<SEC-DOCUMENT>0001206774-20-002085.txt : 20200715
<SEC-HEADER>0001206774-20-002085.hdr.sgml : 20200715
<ACCEPTANCE-DATETIME>20200715135841
ACCESSION NUMBER:		0001206774-20-002085
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20200918
FILED AS OF DATE:		20200715
DATE AS OF CHANGE:		20200715
EFFECTIVENESS DATE:		20200715

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:		201029057

	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 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:		201029055

	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 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:		201029056

	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 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:		201029054

	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:		201029053

	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>mim3779111-def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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<DIV>

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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%"><div style="padding-bottom:8pt"><FONT style="FONT-FAMILY: times new roman" size=2><STRONG>DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.</STRONG></FONT></div>
<div style="padding-bottom:8pt"><FONT style="FONT-FAMILY: times new roman" size=2><STRONG>DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND</STRONG></FONT></div>
<div style="padding-bottom:8pt"><FONT style="FONT-FAMILY: times new roman" size=2><STRONG>DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.</STRONG></FONT></div>
<div style="padding-bottom:8pt"><FONT style="FONT-FAMILY: times new roman" size=2><STRONG>DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND</STRONG></FONT></div>
<div><FONT style="FONT-FAMILY: times new roman" size=2><STRONG>DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.</STRONG></FONT></div>
</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>
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    <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>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>COMBINED PROXY STATEMENT AND<BR></FONT></B><B><FONT size=2 face=Arial>NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>TO BE HELD ON SEPTEMBER 18, 2020</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">Important notice regarding the availability of proxy materials for the shareholder<BR>meeting to be held on September 18, 2020: this proxy statement is available at<BR>&nbsp;delawarefunds.com/ceproxy.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">To the Shareholders of:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 30pt"><B><FONT size=2 face="Times New Roman">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; text-align: justify"><FONT size=2 face="Times New Roman">This is your official notice that the Joint Annual Meeting of Shareholders (&#8220;Meeting&#8221;) of each Macquarie Investment Management (formerly, Delaware Investments) closed-end registered investment company listed above (each, individually, a &#8220;Fund&#8221; and, collectively, the &#8220;Funds&#8221;) will be held online via live webcast, on Friday, September 18, 2020 at 4:00 p.m., Eastern time. The purpose of the Meeting is:</FONT></P>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-LEFT: 15pt"><FONT size=2 face="Times New Roman">1.</FONT></TD>

   <TD vAlign=top width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: justify" vAlign=top width="98%" align=left><FONT size=2 face="Times New Roman">To elect a Board of Directors or Trustees for each Fund consisting of Thomas L. Bennett, Jerome D. Abernathy, Ann D. Borowiec, Joseph W. Chow, John A. Fry, Lucinda S. Landreth, Shawn K. Lytle, Frances A. Sevilla-Sacasa, Thomas K. Whitford, Christianna Wood, and Janet L. Yeomans, with the holders of Preferred Shares of each of Delaware Investments Colorado Municipal Income Fund, Inc., Delaware Investments National Municipal Income Fund, and Delaware Investments Minnesota Municipal Income Fund II, Inc. voting exclusively for Ann D. Borowiec and Joseph W. Chow for those Funds; </FONT></TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-LEFT: 15pt">&nbsp;</TD>

   <TD vAlign=top width="1%" align=left></TD>

   <TD style="TEXT-ALIGN: justify" vAlign=top width="98%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-LEFT: 15pt"><FONT size=2 face="Times New Roman">2.</FONT></TD>

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   <TD style="TEXT-ALIGN: justify" vAlign=top width="98%" align=left>

   <P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman"><U>For Delaware Enhanced Global Dividend and Income Fund only</U>: To approve sub-advisory agreements between Delaware Management Company and each of Macquarie Investment Management Austria Kapitalanlage AG and Macquarie Investment Management Global Limited;</FONT></P></TD></TR></TABLE><BR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-LEFT: 15pt"><FONT size=2 face="Times New Roman">3.</FONT></TD>

   <TD vAlign=top width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: justify" vAlign=top width="98%" align=left>

   <P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman"><U>For Delaware Investments Dividend and Income Fund, Inc. only</U>: To approve sub-advisory agreements between Delaware Management Company and each of Macquarie Investment Management Austria Kapitalanlage AG and Macquarie Investment Management Global Limited; and</FONT></P></TD></TR>

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   <TD vAlign=top width="1%" align=left></TD>

   <TD style="TEXT-ALIGN: justify" vAlign=top width="98%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-LEFT: 15pt"><FONT size=2 face="Times New Roman">4.</FONT></TD>

   <TD vAlign=top width="1%" align=left></TD>

   <TD style="TEXT-ALIGN: justify" vAlign=top width="98%" align=left>

   <P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">To transact any other business that properly comes before the Meeting and any adjournments of the Meeting.</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 15pt"><FONT size=2 face="Times New Roman">Please vote and send in your proxy card(s) promptly to avoid the need for further mailings. Your vote is important.</FONT></P>
<IMG border=0 src="mim3779111-def14a1x2x1.jpg"> <BR>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Richard Salus<BR></FONT><FONT size=2 face="Times New Roman">Senior Vice President and Chief Financial Officer&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">July 15, 2020</FONT></P>

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<DIV style="TEXT-ALIGN: right"><FONT size=2 face="Times New Roman">2005 Market Street<BR></FONT><FONT size=2 face="Times New Roman">Philadelphia, PA 19103<BR></FONT><FONT size=2 face="Times New Roman">1-866-437-0252</FONT></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>COMBINED PROXY STATEMENT</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>JOINT ANNUAL MEETING OF SHAREHOLDERS <BR>TO BE HELD ON FRIDAY, SEPTEMBER 18, 2020</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Meeting Information. </FONT></I></B><FONT size=2 face="Times New Roman">The Board of Directors or Trustees (each Board is hereinafter referred to as a &#8220;Board&#8221; and Board members are referred to as &#8220;Directors&#8221;) of each of Delaware Investments Dividend and Income Fund, Inc., Delaware Enhanced Global Dividend and Income Fund, Delaware Investments Colorado Municipal Income Fund, Inc., Delaware Investments National Municipal Income Fund, and Delaware Investments Minnesota Municipal Income Fund II, Inc. (each, individually, a &#8220;Fund&#8221; and, collectively, the &#8220;Funds&#8221;) is soliciting your proxy to be voted at the Joint Annual Meeting of Shareholders to be held on Friday, September 18, 2020, at 4:00 p.m., Eastern time, online via live webcast, and/or at any adjournments of the meeting (the &#8220;Meeting&#8221;). If you plan to attend the Meeting virtually via live webcast, please follow the registration instructions as outlined in this Combined Proxy Statement. Participating in the Meeting are holders of common shares of beneficial interest or common stock, as applicable (the &#8220;Common Shares&#8221;), and the holders of preferred shares of beneficial interest or preferred stock, as applicable (the &#8220;Preferred Shares&#8221;), for those Funds with outstanding Preferred Shares.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">General Voting Information. </FONT></I></B><FONT size=2 face="Times New Roman">You may provide proxy instructions by returning the enclosed proxy card(s) (&#8220;Proxy Card&#8221;) by mail in the enclosed envelope. At the virtual Meeting, 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 &#8220;FOR ALL&#8221; of the Director nominees, if applicable, and if you are a shareholder of Delaware Enhanced Global Dividend and Income Fund or Delaware Investments Dividend and Income Fund, Inc., your shares will be voted &#8220;FOR&#8221; Proposals 2 or 3 (the &#8220;Sub-advisor Proposals&#8221;), respectively, in accordance with the recommendation of the Board. The proposals are not contingent on one another. 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</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">still attend the Meeting online to vote your shares. If your shares are held of record by a broker and you wish to vote at the Meeting online, you should obtain a legal proxy from your broker and submit proof of your legal proxy reflecting your Fund holdings along with your name and email address to Computershare Shareholder Services LLC (&#8220;Computershare&#8221;), as described further below. You may revoke your proxy at any time before the Meeting (i) by notifying Macquarie Investment Management in writing at 2005 Market Street, Philadelphia, PA 19103; (ii) by submitting a later signed Proxy Card; or (iii) by participating in the Meeting online and casting your vote. 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. Note that on or about September 1, 2020, Macquarie Investment Management&#8217;s address will be 610 Market Street, Philadelphia, PA 19106. Shareholders do not have rights of appraisal with respect to any matter to be acted upon.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 19, 2020 (the &#8220;Record Date&#8221;). Exhibit A shows the number of shares of each Fund that were outstanding on the Record Date and Exhibit B lists the shareholders who owned 5% or more of the outstanding shares of any class of any Fund on that date. It is expected that this Combined Proxy Statement and the accompanying Proxy Card(s) will be first mailed to shareholders on or about July 15, 2020.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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. A proxy solicitor is being used. The Funds&#8217; investment advisor, Delaware Management Company (&#8220;DMC&#8221;), will bear the cost for this service as it relates to the Sub-advisor Proposals. The Funds will split evenly the expenses associated with the election of Directors. Subject to the foregoing, the Funds may reimburse banks, brokers or dealers for their reasonable expenses in forwarding soliciting materials to beneficial owners of the Funds&#8217; shares.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">All shareholders of a Fund vote together to elect Directors, regardless of whether a Fund has both common and preferred shareholders, with the following three exceptions. 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 &#8220;Municipal Fund&#8221; and, collectively, the &#8220;Municipal Funds&#8221;), each of which has outstanding Preferred Shares, the holders of Preferred Shares have the exclusive right to separately elect two Directors (the &#8220;Preferred Share Directors&#8221;), in addition to the right to vote for the remaining Directors together with the holders of the Common Shares.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>2</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In general, the presence in the virtual Meeting or by proxy of holders of a majority of a Fund&#8217;s outstanding shares shall constitute a quorum for such Fund.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">For purposes of electing the two Preferred Share Directors for the Municipal Funds, the presence in the virtual Meeting or by proxy of holders of 33 &#8531;% of the outstanding Preferred Shares entitled to vote at the Meeting shall constitute a quorum of the preferred share class of the respective Municipal Fund.</FONT></P>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In the event that a quorum is not present or if sufficient votes are not received consistent with the Board&#8217;s recommendation regarding a 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 the virtual Meeting 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; text-align: justify"><FONT size=2 face="Times New Roman">Due to the coronavirus outbreak (COVID-19) and to support the health and well-being of our shareholders, employees, and community, the Meeting this year will be conducted exclusively via webcast. Shareholders may attend the Meeting online by visiting www.meetingcenter.io/270746350. To participate in the Meeting, shareholders will need to follow the instructions included herein. The password for the Meeting is DEL2020. The Meeting will begin promptly at 4:00 p.m. Eastern Time. We encourage you to access the Meeting prior to the start time leaving ample time for the check in. If you experience technical difficulties prior to or during the Meeting, you may visit https://support.vevent.com/ for technical assistance. All Fund shareholders will be required to enter their individual control number in order to enter the Meeting. Only Fund shareholders will be able to participate in the Meeting.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Please follow the instructions on your Proxy Card. If you are a registered shareholder (i.e., you hold your shares through our transfer agent, Computershare), you do not need to register to attend the Meeting virtually on the Internet. Your individual control number, which is required to enter the Meeting, is included on your Proxy Card that accompanies this Proxy Statement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to access your individual control number in order to attend the Meeting virtually on the Internet using the instructions below. To register and receive your individual control number to attend the Meeting online, you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to Computershare. Requests for registration must be labeled as &#8220;Legal Proxy&#8221; and be received no later than 5:00 p.m., Eastern</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>3</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman"> Time, on September 14, 2020. You will receive a confirmation of your registration and your individual control number by email after Computershare receives your registration information. Requests for registration for the Meeting should be directed to Computershare at the following: </FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">B</FONT><FONT size=2 face="Times New Roman">y email </FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Forward an image of your legal proxy, to shareholdermeetings@computershare.com</FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">By mail </FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Computershare <BR>Legal Proxy <BR>P.O. Box 43001 <BR>Providence, RI 02940-3001 </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Abstentions and Broker Non-Votes. </FONT></I></B><FONT size=2 face="Times New Roman">Broker non-votes occur when a meeting has (1) a &#8220;routine&#8221; proposal, such as the election of Directors in Proposal 1, where the applicable stock exchange permits brokers to vote their clients&#8217; shares in their discretion, and (2) a &#8220;non-routine&#8221; proposal, such as the Sub-advisor Proposals, where the applicable exchange does not permit brokers to vote their clients&#8217; 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 &#8220;broker non-votes.&#8221; Abstentions and broker non-votes will be included for purposes of determining whether a quorum is present for each Fund at the Meeting and will be treated as votes present at the Meeting, but will not be treated as votes cast. Therefore, abstentions and broker non-votes may have the same effect as a vote &#8220;against&#8221; the Sub-advisor Proposals, but will not have an effect on Proposal 1, which requires a plurality of votes cast for approval.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Copies of each Fund&#8217;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 to the Funds at the address shown on the top of the first page of this Combined Proxy Statement, by calling toll-free (866) 963-6135, or through the Funds&#8217; website at delawarefunds.com.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>PROPOSAL 1: TO ELECT A BOARD OF DIRECTORS<BR>FOR EACH FUND</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">You are being asked to reelect each of the current members of the Board of your Fund. The nominees are: Thomas L. Bennett, Jerome D. Abernathy, Ann D. Borowiec, Joseph W. Chow, John A. Fry, Lucinda S. Landreth, Shawn K. Lytle, Frances A. Sevilla-Sacasa, Thomas K. Whitford, Christianna Wood, and Janet L. Yeomans. </FONT></P>



<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>4</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Regardless of which classes elect each Director, all of the Directors serve as Directors for the entire Fund. The following
table shows how each of the Directors are elected:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 33%; text-align: center"><B><FONT size=1 face="Times New Roman">Fund</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 32%; text-align: center"><B><FONT size=1 face="Times New Roman">Class of Shares</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 33%; text-align: center"><B><FONT size=1 face="Times New Roman">Directors Entitled<BR>
to be Elected by<BR>
Class of Shares</FONT></B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Silver">
    <TD STYLE="vertical-align: top; text-align: left"><FONT size=1 face="Times New Roman">DDF and DEX<BR>
(11 Directors)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT size=1 face="Times New Roman">Common Shares</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT size=1 face="Times New Roman">11 (Abernathy, Bennett, Borowiec,<BR>
Chow, Fry, Landreth, Lytle, Sevilla-<BR>
Sacasa, Yeomans, Wood, and<BR>
Whitford)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Silver">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="vertical-align: top; text-align: left"><FONT size=1 face="Times New Roman">Municipal Funds<BR>
(11 Directors)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT size=1 face="Times New Roman">Common Shares and<BR>
Preferred Shares</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT size=1 face="Times New Roman">9 (Abernathy, Bennett, Fry, Landreth,<BR>
Lytle, Sevilla-Sacasa, Yeomans, Wood,<BR>
and Whitford)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Silver">
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT size=1 face="Times New Roman">Preferred Shares</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT size=1 face="Times New Roman">2 (Borowiec and Chow)</FONT></TD></TR>
</TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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; text-align: justify"><FONT size=2 face="Times New Roman">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 Ann D. Borowiec and Joseph W. Chow.</FONT></P>

<P STYLE="text-align: center"><B><FONT size=2 face=Arial>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 width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Number</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">of Funds</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">Principal</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">in Fund</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">Other Directorships</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=center><B><FONT size=1 face="Times New Roman">Position(s)</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">Occupation(s)</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Complex</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">Held by Director</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=center><B><FONT size=1 face="Times New Roman">Name, Address,</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="5%" noWrap align=center><B><FONT size=1 face="Times New Roman">Held with</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="12%" noWrap align=center><B><FONT size=1 face="Times New Roman">Length of</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past Five</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Overseen</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 35%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">and Birthdate*</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">the Funds</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Time Served</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Years</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">by Director</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="width: 20%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Five Years</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 35%; white-space: nowrap; text-align: left; background-color: Silver"><B><I><U><FONT size=1 face="Times New Roman">Interested Director</FONT></U></I></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><B><I><U><FONT size=1 face="Times New Roman"></FONT></U></I></B></TD>

   <TD STYLE="width: 5%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 12%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 19%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 4%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="background-color: Silver; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD width="35%" noWrap align=left><B><FONT size=1 face="Times New Roman">Shawn K. Lytle</FONT></B><B><FONT size=1 face="Times New Roman"><SUP>1</SUP></FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">President,</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="12%" noWrap align=center><FONT size=1 face="Times New Roman">Director since</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">President &#8212;</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><FONT size=1 face="Times New Roman">94</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Trustee &#8212; UBS</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Chief</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="12%" noWrap align=center><FONT size=1 face="Times New Roman">September</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">Macquarie</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Relationship Funds,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Executive</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="12%" noWrap align=center><FONT size=1 face="Times New Roman">2015</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">Investment</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">SMA Relationship</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Officer,</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="12%" noWrap align=center><FONT size=1 face="Times New Roman">President</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">Management<SUP>2 </SUP>(June</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Trust, and UBS</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">and</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="12%" noWrap align=center><FONT size=1 face="Times New Roman">and Chief</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">2015&#8211;Present)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Funds (May 2010&#8211;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left><FONT size=1 face="Times New Roman">February 1970</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="12%" noWrap align=center><FONT size=1 face="Times New Roman">Executive</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">Regional Head of</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">April 2015)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=center><FONT size=1 face="Times New Roman">Officer since</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">Americas &#8212; UBS</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=center><FONT size=1 face="Times New Roman">August 2015</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">Global Asset</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">Management (April</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">2010&#8211;May 2015)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=left></TD></TR>

</TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>5</FONT></P>

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



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

<BR>


<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 35%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 5%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 12%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 19%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 4%; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Number</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="width: 20%; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">of Funds</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Principal</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">in Fund</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Other Directorships</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Position(s)</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Occupation(s)</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Complex</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Held by Director</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Name, Address,</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Held with</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Length of</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">During the Past Five</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Overseen</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">During the Past</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">and Birthdate*</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">the Funds</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Time Served</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Years</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">by Director</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Five Years</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><B><I><U><FONT size=1 face="Times New Roman">Independent Directors</FONT></U></I></B><B><I></I></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver">&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver">&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver">&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver">&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><B><I><U><FONT size=1 face="Times New Roman"></FONT></U></I></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD></TR>


<TR>

   <TD COLSPAN="11" STYLE="background-color: Silver">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman">Thomas L. Bennett</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Chair and</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director since</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Private Investor &#8212;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">94</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">None</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">March 2005</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">(March 2004&#8211;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Chair since</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Present)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">March 2015</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR>

   <TD COLSPAN="11">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">October 1947</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR>

   <TD COLSPAN="11">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=1 face="Times New Roman">Jerome D.</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">Director</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">Since January</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right; background-color: Silver">&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">Managing Member,</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">94</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">None</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=1 face="Times New Roman">Abernathy</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">2019</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">Stonebook Capital</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">Management, LLC</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">(financial technology:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">macro factors and</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">databases) (January</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">1993-Present)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR>
   <TD COLSPAN="11" STYLE="background-color: silver">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman">Ann D. Borowiec</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Since March</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Chief Executive</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">94</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director &#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">2015</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Officer, Private</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Banco Santander</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Wealth Management</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">International</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">(2011&#8211;2013) and</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">(October 2016&#8211;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Market Manager,</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">December 2019)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">November 1958</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">New Jersey Private</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Bank (2005-2011) &#8212;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director &#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">J.P. Morgan Chase</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Santander Bank,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">&amp; Co.</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">N.A. (December</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">2016&#8211;December</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">2019)</FONT></TD></TR>

<TR>

   <TD COLSPAN="11">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><B><FONT size=1 face="Times New Roman">Joseph W. Chow</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">Director</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">Since January</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">Private Investor</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">94</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">Director and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">2013</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">(April 2011&#8211;Present)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">Audit Committee</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">Member &#8212; Hercules</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">Technology Growth</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">Capital, Inc. (July</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><FONT size=1 face="Times New Roman">January 1953</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; background-color: silver"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; background-color: silver"><FONT size=1 face="Times New Roman">2004&#8211;July 2014)</FONT></TD></TR>

</TABLE>


<P STYLE="text-align: center"><FONT size=2 face=Arial>6</FONT></P>

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



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

<BR>


<TABLE style="LINE-HEIGHT: 14pt" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Number</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">of Funds</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="5%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="12%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">in Fund</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">Other Directorships</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="5%" noWrap align=center><B><FONT size=1 face="Times New Roman">Position(s)</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="12%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">Occupation(s)</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Complex</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">Held by Director</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=center><B><FONT size=1 face="Times New Roman">Name, Address,</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="5%" noWrap align=center><B><FONT size=1 face="Times New Roman">Held with</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="12%" noWrap align=center><B><FONT size=1 face="Times New Roman">Length of</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past Five</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Overseen</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 35%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><B><FONT size=1 face="Times New Roman">and Birthdate*</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 5%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><B><FONT size=1 face="Times New Roman">the Funds</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 12%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><B><FONT size=1 face="Times New Roman">Time Served</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 19%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><B><FONT size=1 face="Times New Roman">Years</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 4%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><B><FONT size=1 face="Times New Roman">by Director</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 20%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"><B><FONT size=1 face="Times New Roman">Five Years</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; BACKGROUND-COLOR: silver" colSpan=5><B><I><U><FONT size=1 face="Times New Roman">Independent Directors</FONT></U></I></B><B><I><FONT size=1 face="Times New Roman"> (continued)</FONT></I></B></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; BACKGROUND-COLOR: silver"><B><I><U><FONT size=1 face="Times New Roman"></FONT></U></I></B></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; BACKGROUND-COLOR: silver"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; BACKGROUND-COLOR: silver"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; BACKGROUND-COLOR: silver"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; BACKGROUND-COLOR: silver"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; BACKGROUND-COLOR: silver"></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: silver" colSpan=11>&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman">John A. Fry</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Since January</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">President &#8212; Drexel</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">94</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">2001</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">University (August</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Compensation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">2010&#8211;Present)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Committee and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Governance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">President &#8212;</FONT></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Committee Member</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">May 1960</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Franklin &amp; Marshall</FONT></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">&#8212; Community</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">College (July 2002&#8211;</FONT><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Health Systems</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">June 2010)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">(May 2004-Present)</FONT></TD></TR>

<TR>

   <TD COLSPAN="11">&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director and Audit</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Committee Member</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">&#8212; vTv Therapeutics</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Inc. (2017-Present)</FONT></TD></TR>

<TR>

   <TD COLSPAN="11">&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director and Audit</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Committee Member</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">&#8212; FS Credit Real</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Estate Income Trust,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Inc. (2018-Present)</FONT></TD></TR>

<TR>

   <TD COLSPAN="11">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Audit Committee</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Member&#8212; Federal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Reserve Bank</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">of Philadelphia</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">(January</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">2020-Present)</FONT></TD></TR>
<TR STYLE="background-color: White">
   <TD COLSPAN="11">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><B><FONT size=1 face="Times New Roman">Lucinda S.</FONT></B></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Director</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Since March</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Private Investor</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">94</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">None</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><B><FONT size=1 face="Times New Roman">Landreth</FONT></B></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">2005</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">(2004&#8211;Present)</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman">June 1947</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD></TR>

</TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>7</FONT></P>


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





<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 width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Number</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">of Funds</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">in Fund</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">Other Directorships</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=center><B><FONT size=1 face="Times New Roman">Position(s)</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">Occupation(s)</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Complex</FONT></B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">Held by Director</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=center><B><FONT size=1 face="Times New Roman">Name, Address,</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="5%" noWrap align=center><B><FONT size=1 face="Times New Roman">Held with</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="12%" noWrap align=center><B><FONT size=1 face="Times New Roman">Length of</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past Five</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Overseen</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 35%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">and Birthdate*</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">the Funds</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Time Served</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Years</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">by Director</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 20%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Five Years</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="5" STYLE="width: 54%; white-space: nowrap; text-align: left; background-color: Silver"><B><I><U><FONT size=1 face="Times New Roman">Independent Directors</FONT></U></I></B><B><I><FONT size=1 face="Times New Roman"> (continued)</FONT></I></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><B><I><U><FONT size=1 face="Times New Roman"></FONT></U></I></B></TD>

   <TD STYLE="width: 19%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 4%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="background-color: Silver">

   <TD colSpan=11>&nbsp;&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman">Frances A. Sevilla-</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Since</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Private Investor</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">94</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Trust Manager and</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman">Sacasa</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">September</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">(January 2017&#8211;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Audit Committee</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">2011</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Present)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Chair &#8212; Camden</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Property Trust</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Chief Executive</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD ALIGN="CENTER" STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">(August 2011&#8211;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;<FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Officer &#8212; Banco Ita&#250;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD ALIGN="CENTER" STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Present)</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">January 1956</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">International (April</FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">2012&#8211;December 2016)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Director; Strategic</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD>&nbsp;</TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD STYLE="text-align: center"><FONT size=1 face="Times New Roman">Planning and</FONT><FONT size=1 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Executive Advisor to</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD ALIGN="CENTER" STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Reserves Committee</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Dean (August 2011&#8211;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">and Nominating</FONT></FONT></TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">March 2012) and</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">and Governance</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Interim Dean (January</FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Committee Member</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">2011&#8211;July 2011) &#8212;</FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">&#8212; Callon Petroleum</FONT><FONT size=1 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">University of Miami</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Company (December</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">School of Business</FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">2019-Present)</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Administration</FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD STYLE="text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Director; Audit</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">President &#8212; U.S.</FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Committee Member</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Trust, Bank of America</FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">&#8212; Carrizo Oil &amp;</FONT><FONT size=1 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Private Wealth</FONT></TD>

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   <TD ALIGN="CENTER" STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Gas, Inc. (March</FONT><FONT size=1 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Management (Private</FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">2018&#8211;December</FONT><FONT size=1 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Banking) (July 2007&#8211;</FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">2019)</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">December 2008)</FONT></TD>

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   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD></TD>

   <TD></TD>

   <TD></TD>

   <TD><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><B><FONT size=1 face="Times New Roman">Thomas K.</FONT></B></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Director</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Since January</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Vice Chairman</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">94</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Director &#8212; HSBC</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><B><FONT size=1 face="Times New Roman">Whitford</FONT></B></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">2013</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">(2010&#8211;April 2013)&#8212;</FONT></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">North America</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">PNC Financial</FONT></FONT></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Holdings Inc.</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman"></FONT></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Services Group</FONT></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">(December 2013&#8211;</FONT></FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"></FONT></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Present)</FONT></FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;<FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman"></FONT></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">March 1956</FONT></FONT></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman"><FONT size=1 face="Times New Roman">Director &#8212; HSBC</FONT></FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face="Times New Roman"></FONT></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">USA Inc. (July</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">2014&#8211;Present)</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Director &#8212; HSBC</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Bank USA, National</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Association (July</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">2014&#8211;March 2017)</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Director &#8212; HSBC</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Finance Corporation</FONT></TD></TR>

<TR STYLE="background-color: Silver; vertical-align: bottom">

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">(December 2013&#8211;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">April 2018)</FONT></TD></TR>

</TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>8</FONT></P>

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





<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 width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Number</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">of Funds</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">Principal</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">in Fund</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">Other Directorships</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=center><B><FONT size=1 face="Times New Roman">Position(s)</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">Occupation(s)</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Complex</FONT></B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">Held by Director</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=center><B><FONT size=1 face="Times New Roman">Name, Address,</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="5%" noWrap align=center><B><FONT size=1 face="Times New Roman">Held with</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="12%" noWrap align=center><B><FONT size=1 face="Times New Roman">Length of</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past Five</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Overseen</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 35%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">and Birthdate*</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">the Funds</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Time Served</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Years</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">by Director</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 20%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Five Years</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="5" STYLE="width: 54%; white-space: nowrap; text-align: left; background-color: Silver"><B><I><U><FONT size=1 face="Times New Roman">Independent Directors</FONT></U></I></B><B><I><FONT size=1 face="Times New Roman"> (continued)</FONT></I></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><B><I><U><FONT size=1 face="Times New Roman"></FONT></U></I></B></TD>

   <TD STYLE="width: 19%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 4%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

<TR STYLE="background-color: Silver">

   <TD colSpan=11>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD width="35%" noWrap align=left><B><FONT size=1 face="Times New Roman">Christianna Wood</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="12%" noWrap align=center><FONT size=1 face="Times New Roman">Since January</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">Chief Executive</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="4%" noWrap align=center><FONT size=1 face="Times New Roman">94</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Director; Finance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=center><FONT size=1 face="Times New Roman">2019</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">Officer and President</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Committee and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">&#8212; Gore Creek</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Audit Committee</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">Capital, Ltd. (August</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Member &#8212; H&amp;R</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left>&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=center><FONT size=1 face="Times New Roman">2009&#8211;Present)</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Block Corporation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left><FONT size=1 face="Times New Roman">August 1959</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">(July 2008&#8211;Present)</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Director;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Investments</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Committee, Capital</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">and Finance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Committee and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Audit Committee</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Member &#8212; Grange</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Insurance (2013&#8211;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Present)</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Trustee; Chair</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">of Nominating</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">and Governance</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Committee and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Member of Audit</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Committee &#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">The Merger Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">(2013&#8211;Present),</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">The Merger Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">VL (2013&#8211;Present),</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">WCM Alternatives:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Event-Driven Fund</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="19%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">(2013&#8211;Present), and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="35%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

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   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">WCM Alternatives:</FONT></TD></TR>

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   <TD width="4%" noWrap align=left></TD>

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   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Credit Event Fund</FONT></TD></TR>

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   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">(December 2017&#8211;</FONT></TD></TR>

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   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Present)</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=11>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Director; Chair</FONT></TD></TR>

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   <TD width="1%" noWrap align=left></TD>

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   <TD width="4%" noWrap align=left></TD>

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   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">of Governance</FONT></TD></TR>

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   <TD width="1%" noWrap align=left></TD>

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   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Committee and</FONT></TD></TR>

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   <TD width="4%" noWrap align=left></TD>

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   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Audit Committee</FONT></TD></TR>

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   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Member &#8212;</FONT></TD></TR>

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   <TD width="1%" noWrap align=left></TD>

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   <TD width="4%" noWrap align=left></TD>

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   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">International</FONT></TD></TR>

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   <TD width="4%" noWrap align=left></TD>

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   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">Securities Exchange</FONT></TD></TR>

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   <TD width="4%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="20%" noWrap align=center><FONT size=1 face="Times New Roman">(2010&#8211;2016)</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>9</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- part 03 -->

<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

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   <TD width="19%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Number</FONT></B></TD>
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   <TD width="20%" noWrap align=left></TD></TR>
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   <TD width="35%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
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   <TD width="12%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="19%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">of Funds</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="20%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="35%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
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   <TD width="12%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">Principal</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">in Fund</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">Other Directorships</FONT></B></TD></TR>
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   <TD width="35%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="5%" noWrap align=center><B><FONT size=1 face="Times New Roman">Position(s)</FONT></B></TD>
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   <TD width="12%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">Occupation(s)</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Complex</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">Held by Director</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="35%" noWrap align=center><B><FONT size=1 face="Times New Roman">Name, Address,</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="5%" noWrap align=center><B><FONT size=1 face="Times New Roman">Held with</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="12%" noWrap align=center><B><FONT size=1 face="Times New Roman">Length of</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="19%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past Five</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="4%" noWrap align=center><B><FONT size=1 face="Times New Roman">Overseen</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="20%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 35%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">and Birthdate*</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">the Funds</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Time Served</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Years</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">by Director</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Five Years</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 35%; white-space: nowrap; text-align: left; background-color: Silver"><B><I><U><FONT size=1 face="Times New Roman">Independent Directors </FONT></U></I></B><B><I><FONT size=1 face="Times New Roman">(continued)</FONT></I></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 12%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 19%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 4%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="35%" noWrap align=left>

   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face="Times New Roman">Janet L. Yeomans<BR></FONT></B><FONT size=1 face="Times New Roman">2005 Market Street<BR>Philadelphia, PA<BR>19103</FONT></P>
   <P style="TEXT-ALIGN: justify"><FONT size=1 face="Times New Roman">July 1948</FONT></P></TD>
   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>
   <TD vAlign=top width="5%" align=center>

   <P style="TEXT-ALIGN: center"><FONT size=1 face="Times New Roman">Director</FONT></P></TD>
   <TD vAlign=top width="1%" align=center>&nbsp;</TD>
   <TD vAlign=top width="12%" align=center>
   <P align=center></P>
   <P align=center><FONT size=1 face="Times New Roman">Since April<BR>1999</FONT></P></TD>
   <TD vAlign=top width="1%" align=center>&nbsp;</TD>
   <TD vAlign=top width="19%" align=center>
   <P align=center></P>
   <P align=center><FONT size=1 face="Times New Roman">Vice President and<BR>Treasurer<BR>(January 2006&#8211;July<BR>2012)<BR>Vice President<BR>&#8212; Mergers &amp;<BR>Acquisitions<BR>(January 2003&#8211;<BR>January 2006), and<BR>Vice President and<BR>Treasurer<BR>(July 1995&#8211;January<BR>2003) &#8212; 3M<BR>Company</FONT></P></TD>
   <TD vAlign=top width="1%" align=center>&nbsp;</TD>
   <TD vAlign=top width="4%" align=center>
   <P align=center></P>
   <P align=center><FONT size=1 face="Times New Roman">94</FONT></P></TD>
   <TD vAlign=top width="1%" align=center>&nbsp;</TD>
   <TD vAlign=top width="20%" align=center>
   <P align=center></P>
   <P align=center><FONT size=1 face="Times New Roman">Director; Personnel<BR>and Compensation<BR>Committee<BR>Chair; Member<BR>of Nominating,<BR>Investments, and<BR>Audit Committees<BR>for various periods<BR>throughout<BR>directorship &#8212;<BR>Okabena Company<BR>(2009-2017)</FONT></P></TD></TR></TABLE>
<DIV>____________________</DIV>
<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD WIDTH="99%" NOWRAP ALIGN="LEFT" STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman">* </FONT></I></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">Note that on or about September 1, 2020, the address for each Director listed above will be 610 Market Street, Philadelphia, PA&nbsp; 19106.</FONT></I></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman">1</FONT></I></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">Shawn K. Lytle is considered to be an &#8220;Interested Director&#8221; because he is an executive officer of the Funds&#8217; investment advisor.</FONT></I></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman">2</FONT></I></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">Macquarie Investment Management is the marketing name for certain companies comprising the asset management division of Macquarie Group, including the Funds&#8217; investment advisor and transfer agent.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>10</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The following table shows each Director&#8217;s ownership of shares of each Fund and of all other funds in the Delaware Funds<SUP>&#174; </SUP>by Macquarie (the &#8220;Fund Complex&#8221;) as of March 31, 2020.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="33%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">Aggregate Dollar Range of</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="32%" noWrap align=center><B><FONT size=1 face="Times New Roman">Dollar Range of</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">Equity Securities</FONT></B><B><FONT size=1 face="Times New Roman"><SUP>1 </SUP></FONT></B><B><FONT size=1 face="Times New Roman">in All Registered</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="32%" noWrap align=center><B><FONT size=1 face="Times New Roman">Equity Securities in</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">Investment Companies Overseen by</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; text-align: center"><B><FONT size=1 face="Times New Roman">Name of Director</FONT></B></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 32%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">each Fund</FONT></B></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 33%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Director in Fund Complex</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="33%" noWrap align=left><B><FONT size=1 face="Times New Roman">Interested Director</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Shawn K. Lytle</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="33%" noWrap align=left><B><FONT size=1 face="Times New Roman">Independent Directors</FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Jerome D. Abernathy</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$10,001 - $50,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Thomas L. Bennett</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Ann D. Borowiec</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Joseph W. Chow</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">John A. Fry</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Lucinda S. Landreth</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Frances A. Sevilla-Sacasa</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Thomas K. Whitford</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Christianna Wood</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Janet L. Yeomans</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">None</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">Over $100,000</FONT></TD></TR></TABLE>
<DIV>____________________</DIV>
<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="99%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><I><FONT size=2 face="Times New Roman">1</FONT></I></TD>
   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">The ranges for equity securities ownership by each Director are: none; $1-$10,000; $10,001-$50,000; $50,001-$100,000; or over $100,000.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Board Leadership Structure and Functions</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Common Board of Directors. </FONT></I></B><FONT size=2 face="Times New Roman">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; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Board Chair. </FONT></I></B><FONT size=2 face="Times New Roman">Mr. Bennett serves as the Board&#8217;s Chair. As fund governance best practices have evolved, more and more fund boards have opted to have an independent director serve as chair. Among other reasons, the Board selected Mr. Bennett as Chair due to his substantial financial industry experience and his tenure on the Board. As the Chair, Mr. Bennett, in consultation with Fund management, legal counsel, and</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>11</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">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; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Size and Composition of Board. </FONT></I></B><FONT size=2 face="Times New Roman">The Board is currently comprised of eleven Directors. Ten of the eleven Directors are independent. 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 comprises 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. In order to ensure that Board membership will be refreshed from time to time, the Board has adopted a mandatory retirement age of 75 for Directors. As a result, a Director may serve until December 31 of the calendar year in which such Director reaches the age of 75. At the discretion of the other Directors, active service for a particular Director may be extended for a limited period of time beyond a Director&#8217;s normal retirement date.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Board Meetings. </FONT></I></B><FONT size=2 face="Times New Roman">Each Municipal Fund held five Board meetings during its last fiscal year ended March 31, 2020. Delaware Investments Dividend and Income Fund, Inc. (&#8220;DDF&#8221;) and Delaware Enhanced Global Dividend and Income Fund (&#8220;DEX&#8221;) held five Board meetings during their last fiscal year ended November 30, 2019. Each Director attended at least 75% of the Board meetings described above and of the meetings of committees on which the Director served. Directors are encouraged to attend each annual meeting of shareholders either in person, virtually or by telephone, if possible. All Directors were present at the annual meeting of each of the Funds held on August 21, 2019.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Board Committees. </FONT></I></B><FONT size=2 face="Times New Roman">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&#8217;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; text-align: justify"><FONT size=2 face="Times New Roman">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&#8217;s financial statements and the independent</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>12</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">audit thereof, and acts as a liaison between the Fund&#8217;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: Thomas K. Whitford, Chair; Jerome D. Abernathy; John A. Fry; and Christianna Wood. 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 &#8220;NYSE&#8221;) and NYSE American (&#8220;NYSE American&#8221;) (formerly the NYSE MKT). Members of the Audit Committee serve for one-year terms or until their successors have been appointed and qualified. The Audit Committee held four in-person meetings and one telephonic meeting for DDF and DEX for the fiscal year ended November 30, 2019, and four in-person meetings and one telephonic meeting for the Municipal Funds for the fiscal year ended March 31, 2020. The Board of each Fund has adopted a written charter for the Fund&#8217;s Audit Committee, which is available on the Funds&#8217; website at delawarefunds.com.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each Fund has a Committee of Independent Directors 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 comprises all of the Fund&#8217;s Independent Directors. The Committee of Independent Directors held four in-person meetings during the fiscal year ended November 30, 2019 for DDF and DEX, and four in-person meetings for the Municipal Funds for the fiscal year ended March 31, 2020.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 Funds by the Funds&#8217; investment advisor as well as any sub-advisors; (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 advisor 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, Chair; Jerome D. Abernathy; Ann D. Borowiec; and Christianna Wood. The Investments Committee held six in-person meetings and one telephonic meeting during the fiscal year ended November 30, 2019 for DDF and DEX, and five in-person meetings and one telephonic meeting for the Municipal Funds for the fiscal year ended March 31, 2020.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each Fund&#8217;s Nominating and Corporate Governance
Committee (the &#8220;Nominating Committee&#8221;) 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</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>13</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Independent Directors. The Nominating Committee is comprised of the following five Independent Directors appointed by the Board: Frances A. Sevilla-Sacasa, Chair; Thomas L. Bennett (</FONT><I><FONT size=2 face="Times New Roman">ex officio</FONT></I><FONT size=2 face="Times New Roman">); Ann D. Borowiec; Joseph W. Chow; and Lucinda S. Landreth, all of whom meet the independence requirements set forth in the listing standards of the NYSE and NYSE American. The Nominating Committee recommends nominees for Independent Directors for consideration by the incumbent Independent Directors of each Fund, and the Nominating Committee recommends nominees for Interested Directors for consideration by the full Board of each Fund. The Nominating Committee held four in-person meetings and one telephonic meeting during the fiscal year ended November 30, 2019 for DDF and DEX, and four in-person meetings and one telephonic meeting for the Municipal Funds for the fiscal year ended March 31, 2020. Each Fund&#8217;s Board has adopted a formal charter for the Nominating Committee setting forth its responsibilities, which is available on the Funds&#8217; website at delawarefunds.com.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 Funds<SUP>&#174; </SUP>by Macquarie at 2005 Market Street, Philadelphia, Pennsylvania 19103-7094. Note that on or about September 1, 2020, the Funds&#8217; address will be c/o Macquarie Investment Management, 610 Market Street, Philadelphia, PA 19106. Shareholders should include appropriate information on the background and qualifications of any person recommended (e.g., a resume), as well as the candidate&#8217;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; text-align: justify"><FONT size=2 face="Times New Roman">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&#8217;s business and structure, the individual&#8217;s experience, qualifications, attributes and skills (the &#8220;Selection Factors&#8221;). No one Selection Factor is determinative, but some of the relevant factors that have been considered include: (i) the Director&#8217;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&#8217;s background and attributes contribute to the overall mix of skills and experience on the Board as a whole.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>14</FONT></P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Board Diversity Disclosure</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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. The Board believes that it generally benefits from diversity among its members and has adopted a diversity policy. In the evaluation of Director 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&#8217;s having an appropriate range of expertise, talents, experiences and viewpoints is an important consideration in the Board&#8217;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 and Corporate Governance Committee discuss diversity considerations on a periodic basis in connection with the composition of the Board as a whole.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Director Qualifications</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In evaluating and selecting candidates for the Board, the Board intends to seek individuals who will serve the best interests of the Funds&#8217; 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&#8217;s having an appropriate range of expertise, talents, experiences and viewpoints is an important consideration in the Board&#8217;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; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Jerome D. Abernathy. </FONT></I></B><FONT size=2 face="Times New Roman">Mr. Abernathy has over 30 years of experience in the investment management industry. In selecting him to serve on the Board, the Independent Directors of the Funds noted and valued his extensive experience as a chief investment officer, director of research, trader, and analytical proprietary trading researcher. Mr. Abernathy received a B.S. in electrical engineering from Howard University and a Ph.D. in electrical engineering and computer science from Massachusetts Institute of Technology. Mr. Abernathy has served on the Board since January 2019.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>15</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Thomas L. Bennett. </FONT></I></B><FONT size=2 face="Times New Roman">Currently the Board&#8217;s Chair, 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. Mr. Bennett has served on the Board since March 2005.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Ann D. Borowiec. </FONT></I></B><FONT size=2 face="Times New Roman">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 has served on the Board since March 2015.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Joseph W. Chow. </FONT></I></B><FONT size=2 face="Times New Roman">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-US 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&#8217;s management responsibilities as a former Executive Vice President of a leading global asset servicing and investment management firm as well as his experience as Chief Risk and Corporate Administration Officer would add helpful oversight skills to the Board&#8217;s expertise. Mr. Chow holds a B.A. degree from Brandeis University 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; text-align: justify"><B><I><FONT size=2 face="Times New Roman">John A. Fry. </FONT></I></B><FONT size=2 face="Times New Roman">Mr. Fry has over 30 years of experience in higher education. He has served in senior management for three major institutions of higher learning including serving as president of a leading research university. 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-ALIGN: center"><FONT size=2 face=Arial>16</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Lucinda S. Landreth. </FONT></I></B><FONT size=2 face="Times New Roman">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. from Wilson College, she is a Chartered Financial Analyst. Ms. Landreth has served on the Board since March 2005.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Frances A. Sevilla-Sacasa. </FONT></I></B><FONT size=2 face="Times New Roman">Ms. Sevilla-Sacasa has over 30 years of experience in banking and wealth management. In electing her in 2011, the Independent Directors of the Funds 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 US. The Independent Directors also found that Ms. Sevilla-Sacasa&#8217;s management responsibilities as the former President and Chief Executive Officer of a major trust&nbsp; and wealth management company would add a helpful oversight skill to the Board&#8217;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 from the University of Miami and Thunderbird School of Global Management, respectively. Ms. Sevilla-Sacasa has served on the Board since September 2011.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Thomas K. Whitford. </FONT></I></B><FONT size=2 face="Times New Roman">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&#8217;s senior management role in wealth management and experience in the mutual fund servicing business would provide valuable current management and financial industry insight, in particular, and complemented the skills of existing Board members. The Independent Directors also found that his senior management role in integrating company acquisitions, technology and operations and his past role as Chief Risk Officer would add a helpful oversight skill to the Board&#8217;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>

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<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Christianna Wood. </FONT></I></B><FONT size=2 face="Times New Roman">Ms. Wood has over 30 years of experience in the investment management industry. In selecting her to serve on the Board, the Independent Directors of the Funds noted and valued her significant portfolio management, corporate governance and audit committee experience. Ms. Wood received a B.A. in economics from Vassar College and an M.B.A. in finance from New York University. Ms. Wood has served on the Board since January 2019.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Janet L. Yeomans. </FONT></I></B><FONT size=2 face="Times New Roman">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, investments, and mergers and acquisitions. She served as a board member of a for-profit company and also is a current board member of a hospital and a public university system. 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; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Shawn K. Lytle. </FONT></I></B><FONT size=2 face="Times New Roman">Mr. Lytle has over 20 years of experience in the investment management industry. He has been the president of Macquarie Investment Management &#8211; Americas since June 2015, and he is responsible for all aspects of the firm&#8217;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 on the board of directors of the National Association of Securities Professionals (NASP), the Sustainability Accounting Standards Board, and he is a member of the board of governors for the Investment Company Institute (ICI). In November 2017, Mr. Lytle was named to the Black Enterprise list of &#8220;Most Powerful Executives in Corporate America.&#8221; </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Board Role in Risk Oversight. </FONT></I></B><FONT size=2 face="Times New Roman">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&#8217; investment advisor, 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&#8217; Chief</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>18</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Compliance Officer to test the compliance procedures of the Funds and its service providers; and (7) requiring management&#8217;s periodic presentations on specified risk topics.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 &#8211; 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&#8217; investment advisor and its affiliates identify and manage risks pertinent to the Funds.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 advisor&#8217;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; text-align: justify"><FONT size=2 face="Times New Roman">The Board&#8217;s other committees also play a role in assessing and managing risk. The Nominating Committee and the Committee of Independent Directors play a role in managing governance risk by developing and recommending to the Board corporate governance principles and, in the case of the Committee of Independent Directors, 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; text-align: justify"><FONT size=2 face="Times New Roman">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&#8217;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; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Board Compensation. </FONT></I></B><FONT size=2 face="Times New Roman">Each Independent Director receives: (i) an annual retainer fee of $230,000 for serving as a Director for all 26 investment companies in the Macquarie Investment Management family of funds (94 funds in the complex), plus $14,000 per meeting for attending each Board Meeting in person held on behalf</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>19</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">of all investment companies in the complex; and (ii) a $3,000 fee for attending telephonic board meetings on behalf of the investment companies in the complex. The committee members and committee/board chairs also receive the following fees: (i) members of the Nominating Committee, Audit Committee, and Investments Committee will receive additional compensation of up to $5,200 for each Committee meeting attended; (ii) the Chair for each of the Audit Committee, the Investments Committee, and the Nominating Committee receives an annual retainer of $30,000; and (iii) the Board Chair will receive an additional annual retainer of $100,000.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The following table sets forth the compensation received by each Director from the Funds and the total compensation received from the Fund Complex as a whole during the twelve months ended April 30, 2020. Mr. Lytle is not compensated by the Funds for his service as Director.</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><B><FONT size=1 face="Times New Roman">Aggregate</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">Total Compensation from the</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><B><FONT size=1 face="Times New Roman">Compensation from the</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">Investment Companies in the Fund</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD WIDTH="33%" NOWRAP ALIGN="LEFT" STYLE="text-align: center; border-bottom: #000000 1pt solid"><B><FONT size=1 face="Times New Roman">Director</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="32%" noWrap align=center><B><FONT size=1 face="Times New Roman">Funds</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="33%" noWrap align=center><B><FONT size=1 face="Times New Roman">Complex</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Jerome D. Abernathy</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="32%" noWrap align=center><FONT size=1 face="Times New Roman">$2,704</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$311,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Thomas L. Bennett (Chair)</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">$3,859</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$444,167</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Ann D. Borowiec</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="32%" noWrap align=center><FONT size=1 face="Times New Roman">$2,813</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$323,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Joseph W. Chow</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">$2,776</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$318,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="33%" noWrap align=left><FONT size=1 face="Times New Roman">John A. Fry</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="32%" noWrap align=center><FONT size=1 face="Times New Roman">$2,647</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$305,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Lucinda S. Landreth</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">$2,842</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$298,547</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Frances A. Sevilla-Sacasa</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="32%" noWrap align=center><FONT size=1 face="Times New Roman">$2,819</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$324,167</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Thomas K. Whitford</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">$2,921</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$336,167</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Christianna Wood</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="32%" noWrap align=center><FONT size=1 face="Times New Roman">$2,684</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$309,500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face="Times New Roman">Janet L. Yeomans</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face="Times New Roman">$2.948</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=1 face="Times New Roman">$337,667</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Officers. </FONT></I></B><FONT size=2 face="Times New Roman">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 as of June 19, 2020. In addition, to the knowledge of the Funds&#8217; 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 as of June 19, 2020.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Section 16(a) Beneficial Ownership Reporting Compliance. </FONT></I></B><FONT size=2 face="Times New Roman">Section 16 of the Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), requires that Forms 3, 4, and 5 be filed with the Securities and Exchange Commission (&#8220;SEC&#8221;), 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 advisor. The Funds believe that these requirements were met for each Fund&#8217;s last fiscal year.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>20</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Required Vote. </FONT></I></B><FONT size=2 face="Times New Roman">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 Ann D. Borowiec and Joseph W. Chow. Provided that a quorum is present at the Meeting, either virtually or by proxy, the following votes are required to elect each Fund&#8217;s Board. </FONT></P>

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<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Proposal</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman">Election of Directors</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: #c0c0c0; width: 54%; white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">FUND</FONT></TD>

   <TD STYLE="background-color: #c0c0c0; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="background-color: #c0c0c0; width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Abernathy, Bennett, Fry,</FONT></TD>

   <TD STYLE="background-color: #c0c0c0; width: 15%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="background-color: #c0c0c0; width: 15%; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Borowiec and Chow</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: #c0c0c0; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: #c0c0c0; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="background-color: #c0c0c0; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Landreth, Lytle, Sevilla-Sacasa,</FONT></TD>

   <TD STYLE="background-color: #c0c0c0; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="background-color: #c0c0c0; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Yeomans, Wood, and Whitford</FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">DDF and DEX</FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="3" STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Plurality of votes cast.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="background-color: #c0c0c0; white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">Municipal Funds</FONT></TD>

   <TD STYLE="background-color: #c0c0c0; white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="background-color: #c0c0c0; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Plurality of Common and</FONT></TD>

   <TD STYLE="background-color: #c0c0c0; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="background-color: #c0c0c0; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Plurality of Preferred Share</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">Preferred Share votes cast.</FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; background-color: #c0c0c0; white-space: nowrap; text-align: center"><FONT size=1 face="Times New Roman">votes cast.</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">A vote decided by a plurality of the votes cast means that the winning nominee only needs to get more votes than any competing nominee. A Director that runs unopposed only needs one vote to be elected, so an &#147;against&#148; vote or vote that is withheld will not impact the election of a Director.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>THE BOARD UNANIMOUSLY <BR>RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; <BR>EACH OF THE NOMINEES</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>PROPOSAL 2: TO APPROVE SUB-ADVISORY AGREEMENTS WITH <BR>MIMAK AND MIMGL<BR></FONT></B><FONT size=2 face="Times New Roman">(Delaware Enhanced Global Dividend and Income Fund only) </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Proposal 2 relates solely to shareholders of DEX. DMC seeks to expand the services provided by its affiliates, Macquarie Investment Management Austria Kapitalanlage AG (&#8220;MIMAK&#8221;) and Macquarie Investment Management Global Limited (&#8220;MIMGL&#8221;), each a registered investment advisor with the SEC and each previously approved by DEX shareholders as a sub-advisor, in its management of DEX. The existing sub-advisory agreements with MIMAK and MIMGL were approved by shareholders at the 2019 Annual Meeting of Shareholders and are dated August 22, 2019. If approved, MIMAK, DMC&#8217;s Austrian domiciled affiliate, would provide asset allocation services to DEX, and MIMGL, DMC&#8217;s Australian domiciled affiliate, would be responsible for managing DEX&#8217;s investments in real estate investment trust (&#8220;REIT&#8221;) securities and other equity securities from time to time as directed by MIMAK. As previously approved by shareholders, each of MIMAK and MIMGL</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>21</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">would also continue to support DEX&#8217;s fixed income strategy by providing investment recommendations, discussing strategy, and sharing investment ideas, including with respect to specific securities, on a regular basis and when directed by DMC, provide investment discretion and trading. Also as previously approved by shareholders, MIMGL would continue to provide quantitative support for DMC&#8217;s management of DEX&#8217;s equity securities, equity research and equity trading capabilities to facilitate a &#8220;follow-the-sun&#8221; trading model to permit Fund trades to be executed by local traders during their market&#8217;s business hours.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">DMC will continue to serve as
DEX&#8217;s investment advisor, however, under the proposed arrangements, MIMAK&#8217;s portfolio managers, Stefan
L&#246;wenthal and J&#252;rgen Wurzer, will take over primary day-to-day responsibility for making asset allocation decisions
for DEX&#8217;s portfolio and will serve as the Fund&#8217;s portfolio managers. DEX&#8217;s investment objectives, policies
and limitations will not change in connection with this Proposal, however DEX&#8217;s asset allocation strategy will change
to reflect MIMAK&#8217;s investment process as described below. MIMAK will be able to delegate portions of the implementation
of DEX&#8217;s fixed income strategy to Macquarie Investment Management Europe Limited (&#8220;MIMEL&#8221;) and MIMGL and utilize MIMGL and affiliate Macquarie Funds Management Hong Kong
Limited for the trading of equity securities. MIMAK and MIMGL will receive increased compensation from DMC for their increased roles with DEX as described below. Under the proposal, MIMGL will also be responsible for DEX&#8217;s investment in
REIT securities as well as other equity securities as directed by MIMAK from time to time; no changes to DEX&#8217;s
investment strategy are required in connection with the proposed appointment of MIMGL as sub-advisor to DEX.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Factors relating to the Board&#8217;s approval of MIMAK and MIMGL to serve as sub-advisors to DEX</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Following is a discussion of the factors considered by the Board in approving the sub-advisory agreements between DMC and each of MIMAK and MIMGL. In evaluating the proposed sub-advisory agreements, the Board, including a majority of the Independent Directors, made a separate finding that the sub-advisory agreements are in the best interests of DEX and its shareholders, and do not involve a conflict of interest from which any of DMC, MIMAK, or MIMGL derives an inappropriate advantage.</FONT></P>

<P style="TEXT-ALIGN: justify"><U><FONT size=2 face="Times New Roman">Nature, extent, and quality of services to be provided under the proposed sub-advisory agreements</FONT></U></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Board considered the nature, quality, and extent of services that MIMAK and MIMGL each would provide as a sub-advisor to DEX. The Trustees took into account the investment process to be employed by MIMAK and MIMGL in connection with each sub-advisor&#8217;s responsibilities in conjunction with DMC in managing DEX, and </FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">the qualifications and experience of MIMAK&#8217;s and
MIMGL&#8217;s teams with regard to implementing DEX&#8217;s investment mandate. The Board considered each of MIMAK&#8217;s
and MIMGL&#8217;s organization, personnel, and operations. The Trustees also considered Management&#8217;s review and
recommendation process with respect to MIMAK and MIMGL, and Management&#8217;s favorable assessment as to the nature,
quality, and extent of the sub-advisory services expected to be provided by MIMAK and MIMGL to DEX. Based on their
consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the
sub-advisory services to be provided by MIMAK and MIMGL as well as MIMAK&#8217;s and MIMGL&#8217;s ability to render such
services based on its experience, organization and resources, were appropriate for the Fund, in light of DEX&#8217;s
investment objectives, strategies, and policies. </FONT></P>

<P style="TEXT-ALIGN: justify"><U><FONT size=2 face="Times New Roman">About MIMAK and MIMGL</FONT></U></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Like DMC, MIMAK and MIMGL are investment advisory entities within Macquarie Investment Management (&#8220;MIM&#8221;), which is a division of Macquarie Asset Management (&#8220;MAM&#8221;). MAM is Macquarie Group&#8217;s funds management business. MAM is a full-service asset manager, offering a diverse range of capabilities and products including infrastructure and real asset management, securities investment management and structured access to funds, equity-based products, and alternative assets.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">MIM offers securities investment management capabilities across a number of asset classes including fixed income, currencies, equities, infrastructure securities, private markets, hedge funds, and multi-asset allocation solutions. MIM delivers a full-service offering to both institutional and retail clients in Australia and the US with selective offerings in other regions.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">MIMAK. </FONT></I></B><FONT size=2 face="Times New Roman">MIMAK is located at Kaerntner Strasse 28, 1010 Vienna, Austria. MIMAK conducts a range of financial services to institutional and corporate clients and manages investments across a diverse range of asset classes. MIMAK is currently serving as a sub-advisor with primary responsibility for day-to-day asset allocation decisions for five open-end funds in the Fund Complex as well as an asset allocation product offered by a DMC affiliate, and also serves as a sub-advisor to all the funds investing in fixed income securities in the Fund Complex, including DEX, providing investment support on a regular basis and when directed by DMC, investment discretion and trading. MIMAK is an affiliate of DMC and a part of MIM. As of March 31, 2020, MIMAK&#8217;s team, which includes 12 investment professionals, managed more than $3.5 billion in AUM. As of March 31, 2020, MIM managed more than $234.9 billion in assets for institutional and individual clients.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">MIMAK&#8217;s Investment Process
and Changes Required to DEX&#8217;s Investment Strategy. </FONT></I></B><FONT size=2 face="Times New Roman">If Proposal 2 is
approved, DEX&#8217;s investment objectives, policies and limitations will not change. In addition, the shift from using
DEX&#8217;s current portfolio managers, who currently allocate assets and manage DEX&#8217;s investment strategy,</FONT></P>

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<P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">is not expected to affect the risk/return profile for DEX. However, MIMAK will manage the Fund in accordance with its asset allocation process, so DEX&#8217;s strategy will change to reflect MIMAK&#8217;s process. In allocating assets, MIMAK will use an asset allocation approach with a focus on yield when selecting investments for DEX. It is estimated that the shift to using MIMAK&#8217;s asset allocation process will result in portfolio turnover of approximately 15%, with the transaction costs to be paid by the Fund.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">MIMAK&#8217;s dynamic asset-allocation framework will be used to determine the proportion of the Fund&#8217;s assets that will be allocated to the various asset classes, based on the market assessment and portfolio risk contribution for such asset classes. MIMAK&#8217;s framework is designed to reduce riskier assets in times of market volatility and provide additional downside protection.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">MIMAK&#8217;s Portfolio Managers</FONT></I></B><FONT size=2 face="Times New Roman">. If Proposal 2 is approved, MIMAK&#8217;s portfolio managers, Stefan L&#246;wenthal and J&#252;rgen Wurzer will be responsible for the day-to-day management of the Fund. Their biographies are below.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify; margin-bottom: 0pt;"><B><FONT size=2 face="Times New Roman">Stefan L&#246;wenthal </FONT></B><I><FONT size=2 face="Times New Roman">Chief Investment Officer &#8212; Global Multi-Asset Team</FONT></I></P>

<P STYLE="margin-left: 15pt; text-align: justify; margin-top: 0pt"><I></I><FONT size=2 face="Times New Roman">Stefan L&#246;wenthal is the chief investment officer for MIMAK, a role he assumed in February 2013. He heads the global multi asset team based in Vienna, which is responsible for all asset allocation and security selection decisions, the management of mutual funds, as well as the development of new investment strategies. In addition, L&#246;wenthal oversees the investment policy committee, which is responsible for strategic investment decisions at MIMAK. He began his career with Macquarie in February 2008 as a portfolio manager. He holds a Master of Management Science from Vienna University of Economics and Business. L&#246;wenthal is a lecturer for economics at the IMC University of applied sciences in Krems (Austria) and the Qiongzhou University in Sanya (China).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify; margin-bottom: 0pt"><B><FONT size=2 face="Times New Roman">J&#252;rgen Wurzer, CFA </FONT></B><I><FONT size=2 face="Times New Roman">Deputy Head of Portfolio Management, Senior Investment Manager &#8212; Global Multi-Asset Team</FONT></I></P>

<P STYLE="margin-left: 15pt; text-align: justify; margin-top: 0pt"><I></I><FONT size=2 face="Times New Roman">J&#252;rgen Wurzer rejoined MIMAK in April 2018 as deputy head of portfolio management for the firm&#8217;s global multi asset team based in Vienna. Prior to that, he worked at Erste Asset Management as a senior fund manager on the multi asset management team, where he worked from September 2016 to March 2018. Wurzer previously worked at MIMAK from January 2007 to August 2016, leaving the firm as senior investment manager on the global multi asset team. He graduated from University of Applied Sciences Wiener Neustadt with a master&#8217;s degree. Wurzer is a lecturer for asset allocation, quantitative finance, portfolio, and risk management at several educational institutions.</FONT></P>



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<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman"><i>MIMG</i></FONT></B><B><I><FONT size=2 face="Times New Roman">L. </FONT></I></B><FONT size=2 face="Times New Roman">MIMGL
is an Australian incorporated entity with an Australian Financial Services License and is registered with the SEC. MIMGL
provides investment advisory services for mandates managed across a range of asset classes. The Macquarie Systematic
Investment team (&#8220;MSI&#8221;) is part of MIMGL and provides quantitative support to DEX&#8217;s equity investments, as
well as trading. MSI is made up of portfolio managers and a team of quantitative analysts. Portfolio managers and analysts
have varied backgrounds, including engineering, computer science and mathematics. MSI has a strong track record of managing
quantitative strategies, having managed such portfolios since the late 1980&#8217;s. MIMGL is an affiliate of DMC and a part
of MIM.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">As of March 31, 2020, the MSI team, which includes 13 investment professionals, managed AUD 16 billion in AUM across 21 strategies, including AUD $756 million in REIT strategies. As of March 31, 2020, MIM managed more than $234.9 billion in assets for institutional and individual clients.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">MIMGL&#8217;s Investment Process and Changes Required to DEX&#8217;s Investment Strategy. </FONT></I></B><FONT size=2 face="Times New Roman">If Proposal 2 is approved, no changes are necessary to DEX&#8217;s investment objectives, policies, limitations or strategy to reflect MIMGL&#8217;s process in managing REITs and other types of equity securities.</FONT></P>

<P style="TEXT-ALIGN: justify"><U><FONT size=2 face="Times New Roman">Benefits of the proposed sub-advisory agreement with MIMAK</FONT></U></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Board considered the following benefits in approving the sub-advisory agreement with MIMAK:</FONT></P>

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   <TD STYLE="padding-bottom: 6pt; padding-left: 15pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; padding-bottom: 6pt; text-align: justify"><FONT style="COLOR: #000000" face="times new roman">MIMAK
   uses an active allocation approach with a focus on yield when selecting investments. As a result, there is flexibility in the relative weightings given to various categories of investments and MIMAK intends
to implement a systematic approach to identify higher yielding securities for the Fund. MIMAK primarily focuses on the direction, rather than the
   degree, of returns. The result of this approach is to deliver an optimal asset allocation construct in the current and
   projected economic environment. Furthermore, proprietary tools deliver additional insights that provide unique inputs into
   fundamental decision making.</FONT></TD></TR>
<TR>

   <TD STYLE="padding-bottom: 6pt; padding-left: 15pt; padding-right: 8pt; vertical-align: top"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD STYLE="vertical-align: top; padding-bottom: 6pt; text-align: justify"><FONT style="COLOR: #000000" face="times new roman">MIMAK
   will utilize the same asset allocation strategy for DEX as for the other Delaware Funds asset allocation funds and has
   generated favorable historical performance returns managing similar funds.</FONT></TD></TR>

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<BR>

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<TR>

   <TD STYLE="padding-left: 15pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: justify"><FONT style="COLOR: #000000" face="times new roman">MIMAK plans to implement a more dynamic asset-allocation framework to maintain a stable level of portfolio risk over time. The framework is intended to reduce riskier assets in times of market volatility and provide additional downside protection.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><U><FONT size=2 face="Times New Roman">Benefits of the proposed sub-advisory agreement with MIMGL</FONT></U></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Board considered the following benefits in approving the sub-advisory agreement with MIMGL:</FONT></P>

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<TR>

   <TD STYLE="padding-bottom: 6pt; padding-left: 15pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD STYLE="text-align: justify; vertical-align: top; width: 99%; padding-bottom: 6pt"><FONT style="COLOR: #000000" face="times new roman">MIMGL MSI has a history of targeting consistent outperformance through systematic strategies and through a multi-factor investment approach to smooth returns. The Board has previously approved MIMGL as a sub-advisor to the Delaware equity funds to provide equity trading and quantitative support.</FONT></TD></TR>

<TR>

   <TD STYLE="padding-bottom: 6pt; padding-left: 15pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD STYLE="text-align: justify; vertical-align: top; width: 99%; padding-bottom: 6pt"><FONT style="COLOR: #000000" face="times new roman">MIMGL MSI&#8217;s quantitative approach to investing is designed to systematically exploit investor biases, which may result in better market insights.</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">MIMGL MSI focuses on a quantitative approach and does not bias toward
growth or value investments, a strategy which typically provides lower downside capture.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><U><FONT size=2 face="Times New Roman">The costs of the services to be provided</FONT></U></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">DMC will compensate MIMAK and MIMGL for their sub-advisory services to DEX. DMC will pay MIMAK and MIMGL a portion of its investment management fee and DEX shareholders will not bear additional expenses related to the use of the sub-advisors. DMC will pay an amount representing 0.12% of DEX&#8217;s assets to MIMAK and an amount representing 0.20% of DEX&#8217;s equity assets, including REIT assets, that are managed by MIMGL, to MIMGL.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Regulatory requirements</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), the definition of &#8220;investment adviser&#8221; is broad and encompasses the types of services anticipated to be provided by MIMAK and MIMGL. Because MIMAK and MIMGL will be considered to be investment advisors, Section 15 of the 1940 Act requires that DMC enter into sub-advisory agreements with those entities on behalf of DEX. The 1940 Act requires that DEX&#8217;s shareholders approve the proposed sub-advisory agreements with MIMAK and MIMGL before DEX enters into such agreements.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If shareholders approve Proposal 2, MIMAK and MIMGL would begin providing services to DEX within approximately two weeks following the approval. If shareholders do not
approve Proposal 2, MIMAK and MIMGL will not provide additional advisory services to DEX and the changes described herein will
not take effect.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Required Vote. </FONT></I></B><FONT size=2 face="Times New Roman">All shareholders of DEX vote together to approve the sub-advisory agreements with MIMAK and MIMGL. For Proposal 2, the sub-advisory agreements must be approved by the affirmative vote of a &#8220;majority of the outstanding voting securities&#8221; of DEX, which is defined in the 1940 Act as the lesser of: (A) 67% or more of the voting securities of the fund present at the Meeting, if the holders of more than 50% of the outstanding voting securities of such fund are present or represented by proxy; or (B) more than 50% of the outstanding voting securities of such fund (a &#8220;1940 Act Majority Vote&#8221;).</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">FOR THE REASONS DISCUSSED ABOVE, THE BOARD OF DELAWARE <BR>ENHANCED GLOBAL DIVIDEND AND INCOME FUND UNANIMOUSLY <BR>RECOMMENDS THAT ITS SHAREHOLDERS VOTE FOR PROPOSAL 2.</FONT></B></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">PROPOSAL 3: TO APPROVE SUB-ADVISORY AGREEMENTS WITH <BR>MIMAK AND MIMGL</FONT></B><BR>
<FONT size=2 face="Times New Roman">(Delaware Investments Dividend and Income Fund, Inc. only)</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Proposal 3 relates solely to
shareholders of DDF. DMC seeks to expand the services provided by its affiliates, MIMAK and MIMGL, each a registered
investment advisor with the SEC and each previously approved by DDF shareholders as a sub-advisor, in its management of DDF.
The existing sub-advisory agreements with MIMAK and MIMGL were approved by shareholders at the 2019 Annual Meeting of
Shareholders and are dated September 23, 2019. If approved, MIMAK, DMC&#8217;s Austrian domiciled affiliate, would provide
asset allocation services to DDF, and MIMGL, DMC&#8217;s Australian domiciled affiliate, would be responsible for managing
DDF&#8217;s investments in REIT securities and other equity securities from time to time as directed by MIMAK. As previously
approved by shareholders, each of MIMAK and MIMGL would also continue to support DDF&#8217;s fixed income strategy by
providing investment recommendations, discussing strategy, and sharing investment ideas, including with respect to specific
securities, on a regular basis and when directed by DMC, provide investment discretion and trading. Also as previously
approved by shareholders, MIMGL would continue to provide quantitative support for DMC&#8217;s management of DDF&#8217;s
equity securities, equity research and equity trading capabilities to facilitate a &#8220;follow-the-sun&#8221; trading model
to permit Fund trades to be executed by local traders during their market&#8217;s business hours.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">DMC will continue to serve as DDF&rsquo;s investment advisor, however,
under the proposed arrangements, MIMAK&rsquo;s portfolio managers, Stefan L&ouml;wenthal and J&uuml;rgen Wurzer, will take over
primary day-to-day responsibility for making asset allocation decisions for DDF&rsquo;s portfolio and will serve as the Fund&rsquo;s
portfolio managers. DDF&#8217;s investment objectives, policies and limitations will not change in connection with this proposal, however DDF&#8217;s asset allocation strategy will change to reflect MIMAK&#8217;s investment process as described below. MIMAK will be able to delegate portions of the implementation of DDF&#8217;s fixed income strategy to MIMEL and MIMGL and utilize MIMGL and affiliate Macquarie Funds Management Hong Kong Limited for the trading of equity securities. MIMAK and MIMGL will receive increased compensation from DMC for their increased roles with DDF as described below. Under the proposal, MIMGL will also be responsible for DDF&#8217;s investment in REIT securities as well as other equity securities as directed by MIMAK from time to time; no changes to DDF&#8217;s investment strategy are required in connection with the proposed appointment of MIMGL as sub-advisor to DDF.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Factors relating to the Board&#8217;s approval of MIMAK and MIMGL to serve as sub-advisors to DDF</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Following is a discussion of the factors considered by the Board in approving the sub-advisory agreements between DMC and each of MIMAK and MIMGL. In evaluating the proposed sub-advisory agreements, the Board, including a majority of the Independent Directors, made a separate finding that the sub-advisory</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">agreements are in the best interests of DDF and its shareholders, and do not involve a conflict of interest from which any of DMC, MIMAK, or MIMGL derives an inappropriate advantage.</FONT></P>

<P style="TEXT-ALIGN: justify"><U><FONT size=2 face="Times New Roman">Nature, extent, and quality of services to be provided under the proposed sub-advisory agreements</FONT></U></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Board considered the nature, quality, and extent of services that MIMAK and MIMGL each would provide as a sub-advisor to DDF. The Trustees took into account the investment process to be employed by MIMAK and MIMGL in connection with each sub-advisor&#8217;s responsibilities in conjunction with DMC in managing DDF, and the qualifications and experience of MIMAK&#8217;s and MIMGL&#8217;s teams with regard to implementing DDF&#8217;s investment mandate. The Board considered each of MIMAK&#8217;s and MIMGL&#8217;s organization, personnel, and operations. The Trustees also considered Management&#8217;s review and recommendation process with respect to MIMAK and MIMGL, and Management&#8217;s favorable assessment as to the nature, quality, and extent of the sub-advisory services expected to be provided by MIMAK and MIMGL to DDF. Based on their consideration and review of the foregoing factors, the Board concluded that the nature, quality, and extent of the sub-advisory services to be provided by MIMAK and MIMGL as well as MIMAK&#8217;s and MIMGL&#8217;s ability to render such services based on its experience, organization and resources, were appropriate for the Fund, in light of DDF&#8217;s investment objectives, strategies, and policies.</FONT></P>

<P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">About MIMAK and MIMGL</FONT></U></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Like DMC, MIMAK and MIMGL are investment advisory entities within MIM, which is a division of MAM. MAM is Macquarie Group&#8217;s funds management business. MAM is a full-service asset manager, offering a diverse range of capabilities and products including infrastructure and real asset management, securities investment management and structured access to funds, equity-based products, and alternative assets.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">MIM offers securities investment management capabilities across a number of asset classes including fixed income, currencies, equities, infrastructure securities, private markets, hedge funds, and multi-asset allocation solutions. MIM delivers a full-service offering to both institutional and retail clients in Australia and the US with selective offerings in other regions.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">MIMAK. </FONT></I></B><FONT size=2 face="Times New Roman">MIMAK is located at Kaerntner Strasse 28, 1010 Vienna, Austria. MIMAK conducts a range of financial services to institutional and corporate clients and manages investments across a diverse range of asset classes. MIMAK is currently serving as a sub-advisor with primary responsibility for day-to-day asset allocation decisions for five open-end funds in the Fund Complex as well as an asset allocation product offered by a DMC affiliate, and also serves as a sub-advisor to all the funds investing in fixed income securities in the Fund Complex, including DDF, providing investment support on a regular basis and when directed by DMC, investment</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>29</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">discretion and trading. MIMAK is an affiliate of DMC and a part of MIM. As of March 31, 2020, MIMAK&#8217;s team, which includes 12 investment professionals, managed more than $3.5 billion in AUM. As of March 31, 2020, MIM managed more than $234.9 billion in assets for institutional and individual clients.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">MIMAK&#8217;s Investment Process
and Changes Required to DDF&#8217;s Investment Strategy. </FONT></I></B><FONT size=2 face="Times New Roman">If Proposal 3 is
approved, DDF&#8217;s investment objectives, policies and limitations will not change. In addition, the shift from using DDF&rsquo;s current portfolio managers, who currently allocate assets and manage DDF&rsquo;s investment strategy, is not
expected to affect the risk/return profile for DDF. However, MIMAK will manage the Fund in accordance with its asset
allocation process, so DDF&#8217;s strategy will change to reflect MIMAK&#8217;s process. In allocating assets, MIMAK will use an asset allocation approach with a focus on yield when selecting investments for DDF. It is estimated that the shift to using MIMAK&rsquo;s asset allocation
process will result in portfolio turnover of approximately 20%, with the transaction costs to be paid by the Fund.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">MIMAK&#8217;s dynamic asset-allocation framework will be used to determine the proportion of the Fund&#8217;s assets that will be allocated to the various asset classes, based on the market assessment and portfolio risk contribution for such asset classes. MIMAK&#8217;s framework is designed to reduce riskier assets in times of market volatility and provide additional downside protection.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">MIMAK&#8217;s Portfolio Managers. </FONT></I></B><FONT size=2 face="Times New Roman">If Proposal 3 is approved, MIMAK&#8217;s portfolio managers, Stefan L&#246;wenthal and J&#252;rgen Wurzer will be responsible for the day-to-day management of the Fund. Their biographies are below.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify; margin-bottom: 0pt;"><B><FONT size=2 face="Times New Roman">Stefan L&#246;wenthal </FONT></B><I><FONT size=2 face="Times New Roman">Chief Investment Officer &#8212; Global Multi-Asset Team </FONT></I></P>

<P STYLE="margin-left: 15pt; text-align: justify; margin-top: 0pt"><I></I><FONT size=2 face="Times New Roman">Stefan L&#246;wenthal is the chief investment officer for MIMAK, a role he assumed in February 2013. He heads the global multi asset team based in Vienna, which is responsible for all asset allocation and security selection decisions, the management of mutual funds, as well as the development of new investment strategies. In addition, L&#246;wenthal oversees the investment policy committee, which is responsible for strategic investment decisions at MIMAK. He began his career with Macquarie in February 2008 as a portfolio manager. He holds a Master of Management Science from Vienna University of Economics and Business. L&#246;wenthal is a lecturer for economics at the IMC University of applied sciences in Krems (Austria) and the Qiongzhou University in Sanya (China).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify; margin-bottom: 0pt;"><B><FONT size=2 face="Times New Roman">J&#252;rgen Wurzer, CFA </FONT></B><I><FONT size=2 face="Times New Roman">Deputy Head of Portfolio Management, Senior Investment Manager &#8212; Global Multi-Asset Team</FONT></I><FONT size=2 face="Times New Roman"></FONT></P>

<P STYLE="margin-left: 15pt; text-align: justify; margin-top: 0pt"><FONT size=2 face="Times New Roman">J&#252;rgen Wurzer rejoined MIMAK in April 2018 as deputy head of portfolio management for the firm&#8217;s global multi asset team based in Vienna. Prior to that, he worked at Erste Asset Management as a senior fund manager on the multi asset management team, where he worked from September 2016 to March</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>30</FONT></P>

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<P STYLE="margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">2018. Wurzer previously worked at MIMAK from January 2007 to August 2016, leaving the firm as senior investment manager on the global multi asset team. He graduated from University of Applied Sciences Wiener Neustadt with a master&#8217;s degree. Wurzer is a lecturer for asset allocation, quantitative finance, portfolio, and risk management at several educational institutions.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">MIMGL. </FONT></I></B><FONT size=2 face="Times New Roman">MIMGL is an Australian incorporated entity with an Australian Financial Services License and is registered with the SEC. MIMGL provides investment advisory services for mandates managed across a range of asset classes. MSI is part of MIMGL and provides quantitative support to DDF&#8217;s equity investments, as well as trading. MSI is made up of portfolio managers and a team of quantitative analysts. Portfolio managers and analysts have varied backgrounds, including engineering, computer science and mathematics. MSI has a strong track record of managing quantitative strategies, having managed such portfolios since the late 1980&#8217;s. MIMGL is an affiliate of DMC and a part of MIM. As of March 31, 2020, the MSI team, which includes 13 investment professionals, managed AUD 16 billion in AUM across 21 strategies, including AUD $756 million in REIT strategies. As of March 31, 2020, MIM managed more than $234.9 billion in assets for institutional and individual clients.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">MIMGL&#8217;s Investment Process and Changes Required to DDF&#8217;s Investment Strategy. </FONT></I></B><FONT size=2 face="Times New Roman">If Proposal 3 is approved, no changes are necessary to DDF&#8217;s investment objectives, policies, limitations or strategy to reflect MIMGL&#8217;s process in managing REITs and other types of equity securities.</FONT></P>

<P style="TEXT-ALIGN: justify"><U><FONT size=2 face="Times New Roman">Benefits of the proposed sub-advisory agreement with MIMAK</FONT></U></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Board considered the following benefits in approving the sub-advisory agreement with MIMAK: </FONT></P>

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<TR>

   <TD STYLE="padding-left: 15pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: justify"><FONT style="COLOR: #000000" face="times new roman">MIMAK uses an active allocation approach with a focus on yield when selecting
investments. As a result, there is flexibility in the relative weightings given to various categories of investments and MIMAK intends
to implement a systematic approach to identify higher yielding securities for the Fund. MIMAK primarily focuses on the direction, rather than the degree, of returns. The result of this approach is to deliver an optimal asset allocation construct in the current and projected economic environment. Furthermore, proprietary tools deliver additional insights that provide unique inputs into fundamental decision making.<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD STYLE="padding-left: 15pt; padding-right: 8pt; vertical-align: top"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: justify"><FONT style="COLOR: #000000" face="times new roman">MIMAK will utilize
   the same asset allocation strategy for DDF as for the other Delaware Funds asset allocation funds and has generated favorable
   historical performance returns managing similar funds.</FONT></TD></TR>

</TABLE>

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<TR>

   <TD STYLE="padding-left: 15pt; padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: justify"><FONT style="COLOR: #000000" face="times new roman">MIMAK plans to implement a more dynamic asset-allocation framework to maintain a stable level of portfolio risk over time. The framework is intended to reduce riskier assets in times of market volatility and provide additional downside protection.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><U><FONT size=2 face="Times New Roman">Benefits of the proposed sub-advisory agreement with MIMGL</FONT></U></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Board considered the following benefits in approving the sub-advisory agreement with MIMGL: </FONT></P>

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<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">MIMGL MSI has a history of targeting consistent outperformance through systematic strategies and through a multi-factor investment approach to smooth returns. The Board has previously approved MIMGL as a sub-advisor to the Delaware equity funds to provide equity trading and quantitative support.<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">MIMGL MSI&#8217;s quantitative approach to investing is designed to systematically exploit investor biases, which may result in better market insights.<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">MIMGL MSI focuses on a quantitative approach and does not bias toward
growth or value investments, a strategy which typically provides lower downside capture.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><U><FONT size=2 face="Times New Roman">The costs of the services to be provided</FONT></U></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">DMC will compensate MIMAK and MIMGL for
their sub-advisory services to DDF. DMC will pay MIMAK and MIMGL a portion of its investment management fee and DDF
shareholders will not bear additional expenses related to the use of the sub-advisors. DMC will pay an amount representing
0.12% of DDF&#8217;s assets to MIMAK and an amount representing 0.20% of DDF&#8217;s equity assets, including REIT assets,
that are managed by MIMGL, to MIMGL.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Regulatory requirements</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Under the 1940 Act, the definition of &#8220;investment adviser&#8221; is broad and encompasses the types of services anticipated to be provided by MIMAK and MIMGL. Because MIMAK and MIMGL will be considered to be investment advisors, Section 15 of the 1940 Act requires that DMC enter into sub-advisory agreements with those entities on behalf of DDF. The 1940 Act requires that DDF&#8217;s shareholders approve the proposed sub-advisory agreements with MIMAK and MIMGL before DDF enters into such agreements.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If shareholders approve Proposal 3, MIMAK and MIMGL would begin providing services to DDF within approximately two weeks following the approval. If shareholders do not
approve Proposal 3, MIMAK and MIMGL will not provide additional advisory services to DDF and the changes described herein will
not take effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Required Vote. </FONT></I></B><FONT size=2 face="Times New Roman">All shareholders of DDF vote together to approve the sub-advisory agreements with MIMAK and MIMGL. For Proposal 3, the sub-advisory agreements must be approved by a 1940 Act Majority Vote.</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>FOR THE REASONS DISCUSSED ABOVE, THE BOARD OF DELAWARE<BR></FONT></B><B><FONT size=2 face=Arial>INVESTMENTS DIVIDEND AND INCOME FUND, INC. UNANIMOUSLY<BR></FONT></B><B><FONT size=2 face=Arial>RECOMMENDS THAT YOU VOTE FOR PROPOSAL 3.</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>INDEPENDENT ACCOUNTANTS AND<BR>AUDIT COMMITTEE REPORT</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The firm of PricewaterhouseCoopers LLP (&#8220;PwC&#8221;) was selected as the independent registered public accounting firm (&#8220;independent auditors&#8221;) 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, 2020 on November 19, 2019. 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, 2021 on February 25, 2020 (together, DDF, DEX, VFL, VCF and VMM are the &#8220;Funds&#8221;). PwC also acted as independent auditors of the Funds for their most recently completed fiscal years.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 (&#8220;DMC&#8221;) and its affiliates that provide ongoing services to the Funds if such non-audit services relate to the operations or financial reporting of the Funds. The Audit Committee reviews any audit or non-audit services to determine whether they are appropriate and permissible under applicable law.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each Fund&#8217;s Audit Committee has adopted policies and procedures to provide a framework for the Audit Committee&#8217;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&#8217; 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; text-align: justify"><FONT size=2 face="Times New Roman">As required by its charter, each Fund&#8217;s Audit Committee has reviewed and discussed with Fund management and representatives from PwC the audited financial statements for each Fund&#8217;s last fiscal year. The Audit Committee has discussed with PwC its judgments as to the quality, not just the acceptability, of the Funds&#8217; accounting principles and such other matters required to be discussed with the Audit Committee by Public Company Accounting Oversight Board (&#8220;PCAOB&#8221;) Auditing Standard No. 1301: Communications with Audit Committees (formerly Auditing Standard No. 16). The Audit Committee also received the written disclosures and the</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">letter from PwC required by PCAOB Rule 3526, and discussed with representatives of PwC the independent auditor&#8217;s independence. Each Fund&#8217;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&#8217; independence.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Based on the foregoing discussions with management and the independent auditors, each Fund&#8217;s Audit Committee unanimously recommended to the respective Fund&#8217;s Board that the aforementioned audited financial statements be included in each Fund&#8217;s annual report to shareholders for the fiscal year.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">All members of each Fund&#8217;s Audit Committee, including Thomas K. Whitford, Chair, Jerome D. Abernathy, John A. Fry and Christianna Wood, are not considered to be &#8220;interested persons&#8221; under the 1940 Act. Each Fund&#8217;s Board has adopted a formal charter for the Audit Committee setting forth its responsibilities. A copy of the Audit Committee&#8217;s charter is available at delawarefunds.com.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Audit and Other Fees. </FONT></I></B><FONT size=2 face="Times New Roman">The Funds and &#8220;Covered Entities&#8221; (the investment advisor, excluding sub-advisors unaffiliated with the investment advisor, and any entity controlling, controlled by or under common control with the investment advisor that provides ongoing services to the Funds) were billed the amounts listed below by PwC during each Fund&#8217;s last two fiscal years. None of the fees in the table below were approved by the registrant&#8217;s Audit Committee pursuant to the </FONT><I><FONT size=2 face="Times New Roman">de minimis </FONT></I><FONT size=2 face="Times New Roman">exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X.</FONT></P>

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<TR vAlign=bottom>

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   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="2%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="8%" colSpan=7 noWrap align=center><B><FONT size=1 face="Times New Roman">Non-Audit Fees</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="2%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Audit</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="2%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman">Fiscal Year</FONT></B></TD>

   <TD width="1%" noWrap align=right>&nbsp;</TD>

   <TD width="3%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Audit</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Related</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Tax</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman">All</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="85%" noWrap align=center><B><FONT size=1 face="Times New Roman">Fund</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman">End</FONT></B></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Fees</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Fees</FONT></B><B><FONT size=1 face="Times New Roman"><SUP>(1)</SUP></FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Fees<SUP>(2) </SUP></FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman">Other</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="85%" noWrap align=left><FONT size=1 face="Times New Roman">Delaware Investments Dividend and</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman">11/30/19</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">37,830</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">7,611</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; background-color: #c0c0c0; width: 85%; white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">Income Fund, Inc.</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman">11/30/18</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">37,090</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">5,737</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><FONT size=1 face="Times New Roman">Delaware Enhanced Global Dividend and</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">11/30/19</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">37,830</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">9,371</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 85%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=1 face="Times New Roman">Income Fund</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">11/30/18</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">37,090</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">5,737</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="85%" noWrap align=left><FONT size=1 face="Times New Roman">Delaware Investments Colorado Municipal</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman">3/31/20</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">39,200</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">3,500</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; background-color: #c0c0c0; width: 85%; white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">Income Fund, Inc.</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman">3/31/19</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">38,430</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">4,728</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="85%" noWrap align=left><FONT size=1 face="Times New Roman">Delaware Investments National Municipal</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">3/31/20</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">39,200</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">3,500</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 85%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=1 face="Times New Roman">Income Fund</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">3/31/19</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">38,430</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">4,728</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>34</FONT></P>

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



<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 width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="9%" colSpan=7 noWrap align=center><B><FONT size=1 face="Times New Roman">Non-Audit Fees</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="2%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Audit</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="2%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="2%" noWrap align=center><B><FONT size=1 face="Times New Roman">Fiscal Year</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="2%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Audit</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Related</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B><B><FONT size=1 face="Times New Roman">Tax</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman">All</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="84%" noWrap align=center><B><FONT size=1 face="Times New Roman">Fund</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" noWrap align=center><B><FONT size=1 face="Times New Roman">End</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="2%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Fees</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman">Fees<SUP>(1)</SUP></FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" colSpan=2 noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B><B><FONT size=1 face="Times New Roman">Fees<SUP>(2)</SUP></FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"><SUP>&nbsp;</SUP></FONT></B><B><FONT size=1 face="Times New Roman">Other</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="84%" noWrap align=left><FONT size=1 face="Times New Roman">Delaware Investments Minnesota Municipal</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=center><FONT size=1 face="Times New Roman">3/31/20</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman">39,200</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">3,500</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; background-color: #c0c0c0; width: 84%; white-space: nowrap; text-align: left"><FONT size=1 face="Times New Roman">Income Fund II, Inc.</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=center><FONT size=1 face="Times New Roman">3/31/19</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman">38,430</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="2%" noWrap align=right><FONT size=1 face="Times New Roman">4,728</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="84%" noWrap align=left><FONT size=1 face="Times New Roman">Covered Entities</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="2%" noWrap align=center><FONT size=1 face="Times New Roman">11/30/19</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">909,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="2%" noWrap align=center><FONT size=1 face="Times New Roman">11/30/18</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">640,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="2%" noWrap align=center><FONT size=1 face="Times New Roman">3/31/20</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">909,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="84%" noWrap align=left></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="2%" noWrap align=center><FONT size=1 face="Times New Roman">3/31/19</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">640,000</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman">$</FONT></TD>

   <TD width="2%" noWrap align=right><FONT size=1 face="Times New Roman">&#8212;</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman">$&#8212;</FONT></TD></TR></TABLE>

<DIV>____________________</DIV><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; padding-bottom: 6pt; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><I><FONT size=2 face="Times New Roman">1</FONT></I></TD>

   <TD STYLE="vertical-align: top; width: 98%; white-space: nowrap; text-align: left; padding-bottom: 6pt"><I><FONT size=2 face="Times New Roman">Includes fees billed for year-end audit procedures, reporting up and subsidiary statutory.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><I><FONT size=2 face="Times New Roman">2</FONT></I></TD>

   <TD WIDTH="98%" NOWRAP STYLE="vertical-align: top; text-align: left"><I><FONT size=2 face="Times New Roman">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; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Aggregate non-audit fees to the Funds, the investment advisor and service provider affiliates. </FONT></I></B><FONT size=2 face="Times New Roman">The aggregate non-audit fees billed by the independent auditors for services rendered to VCF, VFL and VMM, Covered Entities and other entities under common control with the investment advisor were $4,687,000 and $11,748,000 for the fiscal years ended March 31, 2020 and March 31, 2019, respectively. The aggregate non-audit fees billed by the independent auditors for services rendered to DDF and DEX, Covered Entities and other entities under common control with the investment advisor were $9,955,000 and $11,748,000 for the fiscal years ended November 30, 2019 and November 30, 2018, respectively.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In connection with its selection of PwC, the Audit Committee has considered PwC&#8217;s provision of non-audit services to the investment advisor and other service providers under common control with the investment advisor 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&#8217; provision of these services is compatible with maintaining the auditors&#8217; independence.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>COMMUNICATIONS TO THE BOARD</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Shareholders who wish to communicate to the full Board may address correspondence to Thomas L. Bennett, Board Chair 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. As noted above, on or about September 1, 2020, the Funds&#8217; address will be 610 Market Street, Philadelphia, PA 19106.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Without opening any such correspondence, Fund management will promptly forward all such correspondence to the addressed recipient(s).</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>35</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- part 08 -->

<P STYLE="text-align: center"><B><FONT size=2 face=Arial>OTHER INFORMATION</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Investment Advisor. </FONT></I></B><FONT size=2 face="Times New Roman">DMC,
a series of Macquarie Investment Management Business Trust (formerly, Delaware Management Business Trust), 2005 Market
Street, Philadelphia, PA 19103, serves as investment advisor to each Fund. On or about September 1, 2020, DMC&#8217;s new
address will be 610 Market Street, Philadelphia, PA 19106.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Administrator. </FONT></I></B><FONT size=2 face="Times New Roman">Delaware Investments Fund Services Company (&#8220;DIFSC&#8221;), 2005 Market St., Philadelphia, PA 19103, an affiliate of DMC, performs administrative and fund accounting oversight services for the Funds. On or about September 1, 2020, DIFSC&#8217;s new address will be 610 Market Street, Philadelphia, PA 19106.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Auditors. </FONT></I></B><FONT size=2 face="Times New Roman">PwC serves as the Funds&#8217; auditors. PwC&#8217;s principal address is Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Proxy Solicitation. </FONT></I></B><FONT size=2 face="Times New Roman">Your vote is being solicited by the Directors of the Funds. The solicitation costs for Proposal 1 will be split evenly among the Funds and the solicitation costs for the Sub-advisor Proposals will be borne by DMC. Subject to the foregoing, the Funds reimburse brokerage firms and other financial intermediaries for their expenses in forwarding proxy materials to the beneficial owners and soliciting them to execute proxies.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Funds have contracted with
Computershare Fund Services (&#8220;Computershare&#8221;), to assist with solicitation of proxies. The anticipated costs of
retaining Computershare are set forth in the chart below and include reimbursement of reasonable out-of-pocket expenses. The
solicitation costs related to Proposal 1 will be absorbed by the each of the Funds. Management will absorb the solicitation
costs specific to Proposals 2 and 3. Computershare anticipates that approximately 15 of its employees or other persons will
be involved in soliciting shareholders of the Funds.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="width: 82%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Fund</FONT></B></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Cost of Proposal 1</FONT></B></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Cost of Proposal 2</FONT></B></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Cost of Proposal 3</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="82%" noWrap align=left><FONT size=1 face="Times New Roman">DDF</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Approx. $15,000 - $16,000</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">N/A</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Approx. $39,000 - $53,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="82%" noWrap align=left><FONT size=1 face="Times New Roman">DEX</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Approx. $20,000 - $21,000</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Approx. $29,000 - $35,000</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="82%" noWrap align=left><FONT size=1 face="Times New Roman">VMM</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Approx. $8,500 - $9,500</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">N/A</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD width="82%" noWrap align=left><FONT size=1 face="Times New Roman">VCF</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Approx. $4,500 - $5,500</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">N/A</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD width="82%" noWrap align=left><FONT size=1 face="Times New Roman">VFL</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">Approx. $4,500 - $5,500</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">N/A</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=1 face="Times New Roman">N/A</FONT></TD></TR></TABLE>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In addition to solicitation services to be provided by Computershare, proxies may be solicited by the Funds and their Directors and executive officers, and/or regular employees and officers of the Funds&#8217; investment advisor, administrator, or any of their affiliates, none of whom will receive any additional compensation for these solicitations.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>36</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Funds expect that the solicitation will be primarily by mail, but also may include advertisement, telephone, telecopy, facsimile transmission, electronic, oral, or other means of communication, or by personal contacts. If the Funds do not receive your proxy by a certain time you may receive a telephone call from a proxy soliciting agent asking you to vote.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Although no precise estimate can be made at the present time, it is currently estimated that the aggregate amount to be spent in connection with the solicitation of proxies by the Funds (excluding the salaries and fees of officers and employees) will be approximately $140,000. To date, approximately $1,489 has been spent on the solicitation. These estimates include fees for attorneys, accountants, public relations or financial advisors, proxy solicitors, advertising, printing, transportation, litigation, and other costs incidental to the solicitation, but exclude costs normally expended for the election of Directors in the absence of a contest, and costs represented by salaries and wages of regular employees and officers.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Householding. </FONT></I></B><FONT size=2 face="Times New Roman">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 &#8220;Household&#8221;). 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 Macquarie Investment Management, 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 Macquarie Investment Management, 2005 Market Street, Philadelphia, PA 19103 or call toll-free (866) 437-0252. Note that on or about September 1, 2020, the Funds&#8217; address will be c/o Macquarie Investment Management, 610 Market Street, Philadelphia, PA 19106.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Shareholder Proposals. </FONT></I></B><FONT size=2 face="Times New Roman">For the Funds&#8217; annual meeting of shareholders in 2021, shareholder proposals and Board nominations must be received no earlier than February 15, 2021 and no later than March 17, 2021. In addition, shareholder proposals to be included in the Funds&#8217; Combined Proxy Statement for that meeting must be received no later than March 17, 2021. Such proposals should be sent to the Fund, directed to the attention of its Secretary, at the address of its principal executive office listed in the &#8220;Householding&#8221; section above in this Combined Proxy Statement. The inclusion and/or presentation of any such proposal is subject to the applicable requirements of the proxy rules under the 1934 Act, other applicable law and each Fund&#8217;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 31, 2021.</FONT></P>
<P STYLE="text-align: center"><FONT size=2 face=Arial>37</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><B><I><FONT size=2 face="Times New Roman">Fund Reports. </FONT></I></B><FONT size=2 face="Times New Roman">Each Fund&#8217;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 Macquarie Investment Management, 2005 Market Street, Philadelphia, PA 19103, or by calling toll-free (866) 437-0252. Note that on or about September 1, 2020, the Funds&#8217; address will be c/o Macquarie Investment Management, 610 Market Street, Philadelphia, PA 19106.</FONT></P>
<P STYLE="text-align: center"><FONT size=2 face=Arial>38</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>EXHIBIT A</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>OUTSTANDING SHARES AS OF RECORD DATE (JUNE 19, 2020)</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Delaware Investments Dividend and Income Fund, Inc.</FONT></TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares</FONT></TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">7,688,158.1589</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Delaware Enhanced Global Dividend and Income Fund</FONT></TD>
   <TD width="5%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Common Shares</FONT></TD>
   <TD width="5%" noWrap align=right><FONT size=2 face="Times New Roman">12,007,335.6820</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Delaware Investments Colorado Municipal Income Fund, Inc.</FONT></TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Common Shares</FONT></TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">4,837,100.0000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Preferred Shares</FONT></TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">300.0000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Delaware Investments National Municipal Income Fund</FONT></TD>
   <TD width="5%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Common Shares</FONT></TD>
   <TD width="5%" noWrap align=right><FONT size=2 face="Times New Roman">4,528,443.5053</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Preferred Shares</FONT></TD>
   <TD width="5%" noWrap align=right><FONT size=2 face="Times New Roman">300.0000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Delaware Investments Minnesota Municipal Income Fund II, Inc.</FONT></TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Common Shares</FONT></TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">11,504,975.0860</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 95%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Preferred Shares</FONT></TD>
   <TD STYLE="width: 5%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">750.0000</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>A-1</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>EXHIBIT B</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>SHAREHOLDERS OWNING 5% OR MORE OF A FUND</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">According to disclosure publicly filed with the SEC, as of June 19, 2020, the following accounts held of record 5% or more of the outstanding shares of the Funds listed below. Except as noted below, management does not have knowledge of beneficial owners.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="20%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="46%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face="Times New Roman">Percent of</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="46%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face="Times New Roman">Number of</FONT></B></TD>
   <TD width="1%" noWrap align=center><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD width="10%" noWrap align=center><B><FONT size=1 face="Times New Roman">Outstanding</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Fund</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Name and Address</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Class of Shares</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Shares</FONT></B></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=1 face="Times New Roman">Shares</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Delaware Enhanced</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Rivernorth Capital</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">Common Shares</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=1 face="Times New Roman">968,107</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=1 face="Times New Roman">8.06%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Global Dividend and</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Management, LLC</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Income Fund</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">325 N. LaSalle St</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Suite 645</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="background-color: Silver; width: 20%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 46%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=1 face="Times New Roman">Chicago, IL 60654-7030</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left><FONT size=1 face="Times New Roman">Delaware Enhanced</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">First Trust Portfolios L.P.</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face="Times New Roman">Common Shares</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="10%" noWrap align=right><FONT size=1 face="Times New Roman">891,810</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="10%" noWrap align=right><FONT size=1 face="Times New Roman">7.43%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left><FONT size=1 face="Times New Roman">Global Dividend and</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">120 East Liberty Drive, Suite 400</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left><FONT size=1 face="Times New Roman">Income Fund</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">Wheaton, Illinois 60187</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">First Trust Advisors L.P.</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">120 East Liberty Drive, Suite 400</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">Wheaton, Illinois 60187</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">The Charger Corporation</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">120 East Liberty Drive, Suite 400</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=1 face="Times New Roman">Wheaton, Illinois 60187</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Delaware Investments</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Toronto Dominion</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">Preferred Shares</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=1 face="Times New Roman">300</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=1 face="Times New Roman">100.00%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Colorado Municipal</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Investments, Inc.</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Income Fund, Inc.</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">31 West 52nd St</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="background-color: Silver; width: 20%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 46%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=1 face="Times New Roman">New York, NY 10019</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left><FONT size=1 face="Times New Roman">Delaware Investments</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">MacKay Shields LLC</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face="Times New Roman">Common Shares</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="10%" noWrap align=right><FONT size=1 face="Times New Roman">256,199</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="10%" noWrap align=right><FONT size=1 face="Times New Roman">5.66%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left><FONT size=1 face="Times New Roman">National Municipal</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">1345 Avenue of Americas</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=1 face="Times New Roman">Income Fund</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=1 face="Times New Roman">New York, NY 10105</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Delaware Investments</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Toronto Dominion</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; background-color: Silver"><FONT size=1 face="Times New Roman">Preferred Shares</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=1 face="Times New Roman">300</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=1 face="Times New Roman">100.00%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">National Municipal</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Investments, Inc.</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">Income Fund</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=1 face="Times New Roman">31 West 52nd St</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: right; background-color: Silver"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="background-color: Silver; width: 20%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 46%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=1 face="Times New Roman">New York, NY 10019</FONT></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="background-color: Silver; width: 10%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left><FONT size=1 face="Times New Roman">Delaware Investments</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">Toronto Dominion</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="10%" noWrap align=center><FONT size=1 face="Times New Roman">Preferred Shares</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="10%" noWrap align=right><FONT size=1 face="Times New Roman">750</FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="10%" noWrap align=right><FONT size=1 face="Times New Roman">100.00%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left><FONT size=1 face="Times New Roman">Minnesota Municipal</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">Investments, Inc.</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="10%" noWrap align=right></TD></TR>
<TR vAlign=bottom>
   <TD width="20%" noWrap align=left><FONT size=1 face="Times New Roman">Income Fund II, Inc.</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>
   <TD width="46%" noWrap align=left><FONT size=1 face="Times New Roman">31 West 52nd St</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="10%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 20%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 46%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=1 face="Times New Roman">New York, NY 10019</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>B-1</FONT></P>
<HR noshade align="center" width="100%" size=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- part 09 -->

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>EXHIBIT C</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>EXECUTIVE OFFICERS OF THE FUNDS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 advisor of each Fund, and considered to be an &#8220;interested person&#8221; of the Funds under the 1940 Act. In addition, Mr. Connor and Mr. Geatens serve in similar capacities for the six portfolios of the Optimum Fund Trust, which have the same investment advisor as the Funds. Mr. Geatens also serves as the Chief Financial Officer of the Optimum Fund Trust, and he is the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment advisor as the Funds. No officer receives compensation from the Funds. On or about September 1, 2020, each officer&#8217;s address will be 610 Market Street, Philadelphia, PA 19106.</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="24%" noWrap align=center><B><FONT size=1 face="Times New Roman">Name, Address,</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="24%" noWrap align=center><B><FONT size=1 face="Times New Roman">Position(s) Held with</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="24%" noWrap align=center><B><FONT size=1 face="Times New Roman">Length of</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="25%" noWrap align=center><B><FONT size=1 face="Times New Roman">Principal Occupation(s)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="24%" noWrap align=center><B><FONT size=1 face="Times New Roman">and Birthdate</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="24%" noWrap align=center><B><FONT size=1 face="Times New Roman">the Funds</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="24%" noWrap align=center><B><FONT size=1 face="Times New Roman">Time Served</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: center"><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="25%" noWrap align=center><B><FONT size=1 face="Times New Roman">During the Past Five Years</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><B><FONT size=1 face="Times New Roman">David F. Connor</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Senior Vice President,</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Senior Vice President</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left><FONT size=1 face="Times New Roman">David F. Connor has served</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">General Counsel,</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">since May 2013;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left><FONT size=1 face="Times New Roman">in various capacities at</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">and Secretary</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">General Counsel</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left><FONT size=1 face="Times New Roman">different times at Macquarie</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">since May 2015;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left><FONT size=1 face="Times New Roman">Investment Management.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">December 1963</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Secretary since</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">October 2005</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="24%" noWrap align=left><B><FONT size=1 face="Times New Roman">Daniel V. Geatens</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Vice President and</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Vice President and</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face="Times New Roman">Daniel V. Geatens has served</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="24%" noWrap align=left><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Treasurer</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Treasurer since</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face="Times New Roman">in various capacities at</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="24%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face="Times New Roman">October 2007</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face="Times New Roman">different times at Macquarie</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="24%" noWrap align=left><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="24%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="24%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="25%" noWrap align=left><FONT size=1 face="Times New Roman">Investment Management.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="24%" noWrap align=left><FONT size=1 face="Times New Roman">October 1972</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD width="24%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="24%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="25%" noWrap align=left></TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><B><FONT size=1 face="Times New Roman">Richard Salus</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=1 face="Times New Roman"></FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Senior Vice President</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Senior Vice President</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left><FONT size=1 face="Times New Roman">Richard Salus has served</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">2005 Market Street</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">and Chief Financial</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">and Chief Financial</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left><FONT size=1 face="Times New Roman">in various capacities at</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Philadelphia, PA</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Officer</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">Officer since</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left><FONT size=1 face="Times New Roman">different times at Macquarie</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">19103</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">November 2006</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left><FONT size=1 face="Times New Roman">Investment Management.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left><FONT size=1 face="Times New Roman">October 1963</FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=1 face="Times New Roman"></FONT></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="24%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>

   <TD style="BACKGROUND-COLOR: #c0c0c0" width="25%" noWrap align=left></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>C-1</FONT></P>

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



<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>EXHIBIT D</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>FORM OF SUB-ADVISORY AGREEMENT</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">AGREEMENT </FONT></B><FONT size=2 face="Times New Roman">made by and between </FONT><B><FONT size=2 face="Times New Roman">DELAWARE MANAGEMENT COMPANY, a series of Macquarie Investment Management Business Trust</FONT></B><FONT size=2 face="Times New Roman">, a Delaware statutory trust (the &#8220;Investment Manager&#8221;), and [</FONT><B><FONT size=2 face="Times New Roman">INSERT ENTITY</FONT></B><FONT size=2 face="Times New Roman">] (the &#8220;Sub-Adviser&#8217;&#8217;).</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>WITNESSETH:</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">WHEREAS, </FONT></B><FONT size=2 face="Times New Roman">[insert registrant] is registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), and is organized as a statutory trust under the laws of the State of Delaware (the &#8220;Trust&#8221;); </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">WHEREAS, </FONT></B><FONT size=2 face="Times New Roman">[insert fund] is a series of the Trust (the &#8220;Fund&#8221;); </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">WHEREAS, </FONT></B><FONT size=2 face="Times New Roman">the Investment Manager and the Trust, on behalf of the Fund, have entered into an investment management agreement (the &#8220;Investment Management Agreement&#8221;) whereby the Investment Manager will provide investment advisory services to the Trust with respect to the Fund; </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">WHEREAS, </FONT></B><FONT size=2 face="Times New Roman">the Investment Manager has the authority under the Investment Management Agreement to retain one or more sub-advisers to assist the Investment Manager in providing investment advisory services to the Trust with respect to the Fund; </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">WHEREAS, </FONT></B><FONT size=2 face="Times New Roman">the Investment Manager and the Sub-Adviser are registered investment advisers under the Investment Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;), and engage in the business of providing investment advisory services; and </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">WHEREAS, </FONT></B><FONT size=2 face="Times New Roman">the Board of Trustees (the &#8220;Board&#8221;) of the Trust and the Investment Manager desire that the Investment Manager retain the Sub-Adviser to render investment advisory and other services with respect to the Fund in the manner, for the period, and on the terms hereinafter set forth.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">NOW, THEREFORE, </FONT></B><FONT size=2 face="Times New Roman">in consideration of the mutual covenants herein contained, and each of the parties hereto intending to be legally bound, it is agreed as follows: </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">1. (a) The Sub-Adviser will supervise and direct the investments of the assets of the Fund in accordance with the Fund&#8217;s investment objectives, policies, and restrictions as provided in its Prospectus (&#8220;Prospectus&#8221;) and Statement of Additional</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-1</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Information (&#8220;SAI&#8221;), as currently in effect and as amended or supplemented from time to time, and such other limitations as the Fund may impose by notice in writing to the Sub-Adviser in accordance with the clause 1(d), subject always to the supervision and control of the Investment Manager and the Board.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) As part of the services it will provide hereunder, the Sub-Adviser is authorized, in its discretion and without prior consultation with the Fund or the Investment Manager to:</FONT></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt; padding-left: 45pt"><FONT size=2 face="Times New Roman">(i) </FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">obtain and evaluate information relating to investment recommendations, asset allocation advice, industries, businesses, securities markets, research, economic analysis, and other investment services with respect to the securities that are included in the Fund or that are under consideration for inclusion in the Fund and invest the Fund in accordance with the Investment Manager&#8217;s and the Board&#8217;s written direction as more fully set forth herein and as otherwise directed;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt; padding-left: 45pt">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt; padding-left: 45pt"><FONT size=2 face="Times New Roman">(ii) </FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">regularly make
   decisions as to what securities to purchase and sell on behalf of the Fund, effect the purchase and sale of such investments
   in furtherance of the Fund&#8217;s objectives and policies, and furnish the Board with such information and reports within
   the Sub-Adviser&#8217;s possession and control regarding the Sub-Adviser&#8217;s activities in the performance of its duties
   and obligations under this Agreement as the Investment Manager reasonably deems appropriate or as the Board may reasonably
   request, including such reports, information, and certifications as the officers of the Trust may reasonably require in order
   to comply with applicable international, federal and state laws and regulations and Trust policies and
   procedures;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt; padding-left: 45pt">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt; padding-left: 45pt"><FONT size=2 face="Times New Roman">(iii)</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">provide any and all material composite or other performance information, records and supporting documentation about accounts or funds the Sub-Adviser manages, if appropriate and subject to any obligation of confidentiality, that are relevant to the Fund and that have investment objectives, policies, and strategies substantially similar to those employed by the Sub-Adviser in managing the Fund that may be reasonably necessary, under applicable laws, to allow the Fund or its agent to present information concerning the Sub-Adviser&#8217;s prior performance in similar strategies in the Fund&#8217;s currently effective Prospectus, as the same may be hereafter modified, amended, and/or supplemented from time to time, and in any permissible reports and materials prepared by the Fund or its agent to which the Sub-Adviser has consented;</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-2</FONT></P>

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<DIV><BR>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-right: 8pt; padding-left: 45pt"><FONT size=2 face="Times New Roman">(iv)</FONT></TD>

   <TD vAlign=top width="99%">

   <P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">provide information as reasonably requested by the Investment Manager or the Board to assist them or their agents in the determination of the fair value of certain portfolio securities held in the Fund when market quotations are not readily available for the purpose of calculating the Fund&#8217;s net asset value in accordance with procedures and methods established by the Board; </FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top; padding-right: 8pt; padding-left: 45pt">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-right: 8pt; padding-left: 45pt"><FONT size=2 face="Times New Roman">(v)</FONT></TD>

   <TD vAlign=top width="99%">

   <P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">vote proxies, exercise conversion or subscription rights, and respond to tender offers and other consent solicitations (&#8220;Corporate Actions&#8221;) with respect to the issuers of securities held in the Fund, provided materials relating to such Corporate Actions have been timely received by the Sub-Adviser, and to submit reports regarding such Corporate Actions, including a copy of any policies regarding such Corporate Actions, in a form reasonably satisfactory to the Investment Manager and the Fund in order to comply with any applicable federal or state reporting requirements; </FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top; padding-right: 8pt; padding-left: 45pt">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-right: 8pt; padding-left: 45pt"><FONT size=2 face="Times New Roman">(vi)</FONT></TD>

   <TD vAlign=top width="99%">

   <P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">provide performance and other information and reasonably requested by the Investment Manager or the Board to assist them or their agent in conducting ongoing due diligence and performance monitoring, subject to any obligation of confidentiality; and </FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top; padding-right: 8pt; padding-left: 45pt">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-right: 8pt; padding-left: 45pt"><FONT size=2 face="Times New Roman">(vii)</FONT></TD>

   <TD vAlign=top width="99%">

   <P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">maintain all accounts, books, and records with respect to the Fund as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the Advisers Act and the rules thereunder and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any accounts, books and records that it maintains for the Fund and that are required to be maintained by Rule 31a-l under the 1940 Act. The Sub-Adviser shall furnish to the Investment Manager copies of all such accounts, books, and records as the Investment Manager may reasonably request. The Sub-Adviser agrees that such accounts, books, and records are the property of the Trust, and will be surrendered to the Trust promptly upon request, with the understanding that the Sub-Adviser may retain its own copy of all records.</FONT></P></TD></TR></TABLE></DIV>



<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-3</FONT></P>



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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) The Sub-Adviser shall not consult with any other sub-adviser of the Fund or of any fund that is an &#8220;affiliated person&#8221; of the Fund concerning transactions for the Fund in securities or other assets, except as such consultations may be reasonably necessary in order to ensure compliance with Rule 12d3-l under the 1940 Act.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) Subject to sub-clause 1(e), in furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (i) provisions of the Trust&#8217;s Agreement and Declaration of Trust, as the same may be hereafter modified, amended, and/or supplemented from time to time, that are applicable to the Fund and notified to the Sub-Adviser; (ii) provisions of the Trust&#8217;s By-Laws, as the same may be hereafter modified, amended, and/or supplemented from time to time that are applicable to the Fund and notified to the Sub-Adviser; (iii) the Fund&#8217;s Prospectus; (iv) the 1940 Act and the Advisers Act and the rules under each and all other international, federal and state securities laws or regulations applicable to the Trust and the Fund; (v) the Trust&#8217;s compliance policies and procedures and other policies and procedures adopted from time to time by the Board applicable to the Fund and notified to the Sub-Adviser; and (vi) the written instructions of the Investment Manager. The Sub-Adviser will promptly inform the Investment Manager if it is unable to comply with the notified modification, amendment, supplement, policy procedure or written instruction (together, &#8220;Instruction&#8221;), and the Sub-Adviser must promptly seek to clarify such Instruction with the Investment Manager. If an Instruction is inconsistent with the Fund&#8217;s Prospectus or, in the Sub-Adviser&#8217;s opinion, ambiguous or unclear in any respect, the Sub-Adviser must promptly clarify the Instruction with the Investment Manager and the Instruction will not operate until it has been clarified.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) The Investment Manager agrees to provide the Sub-Adviser with current copies of the documents mentioned in paragraph l(d)(i), (ii), (iii) and (v) above and all changes made to such documents at, or if practicable, before the time such changes become effective, and the Investment Manager acknowledges and agrees that the Sub-Adviser shall not be responsible for compliance with such documents or amendments unless and until a reasonable time after they are received by the Sub-Adviser. The Sub-Adviser shall be fully protected in acting upon any proper instructions reasonably believed by it to be genuine and signed or communicated by or on behalf of the Investment Manager or the Fund.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) In order to assist the Trust and the Trust&#8217;s chief compliance officer (the &#8220;Trust CCO&#8221;) and the Investment Manager and the Investment Manager&#8217;s Chief Compliance Officer (the &#8220;IM CCO&#8221;) in satisfying the requirements contained in Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the Advisers Act, respectively, the Sub-Adviser shall provide to the Trust CCO and/or IM CCO:</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-4</FONT></P>

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<!-- part 10 -->

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">(i) direct access to the Sub-Adviser&#8217;s chief compliance officer (the &#8220;Sub-Adviser CCO&#8221;) and its officers and employees, as reasonably requested by the Trust CCO and/or IM CCO; (ii) quarterly reports reasonably required by the Investment Manager confirming that the Sub-Adviser has complied with the Trust&#8217;s Compliance Procedures in managing the Fund to the extent those Compliance Procedures directly relate to the Sub-Adviser&#8217;s services under this Agreement; and (iii) quarterly certifications with respect to Material Compliance Matters (as that term is defined in Rule 38a-1(e)(2) under the 1940 Act) related to the Sub-Adviser&#8217;s management of the Fund.</FONT></P>

<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">The Sub-Adviser shall promptly provide
the Trust CCO and IM CCO with copies and summaries of: (i) the Sub-Adviser&#8217;s policies and procedures for compliance by
the Sub-Adviser with the federal securities laws and to prevent violation of the Advisers Act (together, the
&#8220;Sub-Adviser Compliance Procedures&#8221;); and (ii) any material changes to the Sub-Adviser Compliance Procedures. The
Sub-Adviser shall cooperate fully with the Trust CCO and IM CCO so as to facilitate the Trust CCO&#8217;s and IM CCO&#8217;s
performance of their respective responsibilities under Rule 38a-1 and Rule 206(4)-7, including to review, evaluate and report
to the Board on the operation of the Sub-Adviser Compliance Procedures, and shall promptly report to the Trust CCO and IM CCO
any Material Compliance Matter arising under the Sub-Adviser Compliance Procedures involving the Fund. The Sub-Adviser shall
allow the Trust CCO and/or the IM CCO, as reasonably requested from time to time, access to examine and review the
Sub-Adviser&#8217;s Compliance Procedures and the Sub-Adviser&#8217;s adherence thereto. The Sub-Adviser shall provide to the
Trust CCO and IM CCO: (i) quarterly reports confirming the Sub-Adviser&#8217;s compliance with the Sub-Adviser Compliance
Procedures in managing the Fund; and (ii) certifications that there were no Material Compliance Matters involving the
Sub-Adviser that arose under the Sub-Adviser Compliance Procedures that affected the Fund. At least annually, the Sub-Adviser
shall provide a certification to the Trust CCO and IM CCO to the effect that the Sub-Adviser has in place and has implemented
policies and procedures that are reasonably designed to ensure compliance by the Sub-Adviser with the federal securities
laws, including the conduct and results of our annual review for adequacy and effectiveness.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) The Sub-Adviser shall provide reasonable assistance to the Fund in the preparation of the Trust&#8217;s registration statements, the Prospectuses and SAIs, shareholder reports and other regulatory filings, or any amendment or supplement thereto (collectively, &#8220;Regulatory Filings&#8221;) as may relate to the Fund, and shall provide the Fund with information in its possession and control and reasonably requested by the Investment Manager for use in the Fund&#8217;s Regulatory Filings, including, without limitation, information related to the Sub-Adviser&#8217;s investment management personnel, portfolio manager compensation, investment management</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-5</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">strategies and techniques, and proxy voting policies. The Sub-Adviser shall provide such certifications regarding the Fund as the Trust&#8217;s officers may reasonably request for purposes of the preparation of any Regulatory Filings.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) The Sub-Adviser hereby agrees during the period hereinafter set forth to render the services and assume the obligations herein set forth for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized herein or otherwise, have no authority to act for or represent the Trust, the Fund or the Investment Manager in any way, or in any way be deemed an agent of the Trust, the Fund or the Investment Manager. Notwithstanding the foregoing, the Investment Manager appoints the Sub-Adviser as agent of the Fund to provide investment advisory services to Fund on the terms contained in this Agreement and the Sub-Adviser accepts this appointment. For the avoidance of doubt, Sub-Adviser may, as agent, instruct and place trades, respond to corporate actions, execute Fund documentation, agreements, contracts and other documents requested by brokers, dealers, counterparties and other persons in connection with providing advisory services to the Fund; provided that Sub-Adviser must seek prior written approval from Investment Manager for any derivatives agreements.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) The Sub-Adviser may perform its services through its employees, officers or agents, and the Investment Manager shall not be entitled to the advice, recommendation or judgment of any specific person; provided, however, that the persons identified in the Fund&#8217;s Prospectus shall perform the portfolio management duties described therein until the Sub-Adviser notifies the Investment Manager that one or more other affiliates, employees, officers or agents identified in such notice shall assume such duties as of a specific date.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(j) The Investment Manager shall provide (or use its reasonable endeavors to cause to be provided) timely information to the Sub-Adviser regarding such matters as the cash requirements and cash available for investment in the Fund, and all other information as may be reasonably necessary for the Sub-Adviser to perform its responsibilities under this Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">2. (a) Under the terms of the Investment Management Agreement, the Trust shall conduct its own business and affairs and shall bear the expenses and salaries necessary and incidental thereto including, but not in limitation of the foregoing, the costs incurred in: the maintenance of its existence as a statutory trust organized under the laws of the State of Delaware; the maintenance of its own books, records, and procedures; dealing with its own shareholders; the payment of dividends; transfer of shares, including issuance and repurchase of shares; preparation of share certificates, if any; reports and notices to shareholders; calling and holding of shareholders&#8217; meetings; miscellaneous office expenses; transfer agency expenses; pricing service</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-6</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">expenses; expenses relating to tax services; brokerage commissions; custodian fees; legal and accounting fees; taxes; interest; federal securities law filing expenses; and federal and state registration fees. The Sub-Adviser shall not be obligated to pay any expenses of the Investment Manager, the Trust or the Fund unless expressly assumed by the Sub-Adviser pursuant to this Agreement or otherwise agreed to in writing.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) Directors, members, officers and employees of the Sub-Adviser may be directors, officers and employees of other funds that have employed the Sub-Adviser as sub-adviser or investment manager. Directors, members, officers and employees of the Sub-Adviser who are Trustees, officers and/or employees of the Trust, shall not receive any compensation from the Trust for acting in such dual capacity.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">3. (a) The Sub-Adviser will select brokers and dealers to effect all Fund transactions subject to the conditions set forth herein. The Sub-Adviser may combine orders for the Fund with orders for other accounts or funds under management. Transactions involving combined orders are allocated in a manner deemed equitable to each account. The Sub-Adviser will place all necessary orders with brokers, dealers, or issuers, and will negotiate brokerage commissions, if applicable. The Sub-Adviser is directed at all times to seek to execute transactions for the Fund (i) in accordance with any written policies, practices or procedures that may be established by the Board or the Investment Manager from time to time and provided to the Sub-Adviser, and (ii) as described in the Fund&#8217;s Prospectus and SAI. In placing any orders for the purchase or sale of investments for the Fund the Sub-Adviser shall use its reasonable endeavors to obtain for the Fund &#8220;best execution,&#8221; considering all of the circumstances, and shall maintain records adequate to demonstrate compliance with this requirement.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) Subject to the appropriate policies and procedures approved by the Board and provided to the Sub-Adviser in writing, the Sub-Adviser may, to the extent authorized by Section 28(e) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), cause the Fund to pay a broker or dealer that provides brokerage or research services to any of the Investment Manager, the Sub-Adviser or the Fund an amount of commission for effecting a Fund transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines, in good faith, that such amount of commission is reasonable in relation to the value of such brokerage and research services provided viewed in terms of that particular transaction or the Sub-Adviser&#8217;s overall responsibilities to its clients for which the Investment Manager or the Sub-Adviser exercises investment discretion. To the extent authorized by Section 28(e) and the Board, the Sub-Adviser shall not be deemed to have acted unlawfully or to have breached any duty created by this Agreement or otherwise solely by reason of such action.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-7</FONT></P>

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<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">Subject to applicable law and regulations, including Section 17(e) of the 1940 Act and Rule 17e-l thereunder, the Sub-Adviser is authorized to place orders for the purchase and sale of securities for the Fund with brokers or dealers that are affiliated with the Sub-Adviser. Any entity or person associated with the Investment Manager or the Sub-Adviser that is a member of a national securities exchange is authorized to effect any transaction on such exchange for the account of the Fund to the extent and as permitted by Section 11(a)(1)(H) of the Exchange Act and Rule 11a2-2(T) thereunder.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">4. As compensation for the services to be rendered to the Trust for the benefit of the Fund by the Sub-Adviser under the provisions of this Agreement, the Investment Manager shall pay to the Sub-Adviser the fees at the rates provided in Exhibit A attached hereto. The compensation payable to the Sub-Adviser for its services hereunder shall be paid at the end of each calendar quarter (within 30 days of receipt by the Investment Manager of an invoice from the Sub-Adviser) based upon the average daily Fund net assets during the preceding quarter. The fee payable for the quarter shall be accrued daily based on 365/366 year. The Investment Manager will procure that the Fund&#8217;s quarterly net asset value calculation for the preceding quarter is provided to the Sub-Adviser within a reasonable time at the beginning of each quarter to allow the Sub-Adviser sufficient time to prepare an invoice each quarter. If this Agreement becomes effective or terminates before the end of any quarter, the sub-advisory fee for the period shall be prorated accordingly.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">5. The services to be rendered by the Sub-Adviser to the Trust for the benefit of the Fund under the provisions of this Agreement are not exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be materially impaired thereby.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">6. (a) Subject to the limitation set forth in Paragraph 5, the Sub-Adviser, its directors, officers, employees, agents, and shareholders may engage in other businesses, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, and may render underwriting services to the Trust or to any other investment company, corporation, association, firm or individual.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) Neither the Investment Manager, the Trust nor the Fund shall use the Sub-Adviser&#8217;s actual or fictitious name(s), mark(s), derivative(s) and/or logo(s) or otherwise refer to the Sub-Adviser in any materials related to the Trust or the Fund distributed to third parties, including the Fund&#8217;s shareholders, without prior review and written approval by the Sub-Adviser, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Investment Manager, the Trust</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-8</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">and the Fund, shall, to the extent applicable and as soon as is reasonably possible, cease to use the Sub- Adviser&#8217;s actual or fictitious name(s), mark(s), derivative(s) and/or logo(s) in materials related to the Fund.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) The Sub-Adviser shall not use the Investment Manager&#8217;s name (or that of any subsidiary of Macquarie Management Holdings, Inc. (&#8220;MMHI&#8221;)) or otherwise refer to the Investment Manager or any subsidiary of MMHI in any materials related to the Trust or the Fund distributed to third parties, including the Fund&#8217;s shareholders, without prior review and written approval by the Investment Manager, which may not be unreasonably withheld or delayed. Upon termination of this Agreement, the Sub-Adviser, shall, to the extent applicable and as soon as is reasonably possible, cease to use the actual or fictitious name(s), mark(s), derivative(s) and/or logo(s) of the Trust and the Fund, except for the purpose of describing prior clients or prior performance of the Sub-Adviser, as permitted by the Advisers Act or other applicable requirements.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) This Section 6 applies solely to materials related to the Fund and the Trust only, and not to other products or relationships between the Sub-Adviser and the Investment Manager.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">7. (a) In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of its duties as Sub-Adviser to the Trust on behalf of the Fund, neither the Sub-Adviser nor any of its affiliates nor any of its or their controlling persons, members, officers, directors, employees or agents (collectively, &#8220;Sub-Adviser Related Persons&#8221;) shall be liable to the Trust, the Fund, the Investment Manager or any shareholder of the Trust for any action or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security, or otherwise. The Sub-Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Fund, or that the Fund will perform comparably with any standard or index, including other clients of the Sub-Adviser, whether public or private. Subject to the first sentence of this Section 7(a), the Sub-Adviser shall not be responsible for any loss incurred by any reason of any act or omission of any bank, broker, the custodian bank or any administrator or trustee whether appointed on behalf of the Investment Manager, the Fund or the Trust. Nothing contained herein shall be deemed to waive any liability which cannot be waived under applicable law, including applicable U.S. state and federal securities laws, ERISA or any rules or regulations adopted under any of those laws.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The Investment Manager shall indemnify Sub-Adviser Related Persons to the fullest extent permitted by law against any and all loss, damage, judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys&#8217; fees (collectively &#8220;Losses&#8221;), incurred by the Sub-Adviser or Sub-Adviser Related Persons</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-9</FONT></P>

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<!-- part 11 -->

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">arising from or in connection with this Agreement or the performance by the Sub-Adviser or Sub-Adviser Related Persons of its or their duties hereunder so long as such Losses arise out of the Investment Manager&#8217;s willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust&#8217;s Registration Statements, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statements or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (b) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Sub-Adviser or a Sub-Adviser Related Person in the performance of any of its duties under, or in connection with, this Agreement.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) The Sub-Adviser shall indemnify the Investment Manager and its affiliates and its or their controlling persons, officers, directors, employees, agents, legal representatives and persons controlled by it (collectively &#8220;Investment Manager Related Persons&#8221;) to the fullest extent permitted by law against any and all Losses incurred by the Investment Manager or Investment Manager Related Persons arising from or in connection with this Agreement or the performance by the Investment Manager or Investment Manager Related Persons of its or their duties hereunder so long as such Losses arise out of the Sub-Adviser&#8217;s willful misfeasance, bad faith, gross negligence, or reckless disregard in performing its responsibilities hereunder, including, without limitation, such Losses arising under any applicable law or that may be based upon any untrue statement of a material fact contained in the Trust&#8217;s Registration Statements, or any amendment thereof or any supplement thereto, or the omission to state therein a material fact that was known or that should have been known and was required to be stated therein or necessary to make the statements therein not misleading, if such statement or omission was made in reasonable reliance upon information furnished to the Investment Manager or the Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for inclusion in the Registration Statement or any amendment thereof or supplement thereto, except to the extent any such Losses referred to in this paragraph (c) result from willful misfeasance, bad faith, gross negligence or reckless disregard on the part of the Investment Manager or an Investment Manager Related Person in the performance of any of its duties under, or in connection with, this Agreement.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-10</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) Notwithstanding anything to the contrary in this Agreement, neither party is liable to the other party for consequential loss. For the purposes of this Agreement, &#8216;consequential loss&#8217; includes loss or profits, loss of revenue, loss or denial of opportunity, loss of or damage to access to markets, loss of anticipated savings, loss of or damage to goodwill, loss of or damage to business reputation, future reputation, and publicity, any indirect, remote abnormal or unforeseeable loss or any similar loss whether or not in the reasonable contemplation of the parties at the time of execution of this Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">8. (a) This Agreement shall be executed and become effective as of the date written below; provided, however, that this Agreement shall not become effective with respect to the Fund unless it has first been approved with respect to the Fund in the manner required by the 1940 Act and the rules thereunder or in accordance with exemptive or other relief granted by the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) or its staff. This Agreement shall continue in effect with respect to the Fund for a period of two (2) years and may be renewed thereafter with respect to the Fund only so long as such renewal and continuance with respect to the Fund is specifically approved at least annually by the applicable Board or by the vote of a majority of the outstanding voting securities of the Fund and only if the terms and the renewal hereof have been approved by the vote of a majority of those Trustees of the Trust who are not parties hereto or &#8220;interested persons&#8221; of the Trust, the Fund, or any party hereto, cast in person at a meeting called for the purpose of voting on such approval.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) This Agreement may be amended only by written agreement of the Investment Manager and the Sub-Adviser and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder or any applicable exemptive order.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) This Agreement may be terminated with respect to a the Fund (i) by the Investment Manager at any time, without the payment of a penalty, on 60 days&#8217; written notice to the Sub-Adviser of the Investment Manager&#8217;s intention to do so and (ii) by the Trust with respect to the Fund in the Trust at any time, without the payment of a penalty, on 60 days&#8217; written notice to the Sub- Adviser of the Trust&#8217;s intention to do so pursuant to action by the Board or pursuant to the vote of a majority of the outstanding voting securities of the Fund. The Sub-Adviser may terminate this Agreement with respect to the Fund at any time, without the payment of a penalty, on 60 days&#8217; written notice to the Investment Manager and the Trust of its intention to do so. Upon termination of this Agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for (i) any obligation arising out of or relating to a breach of this Agreement committed prior to such termination, (ii) the obligation of the Investment Manager</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-11</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">to pay to the Sub-Adviser the fee provided in Paragraph 4 hereof prorated to the date of termination, and (iii) any indemnification obligation provided in Paragraph 7 hereof. This Agreement shall automatically terminate in the event of its assignment (as such term is defined in the 1940 Act) or upon the termination of an Investment Management Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">9. Any information and advice furnished by either party to this Agreement to the other party shall be treated as confidential and shall not be disclosed to third parties without the consent of the other party hereto. Notwithstanding the foregoing, information shall not be subject to such confidentiality obligations if it:</FONT></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt"><FONT size=2 face="Times New Roman">(i) </FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: justify; vertical-align: top"><FONT size=2 face="Times New Roman">is already known to the receiving party at the time it is obtained (other than through previous disclosure by the protected party or by a party known by the receiving party to be bound by a confidentiality obligation to the protected party);</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt">&nbsp;</TD>
   <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt"><FONT size=2 face="Times New Roman">(ii) </FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: justify; vertical-align: top"><FONT size=2 face="Times New Roman">is or becomes publicly known or available through no wrongful act of the receiving party;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt">&nbsp;</TD>
   <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt"><FONT size=2 face="Times New Roman">(iii)</FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: justify; vertical-align: top"><FONT size=2 face="Times New Roman">is rightfully received from a third party who, to the best of the receiving party&#8217;s knowledge, is not under a duty of confidentiality;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt">&nbsp;</TD>
   <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt"><FONT size=2 face="Times New Roman">(iv)</FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: justify; vertical-align: top"><FONT size=2 face="Times New Roman">is required to be disclosed by the receiving party pursuant to a requirement of a court order, subpoena, governmental or regulatory agency or law (provided the receiving party provides the protected party written notice of such requirement, to the extent such notice is permitted and reasonably practicable in the circumstances);</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt">&nbsp;</TD>
   <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt"><FONT size=2 face="Times New Roman">(v) </FONT></TD>

   <TD WIDTH="99%" STYLE="text-align: justify; vertical-align: top"><FONT size=2 face="Times New Roman">is relevant to the defense of any claim or cause of action asserted against the receiving party (provided the receiving party provides the protected party with sixty (60) days&#8217; written notice of any disclosure if practicable or such lesser amount as may be necessary and provided such notice does not prejudice the receiving party); or</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt">&nbsp;</TD>
   <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; padding-right: 8pt; text-align: left; vertical-align: top; padding-left: 30pt"><FONT size=2 face="Times New Roman">(vi)</FONT></TD>

   <TD WIDTH="99%" NOWRAP STYLE="text-align: justify; vertical-align: top"><FONT size=2 face="Times New Roman">has been or is independently developed or obtained by the receiving party.</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Sub-Adviser shall not disclose any &#8220;nonpublic personal information&#8221; (as such term is defined in Regulation S-P, including any amendments thereto) pertaining to the customers (as such term is defined in Regulation S-P, including any amendments thereto) of the Trust to any third party or use such information other than for the purpose of providing the services contemplated by this Agreement.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-12</FONT></P>

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



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">10. The Sub-Adviser represents, warrants and agrees that:</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement (iii) to the best of its knowledge, has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Investment Manager of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Sub-Adviser will also promptly notify the Fund and the Investment Manager if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of the Fund, provided, however, that routine regulatory examinations that do not specifically relate to the Fund or the Fund shall not be required to be reported by this provision.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The Sub-Adviser has adopted policies and procedures and a written code of ethics complying with the requirements of Rule 17j-l under the 1940 Act and 204A-1 under the Advisers Act and will provide the Investment Manager and the Board with a copy of such policies and procedures and code of ethics, together with evidence of its adoption. In accordance with the requirements of Rule 17j-l, the Sub-Adviser shall certify to the Investment Manager that the Sub-Adviser has complied in all material respects with the requirements of Rule 17j-l during the previous year and that there has been no material violation of the Sub-Adviser&#8217;s code of ethics relating to the services the Sub-Adviser performs under this Agreement or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Investment Manager, the Sub-Adviser shall provide to the Investment Manager, its employees or its agents all information required by Rule 17j-l(c)(l) relating to the approval by the Board of the Sub-Adviser&#8217;s code of ethics relating to the services the Sub-Adviser performs under this Agreement.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) The Sub-Adviser has provided the Trust and the Investment Manager with a copy of its Form ADV at least forty-eight (48) hours prior to execution of this Agreement, which as of the date of this Agreement is its Form ADV as most recently filed with the SEC, and promptly will furnish a copy of all amendments to the Trust</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-13</FONT></P>

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



<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">and the Investment Manager at least annually. Such amendments shall reflect all changes in the Sub-Adviser&#8217;s organizational structure, professional staff or other significant developments affecting the Sub-Adviser, as required by the Advisers Act.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) The Sub-Adviser will notify the Trust and the Investment Manager of any event that would be deemed an assignment of this Agreement, with the exception of any assignment by or with respect to the Investment Manager, or change of control of the Sub-Adviser, as applicable, and any changes in the key personnel who are the portfolio manager(s) of the Fund prior to or promptly after such change. The Sub-Adviser agrees to bear all reasonable expenses of the Fund, if any, arising out of an assignment of this Agreement by the Sub-Adviser or change in control of the Sub-Adviser so long as the assignment is not by or with respect to the Investment Manager.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage as shall be reasonably necessary in light of its obligations under this Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">11. The Investment Manager will notify the Sub-Adviser of any event that would be deemed an assignment of this Agreement, with the exception of any assignment by or with respect to the Sub-Adviser, or change of control of the Investment Manager, as applicable.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">12. The Sub-Adviser has implemented policies and procedures designed to prevent the disclosure by the Sub-Adviser, its employees or agents of the Fund&#8217;s portfolio holdings to any person or entity other than the Investment Manager, the Trust&#8217;s custodian, or other persons expressly designated by the Investment Manager.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">13. This Agreement shall extend to and bind the successors of the parties hereto. Nothing in this Agreement, express or implied, is intended to or shall (a) confer on any person other than the parties hereto and their respective successors or permitted assigns any rights (including third party beneficiary rights), remedies, obligations or liabilities under or by reason of this Agreement, or (b) constitute the parties hereto as partners or as participants in a joint venture.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">14. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-14</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<!-- part 12 -->

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">15. All written notices, requests or other communications to any party hereunder shall be given to the following addresses and telecopy numbers, or such other address and telecopy number communicated to the other parties from time to time:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If to the Sub Adviser:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">[insert address]</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="70%" noWrap align=left><FONT size=2 face="Times New Roman">If to the Investment Manager or the Fund:</FONT></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">General Counsel</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="70%" noWrap align=left></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">2005 Market Street</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="70%" noWrap align=left></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Philadelphia, PA 19103</FONT></TD></TR></TABLE>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">16. For the purposes of this Agreement, the terms &#8220;vote of a majority of the outstanding voting securities,&#8221; &#8220;interested person,&#8221; &#8220;affiliated person,&#8221; and &#8220;assignment&#8221; shall have the meanings given them in the 1940 Act, subject, however to such exemptions as may be granted by the SEC and its staff under the 1940 Act.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">17. If by reason of (a) market movements; (b) contributions to or withdrawals from the Portfolio; (c) a change in the nature of any investment (whether through change in business activity or credit rating); or (d) circumstances beyond the reasonable control of the Sub-Adviser, the Fund ceases to comply with any document or instruction referred to in clause 1(d), the Sub-Adviser must remedy the non-compliance as soon as practicable after the Sub-Adviser becomes aware of the non-compliance. If remedied in accordance with this clause, the non-compliance will not constitute a breach of the Agreement.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">18. The Investment Manager and Trust acknowledge that the Sub-Adviser will manage the Fund on a pre-tax basis and is not required to take into account the Fund&#8217;s tax position in managing the Fund.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">19. A party will not be liable to the other for any failure, interruption or delay in performance of their respective obligations to the extent such failure, interruption or delay is caused by (a) a breakdown, failure or malfunction of any telecommunications or computer service or system which has been set up and maintained by a party in accordance with the requirements of this Agreement; (b) the closure or suspension of any market relevant to a party&#8217;s obligations under this Agreement; or (c) any fire, explosion, flood, earthquake, peril of the sea, strike or lockout, embargo, civil commotions, riots, wars, weather, governmental laws, orders or restrictions, national or regional emergencies, strikes, labour stoppages or slowdowns or other industrial disturbances, shortage of adequate power, materials or transportation facilities or any similar cause beyond a party&#8217;s reasonable control.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">20. The&nbsp;Investment Manager acknowledges that the Sub-Adviser is a member of the Macquarie Group Limited group of companies (&#8220;Macquarie Group&#8221;) and that such group is a diversified provider of financial and investment services,</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-15</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">engaging in a broad range of activities including securities underwriting, sales and trading,&nbsp; investment banking, lending, financial advisory services, investment research, asset management and other activities. The Sub-Adviser generally has no control over these activities. As a result, the Investment Manager acknowledges that from time to time the Sub-Adviser&#8217;s investment activities may be restricted, for example due to regulatory constraints applicable to the Macquarie Group, and/or its internal policies designed to comply with such constraints. Without limitation, this includes circumstances where an acquisition of securities would cause the Macquarie Group&#8217;s aggregated holdings in a company to exceed applicable takeover thresholds. In addition, where, due to such restrictions, there is limited capacity to acquire particular securities, the Fund will not have priority over any member of, or any other fund or clients associated with, the Macquarie Group to acquire those securities, however the Sub-Adviser will allocate available securities amongst funds and clients (including the Fund) in a fair and equitable manner.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">21. Subject to the Investment Company Act of 1940, as amended, and its rules and regulations and in accordance with the Fund&#8217;s compliance policies and procedures, the Sub-Adviser may &#8216;cross securities&#8217; where one or more of the client accounts or pooled funds managed by the Sub-Adviser or a related body corporate of the Sub-Adviser (&#8220;Sub-Adviser Accounts&#8221;) either (a) have demand for assets contained in the Fund; or (b) have available for sale assets which the Sub-Adviser wishes to be contained in the Fund. A &#8216;crossing of securities&#8217; may occur by the Sub-Adviser making an offer to purchase specific assets from the Fund or making an offer to sell to the Fund specific assets. Neither the Sub-Adviser nor its related body corporate may charge transaction fees with respect to the trade between the Fund and a Manager Account pursuant to this clause.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-16</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">IN WITNESS WHEREOF, </FONT></B><FONT size=2 face="Times New Roman">the parties hereto have caused this Agreement to be signed by their duly authorized officers as of _____ [____], 2020.</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman">DELAWARE MANAGEMENT</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman">COMPANY, </FONT></B><FONT size=2 face="Times New Roman">a series of</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Macquarie Investment</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Management Business Trust</FONT></TD></TR>
<TR>
   <TD COLSPAN="5">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 48%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 3%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD STYLE="border-bottom: #000000 1pt solid; width: 46%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR>
   <TD COLSPAN="5">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman">EXECUTED </FONT></B><FONT size=2 face="Times New Roman">by </FONT><B><FONT size=2 face="Times New Roman">[insert sub adviser]</FONT></B></TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="border-bottom: #000000 1pt solid; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="border-bottom: Black 1pt dotted; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Signature of attorney</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt dotted; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Date</FONT></TD></TR>
<TR>
   <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="border-bottom: Black 1pt dotted; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name of attorney</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt dotted; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Signature of attorney</FONT></TD></TR>
<TR>
   <TD COLSPAN="5">&nbsp;</TD></TR>
<TR>
   <TD COLSPAN="5">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt dotted; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name of attorney</FONT></TD></TR>                                                                                                                                      <TR STYLE="vertical-align: bottom">
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   <TD COLSPAN="5"><FONT size=2 face="Times New Roman">Agreed to and accepted as of the day and year first above written:</FONT></TD></TR>

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   <TD width="48%" colSpan=2 noWrap align=left><B><FONT size=2 face="Times New Roman">[REGISTRANT]</FONT></B></TD></TR>
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   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman">By</FONT></TD>
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   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman">Name:</FONT></TD>
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   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
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<P STYLE="text-align: center"><FONT size=2 face=Arial>D-17</FONT></P>
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>EXHIBIT A <br>FEE SCHEDULE</FONT></B></P>
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<P style="TEXT-ALIGN: center"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>
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<P style="TEXT-ALIGN: center"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>
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<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>D-18</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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   <TD style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; WIDTH: 100%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Delaware Investments Dividend</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Income Fund, Inc.</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt">&nbsp;</TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Delaware Enhanced Global</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend and Income Fund</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt">&nbsp;</TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Delaware Investments Colorado</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income Fund, Inc.</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-LEFT: 8pt; BORDER-LEFT: black 1pt solid"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">&nbsp;</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-LEFT: 8pt; BORDER-LEFT: black 1pt solid"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">&nbsp;Delaware Investments National</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-LEFT: 8pt; BORDER-LEFT: black 1pt solid"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income Fund</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt">&nbsp;</TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Delaware Investments Minnesota</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Income Fund II, Inc.</FONT></B></TD></TR>
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   <TD style="BORDER-RIGHT: #000000 1pt solid; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt"><B><FONT size=2 face="Times New Roman">COMBINED PROXY</FONT></B></TD></TR>
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   <TD STYLE="vertical-align: bottom; width: 60%; white-space: nowrap; text-align: left"><B><FONT size=1 face="Times New Roman">PRXY-CE-2020</font></b></TD>
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<DIV>


<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P>

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   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=4 face=Arial>EASY VOTING OPTIONS:</FONT></B></TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left" width="100%" colSpan=3><FONT size=2 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD vAlign=middle width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

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   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>VOTE ON THE INTERNET<BR>Log on to:<BR>www.proxy-direct.com<BR>or scan the QR code<BR>Follow the on-screen instructions<BR><EM>available 24 hours</EM></FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>VOTE BY PHONE<BR>Call 1-800-337-3503<BR>Follow the recorded instructions<BR><EM>available 24 hours</EM></FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>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>

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   <P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial>VOTE AT THE VIRTUAL MEETING<BR>at the following Website<BR></FONT></B><B><FONT size=1 face=Arial>www.meetingcenter.io/270746350<BR></FONT></B><B><FONT size=1 face=Arial>on</FONT></B><B><FONT size=1 face=Arial> September 18 at 4:00 p.m. Eastern Time<BR>To Participate in the Virtual Meeting, enter<BR>the 14-digit control number from the<BR>shaded box on this card<BR>The Password for this meeting is DEL2020.</FONT></B></P></TD></TR></TABLE>

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   <TD COLSPAN="3" STYLE="width: 100%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 39%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV></DIV>



<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.</FONT></B></P>

<P style="MARGIN-BOTTOM: -12pt; TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PROXY</FONT></B></P>

<P style="MARGIN-TOP: 0pt; TEXT-ALIGN: center"><B><FONT size=2 face=Arial>DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.<BR>JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>TO BE HELD ON SEPTEMBER 18, 2020</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>COMMON SHARES<BR></FONT></B><B><FONT size=2 face=Arial>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>The undersigned hereby revokes all previous proxies for his/her shares and appoints Michael E. Dresnin, Earthen E. Johnson, 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 via live webcast at the following Website: </FONT><B><U><FONT size=2 face=Arial>www.meetingcenter.io/270746350 </FONT></U></B><FONT size=2 face=Arial>on Friday, September 18, 2020 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. To participate in the Virtual Meeting enter the 14-digit control number from the shaded box on this card. The Password for this meeting is </FONT><B><FONT size=2 face=Arial>DEL2020</FONT></B><FONT size=2 face=Arial>. </FONT><B><FONT size=2 face=Arial>Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>BY SIGNING AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSALS DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR" THE PROPOSALS, AND TO USE THEIR DISCRETION TO VOTE ON ANY OTHER MATTER THAT MAY PROPERLY COME</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>BEFORE THE JOINT ANNUAL MEETING OF SHAREHOLDERS. PLEASE COMPLETE AND MAIL THIS PROXY CARD AT ONCE IN THE ENCLOSED ENVELOPE.</FONT></B></P>

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   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=1 face=Arial>VOTE VIA THE INTERNET: www.proxy-direct.com</FONT></B></TD></TR>

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   <TD style="WIDTH: 100%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-TOP: 2pt" colSpan=3><B><FONT size=1 face=Arial>VOTE VIA THE TELEPHONE: 1-800-337-3503</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 39%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial>DDF_31423_070220<BR></FONT></B><B><FONT size=1 face=Arial>PLEASE MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY CARD USING THE ENCLOSED ENVELOPE.</FONT></B>&nbsp;</P>

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   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left"><FONT size=4 face="Arial">xxxxxxxxxxxxxx </FONT></TD>

   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: middle; border: black 1pt solid; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;code&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="vertical-align: middle; width: 97%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE><BR>




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<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>Important Notice Regarding the Availability of Proxy Materials for the<BR>Joint Annual Shareholder Meeting to be held virtually on September 18, 2020.<BR>The Proxy Statement for this meeting is available at:<BR>www.delawarefunds.com/ceproxy</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>IF YOU VOTE BY TELEPHONE OR INTERNET,<BR>PLEASE DO NOT MAIL YOUR CARD</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.<BR>&nbsp;</FONT></B></P>

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   <TD style="WIDTH: 100%; VERTICAL-ALIGN: middle; TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>THE BOARD RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; EACH OF THE NOMINEES LISTED IN PROPOSAL 1 AND &#8220;FOR&#8221; PROPOSAL 3.</FONT></B></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; PADDING-BOTTOM: 6pt; TEXT-ALIGN: left; PADDING-TOP: 2pt"><B><FONT size=1 face=Arial>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </FONT></B><B><FONT style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid" size=2 face=Arial>&nbsp;X&nbsp;</FONT></B></TD></TR></TABLE>

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   <TD style="WIDTH: 1%; TEXT-ALIGN: left; BACKGROUND-COLOR: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left; PADDING-LEFT: 6pt" colSpan=2><B><FONT size=2 face=Arial>Proposals</FONT></B></TD></TR>

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   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><B><FONT size=1 face=Arial>1.</FONT></B></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt">&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 98%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><FONT size=1 face=Arial>To approve the election of Directors:</FONT></TD></TR></TABLE>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>01.&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Thomas L. Bennett</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>02.&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Jerome D. Abernathy</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>03.&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Ann D. Borowiec </FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>04.&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 90%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Joseph W. Chow </FONT></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>05.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>John A. Fry </FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial></FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>06.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Lucinda S. Landreth </FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial></FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>07.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Shawn K. Lytle </FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial></FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>08.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Frances A. Sevilla-Sacasa </FONT></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>09.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Thomas K. Whitford </FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial></FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>10.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Christianna Wood</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>11.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Janet L. Yeomans </FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

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   <TD style="TEXT-ALIGN: left" colSpan=11><B><U><FONT size=1 face=Arial>INSTRUCTIONS:</FONT></U></B><B><FONT size=1 face=Arial> To withhold authority to vote for any individual nominee(s), mark the box &#8220;FOR ALL EXCEPT&#8221; and write the nominee&#8217;s number and name on the line provided.______________________</FONT></B></TD></TR>

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   <TD style="TEXT-ALIGN: left" colSpan=11>&nbsp;</TD></TR>

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   <TD style="VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><B><FONT size=1 face=Arial>3.</FONT></B></TD>

   <TD style="TEXT-ALIGN: justify; PADDING-LEFT: 4pt" colSpan=10><FONT size=1 face=Arial>To approve sub-advisory agreements between Delaware Management Company and each of Macquarie Investment Management Austria Kapitalanlage AG and Macquarie Investment Management Global Limited to provide additional services to the Fund.</FONT></TD></TR>

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   <TD style="VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>&nbsp;</FONT></TD>

   <TD style="TEXT-ALIGN: left; PADDING-LEFT: 4pt" colSpan=10><FONT size=1 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD style="VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="TEXT-ALIGN: left; PADDING-LEFT: 4pt" colSpan=10><FONT size=1 face=Arial>To transact any other business that properly comes before the Meeting and any adjournments of the Meeting.</FONT> </TD></TR></TABLE></DIV>

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   <TD width="33%" noWrap align=center><FONT size=1 face=Arial>FOR</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>WITHHOLD</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=Arial>FOR ALL</FONT></TD></TR>

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   <TD width="33%" noWrap align=center><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=Arial>EXCEPT</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: center" width="32%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD></TR>

<TR style="VERTICAL-ALIGN: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 6pt"><FONT size=1 face=Arial>FOR</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 6pt">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 6pt"><FONT size=1 face=Arial>AGAINST</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 6pt">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 6pt"><FONT size=1 face=Arial>ABSTAIN</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: center" width="32%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD></TR></TABLE></DIV><BR clear=all><BR><BR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">

   <DIV style="BACKGROUND-COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-LEFT: 6pt">

   <P><B><FONT size=2 face=Arial>Authorized Signatures &#8212;&nbsp;This section must be completed for your vote to be counted.&#8212; Sign and Date Below</FONT></B></P></TD></TR></TABLE>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-TOP: 4pt"><B><FONT size=1 face=Arial>Note:&nbsp;</FONT></B></TD>

   <TD style="WIDTH: 99%; TEXT-ALIGN: left; PADDING-TOP: 4pt"><FONT size=1 face=Arial>Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.</FONT></TD></TR></TABLE>

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   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Date (mm/dd/yyyy) &#8212; Please print date below</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 32%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 1 &#8212; Please keep signature within the box</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 2 &#8212; Please keep signature within the box</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 1.5pt solid"><B><I><FONT size=6 face="Times New Roman">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></I></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 32%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1.5pt solid"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1.5pt solid"></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>Scanner bar code</FONT></P></TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 8pt">
   <IMG border=0 src="mim3779111-def14adexx2x1.jpg"></TD>

   <TD style="WIDTH: 33%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: right; PADDING-TOP: 8pt"><FONT size=2 face=Arial><FONT size=3 face=Arial>xxxxxxxxxxxxxx</FONT></FONT></TD>

   <TD style="WIDTH: 32%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 8pt"><FONT size=2 face=Arial><FONT size=3 face=Arial>DDF 31423</FONT></FONT></TD>

   <TD style="WIDTH: 33%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 8pt; PADDING-LEFT: 12pt"><FONT size=2 face=Arial><FONT size=4 face=Arial>M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxxxxxx</FONT></FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: right; PADDING-TOP: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR></DIV>




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



<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=4 face=Arial></FONT></B></P>

<DIV align=right>

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   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=4 face=Arial>EASY VOTING OPTIONS:</FONT></B></TD></TR>

<TR style="VERTICAL-ALIGN: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left" width="100%" colSpan=3><FONT size=2 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD vAlign=middle width="1%" noWrap align=center>
   <IMG border=0 src="mim3779111-def14adexx1x1.jpg"></TD>

   <TD vAlign=middle width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=middle width="98%" noWrap align=center>

   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>VOTE ON THE INTERNET<BR>Log on to:<BR>www.proxy-direct.com<BR>or scan the QR code<BR>Follow the on-screen instructions<BR><EM>available 24 hours</EM></FONT></B></P></TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-TOP: 4pt" width="1%">
   <IMG border=0 src="mim3779111-def14adexx1x2.jpg"></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-TOP: 4pt" width="1%"></TD>

   <TD style="WIDTH: 98%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-TOP: 4pt" width="98%">

   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>VOTE BY PHONE<BR>Call 1-800-337-3503<BR>Follow the recorded instructions<BR><EM>available 24 hours</EM></FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>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>

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   <P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial>VOTE AT THE VIRTUAL MEETING<BR>at the following Website<BR></FONT></B><B><FONT size=1 face=Arial>www.meetingcenter.io/270746350<BR></FONT></B><B><FONT size=1 face=Arial>on</FONT></B><B><FONT size=1 face=Arial> September 18 at 4:00 p.m. Eastern Time<BR>To Participate in the Virtual Meeting, enter<BR>the 14-digit control number from the<BR>shaded box on this card<BR>The Password for this meeting is DEL2020.</FONT></B></P></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.</FONT></B></P>

<P style="MARGIN-BOTTOM: -12pt; TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PROXY</FONT></B></P>

<P style="MARGIN-TOP: 0pt; TEXT-ALIGN: center"><B><FONT size=2 face=Arial>DELAWARE ENHANCED GLOBAL DIVIDEND AND INCOME FUND<BR>
JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON SEPTEMBER 18, 2020
</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>COMMON SHARES<BR></FONT></B><B><FONT size=2 face=Arial>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES.
</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>The undersigned hereby revokes all previous proxies for his/her shares and appoints Michael E. Dresnin, Earthen E. Johnson, 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 via live webcast at the following Website: </FONT><B><FONT size=2 face=Arial>www.meetingcenter.io/270746350 </FONT></B><FONT size=2 face=Arial>on Friday, September 18, 2020 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. To participate in the Virtual Meeting enter the 14-digit control number from the shaded box on this card. The Password for this meeting is </FONT><B><FONT size=2 face=Arial>DEL2020</FONT></B><FONT size=2 face=Arial>. </FONT><B><FONT size=2 face=Arial>Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>BY SIGNING AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSALS DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR" THE PROPOSALS, 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.</FONT></B></P>

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   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=1 face=Arial>VOTE VIA THE INTERNET: www.proxy-direct.com</FONT></B></TD></TR>

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   <TD style="WIDTH: 100%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-TOP: 2pt" colSpan=3><B><FONT size=1 face=Arial>VOTE VIA THE TELEPHONE: 1-800-337-3503</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

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<P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial>DDF_31423_070220<BR></FONT></B><B><FONT size=1 face=Arial>PLEASE MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY CARD USING THE ENCLOSED ENVELOPE.</FONT></B>&nbsp;</P>

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   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left"><FONT size=4 face="Arial">xxxxxxxxxxxxxx </FONT></TD>

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   <TD STYLE="vertical-align: middle; border: black 1pt solid; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;code&nbsp;&nbsp;&nbsp;</FONT></TD>
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<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>Important Notice Regarding the Availability of Proxy Materials for the<BR>Joint Annual Shareholder Meeting to be held virtually on September 18, 2020.<BR>The Proxy Statement for this meeting is available at:<BR>www.delawarefunds.com/ceproxy</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>IF YOU VOTE BY TELEPHONE OR INTERNET,<BR>PLEASE DO NOT MAIL YOUR CARD</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.<BR>&nbsp;</FONT></B></P>

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   <TD style="WIDTH: 100%; VERTICAL-ALIGN: middle; TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>THE BOARD RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; EACH OF THE NOMINEES LISTED IN PROPOSAL 1 AND &#8220;FOR&#8221; PROPOSAL 2.</FONT></B></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; PADDING-BOTTOM: 6pt; TEXT-ALIGN: left; PADDING-TOP: 2pt"><B><FONT size=1 face=Arial>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </FONT></B><B><FONT style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid" size=2 face=Arial>&nbsp;X&nbsp;</FONT></B></TD></TR></TABLE>

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   <TD style="WIDTH: 1%; TEXT-ALIGN: left; BACKGROUND-COLOR: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left; PADDING-LEFT: 6pt" colSpan=2><B><FONT size=2 face=Arial>Proposals</FONT></B></TD></TR>

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   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><B><FONT size=1 face=Arial>1.</FONT></B></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt">&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 98%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><FONT size=1 face=Arial>To approve the election of Directors:</FONT></TD></TR></TABLE>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>01.&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Thomas L. Bennett</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>02.&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Jerome D. Abernathy</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>03.&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Ann D. Borowiec </FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>04.&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 90%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Joseph W. Chow </FONT></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>05.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>John A. Fry </FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial></FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>06.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Lucinda S. Landreth </FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial></FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>07.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Shawn K. Lytle </FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial></FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>08.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Frances A. Sevilla-Sacasa </FONT></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>09.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Thomas K. Whitford </FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial></FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>10.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Christianna Wood</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>11.</FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>Janet L. Yeomans </FONT></TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

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   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

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   <TD style="TEXT-ALIGN: left" colSpan=11><B><U><FONT size=1 face=Arial>INSTRUCTIONS:</FONT></U></B><B><FONT size=1 face=Arial> To withhold authority to vote for any individual nominee(s), mark the box &#8220;FOR ALL EXCEPT&#8221; and write the nominee&#8217;s number and name on the line provided.______________________</FONT></B></TD></TR>

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   <TD style="TEXT-ALIGN: left" colSpan=11>&nbsp;</TD></TR>

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   <TD style="VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><B><FONT size=1 face=Arial>2.</FONT></B></TD>

   <TD style="TEXT-ALIGN: justify; PADDING-LEFT: 4pt" colSpan=10><FONT size=1 face=Arial>To approve sub-advisory agreements between Delaware Management Company and each of Macquarie Investment Management Austria Kapitalanlage AG and Macquarie Investment Management Global Limited to provide additional services to the Fund.</FONT></TD></TR>

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   <TD style="VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=1 face=Arial>&nbsp;</FONT></TD>

   <TD style="TEXT-ALIGN: left; PADDING-LEFT: 4pt" colSpan=10><FONT size=1 face=Arial>&nbsp;</FONT></TD></TR>

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   <TD style="VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="TEXT-ALIGN: left; PADDING-LEFT: 4pt" colSpan=10><FONT size=1 face=Arial>To transact any other business that properly comes before the Meeting and any adjournments of the Meeting.</FONT> </TD></TR></TABLE></DIV>

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   <TD width="33%" noWrap align=center><FONT size=1 face=Arial>FOR</FONT></TD>

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   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>WITHHOLD</FONT></TD>

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   <TD width="33%" noWrap align=center><FONT size=1 face=Arial>FOR ALL</FONT></TD></TR>

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   <TD width="33%" noWrap align=center><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=Arial>EXCEPT</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: center" width="32%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD></TR>

<TR style="VERTICAL-ALIGN: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 6pt"><FONT size=1 face=Arial>FOR</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 6pt">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 6pt"><FONT size=1 face=Arial>AGAINST</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 6pt">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 6pt"><FONT size=1 face=Arial>ABSTAIN</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: center" width="32%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD></TR></TABLE></DIV><BR clear=all><BR><BR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">

   <DIV style="BACKGROUND-COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-LEFT: 6pt">

   <P><B><FONT size=2 face=Arial>Authorized Signatures &#8212;&nbsp;This section must be completed for your vote to be counted.&#8212; Sign and Date Below</FONT></B></P></TD></TR></TABLE>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-TOP: 4pt"><B><FONT size=1 face=Arial>Note:&nbsp;</FONT></B></TD>

   <TD style="WIDTH: 99%; TEXT-ALIGN: left; PADDING-TOP: 4pt"><FONT size=1 face=Arial>Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.</FONT></TD></TR></TABLE>

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   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Date (mm/dd/yyyy) &#8212; Please print date below</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 32%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 1 &#8212; Please keep signature within the box</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 2 &#8212; Please keep signature within the box</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 1.5pt solid"><B><I><FONT size=6 face="Times New Roman">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></I></B></TD>

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   <P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>Scanner bar code</FONT></P></TD></TR>

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   <TD style="WIDTH: 33%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: right; PADDING-TOP: 8pt"><FONT size=2 face=Arial><FONT size=3 face=Arial>xxxxxxxxxxxxxx</FONT></FONT></TD>

   <TD style="WIDTH: 32%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 8pt"><FONT size=2 face=Arial><FONT size=3 face=Arial>DEX 31423</FONT></FONT></TD>

   <TD style="WIDTH: 33%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 8pt; PADDING-LEFT: 12pt"><FONT size=2 face=Arial><FONT size=4 face=Arial>M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxxxxxx</FONT></FONT></TD>

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<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR>

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   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=4 face=Arial>EASY VOTING OPTIONS:</FONT></B></TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left" colSpan=3>&nbsp;</TD></TR>

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   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>VOTE ON THE INTERNET<BR>Log on to:<BR></FONT></B><B><FONT size=2 face=Arial>www.proxy-direct.com<BR></FONT></B><B><FONT size=2 face=Arial>or scan the QR code<BR>Follow the on-screen instructions<BR></FONT></B><B><I><FONT size=2 face=Arial>available 24 hours</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>VOTE BY PHONE<BR>Call 1-800-337-3503<BR>Follow the recorded instructions<BR></FONT></B><B><I><FONT size=2 face=Arial>available 24 hours</FONT></I></B></P></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

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   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>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>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left" colSpan=3>&nbsp;</TD></TR>

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   <P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial>VOTE AT THE VIRTUAL MEETING<BR>at the following Website<BR></FONT></B><B><FONT size=1 face=Arial>www.meetingcenter.io/270746350<BR></FONT></B><B><FONT size=1 face=Arial>on September 18 at 4:00 p.m. Eastern Time<BR>To Participate in the Virtual Meeting, enter <BR>the 14-digit control number from the<BR>shaded box on this card<BR>The Password for this meeting is<BR>DEL2020.</FONT></B></P></TD></TR></TABLE></DIV>

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   <TD colSpan=3><B><FONT size=1 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 39%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.</FONT></B></P><BR>

<P style="MARGIN-BOTTOM: -12pt; TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PROXY</FONT></B></P>

<P style="MARGIN-TOP: 0pt; TEXT-ALIGN: center"><B><FONT size=2 face=Arial>DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.<BR>JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>TO BE HELD ON SEPTEMBER 18, 2020</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>COMMON SHARES<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>The undersigned hereby revokes all previous proxies for his/her shares and appoints Michael E. Dresnin, Earthen E. Johnson, 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 via live webcast at the following Website: </FONT><B><FONT size=2 face=Arial>www.meetingcenter.io/270746350 </FONT></B><FONT size=2 face=Arial>on Friday, September 18, 2020 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. To participate in the Virtual Meeting enter the 14-digit control number from the shaded box on this card. The Password for this meeting is </FONT><B><FONT size=2 face=Arial>DEL2020</FONT></B><FONT size=2 face=Arial>. </FONT><B><FONT size=2 face=Arial>Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>BY SIGNING AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR" EACH OF THE NOMINEES LISTED IN 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.</FONT></B></P>

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   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=1 face=Arial>VOTE VIA THE INTERNET: www.proxy-direct.com</FONT></B></TD></TR>

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   <TD style="WIDTH: 100%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-TOP: 2pt" colSpan=3><B><FONT size=1 face=Arial>VOTE VIA THE TELEPHONE: 1-800-337-3503</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

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<P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial>VCF_31423_062920<BR>PLEASE MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY CARD USING THE ENCLOSED ENVELOPE.</FONT></B></P></DIV>

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   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left"><FONT size=4 face="Arial">xxxxxxxxxxxxxx </FONT></TD>

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   <TD STYLE="vertical-align: middle; border: black 1pt solid; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;code&nbsp;&nbsp;&nbsp;</FONT></TD>
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<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>Important Notice Regarding the Availability of Proxy Materials for the<BR>Joint Annual Shareholder Meeting to be held virtually on September 18, 2020.<BR>The Proxy Statement for this meeting is available at:<BR>www.delawarefunds.com/ceproxy</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>IF YOU VOTE BY TELEPHONE OR INTERNET,<BR>PLEASE DO NOT MAIL YOUR CARD</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.<BR>&nbsp;</FONT></B></P>

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   <TD style="WIDTH: 100%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left"><B><FONT size=2 face=Arial>THE BOARD RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; EACH OF THE NOMINEES LISTED IN THE PROPOSAL.</FONT></B></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; TEXT-ALIGN: left; PADDING-TOP: 2pt"><B><FONT size=1 face=Arial>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </FONT></B><B><FONT style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid" size=2 face=Arial>&nbsp;X&nbsp;</FONT></B></TD></TR></TABLE><BR>

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   <TD style="WIDTH: 1%; TEXT-ALIGN: left; BACKGROUND-COLOR: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left; PADDING-LEFT: 6pt" colSpan=2><B><FONT size=2 face=Arial>Proposal</FONT></B></TD></TR>

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   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><B><FONT size=1 face=Arial>1.</FONT></B></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt">&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 98%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><FONT size=1 face=Arial>To approve the election of Directors:</FONT></TD></TR></TABLE>

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   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>01.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas L. Bennett</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>02.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Jerome D. Abernathy</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>05.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>John A. Fry</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>06.&nbsp;&nbsp;</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Lucinda S. Landreth</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>07.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Shawn K. Lytle</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>08.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Frances A. Sevilla-Sacasa</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>09.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas K. Whitford</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>10.</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Christianna Wood</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>11.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Janet L. Yeomans</FONT></TD>

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   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left></TD>

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   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>WITHHOLD</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR ALL</FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>EXCEPT</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD style="TEXT-ALIGN: center" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="WIDTH: 32%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD style="TEXT-ALIGN: center" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=2 face=Arial>&#9744;</FONT></TD></TR></TABLE></DIV><BR clear=all>

<P style="WIDTH: 60%; TEXT-ALIGN: justify"><B><U><FONT size=1 face=Arial>INSTRUCTIONS:</FONT></U></B><B><FONT size=1 face=Arial> To withhold authority to vote for any individual nominee(s), mark the box &#8220;FOR ALL EXCEPT&#8221; and write the nominee&#8217;s number and name on the line provided.____________________</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 15pt"><FONT size=1 face=Arial>To transact any other business that properly comes before the Meeting and any adjournments of the Meeting.</FONT></P><BR><BR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">

   <DIV style="BACKGROUND-COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>

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   <P><B><FONT size=2 face=Arial>Authorized Signatures &#8212;&nbsp;This section must be completed for your vote to be counted.&#8212; Sign and Date Below</FONT></B></P></TD></TR></TABLE>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-TOP: 4pt"><B><FONT size=1 face=Arial>Note:&nbsp;</FONT></B></TD>

   <TD style="WIDTH: 99%; TEXT-ALIGN: left; PADDING-TOP: 4pt"><FONT size=1 face=Arial>Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.</FONT></TD></TR></TABLE>

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   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Date (mm/dd/yyyy) &#8212; Please print date below</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 32%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 1 &#8212; Please keep signature within the box</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 2 &#8212; Please keep signature within the box</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 1.5pt solid"><B><I><FONT size=6 face="Times New Roman">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></I></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 32%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1.5pt solid"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1.5pt solid"></TD></TR></TABLE>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left; PADDING-TOP: 2pt; BORDER-LEFT: black 1pt solid" colSpan=5>

   <P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>Scanner bar code</FONT></P></TD></TR>

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   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 8pt">
   <IMG border=0 src="mim3779111-def14apc2x2x1.jpg"></TD>

   <TD style="WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: right; PADDING-TOP: 8pt"><FONT size=2 face=Arial>xxxxxxxxxxxxxx</FONT></TD>

   <TD style="WIDTH: 32%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 8pt"><FONT size=2 face=Arial>VCF 31423</FONT></TD>

   <TD style="WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 8pt; PADDING-LEFT: 12pt"><FONT size=2 face=Arial>M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxxxxxx</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: right; PADDING-TOP: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR></DIV>

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



<DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR>

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   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=4 face=Arial>EASY VOTING OPTIONS:</FONT></B></TD></TR>

<TR style="VERTICAL-ALIGN: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left" colSpan=3>&nbsp;</TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: center">
   <IMG border=0 src="mim3779111-def14apc2x1x1.jpg"></TD>

   <TD vAlign=middle width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=middle width="98%" noWrap align=center>

   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>VOTE ON THE INTERNET<BR>Log on to:<BR></FONT></B><B><FONT size=2 face=Arial>www.proxy-direct.com<BR></FONT></B><B><FONT size=2 face=Arial>or scan the QR code<BR>Follow the on-screen instructions<BR></FONT></B><B><I><FONT size=2 face=Arial>available 24 hours</FONT></I></B></P></TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-TOP: 4pt">
   <IMG border=0 src="mim3779111-def14apc2x1x2.jpg"></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-TOP: 4pt"></TD>

   <TD style="WIDTH: 98%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-TOP: 4pt">

   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>VOTE BY PHONE<BR>Call 1-800-337-3503<BR>Follow the recorded instructions<BR></FONT></B><B><I><FONT size=2 face=Arial>available 24 hours</FONT></I></B></P></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD></TR>

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   <TD vAlign=middle width="98%" noWrap align=center>

   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>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>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left" colSpan=3>&nbsp;</TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: center">
   <IMG border=0 src="mim3779111-def14apc2x1x4.jpg"></TD>

   <TD vAlign=middle width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

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   <P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial>VOTE AT THE VIRTUAL MEETING<BR>at the following Website<BR></FONT></B><B><FONT size=2 face=Arial>www.meetingcenter.io/270746350<BR></FONT></B><B><FONT size=1 face=Arial>on September 18 at 4:00 p.m. Eastern Time<BR>To Participate in the Virtual Meeting, enter<BR>the 14-digit control number from the<BR>shaded box on this card<BR>The Password for this meeting is<BR>DEL2020.</FONT></B></P></TD></TR></TABLE></DIV>

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   <TD colSpan=3><B><FONT size=1 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 39%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.</FONT></B></P><BR>

<P style="MARGIN-BOTTOM: -12pt; TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PROXY</FONT></B></P>

<P style="MARGIN-TOP: 0pt; TEXT-ALIGN: center"><B><FONT size=2 face=Arial>DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME FUND
<BR>JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>TO BE HELD ON SEPTEMBER 18, 2020</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>COMMON SHARES<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>The undersigned hereby revokes all previous proxies for his/her shares and appoints Michael E. Dresnin, Earthen E. Johnson, 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 via live webcast at the following Website: </FONT><B><FONT size=2 face=Arial>www.meetingcenter.io/270746350 </FONT></B><FONT size=2 face=Arial>on Friday, September 18, 2020 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. To participate in the Virtual Meeting enter the 14-digit control number from the shaded box on this card. The Password for this meeting is </FONT><B><FONT size=2 face=Arial>DEL2020</FONT></B><FONT size=2 face=Arial>. </FONT><B><FONT size=2 face=Arial>Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>BY SIGNING AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR" EACH OF THE NOMINEES LISTED IN 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.</FONT></B></P>

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   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=1 face=Arial>VOTE VIA THE INTERNET: www.proxy-direct.com</FONT></B></TD></TR>

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   <TD style="WIDTH: 100%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-TOP: 2pt" colSpan=3><B><FONT size=1 face=Arial>VOTE VIA THE TELEPHONE: 1-800-337-3503</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 39%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial>VFL_31423_062920<BR>PLEASE MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY CARD USING THE ENCLOSED ENVELOPE.</FONT></B></P></DIV>

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   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left"><FONT size=4 face="Arial">xxxxxxxxxxxxxx </FONT></TD>

   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: middle; border: black 1pt solid; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;code&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="vertical-align: middle; width: 97%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE><BR>

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



<DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>Important Notice Regarding the Availability of Proxy Materials for the<BR>Joint Annual Shareholder Meeting to be held virtually on September 18, 2020.<BR>The Proxy Statement for this meeting is available at:<BR>www.delawarefunds.com/ceproxy</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>IF YOU VOTE BY TELEPHONE OR INTERNET,<BR>PLEASE DO NOT MAIL YOUR CARD</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.<BR>&nbsp;</FONT></B></P>

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   <TD style="WIDTH: 100%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left"><B><FONT size=2 face=Arial>THE BOARD RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; EACH OF THE NOMINEES LISTED IN THE PROPOSAL.</FONT></B></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; TEXT-ALIGN: left; PADDING-TOP: 2pt"><B><FONT size=1 face=Arial>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </FONT></B><B><FONT style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid" size=2 face=Arial>&nbsp;X&nbsp;</FONT></B></TD></TR></TABLE><BR>

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   <TD style="WIDTH: 1%; TEXT-ALIGN: left; BACKGROUND-COLOR: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left; PADDING-LEFT: 6pt" colSpan=2><B><FONT size=2 face=Arial>Proposal</FONT></B></TD></TR>

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   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><B><FONT size=1 face=Arial>1.</FONT></B></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt">&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 98%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><FONT size=1 face=Arial>To approve the election of Directors:</FONT></TD></TR></TABLE>

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   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>01.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas L. Bennett</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>02.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Jerome D. Abernathy</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>05.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>John A. Fry</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>06.&nbsp;&nbsp;</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Lucinda S. Landreth</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>07.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Shawn K. Lytle</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>08.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Frances A. Sevilla-Sacasa</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>09.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas K. Whitford</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>10.</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Christianna Wood</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>11.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Janet L. Yeomans</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left></TD>

   <TD width="23%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left></TD>

   <TD width="23%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left></TD>

   <TD width="24%" noWrap align=left></TD></TR></TABLE></DIV>

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   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>WITHHOLD</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR ALL</FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>EXCEPT</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD style="TEXT-ALIGN: center" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="WIDTH: 32%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD style="TEXT-ALIGN: center" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=2 face=Arial>&#9744;</FONT></TD></TR></TABLE></DIV><BR clear=all>

<P style="WIDTH: 60%; TEXT-ALIGN: justify"><B><U><FONT size=1 face=Arial>INSTRUCTIONS:</FONT></U></B><B><FONT size=1 face=Arial> To withhold authority to vote for any individual nominee(s), mark the box &#8220;FOR ALL EXCEPT&#8221; and write the nominee&#8217;s number and name on the line provided.____________________</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 15pt"><FONT size=1 face=Arial>To transact any other business that properly comes before the Meeting and any adjournments of the Meeting.</FONT></P><BR><BR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">

   <DIV style="BACKGROUND-COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-LEFT: 6pt">

   <P><B><FONT size=2 face=Arial>Authorized Signatures &#8212;&nbsp;This section must be completed for your vote to be counted.&#8212; Sign and Date Below</FONT></B></P></TD></TR></TABLE>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-TOP: 4pt"><B><FONT size=1 face=Arial>Note:&nbsp;</FONT></B></TD>

   <TD style="WIDTH: 99%; TEXT-ALIGN: left; PADDING-TOP: 4pt"><FONT size=1 face=Arial>Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.</FONT></TD></TR></TABLE>

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   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Date (mm/dd/yyyy) &#8212; Please print date below</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 32%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 1 &#8212; Please keep signature within the box</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 2 &#8212; Please keep signature within the box</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 1.5pt solid"><B><I><FONT size=6 face="Times New Roman">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></I></B></TD>

   <TD width="1%" noWrap align=left></TD>

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   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1.5pt solid"></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>Scanner bar code</FONT></P></TD></TR>

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   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 8pt">
   <IMG border=0 src="mim3779111-def14apc2x2x1.jpg"></TD>

   <TD style="WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: right; PADDING-TOP: 8pt"><FONT size=2 face=Arial>xxxxxxxxxxxxxx</FONT></TD>

   <TD style="WIDTH: 32%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 8pt"><FONT size=2 face=Arial>VFL 31423</FONT></TD>

   <TD style="WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 8pt; PADDING-LEFT: 12pt"><FONT size=2 face=Arial>M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxxxxxx</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: right; PADDING-TOP: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR></DIV>

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



<DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR>

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   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=4 face=Arial>EASY VOTING OPTIONS:</FONT></B></TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left" colSpan=3>&nbsp;</TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: center">
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   <TD vAlign=middle width="98%" noWrap align=center>

   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>VOTE ON THE INTERNET<BR>Log on to:<BR></FONT></B><B><FONT size=2 face=Arial>www.proxy-direct.com<BR></FONT></B><B><FONT size=2 face=Arial>or scan the QR code<BR>Follow the on-screen instructions<BR></FONT></B><B><I><FONT size=2 face=Arial>available 24 hours</FONT></I></B></P></TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-TOP: 4pt">
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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-TOP: 4pt"></TD>

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   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>VOTE BY PHONE<BR>Call 1-800-337-3503<BR>Follow the recorded instructions<BR></FONT></B><B><I><FONT size=2 face=Arial>available 24 hours</FONT></I></B></P></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD>

   <TD style="VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center">&nbsp;</TD></TR>

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   <P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>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>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left" colSpan=3>&nbsp;</TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: center">
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   <P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial>VOTE AT THE VIRTUAL MEETING<BR>at the following Website<BR></FONT></B><B><FONT size=2 face=Arial>www.meetingcenter.io/270746350<BR></FONT></B><B><FONT size=1 face=Arial>on September 18 at 4:00 p.m. Eastern Time<BR>To Participate in the Virtual Meeting, enter<BR>the 14-digit control number from the<BR>shaded box on this card<BR>The Password for this meeting is<BR>DEL2020.</FONT></B></P></TD></TR></TABLE></DIV>

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   <TD colSpan=3><B><FONT size=1 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 39%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.</FONT></B></P><BR>

<P style="MARGIN-BOTTOM: -12pt; TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PROXY</FONT></B></P>

<P style="MARGIN-TOP: 0pt; TEXT-ALIGN: center"><B><FONT size=2 face=Arial>DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.<BR>JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>TO BE HELD ON SEPTEMBER 18, 2020</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>COMMON SHARES<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>The undersigned hereby revokes all previous proxies for his/her shares and appoints Michael E. Dresnin, Earthen E. Johnson, 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 via live webcast at the following Website: </FONT><B><FONT size=2 face=Arial>www.meetingcenter.io/270746350 </FONT></B><FONT size=2 face=Arial>on Friday, September 18, 2020 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. To participate in the Virtual Meeting enter the 14-digit control number from the shaded box on this card. The Password for this meeting is </FONT><B><FONT size=2 face=Arial>DEL2020</FONT></B><FONT size=2 face=Arial>. </FONT><B><FONT size=2 face=Arial>Please refer to the Proxy Statement for a discussion of these matters, including instructions related to meeting attendance.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>BY SIGNING AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR" EACH OF THE NOMINEES LISTED IN 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.</FONT></B></P>

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   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=1 face=Arial>VOTE VIA THE INTERNET: www.proxy-direct.com</FONT></B></TD></TR>

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   <TD style="WIDTH: 100%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-TOP: 2pt" colSpan=3><B><FONT size=1 face=Arial>VOTE VIA THE TELEPHONE: 1-800-337-3503</FONT></B></TD></TR>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 39%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=1 face=Arial>VMM_31423_062920<BR>PLEASE MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY CARD USING THE ENCLOSED ENVELOPE.</FONT></B></P></DIV>

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   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left"><FONT size=4 face="Arial">xxxxxxxxxxxxxx </FONT></TD>

   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: middle; border: black 1pt solid; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;code&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="vertical-align: middle; width: 97%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE><BR>

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<DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>Important Notice Regarding the Availability of Proxy Materials for the<BR>Joint Annual Shareholder Meeting to be held virtually on September 18, 2020.<BR>The Proxy Statement for this meeting is available at:<BR>www.delawarefunds.com/ceproxy</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>IF YOU VOTE BY TELEPHONE OR INTERNET,<BR>PLEASE DO NOT MAIL YOUR CARD</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.<BR>&nbsp;</FONT></B></P>

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   <TD style="WIDTH: 100%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left"><B><FONT size=2 face=Arial>THE BOARD RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; EACH OF THE NOMINEES LISTED IN THE PROPOSAL.</FONT></B></TD></TR>

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   <TD style="VERTICAL-ALIGN: middle; TEXT-ALIGN: left; PADDING-TOP: 2pt"><B><FONT size=1 face=Arial>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </FONT></B><B><FONT style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid" size=2 face=Arial>&nbsp;X&nbsp;</FONT></B></TD></TR></TABLE><BR>

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   <TD style="WIDTH: 1%; TEXT-ALIGN: left; BACKGROUND-COLOR: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left; PADDING-LEFT: 6pt" colSpan=2><B><FONT size=2 face=Arial>Proposal</FONT></B></TD></TR>

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   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><B><FONT size=1 face=Arial>1.</FONT></B></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt">&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 98%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><FONT size=1 face=Arial>To approve the election of Directors:</FONT></TD></TR></TABLE>

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   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>01.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas L. Bennett</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>02.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Jerome D. Abernathy</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>05.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>John A. Fry</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>06.&nbsp;&nbsp;</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Lucinda S. Landreth</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>07.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Shawn K. Lytle</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>08.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Frances A. Sevilla-Sacasa</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>09.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas K. Whitford</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>10.</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Christianna Wood</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>11.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Janet L. Yeomans</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left></TD>

   <TD width="23%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left></TD>

   <TD width="23%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left></TD>

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   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>WITHHOLD</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR ALL</FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>EXCEPT</FONT></TD></TR>

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   <TD style="TEXT-ALIGN: center" width="33%" noWrap align=left><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD style="TEXT-ALIGN: center" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="WIDTH: 32%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD style="TEXT-ALIGN: center" width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; TEXT-ALIGN: center"><FONT size=2 face=Arial>&#9744;</FONT></TD></TR></TABLE></DIV><BR clear=all>

<P style="WIDTH: 60%; TEXT-ALIGN: justify"><B><U><FONT size=1 face=Arial>INSTRUCTIONS:</FONT></U></B><B><FONT size=1 face=Arial> To withhold authority to vote for any individual nominee(s), mark the box &#8220;FOR ALL EXCEPT&#8221; and write the nominee&#8217;s number and name on the line provided.____________________</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 15pt"><FONT size=1 face=Arial>To transact any other business that properly comes before the Meeting and any adjournments of the Meeting.</FONT></P><BR><BR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">

   <DIV style="BACKGROUND-COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-LEFT: 6pt">

   <P><B><FONT size=2 face=Arial>Authorized Signatures &#8212;&nbsp;This section must be completed for your vote to be counted.&#8212; Sign and Date Below</FONT></B></P></TD></TR></TABLE>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-TOP: 4pt"><B><FONT size=1 face=Arial>Note:&nbsp;</FONT></B></TD>

   <TD style="WIDTH: 99%; TEXT-ALIGN: left; PADDING-TOP: 4pt"><FONT size=1 face=Arial>Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.</FONT></TD></TR></TABLE>

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   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Date (mm/dd/yyyy) &#8212; Please print date below</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 32%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 1 &#8212; Please keep signature within the box</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 2 &#8212; Please keep signature within the box</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 1.5pt solid"><B><I><FONT size=6 face="Times New Roman">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></I></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 32%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1.5pt solid"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1.5pt solid"></TD></TR></TABLE>

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<TR vAlign=bottom>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left; PADDING-TOP: 2pt; BORDER-LEFT: black 1pt solid" colSpan=5>

   <P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>Scanner bar code</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 8pt">
   <IMG border=0 src="mim3779111-def14apc2x2x1.jpg"></TD>

   <TD style="WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: right; PADDING-TOP: 8pt"><FONT size=2 face=Arial>xxxxxxxxxxxxxx</FONT></TD>

   <TD style="WIDTH: 32%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 8pt"><FONT size=2 face=Arial>VMM 31423</FONT></TD>

   <TD style="WIDTH: 33%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 8pt; PADDING-LEFT: 12pt"><FONT size=2 face=Arial>M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxxxxxx</FONT></TD>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; WHITE-SPACE: nowrap; TEXT-ALIGN: right; PADDING-TOP: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR></DIV>

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



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


<DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.</FONT></B></P><BR>

<P style="MARGIN-BOTTOM: -12pt; TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PROXY</FONT></B></P>

<P style="MARGIN-TOP: 0pt; TEXT-ALIGN: center"><B><FONT size=2 face=Arial>DELAWARE INVESTMENTS COLORADO MUNICIPAL INCOME FUND, INC.<BR>JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>TO BE HELD ON SEPTEMBER 18, 2020</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PREFERRED SHARES<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>The undersigned hereby revokes all previous proxies for his/her shares and appoints Michael E. Dresnin, Earthen E. Johnson, 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 virtually, on Friday, September 18, 2020 at 4:00 p.m., Eastern time, or at any postponements or adjournments thereof, with all the powers which the undersigned would possess if personally present, and instructs them to vote in their discretion upon any matters which may properly be acted upon at this joint annual meeting of shareholders and specifically as indicated on the reverse side of this proxy card. </FONT><B><FONT size=2 face=Arial>Please refer to the Proxy Statement for a discussion of these matters.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>BY SIGNING AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR" EACH OF THE NOMINEES LISTED IN 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.</FONT></B></P>

<DIV align=right>

<TABLE style="WIDTH: 1%; LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=1 face=Arial>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 100%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-TOP: 2pt" colSpan=3><B><FONT size=1 face=Arial>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 39%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR><BR>

<P STYLE="text-align: center">
<B><FONT size=1 face="Arial">VCF_31423_062920_Pref</FONT></B><BR>

<B><FONT size=1 face="Arial">PLEASE MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY CARD USING THE ENCLOSED ENVELOPE.</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="width: 1%; line-height: normal">





<TR vAlign=bottom>

   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left"><FONT size=4 face="Arial">xxxxxxxxxxxxxx </FONT></TD>

   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: middle; border: black 1pt solid; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;code&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="vertical-align: middle; width: 97%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE>

<BR>
</DIV>

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



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

<div>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P>
<BR>
<BR>
<BR>
<BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>Important Notice Regarding the Availability of Proxy Materials for the<BR>Joint Annual Shareholder Meeting to be held virtually on September 18, 2020.<BR>The Proxy Statement for this meeting is available at:<BR>www.delawarefunds.com/ceproxy</FONT></B></P>
<BR>
<BR>
<BR>
<BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>&nbsp;<BR>&nbsp;</FONT></B></P>
<BR>
<BR>
<BR>
<BR>
<BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.<BR>
&nbsp;</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: normal; width: 100%">



<TR vAlign=bottom>


   <TD STYLE="width: 100%; text-align: left; vertical-align: middle"><B><FONT size=2 face=Arial>THE BOARD RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; EACH OF THE NOMINEES LISTED IN THE PROPOSAL.</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left; vertical-align: middle; padding-top: 2pt"><B><FONT size=1 face=Arial>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </FONT></B><B><FONT size=2 face=Arial style="border: solid 1pt black">&nbsp;X&nbsp;</FONT></B></TD></TR>
</TABLE>


<BR>
<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left; VERTICAL-ALIGN: middle; padding-left: 6pt"><B><FONT size=2 face=Arial>Proposal</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-alIGN: left; PADDING-TOP: 6pt"><B><FONT size=1 face=Arial>1.</FONT></B></TD>

   <TD STYLE="width: 1%; text-align: left; padding-top: 6pt">&nbsp;&nbsp;</TD>

   <TD STYLE="width: 98%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><FONT size=1 face=Arial>To approve the election of Directors:</FONT></TD></TR></TABLE>


<DIV style="float: left; width: 78%">

<TABLE style="WIDTH: 100%; LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>01.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas L. Bennett</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>02.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Jerome D. Abernathy</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>03.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Ann D. Borowiec </FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>04.&nbsp;&nbsp;</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Joseph W. Chow</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>05.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>John A. Fry</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>06.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Lucinda S. Landreth</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>07.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Shawn K. Lytle</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>08.</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Frances A. Sevilla-Sacasa</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>09.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas K. Whitford</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left><FONT size=1 face=Arial>10.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Christianna Wood</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left><FONT size=1 face=Arial>11.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Janet L. Yeomans</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left></TD>

   <TD width="24%" noWrap align=left></TD></TR></TABLE></DIV>


<DIV style="float: right; width: 22%; margin-top: -20pt">

<TABLE style="WIDTH: 100%; LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>WITHHOLD</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR ALL</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>EXCEPT</FONT></TD></TR>

<TR vAlign=bottom>

   <TD WIDTH="33%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="32%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="33%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial>&#9744;</FONT></TD></TR></TABLE></DIV>
<br clear=all>

<P style="TEXT-ALIGN: justify; width: 60%"><B><U><FONT size=1 face=Arial>INSTRUCTIONS:</FONT></U></B><B><FONT size=1 face=Arial> To withhold authority to vote for any individual nominee(s), mark the box &#8220;FOR ALL EXCEPT&#8221; and write the nominee&#8217;s number and name on the line provided.____________________</FONT></B></P>

<P STYLE="text-align: justify; margin-left: 15pt"><FONT size=1 face=Arial>To transact any other business that properly comes before the Meeting and any adjournments of the Meeting.</FONT></P>

<BR>
<BR>
<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; vertical-align: top"><div style="background-color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>

   <TD STYLE="width: 99%; text-align: left; vertical-align: top; padding-left: 6pt">

   <P><B><FONT size=2 face=Arial>Authorized Signatures &#8212;&nbsp;This section must be completed for your vote to be counted.&#8212; Sign and Date Below</FONT></B></P></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-top: 4pt"><B><FONT size=1 face=Arial>Note:&nbsp;</FONT></B></TD>

   <TD STYLE="width: 99%; text-align: justify; padding-top: 4pt"><FONT size=1 face=Arial>Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.</FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-bottom: 2pt"><B><FONT size=1 face=Arial style="word-spacing: -0.5pt; letter-spacing: -0.2pt">Date (mm/dd/yyyy) &#8212; Please print date below</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-bottom: 2pt">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left; padding-bottom: 2pt"><B><FONT size=1 face=Arial style="word-spacing: -0.5pt; letter-spacing: -0.2pt">Signature 1 &#8212; Please keep signature within the box</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-bottom: 2pt">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-bottom: 2pt"><B><FONT size=1 face=Arial style="word-spacing: -0.5pt; letter-spacing: -0.2pt">Signature 2 &#8212; Please keep signature within the box</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center; border: Black 1.5pt solid"><B><I><FONT size=6 face="Times New Roman">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></I></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left; border: Black 1.5pt solid"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border: Black 1.5pt solid"></TD></TR></TABLE>

<div style="padding-top: 6pt">
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: normal; width: 100%">



<TR vAlign=bottom>

   <TD COLSPAN="5" STYLE="border: Black 1pt solid; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt">



   <P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>Scanner bar code</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-top: 8pt">
   <IMG border=0 src="mim3779111-def14ax6x1.jpg"></TD>

   <TD STYLE="vertical-align: top; width: 33%; white-space: nowrap; text-align: right; padding-top: 8pt"><FONT size=2 face=Arial>xxxxxxxxxxxxxx</FONT></TD>

   <TD STYLE="vertical-align: top; width: 32%; white-space: nowrap; text-align: center; padding-top: 8pt"><FONT size=2 face=Arial>VCF2 31423</FONT></TD>

   <TD STYLE="vertical-align: top; width: 33%; white-space: nowrap; text-align: left; padding-top: 8pt; padding-left: 12pt"><FONT size=2 face=Arial>M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxxxxxx</FONT></TD>


   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: right; padding-top: 8pt">
   &nbsp;</TD></TR></TABLE>
</div>



<BR>
</div>
<HR align=center SIZE=2 width="100%" noShade>



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



<DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.</FONT></B></P><BR>

<P style="MARGIN-BOTTOM: -12pt; TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PROXY</FONT></B></P>

<P style="MARGIN-TOP: 0pt; TEXT-ALIGN: center"><B><FONT size=2 face=Arial>DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME
FUND<BR>JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>TO BE HELD ON SEPTEMBER 18, 2020</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PREFERRED SHARES<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>The undersigned hereby revokes all previous proxies for his/her shares and appoints Michael E. Dresnin, Earthen E. Johnson, 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 virtually, on Friday, September 18, 2020 at 4:00 p.m., Eastern time, or at any postponements or adjournments thereof, with all the powers which the undersigned would possess if personally present, and instructs them to vote in their discretion upon any matters which may properly be acted upon at this joint annual meeting of shareholders and specifically as indicated on the reverse side of this proxy card. </FONT><B><FONT size=2 face=Arial>Please refer to the Proxy Statement for a discussion of these matters.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>BY SIGNING AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR" EACH OF THE NOMINEES LISTED IN 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.</FONT></B></P>

<DIV align=right>

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<TR vAlign=bottom>

   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=1 face=Arial>&nbsp;</FONT></B></TD></TR>

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   <TD style="WIDTH: 100%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-TOP: 2pt" colSpan=3><B><FONT size=1 face=Arial>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 39%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR><BR>

<P STYLE="text-align: center">
<B><FONT size=1 face="Arial">VFL_31423_062920_Pref</FONT></B><BR>


<B><FONT size=1 face="Arial">PLEASE MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY CARD USING THE ENCLOSED ENVELOPE.</FONT></B></P>
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   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left"><FONT size=4 face="Arial">xxxxxxxxxxxxxx </FONT></TD>

   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: middle; border: black 1pt solid; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;code&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="vertical-align: middle; width: 97%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE>


<BR>
</DIV>

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



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



<DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>Important Notice Regarding the Availability of Proxy Materials for the<BR>Joint Annual Shareholder Meeting to be held virtually on September 18, 2020.<BR>The Proxy Statement for this meeting is available at:<BR>www.delawarefunds.com/ceproxy</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>&nbsp;<BR>&nbsp;</FONT></B></P><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.<BR>&nbsp;</FONT></B></P>

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<TR vAlign=bottom>


   <TD STYLE="width: 100%; text-align: left; vertical-align: middle"><B><FONT size=2 face=Arial>THE BOARD RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; EACH OF THE NOMINEES LISTED IN THE PROPOSAL.</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left; vertical-align: middle; padding-top: 2pt"><B><FONT size=1 face=Arial>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </FONT></B><B><FONT size=2 face=Arial style="border: solid 1pt black">&nbsp;X&nbsp;</FONT></B></TD></TR>
</TABLE>


<BR>
<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left; BACKGROUND-COLOR: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left; PADDING-LEFT: 6pt" colSpan=2><B><FONT size=2 face=Arial>Proposal</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><B><FONT size=1 face=Arial>1.</FONT></B></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left; PADDING-TOP: 6pt">&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 98%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><FONT size=1 face=Arial>To approve the election of Directors:</FONT></TD></TR></TABLE>

<DIV style="WIDTH: 78%; FLOAT: left">

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<TR vAlign=bottom>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>01.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas L. Bennett</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>02.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Jerome D. Abernathy</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>03.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Ann D. Borowiec </FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>04.&nbsp;&nbsp;</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Joseph W. Chow</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>05.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>John A. Fry</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>06.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Lucinda S. Landreth</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>07.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Shawn K. Lytle</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>08.</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Frances A. Sevilla-Sacasa</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>09.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas K. Whitford</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left><FONT size=1 face=Arial>10.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Christianna Wood</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left><FONT size=1 face=Arial>11.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Janet L. Yeomans</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left></TD>

   <TD width="24%" noWrap align=left></TD></TR></TABLE></DIV>

<DIV style="WIDTH: 22%; MARGIN-TOP: -20pt; FLOAT: right">

<TABLE style="WIDTH: 100%; LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>WITHHOLD</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR ALL</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>EXCEPT</FONT></TD></TR>

<TR vAlign=bottom>

   <TD WIDTH="33%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="32%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="33%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial>&#9744;</FONT></TD></TR></TABLE></DIV><BR clear=all>

<P style="WIDTH: 60%; TEXT-ALIGN: justify"><B><U><FONT size=1 face=Arial>INSTRUCTIONS:</FONT></U></B><B><FONT size=1 face=Arial> To withhold authority to vote for any individual nominee(s), mark the box &#8220;FOR ALL EXCEPT&#8221; and write the nominee&#8217;s number and name on the line provided.____________________</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 15pt"><FONT size=1 face=Arial>To transact any other business that properly comes before the Meeting and any adjournments of the Meeting.</FONT></P>
<BR>
<BR>

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<TR vAlign=bottom>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left">

   <DIV style="BACKGROUND-COLOR: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>

   <TD style="WIDTH: 99%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-LEFT: 6pt">

   <P><B><FONT size=2 face=Arial>Authorized Signatures &#8212;&nbsp;This section must be completed for your vote to be counted.&#8212; Sign and Date Below</FONT></B></P></TD></TR></TABLE>

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<TR vAlign=bottom>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-TOP: 4pt"><B><FONT size=1 face=Arial>Note:&nbsp;</FONT></B></TD>

   <TD STYLE="width: 99%; text-align: justify; padding-top: 4pt"><FONT size=1 face=Arial>Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.</FONT></TD></TR></TABLE>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Date (mm/dd/yyyy) &#8212; Please print date below</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 32%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 1 &#8212; Please keep signature within the box</FONT></B></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left"><B><FONT style="WORD-SPACING: -0.5pt; LETTER-SPACING: -0.2pt" size=1 face=Arial>Signature 2 &#8212; Please keep signature within the box</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 1.5pt solid"><B><I><FONT size=6 face="Times New Roman">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></I></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 32%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1.5pt solid"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="BORDER-TOP: black 1.5pt solid; BORDER-RIGHT: black 1.5pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1.5pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1.5pt solid"></TD></TR></TABLE>

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   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left; PADDING-TOP: 2pt; BORDER-LEFT: black 1pt solid" colSpan=5>

   <P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>Scanner bar code</FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-top: 8pt">
   <IMG border=0 src="mim3779111-def14ax6x1.jpg"></TD>

   <TD STYLE="width: 33%; vertical-align: top; white-space: nowrap; text-align: right; padding-top: 8pt"><FONT size=2 face=Arial>xxxxxxxxxxxxxx</FONT></TD>

   <TD STYLE="width: 32%; vertical-align: top; white-space: nowrap; text-align: center; padding-top: 8pt"><FONT size=2 face=Arial>VFL2 31423</FONT></TD>

   <TD STYLE="width: 33%; vertical-align: top; white-space: nowrap; text-align: left; padding-top: 8pt; padding-left: 12pt"><FONT size=2 face=Arial>M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxxxxxx</FONT></TD>


   <TD STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right; padding-top: 8pt">
   &nbsp;</TD></TR></TABLE></DIV><BR></DIV>

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



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



<DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P><BR>

<BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.</FONT></B></P><BR>

<P style="MARGIN-BOTTOM: -12pt; TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PROXY</FONT></B></P>

<P style="MARGIN-TOP: 0pt; TEXT-ALIGN: center"><B><FONT size=2 face=Arial>DELAWARE INVESTMENTS MINNESOTA MUNICIPAL INCOME FUND II, INC.<BR>JOINT ANNUAL MEETING OF SHAREHOLDERS<BR>TO BE HELD ON SEPTEMBER 18, 2020</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face=Arial>PREFERRED SHARES<BR>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>The undersigned hereby revokes all previous proxies for his/her shares and appoints Michael E. Dresnin, Earthen E. Johnson, 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 virtually, on Friday, September 18, 2020 at 4:00 p.m., Eastern time, or at any postponements or adjournments thereof, with all the powers which the undersigned would possess if personally present, and instructs them to vote in their discretion upon any matters which may properly be acted upon at this joint annual meeting of shareholders and specifically as indicated on the reverse side of this proxy card. </FONT><B><FONT size=2 face=Arial>Please refer to the Proxy Statement for a discussion of these matters.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>BY SIGNING AND DATING THIS PROXY CARD, YOU AUTHORIZE THE PROXIES TO VOTE ON THE PROPOSAL DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT AS MARKED, OR IF NOT MARKED, TO VOTE "FOR" EACH OF THE NOMINEES LISTED IN 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.</FONT></B></P>

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<TR vAlign=bottom>

   <TD width="100%" colSpan=3 noWrap align=left><B><FONT size=1 face=Arial>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 100%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-TOP: 2pt" colSpan=3><B><FONT size=1 face=Arial>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 59%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid; BACKGROUND-COLOR: silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=1 face=Arial></FONT></B></TD>

   <TD width="2%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 39%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE></DIV><BR><BR>

<P STYLE="text-align: center">
<B><FONT size=1 face="Arial">VMM_31423_062920_Pref</FONT></B><BR>

<B><FONT size=1 face="Arial">PLEASE MARK, SIGN, DATE ON THE REVERSE SIDE AND RETURN THE PROXY CARD USING THE ENCLOSED ENVELOPE.</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="width: 1%; line-height: normal">





<TR vAlign=bottom>

   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left"><FONT size=4 face="Arial">xxxxxxxxxxxxxx </FONT></TD>

   <TD STYLE="vertical-align: middle; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: middle; border: black 1pt solid; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;code&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="vertical-align: middle; width: 97%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE>

<BR>

</DIV>

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



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

<div>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face=Arial>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</FONT></B></P>
<BR>
<BR>
<BR>
<BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>Important Notice Regarding the Availability of Proxy Materials for the<BR>Joint Annual Shareholder Meeting to be held virtually on September 18, 2020.<BR>The Proxy Statement for this meeting is available at:<BR>www.delawarefunds.com/ceproxy</FONT></B></P>
<BR>
<BR>
<BR>
<BR><BR>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face=Arial>&nbsp;<BR>&nbsp;</FONT></B></P>
<BR>
<BR>
<BR>
<BR>
<BR>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Please detach at perforation before mailing.<BR>
&nbsp;</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: normal; width: 100%">



<TR vAlign=bottom>


   <TD STYLE="width: 100%; text-align: left; vertical-align: middle"><B><FONT size=2 face=Arial>THE BOARD RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; EACH OF THE NOMINEES LISTED IN THE PROPOSAL.</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="text-align: left; vertical-align: middle; padding-top: 2pt"><B><FONT size=1 face=Arial>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </FONT></B><B><FONT size=2 face=Arial style="border: solid 1pt black">&nbsp;X&nbsp;</FONT></B></TD></TR>
</TABLE>


<BR>


<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; background-color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left; VERTICAL-ALIGN: middle; padding-left: 6pt"><B><FONT size=2 face=Arial>Proposal</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-alIGN: left; PADDING-TOP: 6pt"><B><FONT size=1 face=Arial>1.</FONT></B></TD>

   <TD STYLE="width: 1%; text-align: left; padding-top: 6pt">&nbsp;&nbsp;</TD>

   <TD STYLE="width: 98%; TEXT-ALIGN: left; PADDING-TOP: 6pt"><FONT size=1 face=Arial>To approve the election of Directors:</FONT></TD></TR></TABLE>


<DIV style="float: left; width: 78%">

<TABLE style="WIDTH: 100%; LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>01.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas L. Bennett</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>02.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Jerome D. Abernathy</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>03.&nbsp;&nbsp;</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Ann D. Borowiec </FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>04.&nbsp;&nbsp;</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Joseph W. Chow</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>05.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>John A. Fry</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>06.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Lucinda S. Landreth</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>07.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Shawn K. Lytle</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>08.</FONT></TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=Arial>Frances A. Sevilla-Sacasa</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=right><FONT size=1 face=Arial>09.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Thomas K. Whitford</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=1 face=Arial></FONT></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left><FONT size=1 face=Arial>10.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Christianna Wood</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left><FONT size=1 face=Arial>11.</FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=Arial>Janet L. Yeomans</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="TEXT-ALIGN: left" width="1%" noWrap align=left></TD>

   <TD width="24%" noWrap align=left></TD></TR></TABLE></DIV>


<DIV style="float: right; width: 22%; margin-top: -20pt">

<TABLE style="WIDTH: 100%; LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>WITHHOLD</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>FOR ALL</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=1 face=Arial>ALL</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=1 face=Arial></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=Arial>EXCEPT</FONT></TD></TR>

<TR vAlign=bottom>

   <TD WIDTH="33%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="32%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial>&#9744;</FONT></TD>

   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial></FONT></TD>

   <TD WIDTH="33%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"><FONT size=2 face=Arial>&#9744;</FONT></TD></TR></TABLE></DIV>
<br clear=all>

<P style="TEXT-ALIGN: justify; width: 60%"><B><U><FONT size=1 face=Arial>INSTRUCTIONS:</FONT></U></B><B><FONT size=1 face=Arial> To withhold authority to vote for any individual nominee(s), mark the box &#8220;FOR ALL EXCEPT&#8221; and write the nominee&#8217;s number and name on the line provided.____________________</FONT></B></P>

<P STYLE="text-align: justify; margin-left: 15pt"><FONT size=1 face=Arial>To transact any other business that properly comes before the Meeting and any adjournments of the Meeting.</FONT></P>
<BR>
<BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; text-align: left; vertical-align: top"><div style="background-color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div></TD>

   <TD STYLE="width: 99%; text-align: left; vertical-align: top; padding-left: 6pt">

   <P><B><FONT size=2 face=Arial>Authorized Signatures &#8212;&nbsp;This section must be completed for your vote to be counted.&#8212; Sign and Date Below</FONT></B></P></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-top: 4pt"><B><FONT size=1 face=Arial>Note:&nbsp;</FONT></B></TD>

   <TD STYLE="width: 99%; text-align: justify; padding-top: 4pt"><FONT size=1 face=Arial>Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of corporation or other entity or in another representative capacity, please give the full title under the signature.</FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-bottom: 2pt"><B><FONT size=1 face=Arial style="word-spacing: -0.5pt; letter-spacing: -0.2pt">Date (mm/dd/yyyy) &#8212; Please print date below</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-bottom: 2pt">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left; padding-bottom: 2pt"><B><FONT size=1 face=Arial style="word-spacing: -0.5pt; letter-spacing: -0.2pt">Signature 1 &#8212; Please keep signature within the box</FONT></B></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-bottom: 2pt">&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-bottom: 2pt"><B><FONT size=1 face=Arial style="word-spacing: -0.5pt; letter-spacing: -0.2pt">Signature 2 &#8212; Please keep signature within the box</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center; border: Black 1.5pt solid"><B><I><FONT size=6 face="Times New Roman">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></I></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left; border: Black 1.5pt solid"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border: Black 1.5pt solid"></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>Scanner bar code</FONT></P></TD></TR>

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   <TD STYLE="vertical-align: top; width: 33%; white-space: nowrap; text-align: right; padding-top: 8pt"><FONT size=2 face=Arial>xxxxxxxxxxxxxx</FONT></TD>

   <TD STYLE="vertical-align: top; width: 32%; white-space: nowrap; text-align: center; padding-top: 8pt"><FONT size=2 face=Arial>VMM2 31423</FONT></TD>

   <TD STYLE="vertical-align: top; width: 33%; white-space: nowrap; text-align: left; padding-top: 8pt; padding-left: 12pt"><FONT size=2 face=Arial>M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxxxxxx</FONT></TD>


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