Delaware Management Company 100 Independence, 610 Market Street Philadelphia, PA 19106-2354

EX-99.d.2

Delaware Management Company
000 Xxxxxxxxxxxx, 000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000-0000

March 25, 2021

Delaware Group Global & International Funds
000 Xxxxxxxxxxxx, 000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000-0000

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 Macquarie Investment Management Business Trust (the “Manager”), agrees that in order to improve the performance of the series of Delaware Group Global & International Funds listed below (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 dividend and 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 the Funds’ total annual operating expenses (excluding any Excluded Expenses) exceed the percentages set forth below for the period from March 30, 2021 through March 31, 2022. For purposes of this Agreement, Excluded 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.

			Class A, Class C
			Class R, and
			Institutional Class		Class R6
	Fund		Expense Cap		Expense Cap
	Delaware Emerging Markets Fund		1.32%		1.20%
	Delaware International Small Cap Fund		1.12%		1.00%
	Delaware International Value Equity Fund		0.88%		0.82%

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
Macquarie Investment Management Business Trust

By:	/s/ Xxxxxxx Xxxxx
	Name:	Xxxxxxx Xxxxx
	Title:	Senior Vice President

Your signature below acknowledges acceptance of this Agreement:

Delaware Group Global & International Funds
By:	/s/ Xxxxx X. Xxxxx
	Name:	Xxxxx X. Xxxxx
	Title:	President & Chief Executive Officer
	Date:	March 25, 2021