Exhibit No. EX-99.h3
FORM OF
Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
February 21, 2006
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 "Advisor"), agrees that in order to improve the
performance of certain portfolios of the above listed registered investment
company, which is comprised of the Delaware U.S. Growth Fund and Delaware
Diversified Income Fund (together, the "Funds"), the Advisor shall, from March
1, 2006 through February 28, 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 each Fund's total
operating expenses (excluding any 12b-1 plan expenses, taxes, interest,
brokerage fees, certain insurance costs and extraordinary expenses) exceeds the
following total operating expense ratios (excluding any Rule 12b-1 plan
expenses, taxes, interest, brokerage fees, certain insurance costs and
extraordinary expenses):
Delaware U.S. Growth Fund 0.75%
Delaware Diversified Income Fund 0.75%
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 Adviser Funds
By: _________________________
Name:
Title:
Date:
