Exhibit No. EX-99.h.3
Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
January 12, 2006
Delaware Group Equity IV Funds
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Re: Expense Limitations
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 "Advisor") agrees that in order to improve the
performance of certain portfolios in Delaware Group Equity IV Funds, which is
comprised of the Delaware Growth Opportunities Fund and Delaware Large Cap
Growth Fund (each a "Fund"), the Advisor shall, from February 1, 2006 through
January 31, 2007, waive all or a portion of its investment advisory fees and/or
reimburse expenses (excluding any 12b-1 plan expenses, taxes, interest,
brokerage fees, certain insurance costs and extraordinary expenses) in an
aggregate amount equal to the amount by which each Fund's total operating
expenses (excluding any 12b-1 plan expenses, taxes, interest, brokerage fees,
certain insurance costs and extraordinary expenses) exceeds the following total
operating expense ratios (excluding any 12b-1 plan expenses, taxes, interest,
brokerage fees, certain insurance costs and extraordinary expenses):
Delaware Growth Opportunities Fund N/A
Delaware Large Cap Growth Fund 0.75%
The Advisor 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/Controller/Treasurer/
Financial Operations Principal
Date: January 12, 2006
Your signature below acknowledges
acceptance of this Agreement:
DELAWARE GROUP EQUITY IV FUNDS
By: /s/Xxxxxxx Xxxxxx
Name: Xxxxxxx Xxxxxx
Title: Senior Vice President/Chief Financial Officer
Date: January 12, 2006
