P STYLE="text-align: left"><B><FONT face="Times New Roman" size=4>EASY</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=4>VOTING OPTIONS:
      </FONT></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x1.jpg" border=0></TD>
    <TD noWrap width="1%">&nbsp;</TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE ON THE INTERNET<br>Log on to:
      <BR></FONT></B><B><U><FONT face="Times New Roman" size=2>www.proxy-direct.com</FONT></U></B><B><FONT face="Times New Roman" size=2>
      <BR>or scan the QR code <BR>Follow the on-screen
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours </FONT></I></B></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x2.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY PHONE <BR>Call
      1-800-337-3503 <BR>Follow the recorded
      instructions<BR></FONT></B><B><I><FONT face="Times New Roman" size=2>available 24
      hours</FONT></I></B><I><FONT face="Times New Roman" size=2> </FONT></I></P></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%">&nbsp;</TD>
    <TD noWrap width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD width="93%"></TD></TR>
  <TR>
    <TD style="text-align: center" width="5%"><IMG src="proxycardx1x3.jpg" border=0></TD>
    <TD noWrap width="1%"></TD>
    <TD style="text-align: center" width="93%">
      <P align=center><B><FONT face="Times New Roman" size=2>VOTE BY MAIL <BR>Vote, sign and
      date this Proxy <BR>Card and return in the <BR>postage-paid envelope
      </FONT></B></P></TD></TR></TABLE></DIV>
<P align=center><BR><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.<BR>&nbsp; </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="93%"><B><FONT face="Times New Roman" size=2>DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.<BR>JOINT ANNUAL MEETING OF
      SHAREHOLDERS<BR>TO BE HELD ON AUGUST 20, 2014</FONT></B></TD>
    <TD vAlign=top noWrap align=right width="3%"><B><FONT face="Times New Roman" size=2>PROXY</FONT></B></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>PREFERRED SHARES<BR></FONT></B><B><FONT face="Times New Roman" size=2>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
DIRECTORS.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned hereby revokes all
previous proxies for his/her shares and appoints A.G. Ciavarelli, Deidre A.
Downes, Michael E. Dresnin, and Kathryn R. Williams, or any of them, with the
right of substitution, proxies of the undersigned at the joint annual meeting of
shareholders of the Fund indicated above to be held at the offices of Stradley
Ronon Stevens &amp; Young, LLP, One Commerce Square, 2005 Market Street, 26th
Floor, Philadelphia, Pennsylvania 19103, on Wednesday, August 20, 2014 at 4:00
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 joint annual meeting of shareholders and specifically as
indicated on the reverse side of this proxy card. </FONT><B><FONT face="Times New Roman" size=2>Please refer to the Proxy Statement for a discussion of these
matters.</FONT></B></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="45%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%" bgColor=#e9e9e9>&nbsp;</TD>
    <TD noWrap align=left width="3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp;</TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=3>
      <P align=justify><B><FONT face="Times New Roman" size=1>Note</FONT></B><FONT face="Times New Roman" size=1>: PLEASE SIGN EXACTLY AS YOUR NAME(S) APPEAR(S) ON THIS
      PROXY CARD. When signing as custodian, attorney, executor, administrator,
      trustee, guardian, etc., please sign your title as such. </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><FONT face="Times New Roman" size=1>Signature</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=1>Date</FONT></TD>
    <TD noWrap align=right width="40%"><FONT face="Times New Roman" size=1>DEL_25771_062614C</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PLEASE MARK, SIGN, DATE AND RETURN
THIS PROXY PROMPTLY USING THE ENCLOSED ENVELOPE. </FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=4></FONT></B>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman">Important Notice Regarding the Availability
of Proxy Materials for the <BR>Joint Annual Shareholders Meeting to Be Held on
August 20, 2014.<BR></FONT></B><B><FONT face="Times New Roman">The Proxy Statement for this
meeting is available at: <BR></FONT></B><B><U><FONT face="Times New Roman">https://www.delawareinvestments.com/ceproxy</FONT></U></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>Please detach at perforation before
mailing.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2>THE BOARD OF DIRECTORS RECOMMENDS
THAT YOU VOTE &#147;FOR ALL&#148; THE NOMINEES BELOW. </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR>
    <TD noWrap width="97%">
      <P align=justify><B><FONT face="Times New Roman" size=2>TO VOTE, MARK BLOCKS BELOW IN
      BLUE OR BLACK INK. Example: </FONT></B></P></TD>
    <TD width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap width="1%" bgColor=#555555>&nbsp; &nbsp; </TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="93%" colSpan=13><FONT face="Times New Roman" size=2>To elect the
      following nominees as Directors of the Fund:</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">WITHHOLD<BR>ALL<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" rowSpan=3><FONT size=1 face="Times New Roman">FOR ALL<BR>EXCEPT<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD width="94%" colSpan=14>&nbsp;</TD>
    <TD width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>01.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>02.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Joseph W. Chow</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>03.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Patrick P.
      Coyne</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center 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="1%"><FONT face="Times New Roman" size=2>04.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>John A. Fry</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>05.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A.
      Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face=Wingdings size=2>o</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="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Janet L. Yeomans</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>09.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>J. Richard
      Zecher</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="82%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="91%" colSpan=11>
      <P align=justify><FONT size=2 face="Times New Roman"><STRONG><U>INSTRUCTIONS:</U> </STRONG><FONT face="Times New Roman">To withhold authority to
      vote &#147;FOR&#148; any individual nominee(s), mark the &#147;For All Except&#148; box and
      write that nominee name(s) on the line provided
below.</FONT></FONT></P></TD>
    <TD noWrap align=left width="1%">&nbsp;
    &nbsp;</TD>
    <TD align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="91%" colSpan=11>&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><STRONG></STRONG></FONT>&nbsp;</P>
<P align=justify><FONT face="Times New Roman" size=2><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 &#147;FOR&#148; THE
PROPOSAL, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY
PROPERLY COME BEFORE THE JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE
AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE. </STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><FONT size=1 face="Times New Roman"><STRONG>DEL_25771_062614C</STRONG></FONT></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
