EX-99.d.3
Form of Expense Limitation Letter
Delaware Management Company
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
September [ ], 2008
Delaware Group Foundation 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 Group Foundation Funds (the "Fund"), 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, 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, certain insurance
costs and non-routine expenses) exceed 0.90% of the Fund's average daily net
assets for a one-year period from September [ ], 2008 through September [ ],
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 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.
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: _____________________________
Name: Xxxxxx X. Xxxxx
Title: Executive Vice President
Date: September [ ], 2008
Your signature below acknowledges
acceptance of this Agreement:
Delaware Group Foundation Funds
By:____________________________
Name: Xxxxxxx X. Xxxxx
Title: President & Chief Executive Officer
Date: September [ ], 2008