EX-99.d.2
Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
December 27, 2007
Voyageur Insured Funds
Voyageur Intermediate Tax Free Funds
Voyageur Mutual Funds
Voyageur Mutual Funds II
Voyageur Tax-Free Funds
Delaware Group Tax-Free Fund
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 "Manager"), agrees that in order to improve the
performance of the municipal bond funds listed in the table below (collectively,
the "Funds"), the Manager shall waive all or a portion of its investment
advisory fees and/or reimburse expenses (excluding any 12b-1 plan expenses,
taxes, interest, inverse floater program expenses, brokerage fees, short-sale
dividend and interest expenses, certain insurance costs and non-routine expenses
or costs, including but not limited to, those relating to reorganizations,
litigation, conducting shareholder meetings and liquidations (collectively,
"non-routine expenses")) in an aggregate amount equal to the amount by which the
Funds' respective total operating expenses (excluding any 12b-1 plan expenses,
taxes, interest, inverse floater program expenses, brokerage fees, short-sale
dividend and interest expenses, certain insurance costs and non-routine
expenses) exceed the amounts indicated below for the period January 1, 2008
through December 31, 2008. For purposes of this Agreement, non-routine expenses
may also include such additional costs and expenses as may be agreed upon from
time to time by the Funds' Boards and the Manager. Inverse floater program
expenses include, but are not limited to, interest expense, remarketing fees,
liquidity fees, and trustees' fees from a Fund's participation in inverse
floater programs where it has transferred its own bonds to a trust that issues
the inverse floaters.
Registrant/Fund Expense Limitation
VOYAGEUR INSURED FUNDS
Delaware Tax-Free Arizona Fund 0.50%
VOYAGEUR INTERMEDIATE TAX FREE FUNDS
Delaware Tax-Free Minnesota Intermediate Fund 0.60%
VOYAGEUR MUTUAL FUNDS
Delaware Minnesota High-Yield Municipal Bond Fund 0.64%
Delaware National High-Yield Municipal Bond Fund 0.65%
Delaware Tax-Free California Fund 0.63%
Delaware Tax-Free Idaho Fund 0.60%
Delaware Tax-Free New York Fund 0.60%
VOYAGEUR MUTUAL FUNDS II
Delaware Tax-Free Colorado Fund 0.68%
VOYAGEUR TAX-FREE FUNDS
Delaware Tax-Free Minnesota Fund 0.68%
DELAWARE GROUP TAX-FREE FUND
Delaware Tax-Free USA Fund 0.60%
Delaware Tax-Free USA Intermediate Fund 0.60%
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 X. Xxxxx
Name: Xxxxxxx X. Xxxxx
Title: Executive Vice President & Chief Administrative Officer
Date: December 27, 2007
Your signature below acknowledges
acceptance of this Agreement:
Voyageur Insured Funds Voyageur Intermediate Tax Free Funds
By: /s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx Name: Xxxxxxx X. Xxxxx
Title: President & Chief Title: President & Chief
Executive Officer Executive Officer
Date: December 27, 2007 Date: Decmember 27, 2007
Voyageur Mutual Funds Voyageur Mutual Funds II
By: /s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx Name: Xxxxxxx X. Xxxxx
Title: President & Chief Title: President & Chief
Executive Officer Executive Officer
Date: December 27, 2007 Date: Decmember 27, 2007
Voyageur Tax-Free Funds Delaware Group Tax-Free Fund
By: /s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx Name: Xxxxxxx X. Xxxxx
Title: President & Chief Title: President & Chief
Executive Officer Executive Officer
Date: December 27, 2007 Date: Decmember 27, 2007
