Delaware Management Company 2005 Market Street Philadelphia, PA 19103
EX-99.d.2
Delaware Management Company
0000
Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
February 27, 2014
Board of Trustees
Voyageur Mutual Funds III
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 Delaware Large Cap Core Fund (the “Fund”), a series of Voyageur Mutual Funds III, the Manager shall waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12 b-1 fees, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, acquired fund fees and expenses, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, the “Nonroutine Expenses”)) in an aggregate amount equal to the amount by which the Fund’s total operating expenses (excluding any Nonroutine Expenses) exceed 0.95% of the Fund’s average daily net assets for the period February 27, 2014 through February 27, 2015. 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 Fund’s Board of Trustees and the Manager.
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: | |||
| Name: | Xxxxxx X. Xxxxx | ||
| Title: | Executive Vice President & Chief Administrative Officer | ||
Your signature below acknowledges acceptance of this Agreement:
| By: | |||
| Name: | Xxxxxxx X. Xxxxx | ||
| Title: | President & Chief Executive Officer | ||
| Date: | February 27, 2014 | ||
