Exhibit No. EX-99.h.3
Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
August __, 2006
Voyageur Mutual Funds III
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Re: Expense Limitation
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 Select Growth Fund (the "Fund"), which is a series
of Voyageur Mutual Funds III, the Advisor shall 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 1.23% for the period September 1, 2006 through August 31, 2007.
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:
Voyageur Mutual Funds III
By: _________________________
Name:
Title:
Date:
