Exhibit No. EX-99.h.4
Delaware Distributors, L.P.
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
August __, 2006
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 Distributors, L.P. (the "Distributor") agrees
that in order to improve the performance of the Delaware Select Growth Fund (the
"Fund"), which is a series of Voyageur Mutual Funds III, the Distributor shall
waive a portion of the Rule 12b-1 (distribution) fees for Class R Shares so that
such Rule 12b-1 (distribution) fees for the Fund will not exceed 0.50% for the
period September 1, 2006 through August 31, 2007.
The Distributor acknowledges that it shall not be entitled to collect, on
or make a claim for, waived fees at any time in the future.
Delaware Distributors, L.P.
By: _________________________
Name:
Title:
Date:
Your signature below acknowledges
acceptance of this Agreement:
Voyageur Mutual Funds III
By: _________________________
Name:
Title:
Date:
