EX-99(d)(1)
SUB-ADVISORY AGREEMENT
AGREEMENT made by and between DELAWARE MANAGEMENT COMPANY, A SERIES OF
DELAWARE MANAGEMENT BUSINESS TRUST (the "Investment Manager") and MONDRIAN
INVESTMENT PARTNERS LIMITED (the "Sub-Adviser").
WITNESSETH:
WHEREAS, Delaware Group Global & International Funds, a Delaware
Business Trust (the "Trust") is an investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), and is organized as
a statutory trust under the laws of the State of Delaware; and
WHEREAS, Delaware Emerging Markets Fund, Delaware International Small
Cap Value Fund and Delaware International Value Equity Fund (each, the "Fund")
are series of the Trust; and
WHEREAS, the Investment Manager and the Trust, on behalf of the Fund,
have entered into an agreement (the "Investment Management Agreement") whereby
the Investment Manager will provide investment advisory services to the Trust
with respect to the Fund; and
WHEREAS, the Investment Manager has the authority under the Investment
Management Agreement to retain one or more sub-advisers to assist the Investment
Manager in providing investment advisory services to the Trust with respect to
the Fund; and
WHEREAS, the Investment Manager and the Sub-Adviser are registered
investment advisers under the Investment Advisers Act of 1940, as amended (the
"Advisers Act"), and engage in the business of providing investment advisory
services; and
WHEREAS, the Board of Trustees (the "Board" or the "Trustees") of the
Trust and the Investment Manager desire that the Investment Manager retain the
Sub-Adviser to render investment advisory and other services with respect to
that portion of the Fund as the Investment Manager shall from time to time
allocate to the Sub-Adviser (the "Managed Portion") in the manner, for the
period, and on the terms hereinafter set forth; and
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and each of the parties hereto intending to be legally bound, it is
agreed as follows;
1. (a) The Sub-Adviser will supervise and direct the investments of the
assets of the Managed Portion of the Fund in accordance with the Fund's
investment objectives, policies, and restrictions as provided in the Fund's
Prospectus and Statement of Additional Information, as currently in effect and
as amended or supplemented from time to time (hereinafter referred to as the
"Prospectus"), and such other limitations as the Fund may impose by notice in
writing to the Sub-Adviser, subject always to the supervision and control of
the Investment Manager and the Board.
(b) As part of the services it will provide hereunder, the
Sub-Adviser is authorized, in its discretion and without prior consultation with
the Fund or the Investment Manager to:
(i) obtain and evaluate information relating to investment
recommendations, asset allocation advice, industries, businesses, securities
markets, research, economic analysis, and other investment services with respect
to the securities that are included in the Managed Portion or that are under
consideration for inclusion in the Managed Portion and invest the Managed
Portion in accordance with the Investment Manager's and the Board's written
direction as more fully set forth herein and as otherwise directed;
(ii) regularly make decisions as to what securities to
purchase and sell on behalf of the Fund with respect to the Managed Portion,
effect the purchase and sale of such investments in furtherance of the Fund's
objectives and policies, and furnish the Board with such information and reports
regarding the Sub-Adviser's activities in the performance of its duties and
obligations under this Agreement as the Investment Manager deems appropriate or
as the Board may reasonably request, including such reports, information, and
certifications as the officers of the Trust may reasonably require in order to
comply with applicable international, federal and state laws and regulations;
(iii) provide any and all material composite or other
performance information, records and supporting documentation about accounts or
funds the Sub-Adviser manages, if appropriate, that are relevant to the Managed
Portion and that have investment objectives, policies, and strategies
substantially similar to those employed by the Sub-Adviser in managing the
Managed Portion that may be reasonably necessary, under applicable laws, to
allow the Fund or its agent to present information concerning the Sub-Adviser's
prior performance in the Fund's currently effective Prospectus, as the same may
be hereafter modified, amended, and/or supplemented from time to time, and in
any permissible reports and materials prepared by the Fund or its agent;
(iv) provide information as reasonably requested by the
Investment Manager or the Board to assist them or their agents in the
determination of the fair value of certain portfolio securities held in the
Managed Portion when market quotations are not readily available for the purpose
of calculating the Fund's net asset value in accordance with procedures and
methods established by the Board;
(v) vote proxies, exercise conversion or subscription rights,
and respond to tender offers and other consent solicitations ("Corporate
Actions") with respect to the issuers of securities held in the Managed Portion,
provided materials relating to such Corporate Actions have been timely received
by the Sub-Adviser, and to submit reports regarding such Corporate Actions,
including a copy of any policies regarding such Corporate Actions, in a form
reasonably satisfactory to the Investment Manager and the Fund in order to
comply with any applicable federal or state reporting requirements;
(vi) provide performance and other information as reasonably
requested by the Investment Manager or the Board to assist them or their agent
in conducting ongoing due diligence and performance monitoring; and
(vii) maintain all accounts, books, and records with respect
to the Managed Portion as are required of an investment adviser of a registered
investment company pursuant to the 1940 Act and the Advisers Act and the rules
thereunder and preserve for the periods prescribed by Rule 31a-2 under the 1940
Act any accounts, books and records that it maintains for the Fund and that are
required to be maintained by Rule 31a-1 under the 1940 Act. The Sub-Adviser
shall furnish to the Investment Manager copies of all such accounts, books, and
records as the Investment Manager may reasonably request. The Sub-Adviser agrees
that such accounts, books, and records are the property of the Trust, and will
be surrendered to the Trust promptly upon request, with the understanding that
the Sub-Adviser may retain its own copy of all records.
(c) The Sub-Adviser shall not consult with any other sub-adviser of
the Fund or of any fund that is an "affiliated person" of the Fund concerning
transactions for the Fund in securities or other assets, except as such
consultations may be reasonably necessary in order to ensure compliance with
Rule 12d3-1 under the 1940 Act.
(d) In furnishing services hereunder, the Sub-Adviser shall be
subject to, and shall perform in accordance with, the following: (i) provisions
of the Trust's Agreement and Declaration of Trust, as the same may be hereafter
modified, amended, and/or supplemented from time to time, that are applicable to
the Managed Portion; (ii) provisions of the Trust's By-Laws, as the same may be
hereafter modified, amended, and/or supplemented from time to time; that are
applicable to the Managed Portion; (iii) the Fund's Prospectus; (iv) the 1940
Act and the Advisers Act and the rules under each and all other international,
federal and state securities laws or regulations applicable to the Trust and the
Fund; (v) the Trust's compliance procedures and other policies and procedures
adopted from time to time by the Board applicable to the Managed Portion; and
(vi) the written instructions of the Investment Manager.
(e) The Investment Manager agrees to provide the Sub-Adviser with
current copies of the documents mentioned in paragraph 1(d)(i), (ii), (iii) and
(v) above and all changes made to such documents at, or if practicable, before
the time such changes become effective, and the Investment Manager acknowledges
and agrees that the Sub-Adviser shall not be responsible for compliance with
such documents or amendments unless and until they are received by the
Sub-Adviser. The Sub-Adviser shall be fully protected in acting upon any proper
instructions reasonably believed by it to be genuine and signed or communicated
by or on behalf of the Investment Manager or the Fund.
(f) The Sub-Adviser hereby agrees during the period hereinafter set
forth to render the services and assume the obligations herein set forth for the
compensation herein provided. The Sub-Adviser shall for all purposes herein be
deemed to be an independent contractor, and shall, unless otherwise expressly
provided and authorized, have no authority to act for or represent the Trust,
the Fund or the Investment Manager in any way, or in any way be deemed an agent
of the Trust, the Fund or the Investment Manager.
(g) The Sub-Adviser may perform its services through its employees,
officers or agents, and the Investment Manager shall not be entitled to the
advice, recommendation or judgment of any specific person; provided, however,
that the persons identified in the Fund's Prospectus shall perform the portfolio
management duties described therein until the Sub-Adviser notifies the
Investment Manager that one or more other affiliates, employees, officers or
agents identified in such notice shall assume such duties as of a specific date.
(h) The Investment Manager shall provide (or use its best efforts to
cause to be provided) timely information to the Sub-Adviser regarding such
matters as the cash requirements and cash available for investment in the
Managed Portion, and all other information as may be reasonably necessary for
the Sub-Adviser to perform its responsibilities under this Agreement.
2. (a) Under the terms of the Investment Management Agreement, the
Trust shall conduct its own business and affairs and shall bear the expenses and
salaries necessary and incidental thereto including, but not in limitation of
the foregoing, the costs incurred in: the maintenance of its existence as a
statutory trust organized under the laws of the State of Delaware; the
maintenance of its own books, records, and procedures; dealing with its own
shareholders; the payment of dividends; transfer of shares, including issuance
and repurchase of shares; preparation of share certificates, if any; reports and
notices to shareholders; calling and holding of shareholders' meetings;
miscellaneous office expenses; brokerage commissions; custodian fees; legal and
accounting fees; taxes; interest and federal and state registration fees.
(b) Directors, officers and employees of the Sub-Adviser may be
directors, officers and employees of other funds that have employed the
Sub-Adviser as sub-adviser or investment manager. Directors, officers and
employees of the Sub-Adviser who are Trustees, officers and/or employees of the
Trust, shall not receive any compensation from the Trust for acting in such dual
capacity.
3. (a) The Sub-Adviser will select brokers and dealers to effect all
Fund transactions with respect to the Managed Portion subject to the conditions
set forth herein. The Sub-Adviser may combine orders for the Managed Portion
with orders for other accounts or funds under management. Transactions involving
combined orders are allocated in a manner deemed equitable to each account. The
Sub-Adviser will place all necessary orders with brokers, dealers, or issuers,
and will negotiate brokerage commissions, if applicable. The Sub-Adviser is
directed at all times to seek to execute transactions for the Managed Portion
(i) in accordance with any written policies, practices or procedures that may be
established by the Board or the Investment Manager from time to time and
provided to the Sub-Adviser, and (ii) as described in the Fund's Prospectus and
SAI. In placing any orders for the purchase or sale of investments for the Fund,
with respect to the Managed Portion, the Sub-Adviser shall use its best efforts
to obtain for the Managed Portion "best execution," considering all of the
circumstances, and shall maintain records adequate to demonstrate compliance
with this requirement.
(b) Subject to the appropriate policies and procedures approved by
the Board and provided to the Sub-Adviser in writing, the Sub-Adviser may, to
the extent authorized by Section 28(e) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), cause the Managed Portion to pay a broker or
dealer that provides brokerage and research services to the Investment Manager,
the Sub-Adviser and the Managed Portion an amount of commission for effecting a
Fund transaction in excess of the amount of commission another broker or dealer
would have charged for effecting that transaction if the Sub-Adviser determines,
in good faith, that such amount of commission is reasonable in relation to the
value of such brokerage and research services provided viewed in terms of that
particular transaction or the Sub-Adviser's overall responsibilities to its
clients for which the Investment Manager or the Sub-Adviser exercises investment
discretion. To the extent authorized by Section 28(e) and the Board, the
Sub-Adviser shall not be deemed to have acted unlawfully or to have breached any
duty created by this Agreement or otherwise solely by reason of such action.
(c) Subject to applicable law and regulations, including Section
17(e) of the 1940 Act and Rule 17e-1 thereunder, the Sub-Adviser is authorized
to place orders for the purchase and sale of securities for the Managed Portion
with brokers or dealers that are affiliated with the Sub-Adviser. Any entity or
person associated with the Investment Manager or the Sub-Adviser that is a
member of a national securities exchange is authorized to effect any transaction
on such exchange for the account of the Fund to the extent and as permitted by
Section 11(a)(1)(H) of the Exchange Act and Rule 11a2-2(T) thereunder.
4. As compensation for the services to be rendered to the Trust for the
benefit of the Fund by the Sub-Adviser under the provisions of this Agreement,
the Investment Manager shall pay to the Sub-Adviser a fee as provided in Exhibit
A attached hereto.
5. The services to be rendered by the Sub-Adviser to the Trust for the
benefit of the Fund under the provisions of this Agreement are not to be deemed
to be exclusive, and the Sub-Adviser shall be free to render similar or
different services to others so long as its ability to render the services
provided for in this Agreement shall not be materially impaired thereby.
6. (a) Subject to the limitation set forth in Paragraph 5, the
Sub-Adviser, its directors, officers, employees, agents, and shareholders may
engage in other businesses, may render investment advisory services to other
investment companies, or to any other corporation, association, firm or
individual, and may render underwriting services to the Trust or to any other
investment company, corporation, association, firm or individual.
(b) Neither the Investment Manager, the Trust nor the Fund shall use
the Sub-Adviser's actual or fictitious name(s), xxxx(s), derivative(s) and/or
logo(s) (or that of any affiliate of the Sub-Adviser, other than that of the
Fund, the Trust, or any affiliate of the Investment Manager that is an affiliate
of the Sub-Adviser solely by reason of the Sub-Adviser's provision of services
pursuant to this Agreement) or otherwise refer to the Sub-Adviser in any
materials related to the Trust or the Fund distributed to third parties,
including the Fund's shareholders, without prior review and written approval by
or on behalf of the Sub-Adviser, which may not be unreasonably withheld or
delayed. Upon termination of this Agreement, the Investment Manager, the Trust
and the Fund, shall, to the extent applicable and as soon as is reasonably
possible, cease to use the Sub-Adviser's actual or fictitious name(s), xxxx(s),
derivative(s) and/or logo(s) in materials related to the Fund.
(c) The Sub-Adviser shall not use the Investment Manager's name (or
that of any affiliate of the Investment Manager, other than that of any
affiliate of the Sub-Adviser that is an affiliate of the Investment Manager
solely by reason of the Sub-Adviser's provision of services pursuant to this
Agreement) or otherwise refer to the Investment Manager in any materials related
to the Trust or the Fund distributed to third parties, including the Fund's
shareholders, without prior review and written approval by the Investment
Manager, which may not be unreasonably withheld or delayed. Upon termination of
this Agreement, the Sub-Adviser, shall, to the extent applicable and as soon as
is reasonably possible, cease to use the actual or fictitious name(s), xxxx(s),
derivative(s) and/or logo(s) of the Trust and the Fund.
(d) This Section 6 applies solely to materials related to the Fund
and the Trust only, and not to other products or relationships between the
Sub-Adviser and the Investment Manager.
7. (a) In the absence of willful misfeasance, bad faith, gross
negligence, or reckless disregard in the performance of its duties as
Sub-Adviser to the Trust on behalf of the Fund, neither the Sub-Adviser nor any
of its officers, directors, employees or agents (collectively, "Sub-Adviser
Related Persons") shall be liable to the Trust, the Fund, the Investment Manager
or any shareholder of the Trust for any action or omission in the course of, or
connected with, rendering services hereunder or for any losses that may be
sustained in the purchase, holding or sale of any security, or otherwise. The
Sub-Adviser makes no representation or warranty, express or implied, that any
level of performance or investment results will be achieved by the Managed
Portion or the Fund, or that the Managed Portion or the Fund will perform
comparably with any standard or index, including other clients of the
Sub-Adviser, whether public or private. Subject to the first sentence of this
Section 7(a), the Sub-Adviser shall not be responsible for any loss incurred by
any reason of any act or omission of any bank, broker, the custodian bank or any
administrator or trustee whether appointed on behalf of the Investment Manager,
the Fund or the Trust. Nothing contained herein shall be deemed to waive any
liability which cannot be waived under applicable law, including applicable U.S.
state and federal securities laws, ERISA and the Financial Services and Markets
Xxx 0000 of the United Kingdom ("FSMA") or any rules or regulations adopted
under any of those laws.
(b) The Investment Manager shall indemnify Sub-Adviser Related
Persons to the fullest extent permitted by law against any and all loss, damage,
judgments, fines, amounts paid in settlement and reasonable expenses, including
attorneys' fees, (collectively "Losses") incurred by the Sub-Adviser or
Sub-Adviser Related Persons arising from or in connection with this Agreement or
the performance by the Sub-Adviser or Sub-Adviser Related Persons of its or
their duties hereunder so long as such Losses arise out of the Investment
Manager's willful misfeasance, bad faith, gross negligence, or reckless
disregard in performing its responsibilities hereunder, including, without
limitation, such Losses arising under any applicable law or that may be based
upon any untrue statement of a material fact contained in the Trust's
Registration Statement, or any amendment thereof or any supplement thereto, or
the omission to state therein a material fact that was known or that should have
been known and was required to be stated therein or necessary to make the
statements therein not misleading, unless such statement or omission was made in
reasonable reliance upon information furnished to the Investment Manager or the
Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for
inclusion in the Registration Statement or any amendment thereof or supplement
thereto, except to the extent any such Losses referred to in this paragraph (b)
result from willful misfeasance, bad faith, gross negligence or reckless
disregard on the part of the Sub-Adviser or a Sub-Adviser Related Person in the
performance of any of its duties under, or in connection with, this Agreement.
(c) The Sub-Adviser shall indemnify the Investment Manager and its
affiliates and its or their controlling persons, officers, directors, employees,
agents, legal representatives and persons controlled by it (collectively,
"Investment Manager Related Persons") to the fullest extent permitted by law
against any and all Losses incurred by the Investment Manager or Investment
Manager Related Persons arising from or in connection with this Agreement or the
performance by the Investment Manager or Investment Manager Related Persons of
its or their duties hereunder so long as such Losses arise out of the
Sub-Adviser's willful misfeasance, bad faith, gross negligence, or reckless
disregard in performing its responsibilities hereunder, including, without
limitation, such Losses arising under any applicable law or that may be based
upon any untrue statement of a material fact contained in the Trust's
Registration Statement, or any amendment thereof or any supplement thereto, or
the omission to state therein a material fact that was known or that should have
been known and was required to be stated therein or necessary to make the
statements therein not misleading, if such statement or omission was made in
reasonable reliance upon information furnished to the Investment Manager or the
Trust by the Sub-Adviser or a Sub-Adviser Related Person specifically for
inclusion in the Registration Statement or any amendment thereof or supplement
thereto, except to the extent any such Losses referred to in this paragraph (c)
result from willful misfeasance, bad faith, gross negligence or reckless
disregard on the part of the Investment Manager or an Investment Manager Related
Person in the performance of any of its duties under, or in connection with,
this Agreement.
8. (a) This Agreement shall be executed and become effective as of the
date written below; provided, however, that this Agreement shall not become
effective with respect to the Fund unless it has first been approved in the
manner required by the 1940 Act and the rules thereunder or in accordance with
exemptive or other relief granted by the Securities and Exchange Commission (the
"SEC") or its staff. This Agreement shall continue in effect for a period of two
(2) years and may be renewed thereafter only so long as such renewal and
continuance is specifically approved at least annually by the Board or by the
vote of a majority of the outstanding voting securities of the Fund and only if
the terms and the renewal hereof have been approved by the vote of a majority of
those Trustees of the Trust who are not parties hereto or "interested persons"
of the Trust, the Fund, or any party hereto, cast in person at a meeting called
for the purpose of voting on such approval.
(b) No amendment to this Agreement shall be effective unless
approved in the manner required by the 1940 Act and the rules thereunder or in
accordance with exemptive or other relief granted by the SEC or its staff.
(c) This Agreement may be terminated (i) by the Investment Manager
at any time, without the payment of a penalty, on ninety (90) days' written
notice to the Sub-Adviser of the Investment Manager's intention to do so and
(ii) by the Trust at any time, without the payment of a penalty, on sixty (60)
days' written notice to the Sub-Adviser of the Trust's intention to do so
pursuant to action by the Board or pursuant to the vote of a majority of the
outstanding voting securities of the Fund. The Sub-Adviser may terminate this
Agreement at any time, without the payment of a penalty, on ninety (90) days'
written notice to the Investment Manager and the Trust of its intention to do
so. Upon termination of this Agreement, the obligations of all the parties
hereunder shall cease and terminate as of the date of such termination, except
for (i) any obligation arising out of or relating to a breach of this Agreement
committed prior to such termination, (ii) the obligation of the Investment
Manager to pay to the Sub-Adviser the fee provided in Paragraph 4 hereof,
prorated to the date of termination, and (iii) any indemnification obligation
provided in Paragraph 7 hereof. This Agreement shall automatically terminate in
the event of its assignment or upon the termination of the Investment Management
Agreement.
9. Any information and advice furnished by either party to this
Agreement to the other party shall be treated as confidential and shall not be
disclosed to third parties without the consent of the other party hereto.
Notwithstanding the foregoing, information shall not be subject to such
confidentiality obligations if it:
(i) is already known to the receiving party at the time it
is obtained (other than through previous disclosure by
the protected party or by a party known by the
receiving party to be bound by a confidentiality
obligation to the protected party);
(ii) is or becomes publicly known or available through no
wrongful act of the receiving party;
(iii) is rightfully received from a third party who, to the
best of the receiving party's knowledge, is not under a
duty of confidentiality;
(iv) is required to be disclosed by the receiving party
pursuant to a requirement of a court order, subpoena,
governmental or regulatory agency or law (provided the
receiving party provides the protected party written
notice of such requirement, to the extent such notice
is permitted);
(v) is relevant to the defense of any claim or cause of
action asserted against the receiving party (provided
the receiving party provides the protection party with
sixty (60) days' written notice of any disclosure if
practicable or such lesser amount as may be necessary
and provided such notice does not prejudice the
receiving party); or
(vi) has been or is independently developed or obtained by
the receiving party.
The Sub-Adviser shall not disclose any "nonpublic personal information" (as such
term is defined in Regulation S-P, including any amendments thereto) pertaining
to the customers of the Trust or a client of the Investment Manager to any third
party or use such information other than for the purpose of providing the
services contemplated by this Agreement.
10. The Sub-Adviser represents, warrants and agrees that:
(a) The Sub-Adviser: (i) is registered as a investment adviser under
the Advisers Act and will continue to be so registered for so long as this
Agreement remains in effect; (ii) is not prohibited by the 1940 Act, the
Advisers Act or other law, regulation or order from performing the services
contemplated by this Agreement; (iii) to the best of its knowledge, has met and
will seek to continue to meet for so long as this Agreement remains in effect,
any other applicable federal or state requirements, or the applicable
requirements of any regulatory or industry self-regulatory agency necessary to
be met in order to perform the services contemplated by this Agreement; (iv) has
the authority to enter into and perform the services contemplated by this
Agreement; and (v) will promptly notify the Investment Manager of the occurrence
of any event that would disqualify the Sub-Adviser from serving as an investment
adviser of an investment company pursuant to Section 9(a) of the 1940 Act or
otherwise. The Sub-Adviser will also promptly notify the Fund and the Investment
Manager if it is served or otherwise receives notice of any action, suit,
proceeding, inquiry or investigation, at law or in equity, before or by any
court, public board or body, involving the affairs of the Fund, provided,
however, that routine regulatory examinations that do not specifically relate to
the Managed Portion or the Fund shall not be required to be reported by this
provision.
(b) The Sub-Adviser has adopted a written code of ethics complying
with the requirements of Rule 17j-1 under the 1940 Act and will provide the
Investment Manager and the Board with a copy of such code of ethics, together
with evidence of its adoption. In accordance with the requirements of Rule
17j-1, the Sub-Adviser shall certify to the Investment Manager that the
Sub-Adviser has complied in all material respects with the requirements of Rule
17j-1 during the previous year and that there has been no material violation of
the Sub-Adviser's code of ethics relating to the services the Sub-Adviser
performs under this Agreement or, if such a material violation has occurred,
that appropriate action was taken in response to such violation. Upon the
written request of the Investment Manager, the Sub-Adviser shall provide to the
Investment Manager, its employees or its agents all information required by Rule
17j-1(c)(1) relating to the approval by the Fund's Board of Trustees of the
Sub-Adviser's code of ethics relating to the services the Sub-Adviser performs
under this Agreement.
(c) The Sub-Adviser has provided the Investment Manager with a copy
of its Form ADV at least forty-eight (48) hours prior to execution of this
Agreement, which as of the date of this Agreement is its Form ADV as most
recently filed with the SEC, and promptly will furnish a copy of all amendments
to the Investment Manager at least annually. Such amendments shall reflect all
changes in the Sub-Adviser's organizational structure, professional staff or
other significant developments affecting the Sub-Adviser, as required by the
Advisers Act.
(d) The Sub-Adviser will notify the Trust and the Investment Manager
of any event that would be deemed an assignment of this Agreement, with the
exception of any assignment by or with respect to the Investment Manager, or
change of control of the Sub-Adviser, as applicable, and any changes in the key
personnel who are the portfolio manager(s) of the Managed Portion prior to or
promptly after such change. The Investment Manager will notify the Sub-Adviser
of any event that would be deemed an assignment of this Agreement, with the
exception of any assignment by or with respect to the Sub-Adviser, or change of
control of the Investment Manager, as applicable. The Sub-Adviser agrees to bear
all reasonable expenses of the Fund, if any, arising out of an assignment of
this Agreement or change in control of the Sub-Adviser so long as the assignment
is not by or with respect to the Investment Manager.
(e) The Sub-Adviser agrees to maintain an appropriate level of
errors and omissions or professional liability insurance coverage as shall be
reasonably necessary in light of its obligations under this Agreement.
11. This Agreement shall extend to and bind the successors of the
parties hereto. Nothing in this Agreement, express or implied, is intended to or
shall (a) confer on any person other than the parties hereto and their
respective successors or permitted assigns any rights (including third party
beneficiary rights), remedies, obligations or liabilities under or by reason of
this Agreement, or (b) constitute the parties hereto as partners or as
participants in a joint venture.
12. For the purpose of this Agreement, the terms "vote of a majority of
the outstanding voting securities," "interested person," "affiliated person,"
and "assignment" shall have the meanings given them in the 1940 Act, subject,
however to such exemptions as may be granted by the SEC and its staff under the
1940 Act.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
signed by their duly authorized officers and duly attested as of the 24th day of
September, 2004.
MONDRIAN INVESTMENT DELAWARE MANAGEMENT
PARTNERS LIMITED COMPANY, a series of Delaware
Management Business Trust
By: Xxxxx Xxxxxx By: Xxxx X. Xxxxxxxx
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Name: Xxxxx Xxxxxx Name:
Title: Chief Investment Officer Title:
and Managing Director
Attest: Xxxxxxxx Xxxxxx Attest: Xxxxxxx X. Xxxxxxxxxx
------------------------------ ---------------------------
Name: Xxxxxxxx Xxxxxx Name:
Title: Executive Secretary Title:
Agreed to and accepted as of the day and year first above written:
Delaware Group Global & International, for the
Delaware Emerging Markets Fund
Delaware International Small Cap Value Fund
Delaware International Value Equity Fund
By: Xxxx X. Xxxxxxxx
-------------------------------
Name:
Title:
Attest: Xxxxxxx X. Xxxxxxxxxx
---------------------------
Name:
Title:
EXHIBIT A
FEE SCHEDULE
Fund Annual Rate
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(as a percentage of average daily net assets)
Delaware Emerging Markets Fund 0.30%
Delaware International Small Cap Value Fund 0.20%
Delaware International Value Equity Fund 0.20%
