Delaware Management Company
EX-99.d.3
Delaware Management Company
0000 Xxxxxx Xxxxxx
Philadelphia, PA 19103
April 24, 2017
0000 Xxxxxx Xxxxxx
Philadelphia, PA 19103
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 (formerly, Delaware Management Business Trust) (the “Manager”), agrees that in order to improve the performance of the series of Delaware VIP Trust set forth below (each a “Series”), 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 Series’ total annual operating expenses (excluding any Excluded Expenses) exceed the percentages set forth below for the period from May 1, 2017 through May 1, 2018. 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 Series’ Board of Trustees and the Manager.
| Fund | Expense Cap |
| Delaware VIP Emerging Markets Series | 1.36% |
| Delaware VIP High Yield Series | 0.75% |
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 Series expenses at any time in the future.
Delaware Management Company, a series of
Macquarie Investment Management Business Trust
(formerly, Delaware Management Business Trust)
By:
/s/Xxxxxxx Xxxxx
Name: Xxxxxxx Xxxxx
Title: Senior Vice President
Your signature below acknowledges acceptance of this Agreement:
By:
/s/Xxxxx X.Xxxxx
Name: Xxxxx X. Xxxxx
Title: President & Chief Executive Officer
Date: April 24, 2017
