Exhibit No. EX-99.h.4
Form of Investment Advisory Expense Limitation Letter
Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
January 1, 2006
Delaware Group Equity Funds V
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 Small Cap Core Fund (the "Fund"), which is a series
of Delaware Group Equity Funds V, the Advisor shall, from January 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 1.00% (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 V
By: _________________________
Name:
Title:
Date:
Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
March 28, 2006
Delaware Group Equity Funds V
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 Dividend Income Fund (the "Fund"), which is a series
of Delaware Group Equity Funds V, 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) exceed 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 V
By: _________________________
Name:
Title:
Date:
