<SEC-DOCUMENT>0001206774-16-006298.txt : 20160629
<SEC-HEADER>0001206774-16-006298.hdr.sgml : 20160629
<ACCEPTANCE-DATETIME>20160629123950
ACCESSION NUMBER:		0001206774-16-006298
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20160817
FILED AS OF DATE:		20160629
DATE AS OF CHANGE:		20160629
EFFECTIVENESS DATE:		20160629

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:		161738100

	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:		161738101

	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:		161738102

	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:		161738103

	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:		161738104

	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_def14ax1x1.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 17, 2016</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 17, 2016: 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 style="TEXT-INDENT: 15pt" align=justify><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 17, 2016 at 4:00 p.m.,
Eastern time. The purpose of the Meeting is:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-RIGHT: 12pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</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<BR>&nbsp;
</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 12pt; PADDING-LEFT: 15pt" vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></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 style="TEXT-INDENT: 15pt" align=justify><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><IMG src="declosedend_def14ax1x2.jpg" border=0></P>
<P><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><FONT face="Times New Roman" size=2>June 29, 2016</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 vAlign=bottom width="50%"><IMG src="declosedend_def14ax1x1.jpg" border=0></TD>
    <TD vAlign=bottom 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>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 17, 2016</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=justify><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 17, 2016,
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 style="TEXT-INDENT: 15pt" align=justify><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 style="TEXT-INDENT: 15pt" align=justify><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 20,
2016 (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 </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 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 5, 2016.</FONT></P>
<P style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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<FONT face="Times New Roman" size=1><SUP>1</SUP></font>/<FONT face="Times New Roman" size=1><sub>3</sub></font>% of the
outstanding Preferred </FONT><FONT face="Times New Roman" size=2>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 style="text-indent: 15pt" align=justify><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 </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>their clients&#146; shares in
their discretion, and (2) a &#147;non-routine&#148; proposal, such as a change to a
fundamental investment policy, where the applicable exchange does not permit
brokers to vote their clients&#146; shares in their discretion. The shares that are
considered to be present as a result of the broker discretionary vote on the
routine proposal but that are not voted on the non-routine proposal are called
&#147;broker non-votes.&#148; Because the 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 style="TEXT-INDENT: 15pt" align=justify><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 style="TEXT-INDENT: 15pt" align=justify><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, Shawn K. Lytle, 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 Mr.
Lytle.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><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 style="TEXT-INDENT: 15pt" align=justify><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="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Held by
  Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"><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="15%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>During the
  Past</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%"><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 solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>the Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><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 solid" noWrap align=center width="15%"><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 solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>by Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Five Years</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1><U>Interested Director</U></FONT></I></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%">
      <P><B><FONT face="Times New Roman" size=1>Shawn K. Lytle</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>February 1970</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">President,<BR><FONT face="Times New Roman">Chief</FONT></FONT><BR><FONT face="Times New Roman" size=1>Executive</FONT><BR><FONT face="Times New Roman" size=1>Officer, and</FONT><BR><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Director since<BR><FONT face="Times New Roman">September</FONT></FONT><BR><FONT face="Times New Roman" size=1>2015</FONT><BR><FONT face="Times New Roman" size=1>President</FONT><BR><FONT face="Times New Roman" size=1>and
      Chief</FONT><BR><FONT face="Times New Roman" size=1>Executive</FONT><BR><FONT face="Times New Roman" size=1>Officer
      since</FONT><BR><FONT face="Times New Roman" size=1>August 2015</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Shawn K. Lytle has<BR><FONT face="Times New Roman">served as President</FONT></FONT><BR><FONT face="Times New Roman" size=1>of
      Delaware</FONT><BR><FONT face="Times New Roman" size=1>Investments since</FONT><BR><FONT face="Times New Roman" size=1>June 2015
      and</FONT><BR><FONT face="Times New Roman" size=1>was the Regional</FONT><BR><FONT face="Times New Roman" size=1>Head of
      Americas</FONT><BR><FONT face="Times New Roman" size=1>for UBS Global</FONT><BR><FONT face="Times New Roman" size=1>Asset
      Management</FONT><BR><FONT face="Times New Roman" size=1>from 2010</FONT><BR><FONT face="Times New Roman" size=1>through
      2015.</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">64</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Trustee &#151; UBS<BR><FONT face="Times New Roman">Relationship Funds,</FONT></FONT><BR><FONT face="Times New Roman" size=1>SMA
      Relationship</FONT><BR><FONT face="Times New Roman" size=1>Trust, and UBS</FONT><BR><FONT face="Times New Roman" size=1>Funds (May
      2010&#150;</FONT><BR><FONT face="Times New Roman" size=1>April 2015)</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0><STRONG><EM><FONT size=1 face="Times New Roman"><U>Independent
      Directors</U></FONT></EM></STRONG></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%">
      <P><B><FONT face="Times New Roman" size=1>Thomas L. Bennett</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>October 1947</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Chairman<BR><FONT face="Times New Roman">and</FONT></FONT><BR><FONT face="Times New Roman" size=1>Director</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%">
      <P><FONT face="Times New Roman" size=1>Director since</FONT><BR><FONT face="Times New Roman" size=1>March 2005</FONT></P>
      <P><FONT face="Times New Roman" size=1>Chairman</FONT><BR><FONT face="Times New Roman" size=1>since March</FONT><BR><FONT face="Times New Roman" size=1>2015</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Private Investor &#151;<BR><FONT face="Times New Roman">(March 2004&#150;</FONT></FONT><BR><FONT face="Times New Roman" size=1>Present)</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">64</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Director &#151; Bryn Mawr<BR><FONT face="Times New Roman">Bank Corp. (BMTC)</FONT></FONT><BR><FONT face="Times New Roman" size=1>(2007&#150;2011)</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0>
      <P><B><FONT face="Times New Roman" size=1>Ann D. Borowiec</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>November 1958</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Director</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Since March<BR><FONT face="Times New Roman">2015</FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">CEO, Private<BR><FONT face="Times New Roman">Wealth</FONT></FONT><BR><FONT face="Times New Roman" size=1>Management</FONT><BR><FONT face="Times New Roman" size=1>(2011&#150;2013) and</FONT><BR><FONT face="Times New Roman" size=1>Market
      Manager,</FONT><BR><FONT face="Times New Roman" size=1>New Jersey Private</FONT><BR><FONT face="Times New Roman" size=1>Bank
      (2005&#150;2011)</FONT><BR><FONT face="Times New Roman" size=1>&#151; JP Morgan</FONT><BR><FONT face="Times New Roman" size=1>Chase &amp;
      Co.</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">64</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">None</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="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Held by Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"><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="15%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%"><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 solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>the Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><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 solid" noWrap align=center width="15%"><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 solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>by Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Five Years</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1><U>Independent
      Directors (continued)</U></FONT></I></B></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%">
      <P><B><FONT face="Times New Roman" size=1>Joseph W. Chow</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>January 1953</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Director</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Since January<BR><FONT face="Times New Roman">2013</FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Executive<BR><FONT face="Times New Roman">Vice President</FONT></FONT><BR><FONT face="Times New Roman" size=1>(Emerging</FONT><BR><FONT face="Times New Roman" size=1>Economies</FONT><BR><FONT face="Times New Roman" size=1>Strategies,
      Risk</FONT><BR><FONT face="Times New Roman" size=1>and Corporate</FONT><BR><FONT face="Times New Roman" size=1>Administration)</FONT><BR><FONT face="Times New Roman" size=1>State Street</FONT><BR><FONT face="Times New Roman" size=1>Corporation</FONT><BR><FONT face="Times New Roman" size=1>(July 2004&#150;</FONT><BR><FONT face="Times New Roman" size=1>March
      2011)</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">64</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Director and Audit<BR><FONT face="Times New Roman">Committee Member
      &#151;</FONT></FONT><BR><FONT face="Times New Roman" size=1>Hercules Technology</FONT><BR><FONT face="Times New Roman" size=1>Growth
      Capital, Inc.</FONT><BR><FONT face="Times New Roman" size=1>(2004&#150;2014)</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0>
      <P><B><FONT face="Times New Roman" size=1>John A. Fry</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>May
      1960</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Director</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Since January<BR><FONT face="Times New Roman">2001</FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">President &#151;<BR><FONT face="Times New Roman">Drexel
    University</FONT></FONT><BR><FONT face="Times New Roman" size=1>(August</FONT><BR><FONT face="Times New Roman" size=1>2010&#150;Present)</FONT><BR><FONT face="Times New Roman" size=1>President
    &#151;</FONT><BR><FONT face="Times New Roman" size=1>Franklin &amp; Marshall</FONT><BR><FONT face="Times New Roman" size=1>College
    (July</FONT><BR><FONT face="Times New Roman" size=1>2002&#150;July        2010)</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">64</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P><FONT size=1 face="Times New Roman">Director &#151; Hershey<BR><FONT face="Times New Roman">Trust Company</FONT></FONT></P>
      <P><FONT face="Times New Roman" size=1>Director, Audit</FONT><BR><FONT face="Times New Roman" size=1>Committee, and</FONT><BR><FONT face="Times New Roman" size=1>Governance</FONT><BR><FONT face="Times New Roman" size=1>Committee Member &#151;</FONT><BR><FONT face="Times New Roman" size=1>Community
      Health</FONT><BR><FONT face="Times New Roman" size=1>Systems</FONT></P>
      <P><FONT face="Times New Roman" size=1>Director, Drexel</FONT><BR><FONT face="Times New Roman" size=1>Morgan &amp; Co.</FONT></P>
      <P><FONT face="Times New Roman" size=1>Director, Member of</FONT><BR><FONT face="Times New Roman" size=1>Audit Committee &#151;</FONT><BR><FONT face="Times New Roman" size=1>VTV
      Therapeutics,</FONT><BR><FONT face="Times New Roman" size=1>LLC</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%"><FONT size=1 face="Times New Roman"><STRONG>Lucinda S.
      Landreth<BR></STRONG><FONT face="Times New Roman">2005 Market Street</FONT></FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA<BR></FONT><FONT face="Times New Roman" size=1>19103</FONT>
      <P><FONT size=1 face="Times New Roman">June 1947</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Director</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Since March<BR><FONT face="Times New Roman">2005</FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Private Investor<BR><FONT face="Times New Roman">(2004&#150;Present)</FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">64</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">None</FONT></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="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Held by Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"><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="15%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%"><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 solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>the Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><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 solid" noWrap align=center width="15%"><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 solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>by Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Five Years</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1><U>Independent Directors
      (continued)</U></FONT></I></B></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%">
      <P><B><FONT face="Times New Roman" size=1>Frances A.</FONT></B><BR><B><FONT face="Times New Roman" size=1>Sevilla-Sacasa</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market
      Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>January 1956</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Director</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Since<BR><FONT face="Times New Roman">September</FONT></FONT><BR><FONT face="Times New Roman" size=1>2011</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%">
      <P><FONT face="Times New Roman" size=1>Chief Executive</FONT><BR><FONT face="Times New Roman" size=1>Officer &#151;
      Banco</FONT><BR><FONT face="Times New Roman" size=1>Ita&#250; International</FONT><BR><FONT face="Times New Roman" size=1>(April
      2012&#150;</FONT><BR><FONT face="Times New Roman" size=1>Present)</FONT></P>
      <P><FONT face="Times New Roman" size=1>Executive Advisor</FONT><BR><FONT face="Times New Roman" size=1>to Dean
      (August</FONT><BR><FONT face="Times New Roman" size=1>2011&#150;March</FONT><BR><FONT face="Times New Roman" size=1>2012) and
      Interim</FONT><BR><FONT face="Times New Roman" size=1>Dean (January</FONT><BR><FONT face="Times New Roman" size=1>2011&#150;July
      2011)</FONT><BR><FONT face="Times New Roman" size=1>&#151; University of</FONT><BR><FONT face="Times New Roman" size=1>Miami
      School</FONT><BR><FONT face="Times New Roman" size=1>of Business</FONT><BR><FONT face="Times New Roman" size=1>Administration</FONT></P>
      <P><FONT face="Times New Roman" size=1>President &#151; U.S.</FONT><BR><FONT face="Times New Roman" size=1>Trust,
      Bank</FONT><BR><FONT face="Times New Roman" size=1>of America</FONT><BR><FONT face="Times New Roman" size=1>Private
      Wealth</FONT><BR><FONT face="Times New Roman" size=1>Management</FONT><BR><FONT face="Times New Roman" size=1>(Private
      Banking)</FONT><BR><FONT face="Times New Roman" size=1>(July 2007&#150;</FONT><BR><FONT face="Times New Roman" size=1>December
      2008)</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">64</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Trust Manager and<BR><FONT face="Times New Roman">Audit
      Committee</FONT></FONT><BR><FONT face="Times New Roman" size=1>Member &#151; Camden</FONT><BR><FONT face="Times New Roman" size=1>Property
      Trust</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0>
      <P><B><FONT face="Times New Roman" size=1>Thomas K. Whitford</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market
      Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>March 1956</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Director</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Since January<BR><FONT face="Times New Roman">2013</FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Vice Chairman<BR><FONT face="Times New Roman">(2010&#150;April
      2013)</FONT></FONT><BR><FONT face="Times New Roman" size=1>Chief</FONT><BR><FONT face="Times New Roman" size=1>Administrative</FONT><BR><FONT face="Times New Roman" size=1>Officer
      (2008&#150;</FONT><BR><FONT face="Times New Roman" size=1>2010) &#151; PNC</FONT><BR><FONT face="Times New Roman" size=1>Financial
      Services</FONT><BR><FONT face="Times New Roman" size=1>Group</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">64</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0>
      <P><FONT face="Times New Roman" size=1>Director &#151; HSBC</FONT><BR><FONT face="Times New Roman" size=1>Finance
      Corporation</FONT><BR><FONT face="Times New Roman" size=1>and HSBC North</FONT><BR><FONT face="Times New Roman" size=1>America
      Holdings Inc.</FONT></P>
      <P><FONT face="Times New Roman" size=1>Director, HSBC
Bank</FONT></P></TD></TR></TABLE><BR>
<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>
<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="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Other</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Directorships</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><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="15%"><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="15%"><B><FONT face="Times New Roman" size=1>Held by
  Director</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="19%"><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="15%"><B><FONT face="Times New Roman" size=1>Held with</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>Length of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>During the Past</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>Overseen</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="15%"><B><FONT face="Times New Roman" size=1>During the
  Past</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%"><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 solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>the Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><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 solid" noWrap align=center width="15%"><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 solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>by Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Five Years</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0><B><I><FONT face="Times New Roman" size=1><U>Independent Directors
      (continued)</U></FONT></I></B></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%">
      <P><B><FONT face="Times New Roman" size=1>Janet L. Yeomans</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market
      Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>July 1948</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Director</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Since April<BR><FONT face="Times New Roman">1999</FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Vice President and<BR><FONT face="Times New Roman">Treasurer</FONT></FONT><BR><FONT face="Times New Roman" size=1>(January
      2006&#150;</FONT><BR><FONT face="Times New Roman" size=1>July 2012)</FONT><BR><FONT face="Times New Roman" size=1>Vice
      President</FONT><BR><FONT face="Times New Roman" size=1>&#151; Mergers &amp;</FONT><BR><FONT face="Times New Roman" size=1>Acquisitions</FONT><BR><FONT face="Times New Roman" size=1>(January
      2003&#150;</FONT><BR><FONT face="Times New Roman" size=1>January 2006), and</FONT><BR><FONT face="Times New Roman" size=1>Vice
      President and</FONT><BR><FONT face="Times New Roman" size=1>Treasurer</FONT><BR><FONT face="Times New Roman" size=1>(July
      1995&#150;January</FONT><BR><FONT face="Times New Roman" size=1>2003) &#151;</FONT><BR><FONT face="Times New Roman" size=1>3M Company</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">64</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"><FONT size=1 face="Times New Roman">Director, Personnel,<BR><FONT face="Times New Roman">Compensation</FONT></FONT><BR><FONT face="Times New Roman" size=1>Committee
      Chair,</FONT><BR><FONT face="Times New Roman" size=1>Audit Committee</FONT><BR><FONT face="Times New Roman" size=1>Member
      and</FONT><BR><FONT face="Times New Roman" size=1>Governance</FONT><BR><FONT face="Times New Roman" size=1>Committee
      Member &#151;</FONT><BR><FONT face="Times New Roman" size=1>Okabena Company</FONT><BR>&nbsp;<BR><FONT face="Times New Roman" size=1>Chair &#151;
      3M</FONT><BR><FONT face="Times New Roman" size=1>Investment</FONT><BR><FONT face="Times New Roman" size=1>Management</FONT><BR><FONT face="Times New Roman" size=1>Committee
      (2005&#150;</FONT><BR><FONT face="Times New Roman" size=1>2012)</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="19%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="15%"></TD></TR></TABLE><BR>
<P style="TEXT-INDENT: 15pt" align=justify><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, 2016. Only the Directors of the Funds
who are not &#147;interested persons&#148; as defined by the 1940 Act (the &#147;Independent
Directors&#148;) receive compensation from the Funds.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="27%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="40%"><B><FONT face="Times New Roman" size=1>Aggregate Dollar Range
      of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <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="30%"><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="40%"><B><FONT face="Times New Roman" size=1>Equity Securities in All
      Registered</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <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="30%"><B><FONT face="Times New Roman" size=1>Equity Securities
      in</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="40%"><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="27%"><B><FONT face="Times New Roman" size=1>Name of Director</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="30%"><B><FONT face="Times New Roman" size=1>each Fund</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="40%"><B><FONT face="Times New Roman" size=1>Director in Fund Complex</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Shawn K.
      Lytle</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="30%" 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="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$1 -
      $10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face="Times New Roman" size=1>Thomas L. Bennett</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="40%"><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Ann D.
      Borowiec</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="30%" 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="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over
      $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face="Times New Roman" size=1>Joseph W. Chow</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="30%"><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="40%"><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>John A.
      Fry</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="30%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over
      $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face="Times New Roman" size=1>Lucinda S. Landreth</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="40%"><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Frances A.
      Sevilla-Sacasa</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="30%" 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="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over
      $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%"><FONT face="Times New Roman" size=1>Thomas K. Whitford</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="30%"><FONT face="Times New Roman" size=1>None</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="40%"><FONT face="Times New Roman" size=1>Over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="27%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Janet L.
      Yeomans</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="30%" 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="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Over
      $100,000</FONT></TD></TR></TABLE><BR>
<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><B><FONT face="Times New Roman" size=2>Board Leadership
Structure and Functions.</FONT></B></P>
<P style="text-indent: 15pt" align=justify><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 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 style="text-indent: 15pt" align=justify><B><I><FONT face="Times New Roman" size=2>Board Chairman.
</FONT></I></B><FONT face="Times New Roman" size=2>Effective March 1, 2015, Mr.
Bennett was named the Board&#146;s Chairman. As fund governance best practices have
evolved, more and more fund boards have opted to have an independent director
serve as chairperson. Among other reasons, the Board selected Mr. Bennett as
Chairman due to his substantial financial industry experience and his tenure on
the Board. As the Chairman, Mr. Bennett, in consultation with Fund management,
legal counsel, and the other Directors, proposes Board agenda topics, actively
participates in developing Board meeting agendas, and ensures that appropriate
and timely information is provided to the Board in connection with Board
meetings. Mr. Bennett also conducts meetings of the Independent Directors. He
also generally serves as a liaison among outside Directors, Fund officers, and
legal counsel, and is an ex officio member of the Nominating and Corporate
Governance Committee.</FONT></P>
<P style="text-indent: 15pt" align=justify><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 nine Directors. The Directors believe that the current
size of the Board is conducive to Board interaction, dialogue, and debate,
resulting in an effective decision-making body. The Board is comprised of
Directors with a variety of professional backgrounds. The Board believes that
the skill sets of its members are complementary and add to the overall
effectiveness of the Board. The Directors regard diversity as an important
consideration in the present composition of the Board and the selection of
qualified candidates to fill vacancies on the Board.</FONT></P>
<P style="text-indent: 15pt" align=justify><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 five
Board meetings during its last fiscal year, ended March 31, 2016. Delaware
Investments Dividend and Income Fund, Inc. (&#147;DDF&#148;) and Delaware Enhanced Global
Dividend and Income Fund (&#147;DEX&#148;) held six Board meetings during their last
fiscal year, ended November 30, 2015. Each Director, with the exception of Mr.
Lytle, attended at least 75% of the Board meetings described above and of the
meetings of committees on which the Director served. Mr. Lytle was appointed to
the Board in September 2015, and thereafter, attended at least 75% of the Board
meetings. 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 19, 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 style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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 one-year terms or until their successors have been
appointed and qualified. The Audit Committee held five meetings for DDF and DEX
for the fiscal year ended November 30, 2015, and five meetings for the Municipal
Funds for the fiscal year ended March 31, 2016. 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 style="text-indent: 15pt" align=justify><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, 2015 for DDF and DEX, and four
meetings for the Municipal Funds for the fiscal year ended March 31,
2016.</FONT></P>
<P style="text-indent: 15pt" align=justify><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.
</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><FONT face="Times New Roman" size=2>The Investments Committee
held four meetings during the fiscal year ended November 30, 2015 for DDF and
DEX, and five meetings for the Municipal Funds for the fiscal year ended March
31, 2016.</FONT></P>
<P style="text-indent: 15pt" align=justify><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, 2015 for DDF and DEX, and
five meetings for the Municipal Funds for the fiscal year ended March 31, 2016.
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 style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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>10</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Director
Qualifications.</FONT></B></P>
<P style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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 Directors of the Funds 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 style="text-indent: 15pt" align=justify><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>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>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 style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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 holding a
B.A., she is a Chartered Financial Analyst. Ms. Landreth has served on the Board
since March 2005.</FONT></P>
<P style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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>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>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 Wharton School of the University of Pennsylvania. Mr. Whitford
has served on the Board since January 2013.</FONT></P>
<P style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><B><I><FONT face="Times New Roman" size=2>Shawn K. Lytle.
</FONT></I></B><FONT face="Times New Roman" size=2>Mr. Lytle has over 20 years
of experience in the investment management industry. He has been the president
of Delaware Investments since June 2015, and he is responsible for all aspects
of the firm&#146;s business. Prior to that time, Mr. Lytle served in various
executive management, investment management, and distribution positions at two
major banking institutions. He holds a B.A. degree from The McDonough School of
Business at Georgetown University. Mr. Lytle has served on the Board since
September 2015. Mr. Lytle serves as chair elect on the board of directors of the
National Association of Securities Professionals (&#147;NASP&#148;), and he is on the
board of directors of the Sustainability Accounting Standards Board
(&#147;SASB&#148;).</FONT></P>
<P style="text-indent: 15pt" align=justify><B><I><FONT face="Times New Roman" size=2>Board Role in Risk
Oversight.</FONT></I></B><I><FONT face="Times New Roman" size=2>
</FONT></I><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 </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><FONT face="Times New Roman" size=2>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 style="text-indent: 15pt" align=justify><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 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 style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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 Directors 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 Directors 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 style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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: (i) an annual retainer fee of $157,000 for serving as a Director for
all 26 investment companies in the Delaware Investments<SUP>&#174;</SUP> family, plus
$12,000 per meeting for attending each Board Meeting in person held on behalf of
all investment companies in the complex; and </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>
<P align=justify><FONT face="Times New Roman" size=2>(ii) a $2,750 fee for
attending telephonic board meetings on behalf of the investment companies in the
complex. Additionally, effective Jan. 1, 2016, the committee members and
committee/board chairs will receive the following fees: (i) members of the
Nominating and Corporate Governance Committee, Audit Committee, and Investments
Committee will receive additional compensation of $4,000 for each Committee
meeting attended and may receive an additional fee if a committee meeting
exceeds 4 hours; (ii) the chairperson for each of the Audit Committee, the
Investments Committee, and the Nominating and Corporate Governance Committee
receives an annual retainer of $25,000; and (iii) the Board Chairman will
receive an additional annual retainer of $70,000.</FONT></P>
<P style="text-indent: 15pt" align=justify><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, 2016.</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="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=1>Total Compensation</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=1>Aggregate</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=1>from the Investment</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=1>Compensation from the</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=1>Companies in the Fund</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face="Times New Roman" size=1>Director</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face="Times New Roman" size=1>Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><B><FONT face="Times New Roman" size=1>Complex</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas L.
      Bennett</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$4,091</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$327,583</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><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="33%"><FONT face="Times New Roman" size=1>$3,078</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$246,417</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" 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="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$3,390</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$271,417</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><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="33%"><FONT face="Times New Roman" size=1>$3,063</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$245,417</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" 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="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$3,078</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$246,417</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face="Times New Roman" size=1>Frances A.
      Sevilla-Sacasa</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$3,027</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$242,417</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Thomas K.
      Whitford</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$2,983</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="33%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$238,917</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face="Times New Roman" size=1>Janet L.
      Yeomans</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$3,331</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=1>$266,750</FONT></TD></TR></TABLE><BR>
<P style="text-indent: 15pt" align=justify><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: 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 style="text-indent: 15pt" align=justify><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=center><FONT face=Arial size=2>15</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="50%" colSpan=3><B><FONT face="Times New Roman" size=1>Proposal</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></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="50%" colSpan=3><B><FONT face="Times New Roman" size=1>Election of
      Directors</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>FUND</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Bennett, Borowiec, Chow,</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="24%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Landreth and Yeomans</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Fry, Lytle, Sevilla-Sacasa, and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="24%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Whitford</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="24%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=1>DDF and DEX</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="50%" colSpan=3><FONT face="Times New Roman" size=1>Plurality of votes cast.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Municipal
      Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Plurality of Common and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="24%" 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="49%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="25%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Preferred Share votes cast.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="24%" 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 style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>On November 17, 2015, the firm of PricewaterhouseCoopers LLP (&#147;PwC&#148;) was
selected as the independent registered public accounting firm (&#147;independent
auditors&#148;) for Delaware Investments Dividend and Income Fund, Inc. (DDF) and
Delaware Enhanced Global Dividend and Income Fund (DEX) for the fiscal year
ending November 30, 2016. On February 23, 2016, PwC was selected as the
independent auditors for 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) for the
fiscal year ending March 31, 2017 (together, DDF, DEX, VFL, VCF and VMM are the
&#147;Funds&#148;). In accordance with Public Company Accounting Oversight Board Rule 3526
(&#147;PCAOB Rule 3526&#148;), PwC affirmed its independence to each Fund&#146;s Audit
Committee at the time it was selected as independent auditors for each Fund. PwC
served as independent auditors of the Funds for their most recently completed
fiscal years.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><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 </FONT></P>
<P align=center><FONT face=Arial size=2>16</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>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 style="text-indent: 15pt" align=justify><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 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 style="text-indent: 15pt" align=justify><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 PCAOB
Auditing Standard No. 16: Communications with Audit Committees. The Audit
Committee also received the written disclosures and the letter from PwC required
by PCAOB Rule 3526, and discussed with representatives of PwC the independent
auditor&#146;s independence. Each Fund&#146;s Audit Committee 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.</FONT></P>
<P style="text-indent: 15pt" align=justify><FONT face="Times New Roman" size=2>Based on the foregoing
discussions with management and the independent auditors, each of the DDF and
DEX Audit Committees unanimously recommended to the respective Fund&#146;s Board that
the audited financial statements for the fiscal year ended November 30, 2015 be
included in each Fund&#146;s annual report to shareholders.</FONT></P>
<P style="text-indent: 15pt" align=justify><FONT face="Times New Roman" size=2>In connection with the
Audit Committees&#146; consideration of the audited financial statements of VFL, VCF,
and VMM (each, a &#147;Muni Fund&#148; and, collectively, the &#147;Muni Funds&#148;) for the fiscal
year ended March 31, 2016 for inclusion in each Muni Fund&#146;s respective annual
report to shareholders, PwC advised each Fund&#146;s Audit Committee that it was in
discussions with the staff of the Securities and Exchange Commission (&#147;SEC
Staff&#148;) regarding the interpretation and application of Rule 2-01(c)(1)(ii)(A)
of Regulation S-X, or the &#147;Loan Rule.&#148;</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 style="text-indent: 15pt" align=justify><FONT face="Times New Roman" size=2>The Loan Rule prohibits
accounting firms, such as PwC, from having certain financial relationships with
their audit clients and affiliated entities. Specifically, the Loan Rule
provides, in relevant part, that an accounting firm generally would not be
independent if it receives a loan from a lender that is a &#147;record or beneficial
owner of more than ten percent of the audit client&#146;s equity securities.&#148; Under
the SEC Staff&#146;s interpretation of the Loan Rule, based on information provided
to each Fund&#146;s Audit Committee by PwC, some of PwC&#146;s relationships with its
lenders who also own shares of one or more funds within the Delaware
Investments<SUP>&#174;</SUP> Family of Funds investment company complex implicate the
Loan Rule, calling into question PwC&#146;s independence with respect to the Funds.
PwC believes that, in light of all the facts and circumstances of these lending
relationships, its ability to exercise objective judgment with respect to the
audit of the Funds has not been impaired.</FONT></P>
<P style="text-indent: 15pt" align=justify><FONT face="Times New Roman" size=2>Each Fund&#146;s Audit Committee
has considered the lending relationships described by PwC and has concluded that
(1) the lending relationships did not affect PwC&#146;s application of objective
judgment in conducting its audits and issuing reports on the Fund&#146;s financial
statements; and (2) a reasonable investor with knowledge of the lending
relationships described by PwC would reach the same conclusion. In making this
determination, each Fund&#146;s Audit Committee considered, among other things, PwC&#146;s
description of the relevant lending relationships and PwC&#146;s representation that
its objectivity was not impaired in conducting its audit of the Fund&#146;s financial
statements. In connection with this determination, PwC advised each Fund&#146;s Audit
Committee that it believes PwC is independent and it continues to have
discussions with the SEC Staff.</FONT></P>
<P style="text-indent: 15pt" align=justify><FONT face="Times New Roman" size=2>Based on the foregoing
discussions with management and the independent auditors, each of the Muni
Fund&#146;s Audit Committees unanimously recommended to the respective Fund&#146;s Board
that the audited financial statements for the fiscal year ending March 31, 2016
be included in each Fund&#146;s annual report to shareholders.</FONT></P>
<P style="text-indent: 15pt" align=justify><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,
and Frances A. Sevilla-Sacasa, 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 style="text-indent: 15pt" align=justify><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=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 style="TEXT-INDENT: 15pt" align=justify><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. The fees in the table below were not required to
be approved by the registrant&#146;s Audit Committee pursuant to the </FONT><I><FONT face="Times New Roman" size=2>de minimis</FONT></I><FONT face="Times New Roman" size=2> exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of
Regulation S-X.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD NOWRAP COLSPAN="9" STYLE="text-align: center; width: 13%; border-bottom: Black 1pt solid"><B><FONT face="Times New Roman" size=1>Non-Audit Fees</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><B><FONT face="Times New Roman" size=1>Audit</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=1>Fiscal Year</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><B><FONT face="Times New Roman" size=1>Related</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="76%"><STRONG><FONT size=1 face="Times New Roman">Fund</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><STRONG><FONT size=1 face="Times New Roman">End</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Audit Fees
      </FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><STRONG><FONT size=1 face="Times New Roman">Fees<FONT face="Times New Roman"><SUP>(1) </SUP></FONT></FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=4><STRONG><FONT size=1 face="Times New Roman">Tax
      Fees<SUP>(2)</SUP></FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><STRONG><FONT size=1 face="Times New Roman">All
      Other</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Investments Dividend</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>11/30/15</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>34,675</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" 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>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5,558</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Income Fund,
      Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" 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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>31,960</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>5,109</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" 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></TD>
    <TD noWrap align=right 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></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=1>Delaware
      Enhanced Global</FONT></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>11/30/15</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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>34,675</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=1>5,558</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend and Income
      Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="2%"></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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>31,960</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=1>5,109</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="76%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" 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=right 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 style="text-align: center" width="4%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Investments Colorado</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3/31/16</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>35,920</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,580</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund,
      Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" 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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>33,100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,214</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" 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></TD>
    <TD noWrap align=right 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></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=1>Delaware
      Investments National</FONT></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>3/31/16</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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>35,920</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=1>4,580</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income
      Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="2%"></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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>33,100</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=1>4,214</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="76%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" 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=right 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 style="text-align: center" width="4%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Investments Minnesota</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>3/31/16</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>35,920</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,580</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund II,
      Inc.</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" 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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>33,100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>4,214</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" 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></TD>
    <TD noWrap align=right 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></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=1>Covered
      Entities</FONT></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>11/30/15</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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>667,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="2%"></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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>618,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=1>3/31/16</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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>667,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="2%"></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>$</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=1>612,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=1 face="Times New Roman">$</FONT></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=1>$&#151;</FONT></TD></TR></TABLE>
<DIV>____________________</DIV><BR>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-RIGHT: 12pt" vAlign=top noWrap><I><FONT face="Times New Roman" size=2>1</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 vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 12pt" 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></TABLE>
<P style="TEXT-INDENT: 15pt" align=justify><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 $10,036,000 and
$7,530,526 for the fiscal years ended March 31, 2016 and March 31, 2015,
respectively. The aggregate non-audit fees billed by the independent auditors
for services rendered to DDF and DEX, and to Covered Entities, were $11,111,212
and $5,653,375 for the fiscal years ended November 30, 2015 and November 30,
2014, respectively.</FONT></P>
<P align=center><FONT face=Arial size=2>19</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="text-indent: 15pt" align=justify><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><B><FONT face=Arial size=2>COMMUNICATIONS TO THE
BOARD</FONT></B></P>
<P style="text-indent: 15pt" align=justify><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><FONT face=Arial size=2>20</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=2>OTHER INFORMATION</FONT></B></P>
<P style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><B><I><FONT face="Times New Roman" size=2>Auditors.
</FONT></I></B><FONT face="Times New Roman" size=2>PwC serves as the Funds&#146;
auditors. PwC&#146;s principal address is Two Commerce Square, Suite 1800, 2001
Market Street, Philadelphia, PA 19103-7042.</FONT></P>
<P style="text-indent: 15pt" align=justify><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 style="text-indent: 15pt" align=justify><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
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 style="text-indent: 15pt" align=justify><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 2017, shareholder proposals to be included in
the Funds&#146; Combined Proxy Statement for that meeting must be received no later
than March 7, 2017. 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. </FONT></P>
<P align=center><FONT face=Arial size=2>21</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>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 21, 2017.</FONT></P>
<P style="text-indent: 15pt" align=justify><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=Arial size=2>22</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 20, 2016)</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="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware
      Investments Dividend and Income Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,518,735.1587</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Delaware
      Enhanced Global Dividend and Income Fund</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>15,863,615.6820</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware
      Investments Colorado Municipal Income Fund, Inc.</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,837,100.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>300.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>Delaware
      Investments National Municipal Income Fund</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,528,443.5050</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares</FONT></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>300.0000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delaware
      Investments Minnesota Municipal Income Fund II, Inc.</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11,504,975.0862</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Shares</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>750.0000</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=Arial size=2>A-1</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=2>EXHIBIT B</FONT></B></P>
<P align=center><B><FONT face=Arial size=2>SHAREHOLDERS OWNING 5% OR MORE OF A
FUND</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>According to disclosure
publicly filed with the SEC, as of June 20, 2016, 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="FONT-SIZE: 7pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="LINE-HEIGHT: 14pt" vAlign=bottom>
    <TD noWrap style="text-align: center" width="26%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="35%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="13%"></TD>
    <TD noWrap style="text-align: center" width="1%"></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 style="LINE-HEIGHT: 14pt" vAlign=bottom>
    <TD noWrap style="text-align: center" width="26%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="35%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="13%"><B><FONT face="Times New Roman" size=1>Number of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%" colSpan=3><B><FONT face="Times New Roman" size=1>Outstanding</FONT></B></TD></TR>
  <TR style="LINE-HEIGHT: 14pt" vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="26%"><B><FONT face="Times New Roman" size=1>Fund</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="35%"><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;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%"><B><FONT face="Times New Roman" size=1>Class of Shares</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%"><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=3><B><FONT face="Times New Roman" size=1>Shares</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Enhanced Global</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>First Trust
      Portfolios</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Common Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="13%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>1,464,607</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>9.23%</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Dividend and
      Income Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>L.P., First
      Trust Advisors</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>L.P., and
      The Charger</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Corporation
      120 East</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Liberty
      Drive, Suite 400</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="26%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wheaton, Illinois 60187</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face="Times New Roman" size=1>Delaware
      Enhanced Global</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=1>Advisors
      Asset</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%"><FONT face="Times New Roman" size=1>Common
      Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="13%"><FONT face="Times New Roman" size=1>970,766</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>6.12%</FONT></TD>
    <TD noWrap align=right width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face="Times New Roman" size=1>Dividend and
      Income Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=1>Management,
      Inc.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="13%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=1>18925 Base
      Camp Road</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="13%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=1>Monument,
      Colorado</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="13%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="26%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><FONT face="Times New Roman" size=1>80132</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wells Fargo
      Bank,</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Preferred Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="13%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100.00%</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Colorado
      Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>National
      Association</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Income Fund,
      Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>101 N.
      Phillips Avenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Sioux Falls,
      South Dakota</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="26%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>57104</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face="Times New Roman" size=1>Delaware
      Investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=1>MacKay
      Shields LLC</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%"><FONT face="Times New Roman" size=1>Common
      Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="13%"><FONT face="Times New Roman" size=1>256,199</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>5.66%</FONT></TD>
    <TD noWrap align=right width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face="Times New Roman" size=1>National
      Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=1>1345 Avenue
      of Americas</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="13%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="26%"><FONT face="Times New Roman" size=1>Income Fund</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><FONT face="Times New Roman" size=1>New York, NY 10105</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wells Fargo
      Bank,</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Preferred Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="13%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>300</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100.00%</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>National
      Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>National
      Association</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Income
      Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>101 N.
      Phillips Avenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Sioux Falls,
      South Dakota</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="26%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>57104</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face="Times New Roman" size=1>Delaware
      Investments</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=1>MacKay
      Shields LLC</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%"><FONT face="Times New Roman" size=1>Common
      Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="13%"><FONT face="Times New Roman" size=1>639,434</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="4%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=1>5.56%</FONT></TD>
    <TD noWrap align=right width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%"><FONT face="Times New Roman" size=1>Minnesota
      Municipal</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=1>1345 Avenue
      of Americas</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="13%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="26%"><FONT face="Times New Roman" size=1>Income Fund II, Inc.</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%"><FONT face="Times New Roman" size=1>New York, NY 10105</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Delaware
      Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Wells Fargo
      Bank,</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Preferred Shares</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="13%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>750</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>100.00%</FONT></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Minnesota
      Municipal</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>National
      Association</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Income Fund
      II, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>101 N.
      Phillips Avenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="26%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>Sioux Falls,
      South Dakota</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="11%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="26%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" bgColor=#c0c0c0><FONT face="Times New Roman" size=1>57104</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="13%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="4%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left 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 style="TEXT-INDENT: 15pt" align=justify><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="FONT-SIZE: 7pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="LINE-HEIGHT: 14pt" 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%"></TD>
    <TD noWrap style="text-align: center" width="20%"><B><FONT face="Times New Roman" size=1>Position(s) Held</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="20%"><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="39%"><B><FONT face="Times New Roman" size=1>Principal Occupation(s)</FONT></B></TD></TR>
  <TR style="LINE-HEIGHT: 14pt" 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%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><B><FONT face="Times New Roman" size=1>with the Funds</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><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;&nbsp;&nbsp;&nbsp;&nbsp;
    </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=left width="20%" bgColor=#c0c0c0>
      <P><B><FONT face="Times New Roman" size=1>David F. Connor</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market
      Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>December 1963</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Senior Vice<BR><FONT face="Times New Roman">President,</FONT></FONT><BR><FONT face="Times New Roman" size=1>General
      Counsel,</FONT><BR><FONT face="Times New Roman" size=1>and Secretary</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap align=left width="20%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Senior Vice<BR><FONT face="Times New Roman">President
      since</FONT></FONT><BR><FONT face="Times New Roman" size=1>May 2013; General</FONT><BR><FONT face="Times New Roman" size=1>Counsel
      since May</FONT><BR><FONT face="Times New Roman" size=1>2015; Secretary</FONT><BR><FONT face="Times New Roman" size=1>since
      October 2005</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top align=left width="39%" bgColor=#c0c0c0>
      <P align=left><FONT size=1 face="Times New Roman">David F. Connor has served as <FONT face="Times New Roman">Senior Vice
      President of the Trust </FONT></FONT><FONT face="Times New Roman" size=1>and DMC since 2013, General </FONT><FONT face="Times New Roman" size=1>Counsel of
      the </FONT><FONT face="Times New Roman" size=1>Trust and DMC since </FONT><FONT face="Times New Roman" size=1>2015, and
      Secretary of the Trust and </FONT><FONT face="Times New Roman" size=1>DMC since 2005.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="39%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%">
      <P><B><FONT face="Times New Roman" size=1>Daniel V. Geatens</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market
      Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>October 1972</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=left width="20%"><FONT size=1 face="Times New Roman">Vice President<BR><FONT face="Times New Roman">and
      Treasurer</FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="20%"><FONT size=1 face="Times New Roman">Treasurer since<BR><FONT face="Times New Roman">October
      2007</FONT></FONT></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="39%">
      <P align=left><FONT size=1 face="Times New Roman">Daniel V. Geatens has served as Vice <FONT face="Times New Roman">President and
      Treasurer of the Trust </FONT></FONT><FONT face="Times New Roman" size=1>since 2007 and Vice President and
      </FONT><FONT face="Times New Roman" size=1>Director of Financial Administration
      </FONT><FONT face="Times New Roman" size=1>of DMC since 2010.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%">&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=center width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="20%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top align=left width="39%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="20%" bgColor=#c0c0c0>
      <P><B><FONT face="Times New Roman" size=1>Richard Salus</FONT></B><BR><FONT face="Times New Roman" size=1>2005 Market
      Street</FONT><BR><FONT face="Times New Roman" size=1>Philadelphia, PA</FONT><BR><FONT face="Times New Roman" size=1>19103</FONT></P>
      <P><FONT face="Times New Roman" size=1>October 1963</FONT></P></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="20%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Senior Vice<BR><FONT face="Times New Roman">President and</FONT></FONT><BR><FONT face="Times New Roman" size=1>Chief
      Financial</FONT><BR><FONT face="Times New Roman" size=1>Officer</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="20%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Chief Financial<BR><FONT face="Times New Roman">Officer
      since</FONT></FONT><BR><FONT face="Times New Roman" size=1>November 2006</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="39%" bgColor=#c0c0c0><FONT size=1 face="Times New Roman">Richard Salus has served as Senior <FONT face="Times New Roman">Vice President and
      Chief Financial </FONT></FONT><FONT face="Times New Roman" size=1>Officer of the Trust and DMC </FONT><FONT face="Times New Roman" size=1>since
      2006.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face=Arial size=2>C-1</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV align=right>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD WIDTH="100%" STYLE="border: #000000 1pt solid; padding: 6pt; text-align: left">
      <P STYLE="text-align: left"><STRONG><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Delaware Investments
      Dividend&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; and Income Fund,
      Inc.</FONT></STRONG></P>
      <P STYLE="text-align: left"><STRONG><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Delaware Enhanced Global<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Dividend and Income Fund</FONT></STRONG></P>
      <P STYLE="text-align: left"><STRONG><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Delaware Investments
      Colorado<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund,
      Inc.</FONT></STRONG></P>
      <P STYLE="text-align: left"><STRONG><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Delaware Investments
      National<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income
      Fund</FONT></STRONG></P>
      <P STYLE="text-align: left"><STRONG><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Delaware Investments
      Minnesota<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income Fund
      II, Inc.</FONT></STRONG></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 6pt; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 6pt; BORDER-BOTTOM: #000000 1pt solid" width="100%">&nbsp;</TD></TR>
  <TR>
    <TD WIDTH="100%" STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; padding: 6pt; text-align: left">
      <P STYLE="text-align: left"><STRONG></STRONG>&nbsp;</P>
      <P STYLE="text-align: left"><STRONG></STRONG>&nbsp;</P>
      <P STYLE="text-align: left"><STRONG></STRONG>&nbsp;</P>
      <P STYLE="text-align: left"><STRONG></STRONG>&nbsp;</P>
      <P STYLE="text-align: left"><STRONG></STRONG>&nbsp;</P>
      <P STYLE="text-align: left"><STRONG></STRONG>&nbsp;</P>
      <P STYLE="text-align: left"><STRONG>COMBINED PROXY<BR>STATEMENT<BR>Notice of Joint<BR>Annual
      Meeting<BR>of Shareholders</STRONG></P></TD></TR>
  <TR>
    <TD WIDTH="100%" STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; padding: 6pt; text-align: left"><STRONG>AUGUST 17, 2016</STRONG></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 6pt; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 6pt; BORDER-BOTTOM: #000000 1pt solid" width="100%">
      <P align=center><IMG src="declosedend_def14ax1x1.jpg" border=0></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 0pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" width="100%">
      <P align=right><FONT face="Times New Roman" size=2>PROXY-CE
      21166</FONT></P></TD></TR>
  <TR>
    <TD width="100%">
      <P align=center><IMG src="declosedend_def14ax30x1.jpg" border=0></P></TD></TR></TABLE></DIV><BR>

<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<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><b>Please detach at perforation before
mailing.</b></FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: left; vertical-align: top"><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 17, 2016</FONT></B></TD>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: right; vertical-align: top"><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 17, 2016 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_27883_061016_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 17, 2016.<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><b>Please detach at perforation before
mailing.</b></FONT></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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>Shawn K. Lytle</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A. Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></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%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>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>09.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Janet L. Yeomans</FONT></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_27883_061016_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><b>Please detach at perforation before
mailing.</b></FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: left; vertical-align: top"><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 17, 2016</FONT></B></TD>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: right; vertical-align: top"><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 17, 2016 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_27883_061016_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 17, 2016.<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><b>Please detach at perforation before
mailing.</b></FONT></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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>Shawn K. Lytle</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A. Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></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%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>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>09.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Janet L. Yeomans</FONT></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_27883_061016_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><b>Please detach at perforation before
mailing.</b></FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: left; vertical-align: top"><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 17, 2016</FONT></B></TD>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: right; vertical-align: top"><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 17, 2016 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_27883_061016_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 17, 2016.<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><b>Please detach at perforation before
mailing.</b></FONT></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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>Shawn K. Lytle</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A. Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></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%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>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>09.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Janet L. Yeomans</FONT></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_27883_061016_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><b>Please detach at perforation before
mailing.</b></FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: left; vertical-align: top"><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 17, 2016</FONT></B></TD>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: left; vertical-align: top"><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 17, 2016 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_27883_061016</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 17, 2016.<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><b>Please detach at perforation before
mailing.</b></FONT></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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>Shawn K. Lytle</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A. Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></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%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>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>09.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Janet L. Yeomans</FONT></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>DDF_27883_061016</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><b>Please detach at perforation before
mailing.</b></FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: left; vertical-align: top"><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 17, 2016</FONT></B></TD>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: right; vertical-align: top"><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 17, 2016 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_27883_061016</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 17, 2016.<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><b>Please detach at perforation before
mailing.</b></FONT></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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>Shawn K. Lytle</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A. Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></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%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>08.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>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>09.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Janet L. Yeomans</FONT></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>DEX_27883_061016</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><b>Please detach at perforation before
mailing.</b></FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: left; vertical-align: top"><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 17, 2016</FONT></B></TD>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: right; vertical-align: top"><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 17, 2016 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_27883_061016</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 17, 2016.<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><b>Please detach at perforation before
mailing.</b></FONT></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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>Shawn K. Lytle</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A. Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></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%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2></FONT></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_27883_061016</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><b>Please detach at perforation before
mailing.</b></FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: left; vertical-align: top"><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 17, 2016</FONT></B></TD>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: right; vertical-align: top"><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 17, 2016 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_27883_061016</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 17, 2016.<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><b>Please detach at perforation before
mailing.</b></FONT></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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>Shawn K. Lytle</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A. Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></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%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2></FONT></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_27883_061016</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><b>Please detach at perforation before
mailing.</b></FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: left; vertical-align: top"><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 17, 2016</FONT></B></TD>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: right; vertical-align: top"><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 17, 2016 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_27883_061016</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 17, 2016.<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><b>Please detach at perforation before
mailing.</b></FONT></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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><FONT face="Times New Roman" size=2>&#9744;</font></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>Shawn K. Lytle</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>06.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2>Frances A. Sevilla-Sacasa</FONT> &nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></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%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>07.</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Thomas K. Whitford</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="82%" colSpan=2><FONT face="Times New Roman" size=2></FONT></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_27883_061016</STRONG></FONT></FONT></P>
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<DOCUMENT>
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<SEQUENCE>5
<FILENAME>proxycardx1x1.jpg
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
