Exhibit No. EX-99.h.4.
Form of Investment Advisory Expense Limitation Letter
Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
March 28, 2006
Delaware Group Equity Funds II
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 "Advisor"), agrees that in order to improve the
performance of the Delaware Value Fund (the "Fund"), which is a series of
Delaware Group Equity Funds II , the Advisor shall, from April 1, 2006 through
March 31, 2007, waive all or a portion of its investment advisory fees and/or
reimburse expenses (excluding any Rule 12b-1 plan expenses, taxes, interest,
brokerage fees, certain insurance costs and extraordinary expenses) in an
aggregate amount equal to the amount by which the Fund's total operating
expenses (excluding any 12b-1 plan expenses, taxes, interest, brokerage fees,
certain insurance costs and extraordinary expenses) exceeds 0.75% (excluding any
Rule 12b-1 plan expenses, taxes, interest, brokerage fees, certain insurance
costs and extraordinary expenses).
The Advisor 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:
Title:
Date:
Your signature below acknowledges
acceptance of this Agreement:
Delaware Group Equity Funds II
By: _________________________
Name:
Title:
Date:
