EXHIBIT 99.77Q1(1)
November 28, 2005
Delaware Management Company,
a series of Delaware Management Business Trust
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Re: Advisory Fee Waiver Agreement
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Ladies and Gentlemen:
This letter agreement (the "Agreement") confirms the advisory fee waiver
between the Aggressive Growth Fund (the "Fund"), a series of Lincoln Variable
Insurance Products Trust (the "Trust"), and Delaware Management Company, a
series of Delaware Management Business Trust (the "Adviser") with respect to the
portfolio management of the Aggressive Growth Fund.
1. Advisory Expense Waiver. The Adviser has agreed to waive a portion of
the advisory fee payable to the Adviser under the Investment
Management Agreement, dated as of May 1, 2003 ("Investment Management
Agreement"), between the Fund and the Adviser, as set forth in the
attached Schedule A.
2. Term and Termination. This Agreement shall become effective on October
1, 2005 and shall continue for an initial 15-month term ending April
30, 2007. The Agreement shall renew automatically for one-year terms
unless the Trust or the Adviser provides written notice of the
termination of the Agreement within 30 days of the end of the then
current term. In addition, this Agreement will terminate automatically
in the event of the termination of the Investment Management Agreement
or the termination of the Sub-Advisory Agreement, executed as of
January 1, 2004, between the Adviser and X. Xxxx Price Associates,
Inc.
3. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Delaware, provided that
nothing in this Agreement shall be construed in a manner inconsistent
with the Investment Company Act of 1940, as amended, or the Investment
Advisers Act of 1940, as amended.
Please indicate your approval of this Agreement by signing and returning a
copy of this letter to the Fund.
Very truly yours,
AGGRESSIVE GROWTH FUND, a series of
Lincoln Variable Insurance Products Trust
By: /s/ Rise X.X. Xxxxxx
Name: Rise X.X. Xxxxxx, Vice President
Date: November 28, 2005
Agreed to:
DELAWARE MANAGEMENT COMPANY, a
series of Delaware Management Business Trust
By: /s/ Xxxxx X. X'Xxxxxx
Name: Xxxxx X. X'Xxxxxx, Senior Vice President
Date: November 29, 2005
Schedule A
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Avg. Daily Net Assets of the Fund Waiver Amount*
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Excess over $750,000,000 Fees greater than .60 of 1%
* These amounts are stated on an annual basis.
