SUB-ADVISORY AGREEMENTSub-Advisory Agreement • July 29th, 2020 • Delaware Group Foundation Funds
AGREEMENT made by and between DELAWARE MANAGEMENT COMPANY, a series of Macquarie Investment Management Business Trust, a Delaware statutory trust (the “Investment Manager”), and MACQUARIE FUNDS MANAGEMENT HONG KONG LIMITED (the “Sub-Adviser’’).
Delaware Management Company 2005 Market Street Philadelphia, PA 19103Delaware Group Foundation Funds • July 29th, 2020
By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, Delaware Management Company, a series of Macquarie Investment Management Business Trust (the “Manager”), agrees that in order to improve the performance of the Delaware Strategic Allocation Fund (the “Fund”), a series of Delaware Group Foundation Funds, the Manager shall waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, taxes, interest, acquired fund fees and expenses, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, the “Excluded Expenses”)) in an aggregate amount equal to the amount by which the Fund’s total annual fund operating expenses (excluding any Excluded Expenses) exceed 0.90% for the period from July 29, 2020
