EX-99.6.b
Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
September 11, 2007
Delaware Group Adviser 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 Delaware U.S. Growth Fund (the "Fund"), which is a series of
Delaware Group Adviser Funds, the Manager shall waive all or a portion of its
investment advisory fees and/or reimburse expenses (excluding any 12b-1 plan
expenses, taxes, interest, inverse floater program expenses, brokerage fees,
short-sale dividend and interest expenses, certain insurance costs and
non-routine expenses or costs, including, but not limited to, those relating to
reorganizations, litigation, conducting shareholder meetings, and liquidations
(collectively, "non-routine 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, inverse floater program expenses, brokerage fees,
short-sale dividend and interest expenses, certain insurance costs, and
non-routine expenses) exceed 0.75% for the period March 1, 2007 through February
28, 2009. For purposes of this Agreement, non-routine expenses may also include
such additional costs and expenses as may be agreed upon from time to time by
the Fund's Board of Trustees and the Manager. Inverse floater program expenses
include, but are not limited to, interest expense, remarketing fees, liquidity
fees, and trustees' fees from the Fund's participation in inverse floater
programs where it has transferred its own bonds to a trust that issues the
inverse floaters. This agreement supersedes all prior agreements with respect to
the Fund.
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/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: Executive Vice President & Chief
Administrative Officer
Date: September 11, 2007
Your signature below acknowledges acceptance of this Agreement:
Delaware Group Adviser Funds
By: /s/ Xxxxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx
Title: President & Chief Executive Officer
Date: September 11, 2007
