<SEC-DOCUMENT>0001206774-15-002114.txt : 20150701
<SEC-HEADER>0001206774-15-002114.hdr.sgml : 20150701
<ACCEPTANCE-DATETIME>20150701131216
ACCESSION NUMBER:		0001206774-15-002114
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20150819
FILED AS OF DATE:		20150701
DATE AS OF CHANGE:		20150701
EFFECTIVENESS DATE:		20150701

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:		15964143

	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:		15964144

	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:		15964145

	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:		15964146

	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:		15964147

	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>

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<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2><b>UNITED STATES </b></FONT><br><FONT style="FONT-FAMILY: Times New Roman" size=2><b>SECURITIES AND EXCHANGE COMMISSION<BR>

Washington, D.C. 20549</b></FONT></DIV>
<DIV>&nbsp;</DIV>


<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=4><b>SCHEDULE 14A</b></FONT><BR>
<br><FONT style="FONT-FAMILY: Times New Roman" size=2>Proxy Statement Pursuant to Section 14(a) of the Securities <BR>Exchange
Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</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="99%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by the Registrant
      [X]</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by a Party other than
      the Registrant [&nbsp;&nbsp; ]&nbsp; </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Check the appropriate
      box:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3>&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="97%"><FONT style="FONT-FAMILY: times new roman" size=2>Preliminary Proxy
      Statement</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="97%"><FONT style="FONT-FAMILY: times new roman" size=2><B>Confidential, for Use of the
      Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></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="97%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Proxy
      Statement</FONT></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="97%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Additional
      Materials</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" ><FONT size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="97%" ><FONT size=2>Soliciting Material Pursuant to &sect;240.14a-12</FONT></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="BORDER-BOTTOM: #000000 1pt solid; 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><STRONG><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></STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; 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="BORDER-BOTTOM: #000000 1pt solid; 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="BORDER-BOTTOM: #000000 1pt solid; 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)(1) and 0-11.</FONT></DIV></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 vAlign=top align=left width="96%" >&nbsp;</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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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%" align=justify><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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=left width="98%"  colSpan=3>&nbsp;</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: justify"><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>
    <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 vAlign=top noWrap align=left width="96%" >&nbsp;</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; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" 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; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" 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; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" 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 style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" 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 19, 2015</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 19, 2015: 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 style="padding-left: 30pt" align=justify><B><FONT face="Times New Roman" size=2>Delaware Investments
Dividend and Income Fund, Inc. <BR>
Delaware Enhanced Global Dividend and Income Fund
<BR>
Delaware Investments Colorado Municipal Income Fund, Inc. <BR>
Delaware Investments
National Municipal Income Fund <BR>
Delaware Investments Minnesota Municipal Income
Fund II, Inc.</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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 19, 2015 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; </FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top 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 NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top 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" STYLE="text-indent: 15pt"><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>
<P align=justify><IMG src="declosedend_def14a1x1x2.jpg" border=0><BR><FONT face="Times New Roman" size=2>Richard
Salus<BR></FONT><FONT face="Times New Roman" size=2>Senior Vice President and
Chief Financial Officer </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>July 1, 2015</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="50%"><IMG src="declosedend_def14a1x1x1.jpg" border=0></TD>
    <TD vAlign=top align=right width="50%">
      <P align=right><FONT face="Times New Roman" size=2>2005 Market
      Street<BR></FONT><FONT face="Times New Roman" size=2>Philadelphia, PA
      19103<BR></FONT><FONT face="Times New Roman" size=2>1-866-437-0252</FONT></P></TD></TR></TABLE>
<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 19, 2015</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Meeting
Information.</FONT></I></B><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 19, 2015, 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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>General Voting
Information.</FONT></I></B><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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each shareholder may cast
one vote for each full share, and a partial vote for each partial share, of a
Fund that they owned of record on June 22, 2015 (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 6, 2015.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All shareholders of a Fund
vote together to elect Directors, regardless of whether the Fund has both common
and preferred shareholders, with one exception. 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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&#8531;% 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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Abstentions and
Broker Non-Votes.</FONT></I></B><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
</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>considered to be present as
a result of the broker discretionary vote on the routine proposal but that are
not voted on the non-routine proposal are called &#147;broker non-votes.&#148; Because the
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" STYLE="text-indent: 15pt"><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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>You are being asked to
reelect each of the current members of the Board of your Fund. The nominees are:
Thomas L. Bennett, Ann D. Borowiec, Joseph W. Chow, John A. Fry, Lucinda S.
Landreth, Frances A. Sevilla-Sacasa, Thomas K. Whitford, and Janet L. Yeomans.
All of the nominees have previously been elected by Fund shareholders, with the
exception of Ms. Borowiec. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If elected, these persons
will serve as Directors until the next annual meeting of shareholders called for
the purpose of electing Directors and/or until their successors have been
elected and qualify for office. It is not expected that any nominee will
withdraw or become unavailable for election, but in such a case, the power given
by you in the Proxy Card may be used by the persons named as proxies to vote for
a substitute nominee or nominees as recommended by the Board.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 Lucinda S. Landreth and
Janet L. Yeomans.</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="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>Number</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>of Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>in Fund</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>Held by Trustee</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"><B><FONT face="Times New Roman" size=1>Name, Address,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="16%"><B><FONT face="Times New Roman" size=1>and
      Birthdate</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="12%"><B><FONT face="Times New Roman" size=1>the
    Trust</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="12%"><B><FONT face="Times New Roman" size=1>Time
    Served</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="23%"><B><FONT face="Times New Roman" size=1>Five
    Years</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="10%"><B><FONT face="Times New Roman" size=1>by
    Trustee</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="21%"><B><FONT face="Times New Roman" size=1>Five
      Years</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Thomas L. Bennett</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chairman</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trustee since</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Private Investor &#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>64</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#151; Bryn Mawr</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2005
      Market Street</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>March 2005</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(March 2004&#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Bank Corp. (BMTC)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2007&#150;2011)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chairman</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="23%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>since March 1,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="23%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>October 1947</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="23%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><B><FONT face="Times New Roman" size=1>Ann D. Borowiec</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Since</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>CEO,
      Private</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face="Times New Roman" size=1>64</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>2005
      Market Street</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>March 31,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Wealth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Management</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>(2011&#150;2013) and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Market Manager,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>November 1958</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>New
      Jersey</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Private Bank</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>(2005&#150;2011) &#151;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>JP
      Morgan Chase</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>&amp; Co.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Joseph W. Chow</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Executive</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>64</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director and Audit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 2013</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee Member &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(Emerging</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Hercules Technology</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Economies</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Growth Capital, Inc.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Strategies, Risk</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2004&#150;2014)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 1953</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Corporate</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Administration)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>State Street</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Corporation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(July 2004&#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>March 2011)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><B><FONT face="Times New Roman" size=1>John A. Fry</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Since</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>President &#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face="Times New Roman" size=1>64</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Director &#151; Hershey</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>2005
      Market Street</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>January 2001</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Drexel University</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Trust Company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>(August 2010&#150;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Present)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Director, Audit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="23%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Committee, and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>May
      1960</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>President &#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Governance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Franklin &amp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Committee Member &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Marshall College</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Community Health</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>(July 2002&#150;</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Systems</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>July
      2010)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="23%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Director, Drexel</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="23%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Morgan &amp; Co.</FONT></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="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>Number</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>of Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>in Fund</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>Held by Trustee</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"><B><FONT face="Times New Roman" size=1>Name, Address,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="16%"><B><FONT face="Times New Roman" size=1>and
      Birthdate</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="12%"><B><FONT face="Times New Roman" size=1>the
    Trust</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="12%"><B><FONT face="Times New Roman" size=1>Time
    Served</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="23%"><B><FONT face="Times New Roman" size=1>Five
    Years</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="10%"><B><FONT face="Times New Roman" size=1>by
    Trustee</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="21%"><B><FONT face="Times New Roman" size=1>Five
    Years</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Lucinda S.
      Landreth</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Private Investor</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>64</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>March 2005</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2004&#150;Present)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>June
      1947</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><B><FONT face="Times New Roman" size=1>Frances A. Sevilla-</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>Since</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Chief Executive</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><FONT face="Times New Roman" size=1>64</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Trust Manager and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><B><FONT face="Times New Roman" size=1>Sacasa</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>September</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Officer &#151; Banco</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Audit Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>2005
      Market Street</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=1>2011</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Ita&#250;
      International</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Member &#151; Camden</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>(April 2012&#150;Present)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><FONT face="Times New Roman" size=1>Property Trust</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Executive Advisor</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=1>January 1956</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>to
      Dean</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>(August 2011&#150;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>March 2012) and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Interim Dean</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>(January 2011&#150;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>July
      2011) &#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>University of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Miami School</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>of
      Business</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Administration</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>President &#151; U.S.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Trust, Bank</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>of
      America</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Private Wealth</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>Management</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>(Private Banking)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>(July 2007&#150;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><FONT face="Times New Roman" size=1>December 2008)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="21%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Thomas K.
      Whitford</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice Chairman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>64</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director &#151; HSBC</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 2013</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2010&#150;April 2013)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Finance Corporation</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chief</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and HSBC North</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Administrative</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>America Holdings Inc.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" 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="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>March 1956</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2008&#150;2010)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director, HSBC Bank</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Executive</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Chief</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Administrative</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" 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="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2007&#150;2009) &#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PNC Financial</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Services Group</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></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="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>Number</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>of Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><B><FONT face="Times New Roman" size=1>Principal</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>in Fund</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face="Times New Roman" size=1>Position(s)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><B><FONT face="Times New Roman" size=1>Occupation(s)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>Held by Trustee</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"><B><FONT face="Times New Roman" size=1>Name, Address,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="23%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="10%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="21%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="16%"><B><FONT face="Times New Roman" size=1>and
      Birthdate</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="12%"><B><FONT face="Times New Roman" size=1>the
    Trust</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="12%"><B><FONT face="Times New Roman" size=1>Time
    Served</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="23%"><B><FONT face="Times New Roman" size=1>Five
    Years</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="10%"><B><FONT face="Times New Roman" size=1>by
    Trustee</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt double" noWrap align=center width="21%"><B><FONT face="Times New Roman" size=1>Five
    Years</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=1>Janet L.
      Yeomans</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Since</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>64</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Director, Audit</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>April 1999</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Compliance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Philadelphia,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(January 2006&#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee Chair,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>PA
      19103</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July 2012)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee Member</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>July
      1948</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151; Mergers &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Governance</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Acquisitions</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee Member &#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(January 2003&#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Okabena Company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 2006), and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="21%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Vice President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Chair &#151; 3M</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>and Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(July 1995&#150;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Management</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>January 2003) &#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Committee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3M Corporation</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="21%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>(2005&#150;2012)</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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, 2015.</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="28%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="27%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="42%"><B><FONT face="Times New Roman" size=1>Aggregate Dollar
      Range of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="27%"><B><FONT face="Times New Roman" size=1>Dollar Range
      of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="42%"><B><FONT face="Times New Roman" size=1>Equity Securities in
      All Registered</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="27%"><B><FONT face="Times New Roman" size=1>Equity Securities
      in</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="42%"><B><FONT face="Times New Roman" size=1>Investment Companies
      Overseen by</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="28%"><B><FONT face="Times New Roman" size=1>Name of Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="27%"><B><FONT face="Times New Roman" size=1>a Fund</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="42%"><B><FONT face="Times New Roman" size=1>Director in Fund Complex</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%" 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="27%" 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="42%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over
      $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><FONT face="Times New Roman" size=1>Ann D. Borowiec</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="27%"><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="42%"><FONT face="Times New Roman" size=1>$10,001 &#150; $50,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Joseph W. Chow</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="27%" 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="42%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over
      $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><FONT face="Times New Roman" size=1>John A. Fry</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="27%"><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="42%"><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lucinda S. Landreth</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="27%" 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="42%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over
      $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><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="27%"><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="42%"><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas K. Whitford</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="27%" 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="42%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over
      $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="28%"><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="27%"><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="42%"><FONT face="Times New Roman" size=1>Over
$100,000</FONT></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Board Leadership
Structure and Functions.</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Common Board of
Directors.</FONT></I></B><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 </FONT></P>
<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><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Board
Chairman.</FONT></I></B><FONT face="Times New Roman" size=2> As of March 1,
2015, Mr. Bennett serves as the Chairman of the Board. Among other reasons, the
Board selected Mr. Bennett as Chairman because of his substantial financial
industry experience and his tenure on the Board since March 2005. As the
Chairman, Mr. Bennett, in consultation with Fund management, legal counsel, and
the other Trustees, participates in developing Board agendas and ensures that
appropriate and timely information is provided to the Board in connection with
Board meetings. Mr. Bennett also conducts meetings of the Independent Trustees.
He also generally serves as a liaison among outside Trustees, Fund officers, and
legal counsel, and is an ex officio member of the Nominating and Corporate
Governance Committee.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Size and Composition
of Board.</FONT></I></B><FONT face="Times New Roman" size=2> The Board is
currently comprised of eight 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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Board
Meetings.</FONT></I></B><FONT face="Times New Roman" size=2> Each Municipal Fund
held six Board meetings during their last fiscal year, ended March 31, 2015.
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, 2014. 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 20,
2014.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Board
Committees.</FONT></I></B><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>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><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: Joseph W. Chow, Chairperson; Ann
D. Borowiec; 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, 2014, and six meetings for the Municipal
Funds for the fiscal year ended March 31, 2015. 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, 2014 for DDF and DEX, and four
meetings for the Municipal Funds for the fiscal year ended March 31,
2015.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Fund has an
Investments Committee. The primary purposes of the Investments Committee are to:
(i) assist the Board at its request in its oversight of the investment advisory
services provided to the Fund by the Fund&#146;s investment adviser as well as any
sub-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: Janet L. Yeomans, Chairperson;
Ann D. Borowiec; Joseph W. Chow; Lucinda S. Landreth; and Thomas K. Whitford.
The Investments Committee held five meetings during the fiscal year ended
November 30, 2014 for DDF and DEX, and five meetings for the Municipal Funds for
the fiscal year ended March 31, 2015.</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" STYLE="text-indent: 15pt"><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
five Independent Directors appointed by the Board: John A. Fry,  Chairperson; Thomas L. Bennett (</FONT><I><FONT face="Times New Roman" size=2>ex
officio</FONT></I><FONT face="Times New Roman" size=2>); Frances A.  Sevilla-Sacasa; 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 five  meetings during the fiscal year ended November 30, 2014 for DDF and DEX,
and  five meetings for the Municipal Funds for the fiscal year ended March 31, 2015.  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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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>9</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" STYLE="text-indent: 15pt"><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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Thomas L.
Bennett.</FONT></I></B><FONT face="Times New Roman" size=2> Currently the
Board&#146;s Chairman, 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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Ann D.
Borowiec.</FONT></I></B><FONT face="Times New Roman" size=2> Ms. Borowiec has
over 25 years of experience in the banking and wealth management industry. Ms.
Borowiec also serves as a board member on several nonprofit organizations. In
nominating her to the Board in 2015, the Independent Trustees of the Trust found
that her experience as a Chief Executive Officer in the private wealth
management business at a leading global asset manager and private bank,
including the restructuring of business lines and defining client recruitment
strategies, complemented the skills of existing board members. Her experience
would also provide additional oversight skill in the area of fund distribution.
Ms. Borowiec holds a B.B.A. from Texas Christian University and an M.B.A. from
Harvard University. Ms. Borowiec joined the Board in March 2015.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Joseph W.
Chow.</FONT></I></B><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 </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><FONT face="Times New Roman" size=2>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 and M.C.P. and M.S. in Management degree from MIT. Mr. Chow
has served on the Board since January 2013.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>John A.
Fry.</FONT></I></B><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 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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Lucinda S.
Landreth.</FONT></I></B><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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Frances A.
Sevilla-Sacasa.</FONT></I></B><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 U.S. 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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Thomas K.
Whitford.</FONT></I></B><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 </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>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 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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Janet L.
Yeomans.</FONT></I></B><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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Board Role in Risk
Oversight.</FONT></I></B><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 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 </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>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>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. Each Independent Director currently receives a total annual
retainer fee of $155,000 for serving as a Director of all 26 investment
companies within the Fund Complex, plus $11,000 per meeting for attending each
Board Meeting in person held on behalf of all investment companies in the
complex. Each Director also receives a $2,500 fee for attending telephonic board
meetings on behalf of the investment companies in the complex. Members of the
Nominating Committee, Audit Committee, and Investments Committee receive
additional compensation of $3,500 for each Committee meeting attended. The
Directors may receive an additional fee if a committee meeting exceeds 4 hours.
In addition, the chairperson for each of the Audit Committee, the Investments
Committee, and the Nominating Committee receives an annual retainer of $25,000.
The Board Chairman receives an additional annual retainer of $40,000.</FONT></P>
<P align=center><FONT face="arial" size=2>13</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, 2015.</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="36%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="14%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="30%" colSpan=4><B><FONT face="Times New Roman" size=1>Total
      Compensation</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="30%" colSpan=4><B><FONT face="Times New Roman" size=1>Aggregate</FONT></B></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="30%" colSpan=4><B><FONT face="Times New Roman" size=1>from the
      Investment</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="30%" colSpan=4><B><FONT face="Times New Roman" size=1>Compensation from
      the</FONT></B></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="30%" colSpan=4><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="36%"><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD>
    <TD noWrap align=left width="2%"><STRONG><FONT size=2 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="30%" colSpan=4><B><FONT face="Times New Roman" size=1>Funds</FONT></B></TD>
    <TD noWrap align=left width="2%"><STRONG><FONT size=2 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="30%" colSpan=4><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas L. Bennett</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,915.65</FONT></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>286,333.34</FONT></TD>
    <TD noWrap style="text-align: center" width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face="Times New Roman" size=1>Ann
      D. Borowiec<SUP>1</SUP></FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>637.93</FONT></TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>30,916.67</FONT></TD>
    <TD noWrap align=right width="14%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Joseph W. Chow</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,306.24</FONT></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>242,166.68</FONT></TD>
    <TD noWrap style="text-align: center" width="14%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face="Times New Roman" size=1>John
      A. Fry</FONT></TD>
    <TD noWrap align=right width="2%">&nbsp;</TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>3,186.94</FONT></TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="14%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>233,500.04</FONT></TD>
    <TD noWrap style="text-align: center" width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,197.74</FONT></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>233,833.32</FONT></TD>
    <TD noWrap style="text-align: center" width="14%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face="Times New Roman" size=1>Frances A. Sevilla-Sacasa</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>3,197.74</FONT></TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>233,833.32</FONT></TD>
    <TD noWrap style="text-align: center" width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3,108.01</FONT></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="14%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>227,333.35</FONT></TD>
    <TD noWrap style="text-align: center" width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="36%"><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>3,432.90</FONT></TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="14%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>250,999.96</FONT></TD>
    <TD noWrap style="text-align: center" width="14%"></TD></TR></TABLE><div>____________________</div><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>Ms. Borowiec was
      appointed as a Director on Feb. 18, 2015. On Feb. 19, 2015, the Trustees
      approved a one-time $18,000 payment to Ms. Borowiec for her service on the
      Board and trustee training and education.</FONT></I></TD></TR>
  <TR>
    <TD colSpan=2></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Officers.</FONT></I></B><FONT face="Times New Roman" size=2> The
following individuals are executive officers of one or more of the Funds: Roger
A. Early, David F. Connor, Daniel V. Geatens, and Richard Salus. Exhibit C
includes certain information concerning these officers. 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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Section 16(a)
Beneficial Ownership Reporting Compliance.</FONT></I></B><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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Required
Vote.</FONT></I></B><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 Lucinda S. Landreth and Janet L. Yeomans. 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>
<P align=center><FONT face="arial" size=2>14</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap style="text-align: center" width="60%" colSpan=2><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="40%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="60%" colSpan=2><B><FONT face="Times New Roman" size=1>Election of
      Directors</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>FUND</FONT></TD>
    <TD noWrap style="text-align: center" width="30%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Bennett, Borowiec, Chow, Fry,</FONT></TD>
    <TD noWrap style="text-align: center" width="30%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Landreth and Yeomans</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="30%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Sevilla-Sacasa, and
    Whitford</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="30%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face="Times New Roman" size=1>DDF and DEX</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="60%" colSpan=2><FONT face="Times New Roman" size=1>Plurality of votes
  cast.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Municipal Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="30%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Plurality of Common and</FONT></TD>
    <TD noWrap style="text-align: center" width="30%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Plurality of Preferred</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="30%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Preferred Share votes
    cast.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="30%" bgColor=#c0c0c0><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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The firm of
PricewaterhouseCoopers LLP (&#147;PwC&#148;) has been selected as the independent
registered public accounting firm (&#147;independent auditors&#148;) for Delaware
Investments Dividend and Income Fund, Inc. (DDF), Delaware Enhanced Global
Dividend and Income Fund (DEX), Delaware Investments National Municipal Income
Fund (VFL), Delaware Investments Colorado Municipal Income Fund, Inc. (VCF), and
Delaware Investments Minnesota Municipal Income Fund II, Inc. (VMM) (DDF, DEX,
VFL, VCF and VMM are the &#147;Funds&#148;), for each Fund&#146;s current fiscal year. In
accordance with Public Company Accounting Oversight Board Rule 3526 (&#147;PCAOB Rule
3526&#148;), PwC has confirmed 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 </FONT></P>
<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>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All members of each Fund&#146;s
Audit Committee, including Joseph W. Chow, Ann D. Borowiec, Lucinda S. Landreth,
Frances A. Sevilla-Sacasa, and Janet L. Yeomans, 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="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Audit and Other
Fees.</FONT></I></B><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>
<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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></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>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%" colSpan=11><B><FONT face="Times New Roman" size=1>Non-Audit
      Fees</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></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>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><B><FONT face="Times New Roman" size=1>Audit</FONT></B></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>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%"></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 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>
    <TD noWrap style="text-align: center" width="6%" colSpan=4><B><FONT face="Times New Roman" size=1>Related</FONT></B></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>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="71%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><STRONG><FONT size=1 face="Times New Roman">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">End</FONT></STRONG></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="6%" colSpan=4>
      <P align=center><B><FONT face="Times New Roman" size=1>Audit
      Fees</FONT></B></P></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="6%" colSpan=4>
      <P><B><FONT face="Times New Roman" size=1>Fees<SUP>(1)</SUP></FONT></B></P></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="6%" colSpan=4>
      <P><B><FONT face="Times New Roman" size=1>Tax Fees<SUP>(2)</SUP></FONT></B></P></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="2%">
      <P><B><FONT face="Times New Roman" size=1>All Other<SUP>(3)</SUP></FONT></B></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware Investments Dividend</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>11/30/14</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>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>31,960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5,109</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Income Fund,
      Inc.<BR>&nbsp;</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>11/30/13</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>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>28,035</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,850</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=1>Delaware Enhanced Global Dividend</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>11/30/14</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>$</FONT></TD>
    <TD align=right width="3%"><FONT face="Times New Roman" size=1>31,960</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></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>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>5,109</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Income
      Fund<BR>&nbsp;</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>$</FONT></TD>
    <TD align=right width="3%"><FONT face="Times New Roman" size=1>29,735</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></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>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4,850</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%" 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>3/31/15</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>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>33,100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,214</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income
      Fund, Inc.<BR>&nbsp;</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>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>29,535</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%"><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>3/31/15</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>$</FONT></TD>
    <TD align=right width="3%"><FONT face="Times New Roman" size=1>33,100</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></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>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4,214</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income
      Fund<BR>&nbsp;</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>$</FONT></TD>
    <TD align=right width="3%"><FONT face="Times New Roman" size=1>29,535</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></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>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>4,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%" 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>3/31/15</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>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>33,100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,214</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income
      Fund II, Inc.<BR>&nbsp;</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>$</FONT></TD>
    <TD align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>29,535</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#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></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%"><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>11/30/14</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>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT 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%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%"></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>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT 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%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=1 face="Times New Roman">&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%"></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>3/31/15</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>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT size=1 face="Times New Roman">612,000</FONT></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%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left width="71%"></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>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT 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%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR></TABLE><div>____________________</div><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; </FONT></I></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 colSpan=2>&nbsp;</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>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=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><I><FONT face="Times New Roman" size=2>3</FONT></I></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="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Aggregate non-audit
fees to the Funds, the investment adviser and service provider
affiliates.</FONT></I></B><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 $7,530,526 and $8,090,937 for the
fiscal years ended March 31, 2015 and March 31, 2014, respectively. The
aggregate non-audit fees billed by the independent auditors for services
rendered to DDF and DEX, and to Covered Entities, were $5,653,375 and $7,732,970
for the fiscal years ended November 30, 2014 and November 30, 2013,
respectively.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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><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=center><B><FONT face="arial" size=2>COMMUNICATIONS TO THE
BOARD</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Shareholders who wish to
communicate to the full Board may address correspondence to Thomas L. Bennett,
Board Chairman for the Funds, c/o the Fund at 2005 Market Street, Philadelphia,
Pennsylvania 19103. Shareholders may also send correspondence to 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><B><FONT face="arial" size=2>OTHER
INFORMATION</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Investment
Adviser.</FONT></I></B><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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Administrator.</FONT></I></B><FONT face="Times New Roman" size=2>
Delaware Investments Fund Services Company, 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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Independent
Auditors.</FONT></I></B><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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Proxy
Solicitation.</FONT></I></B><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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Householding.</FONT></I></B><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 </FONT></P>
<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>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" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Shareholder
Proposals.</FONT></I></B><FONT face="Times New Roman" size=2> For the Funds&#146;
annual meeting of shareholders in 2016, shareholder proposals to be included in
the Funds&#146; Combined Proxy Statement for that meeting must be received no later
than March 8, 2016. Such proposals should be sent to the Fund, directed to the
attention of its Secretary, at the address of its principal executive office
printed on the first page of this Combined Proxy Statement. The inclusion and/or
presentation of any such proposal is subject to the applicable requirements of
the proxy rules under the 1934 Act, 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 22, 2016.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Fund
Reports.</FONT></I></B><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="Times New Roman" 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>EXHIBIT A</FONT></B></P>
<P align=center><B><FONT face="arial" size=2>OUTSTANDING SHARES AS OF
RECORD DATE (JUNE 22, 2015)</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="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments Dividend and Income Fund,
      Inc.</FONT></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
      Shares</FONT></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,967,090.1587</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=2>Delaware Enhanced Global Dividend and Income
      Fund</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
      Shares</FONT></TD>
    <TD noWrap align=right width="20%"><FONT face="Times New Roman" size=2>15,863,615.6820</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments Colorado Municipal Income
      Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
      Shares</FONT></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,837,100.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
      Shares</FONT></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=2>Delaware Investments National Municipal Income
      Fund</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
      Shares</FONT></TD>
    <TD noWrap align=right width="20%"><FONT face="Times New Roman" size=2>4,528,443.5050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
      Shares</FONT></TD>
    <TD noWrap align=right width="20%"><FONT face="Times New Roman" size=2>300.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware Investments Minnesota Municipal Income
      Fund II, Inc.</FONT></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
      Shares</FONT></TD>
    <TD noWrap align=right width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11,504,975.0862</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred
      Shares</FONT></TD>
    <TD noWrap align=right width="20%" 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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>According to disclosure
publicly filed with the SEC, as of June 22, 2015, 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="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 1pt; LINE-HEIGHT: normal; PADDING-TOP: 1pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="27%">&nbsp;</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 noWrap style="text-align: center" width="27%"></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 noWrap style="text-align: center" width="18%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"><STRONG><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></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="5%"></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 noWrap style="text-align: center" width="11%" colSpan=3><B><FONT face="Times New Roman" size=1>Percent of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="27%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="27%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="18%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="11%" colSpan=3><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="11%" colSpan=3><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="27%"><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="27%"><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%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><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="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" 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="11%" colSpan=3><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="27%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Delaware Enhanced
      Global<BR>Dividend and Income Fund</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="27%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>First Trust
      Portfolios L.P.,<BR>First Trust Advisors<BR>L.P.,and The
      Charger<BR>Corporation<BR>120 East Liberty Drive,<BR>Suite 400<BR>Wheaton,
      Illinois 60187</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="18%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Common
      Shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0>
      <P align=right><FONT face="Times New Roman" size=1>2,279,445</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0>
      <P align=right><FONT face="Times New Roman" size=1>14.37%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="27%">
      <P align=justify><FONT face="Times New Roman" size=1>Delaware Enhanced
      Global<BR>Dividend and Income Fund</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="27%">
      <P align=justify><FONT face="Times New Roman" size=1>Advisors
      Asset<BR>Management, Inc.<BR>18925 Base Camp Road<BR>Monument,<BR>Colorado
      80132</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="18%">
      <P align=center><FONT face="Times New Roman" size=1>Common
      Shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="5%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%">
      <P align=right><FONT face="Times New Roman" size=1>1,498,008</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%">
      <P align=right><FONT face="Times New Roman" size=1>9.44%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="27%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Delaware
      Investments<BR>Colorado Municipal<BR>Income Fund, Inc.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="27%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Wells Fargo
      Bank,<BR>National Association<BR>101 N. Phillips Avenue<BR>Sioux Falls,
      South Dakota<BR>57104</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="18%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Preferred
      Shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="5%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0>
      <P align=right><FONT face="Times New Roman" size=1>300</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0>
      <P align=right><FONT face="Times New Roman" size=1>100.00%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="27%">
      <P align=justify><FONT face="Times New Roman" size=1>Delaware
      Investments<BR>National Municipal<BR>Income Fund</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="27%">
      <P align=justify><FONT face="Times New Roman" size=1>Wells Fargo
      Bank,<BR>National Association<BR>101 N. Phillips Avenue<BR>Sioux Falls,
      South Dakota<BR>57104</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="18%">
      <P align=center><FONT face="Times New Roman" size=1>Preferred
      Shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="5%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%">
      <P align=right><FONT face="Times New Roman" size=1>300</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%">
      <P align=right><FONT face="Times New Roman" size=1>100.00%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="27%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Delaware
      Investments<BR>Minnesota Municipal<BR>Income Fund II, Inc.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="27%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Wells Fargo
      Bank,<BR>National Association<BR>101 N. Phillips Avenue<BR>Sioux Falls,
      South Dakota<BR>57104</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="18%" bgColor=#c0c0c0>
      <P align=center><FONT face="Times New Roman" size=1>Preferred
      Shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=center width="5%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0>
      <P align=right><FONT face="Times New Roman" size=1>750</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0>
      <P align=right><FONT face="Times New Roman" size=1>100.00%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=right width="5%" bgColor=#c0c0c0></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" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="PADDING-RIGHT: 0pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 1pt; LINE-HEIGHT: normal; PADDING-TOP: 1pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="20%"><B><FONT face="Times New Roman" size=1>Name, Address,</FONT></B></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 noWrap style="text-align: center" width="19%"><B><FONT face="Times New Roman" size=1>Position(s) Held</FONT></B></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 noWrap style="text-align: center" width="19%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></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 noWrap style="text-align: center" width="39%"><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 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="19%"><B><FONT face="Times New Roman" size=1>with the
      Funds</FONT></B></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="19%"><B><FONT face="Times New Roman" size=1>Time
    Served</FONT></B></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="39%"><B><FONT face="Times New Roman" size=1>During Past Five
      Years</FONT></B></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="20%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>Roger A.
      Early<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia, PA<BR>19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>February
      1954</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="19%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>President,<BR>Chief
      Executive<BR>Officer, Head of<BR>Fixed Income<BR>Investments,<BR>and
      Co-Chief<BR>Investment<BR>Officer &#150; Total<BR>Return Fixed<BR>Income
      Strategy</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="19%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>President
      and<BR>Chief Executive<BR>Officer since<BR>May 2015, Head<BR>of Fixed
      Income<BR>Investments since<BR>2014, and Co-Chief<BR>Investment
      Officer<BR>&#150; Total Return<BR>Fixed Income<BR>Strategy since
    2010<BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="39%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Roger A. Early has
      served in various<BR>capacities, including portfolio<BR>manager, at
      different times at<BR>Delaware Investments.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="20%">
      <P align=justify><B><FONT face="Times New Roman" size=1>David F.
      Connor<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia, PA<BR>19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>December
      1963<BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="19%">
      <P align=justify><FONT face="Times New Roman" size=1>Senior
      Vice<BR>President,<BR>General Counsel,<BR>and Chief
      Legal<BR>Officer</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="19%">
      <P align=justify><FONT face="Times New Roman" size=1>Senior
      Vice<BR>President, General<BR>Counsel, and Chief<BR>Legal Officer
      since<BR>May 2015</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="39%">
      <P align=justify><FONT face="Times New Roman" size=1>David F. Connor has
      served in<BR>various executive and legal capacities<BR>at different times
      at Delaware<BR>Investments since 2000.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="20%" bgColor=#c0c0c0>
      <P align=justify><B><FONT face="Times New Roman" size=1>Daniel V.
      Geatens<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia, PA<BR>19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>October
      1972<BR>&nbsp;</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="19%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Vice President<BR>and
      Treasurer</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="19%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Treasurer
      since<BR>October 2007</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="39%" bgColor=#c0c0c0>
      <P align=justify><FONT face="Times New Roman" size=1>Daniel V. Geatens has
      served in<BR>various capacities at different times<BR>at Delaware
      Investments.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="20%">
      <P align=justify><B><FONT face="Times New Roman" size=1>Richard
      Salus<BR></FONT></B><FONT face="Times New Roman" size=1>2005 Market
      Street<BR>Philadelphia, PA<BR>19103</FONT></P>
      <P align=justify><FONT face="Times New Roman" size=1>October
      1963</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="19%">
      <P align=justify><FONT face="Times New Roman" size=1>Senior
      Vice<BR>President and<BR>Chief Financial<BR>Officer</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="19%">
      <P align=justify><FONT face="Times New Roman" size=1>Chief
      Financial<BR>Officer since<BR>November 2006</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="39%">
      <P align=justify><FONT face="Times New Roman" size=1>Richard Salus has
      served in various<BR>executive capacities at different<BR>times at
      Delaware Investments.</FONT></P></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>
<TABLE style="PADDING-RIGHT: 4pt; PADDING-LEFT: 8pt; PADDING-BOTTOM: 4pt; LINE-HEIGHT: normal; PADDING-TOP: 4pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=bottom noWrap align=left width="50%"></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="50%">
      <P align=justify><B><FONT face="Times New Roman" size=2>D</FONT></B><B><FONT face="Times New Roman" size=1>ELAWARE</FONT></B><B><FONT face="Times New Roman" size=2>
      I</FONT></B><B><FONT face="Times New Roman" size=1>NVESTMENTS</FONT></B><B><FONT face="Times New Roman" size=2>
      D</FONT></B><B><FONT face="Times New Roman" size=1>IVIDEND<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AND</FONT></B><B><FONT face="Times New Roman" size=2> I</FONT></B><B><FONT face="Times New Roman" size=1>NCOME</FONT></B><B><FONT face="Times New Roman" size=2>
      F</FONT></B><B><FONT face="Times New Roman" size=1>UND</FONT></B><B><FONT face="Times New Roman" size=2>, I</FONT></B><B><FONT face="Times New Roman" size=1>NC</FONT></B><B><FONT face="Times New Roman" size=2>.</FONT></B></P>
      <P align=justify><B><FONT face="Times New Roman" size=2>D</FONT></B><B><FONT face="Times New Roman" size=1>ELAWARE</FONT></B><B><FONT face="Times New Roman" size=2>
      E</FONT></B><B><FONT face="Times New Roman" size=1>NHANCED</FONT></B><B><FONT face="Times New Roman" size=2>
      G</FONT></B><B><FONT face="Times New Roman" size=1>LOBAL<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT face="Times New Roman" size=2>D</FONT></B><B><FONT face="Times New Roman" size=1>IVIDEND</FONT></B><B><FONT face="Times New Roman" size=2>
      </FONT></B><B><FONT face="Times New Roman" size=1>AND</FONT></B><B><FONT face="Times New Roman" size=2> I</FONT></B><B><FONT face="Times New Roman" size=1>NCOME</FONT></B><B><FONT face="Times New Roman" size=2>
      F</FONT></B><B><FONT face="Times New Roman" size=1>UND</FONT></B></P>
      <P align=justify><B><FONT face="Times New Roman" size=2>D</FONT></B><B><FONT face="Times New Roman" size=1>ELAWARE</FONT></B><B><FONT face="Times New Roman" size=2>
      I</FONT></B><B><FONT face="Times New Roman" size=1>NVESTMENTS</FONT></B><B><FONT face="Times New Roman" size=2>
      C</FONT></B><B><FONT face="Times New Roman" size=1>OLORADO<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT face="Times New Roman" size=2>M</FONT></B><B><FONT face="Times New Roman" size=1>UNICIPAL</FONT></B><B><FONT face="Times New Roman" size=2>
      I</FONT></B><B><FONT face="Times New Roman" size=1>NCOME</FONT></B><B><FONT face="Times New Roman" size=2>
      F</FONT></B><B><FONT face="Times New Roman" size=1>UND</FONT></B><B><FONT face="Times New Roman" size=2>, I</FONT></B><B><FONT face="Times New Roman" size=1>NC</FONT></B><B><FONT face="Times New Roman" size=2>.</FONT></B></P>
      <P align=justify><B><FONT face="Times New Roman" size=2>D</FONT></B><B><FONT face="Times New Roman" size=1>ELAWARE</FONT></B><B><FONT face="Times New Roman" size=2>
      I</FONT></B><B><FONT face="Times New Roman" size=1>NVESTMENTS</FONT></B><B><FONT face="Times New Roman" size=2>
      N</FONT></B><B><FONT face="Times New Roman" size=1>ATIONAL<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT face="Times New Roman" size=2>M</FONT></B><B><FONT face="Times New Roman" size=1>UNICIPAL</FONT></B><B><FONT face="Times New Roman" size=2>
      I</FONT></B><B><FONT face="Times New Roman" size=1>NCOME</FONT></B><B><FONT face="Times New Roman" size=2>
      F</FONT></B><B><FONT face="Times New Roman" size=1>UND</FONT></B></P>
      <P align=justify><B><FONT face="Times New Roman" size=2>D</FONT></B><B><FONT face="Times New Roman" size=1>ELAWARE</FONT></B><B><FONT face="Times New Roman" size=2>
      I</FONT></B><B><FONT face="Times New Roman" size=1>NVESTMENTS</FONT></B><B><FONT face="Times New Roman" size=2>
      M</FONT></B><B><FONT face="Times New Roman" size=1>INNESOTA<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT face="Times New Roman" size=2>M</FONT></B><B><FONT face="Times New Roman" size=1>UNICIPAL</FONT></B><B><FONT face="Times New Roman" size=2>
      I</FONT></B><B><FONT face="Times New Roman" size=1>NCOME</FONT></B><B><FONT face="Times New Roman" size=2>
      F</FONT></B><B><FONT face="Times New Roman" size=1>UND</FONT></B><B><FONT face="Times New Roman" size=2> II, I</FONT></B><B><FONT face="Times New Roman" size=1>NC</FONT></B><B><FONT face="Times New Roman" size=2>.</FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=left width="50%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=left width="50%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%">
      <P align=justify><B><FONT face="Times New Roman" size=2><BR><BR><BR><BR><BR><BR><BR><BR>COMBINED PROXY<BR>STATEMENT<BR>Notice of
      Joint<BR>Annual Meeting<BR>of Shareholders</FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=left width="50%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="50%">
      <P align=justify><B><FONT face="Times New Roman" size=2>AUGUST 19,
      2015<BR><BR><BR><BR><BR><BR></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=left width="50%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROXY-CE
      6/15</FONT></STRONG></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="50%"><IMG src="declosedend_def14a2x12x1.jpg" border=0></TD></TR>
  <TR>
    <TD vAlign=bottom noWrap align=left width="50%"></TD>
    <TD noWrap style="text-align: center" width="50%"><BR><IMG src="declosedend_def14a2x12x2.jpg" border=0></TD></TR></TABLE><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>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<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 19, 2015</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>
<div 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></div>
<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 19, 2015 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. <B>Please refer to the Proxy Statement for a discussion of these matters.</B></FONT></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>VCF_26783_062515_Pref</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 19, 2015.<BR>
The Proxy Statement for this meeting is available at:<BR>
<U>https://www.delawareinvestments.com/ceproxy</U></FONT></B></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 NOWRAP STYLE="width: 1%;"><FONT face="Times New Roman" size=2>&#9608;</font></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>Ann D. Borowiec</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>Joseph W. Chow</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>Frances A. Sevilla-Sacasa</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>Thomas K. Whitford</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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>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>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%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2>&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>VCF_26783_062515_Pref</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>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<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 19, 2015</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>
<div 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></div>
<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 19, 2015 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. <B>Please refer to the Proxy Statement for a discussion of these matters.</B></FONT></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>VFL_26783_062515_Pref</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 19, 2015.<BR>
The Proxy Statement for this meeting is available at:<BR>
<U>https://www.delawareinvestments.com/ceproxy</U></FONT></B></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 NOWRAP STYLE="width: 1%"><FONT face="Times New Roman" size=2>&#9608;</font></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>Ann D. Borowiec</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>Joseph W. Chow</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>Frances A. Sevilla-Sacasa</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>Thomas K. Whitford</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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>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>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%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2>&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>VFL_26783_062515_Pref</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>
<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
<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 19, 2015</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>
<div 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></div>
<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 19, 2015 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. <B>Please refer to the Proxy Statement for a discussion of these matters.</B></FONT></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>VMM_26783_062515_Pref</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 19, 2015.<BR>
The Proxy Statement for this meeting is available at:<BR>
<U>https://www.delawareinvestments.com/ceproxy</U></FONT></B></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 NOWRAP STYLE="width: 1%"><FONT face="Times New Roman" size=2>&#9608;</font></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>Ann D. Borowiec</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>Joseph W. Chow</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>Frances A. Sevilla-Sacasa</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>Thomas K. Whitford</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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>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>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%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2>&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>VMM_26783_062515_Pref</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 19, 2015</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>
<div 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></div>
<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 19, 2015 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. <B>Please refer to the Proxy Statement for a discussion of these matters.</B></FONT></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>VCF_26783_062515</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 19, 2015.<BR>
The Proxy Statement for this meeting is available at:<BR><U>https://www.delawareinvestments.com/ceproxy</U></FONT></B></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 NOWRAP STYLE="width: 1%"><FONT face="Times New Roman" size=2>&#9608;</font></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>Ann D. Borowiec</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>Joseph W. Chow</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>Frances A. Sevilla-Sacasa</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>Thomas K. Whitford</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</font></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</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>VCF_26783_062515</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 DIVIDEND AND INCOME FUND, INC.<BR>
JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON AUGUST 19, 2015</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>
<div 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></div>
<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 19, 2015 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. <B>Please refer to the Proxy Statement for a discussion of these matters.</B></FONT></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>DDF_26783_062515</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 19, 2015.<BR>
The Proxy Statement for this meeting is available at:<BR><U>https://www.delawareinvestments.com/ceproxy</U></FONT></B></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 NOWRAP STYLE="width: 1%"><FONT face="Times New Roman" size=2>&#9608;</font></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>Ann D. Borowiec</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>Joseph W. Chow</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>Frances A. Sevilla-Sacasa</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>Thomas K. Whitford</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</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>DDF_26783_062515</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 ENHANCED GLOBAL DIVIDEND AND INCOME FUND<BR>
JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON AUGUST 19, 2015</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>
<div 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></div>
<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 19, 2015 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. <B>Please refer to the Proxy Statement for a discussion of these matters.</B></FONT></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>DEX_26783_062515</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 19, 2015.<BR>
The Proxy Statement for this meeting is available at:<BR><U>https://www.delawareinvestments.com/ceproxy</U></FONT></B></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 NOWRAP STYLE="width: 1%"><FONT face="Times New Roman" size=2>&#9608;</font></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>Ann D. Borowiec</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>Joseph W. Chow</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>Frances A. Sevilla-Sacasa</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>Thomas K. Whitford</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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>Lucinda S. Landreth</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</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%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</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>DEX_26783_062515</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 19, 2015</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>
<div 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></div>
<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 19, 2015 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. <B>Please refer to the Proxy Statement for a discussion of these matters.</B></FONT></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>VFL_26783_062515</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 19, 2015.<BR>
The Proxy Statement for this meeting is available at:<BR><U>https://www.delawareinvestments.com/ceproxy</U></FONT></B></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 NOWRAP STYLE="width: 1%"><FONT face="Times New Roman" size=2>&#9608;</font></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>Ann D. Borowiec</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>Joseph W. Chow</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>Frances A. Sevilla-Sacasa</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>Thomas K. Whitford</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</font></TD></TR>
 <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</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>VFL_26783_062515</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 19, 2015</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>
<div 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></div>
<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 19, 2015 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. <B>Please refer to the Proxy Statement for a discussion of these matters.</B></FONT></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>VMM_26783_062515</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 19, 2015.<BR>
The Proxy Statement for this meeting is available at:<BR><U>https://www.delawareinvestments.com/ceproxy</U></FONT></B></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 NOWRAP STYLE="width: 1%"><FONT face="Times New Roman" size=2>&#9608;</font></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>Ann D. Borowiec</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>Joseph W. Chow</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>Frances A. Sevilla-Sacasa</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>Thomas K. Whitford</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</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="Times New Roman" size=2>&#9744;</font></TD></TR>
 <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</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>
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