Delaware Management Company
Delaware Management Company
0000 Xxxxxx Xxxxxx
Philadelphia, PA 19103
November 21, 2016
0000 Xxxxxx Xxxxxx
Philadelphia, PA 19103
Re: Expense Limitation
Ladies and Gentlemen:
By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, Delaware Management Company, a series of Delaware Management Business Trust (the “Manager”), agrees that in order to improve the performance of the series of Delaware Group Income Funds set forth below (each a “Fund” and collectively, the “Funds”), the Manager shall waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, the “Excluded Expenses”)) in an aggregate amount equal to the amount by which a Fund’s total operating expenses (excluding any Excluded Expenses) exceed the percentages set forth below for the period from November 28, 2016 through November 28, 2017. For purposes of this Agreement, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Funds’ Board of Trustees and the Manager.
| Fund | Expense Cap (as a percentage of average daily net assets) |
| Delaware Corporate Bond Fund | 0.69% |
| Delaware Extended Duration Bond Fund | 0.71% |
| Delaware High-Yield Opportunities Fund | 0.80% |
The Manager acknowledges that it (1) shall not be entitled to collect on, or make a claim for, waived fees at any time in the future, and (2) shall not be entitled to collect on, or make a claim for, reimbursed Fund expenses at any time in the future.
Delaware Management Company, a series of
Delaware Management Business Trust
| By: | /s/ Xxxxxxx Xxxxx | ||
| Name: | Xxxxxxx Xxxxx | ||
| Title: | Senior Vice President | ||
Your signature below acknowledges acceptance of this Agreement:
| By: | /s/ Xxxxx X. Xxxxx | ||
| Name: | Xxxxx X. Xxxxx | ||
| Title: | President & Chief Executive Officer | ||
| Date: | November 21, 2016 | ||
