Exhibit 23D1D
November 28, 2005
Delaware Management Company,
a series of Delaware Management Business Trust
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Re:Advisory Fee Waiver Agreement
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.
161415/4
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
Avg. Daily Net Assets of the Fund Waiver Amount*
--------------------------------- --------------
Excess over $750,000,000 Fees greater than .60 of 1%
* These amounts are stated on an annual basis.
