Delaware Management Company 2005 Market Street Philadelphia, PA 19103

EX-99.d.4

Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000

March 25, 2016

Delaware Group Global & International Funds
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 series of Delaware Group Global & International Funds set forth below (each a “Fund” and 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 and dividend 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 each Fund’s total operating expenses (excluding any Excluded Expenses) exceed the percentages set forth below for each Fund for the period from March 29, 2016 through March 30, 2017. 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 Fund’s Board and the Manager.

Fund		Expense Cap
Delaware Emerging Markets Fund		1.45%
Delaware Global Value Fund		1.30%
Delaware International Value Equity Fund		1.21%

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 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, 2016