EX-99.(D)(2) 6 d4144521-ex99d2.htm EXECUTED INVESTMENT ADVISORY EXPENSE LIMITATION LETTER (APRIL 2023)

EX-99.d.2

Delaware Management Company
100 Independence, 610 Market Street
Philadelphia, PA 19106-2354

April 24, 2023

Delaware Group Limited-Term Government Funds
100 Independence, 610 Market Street
Philadelphia, PA 19106-2354

Re:Expense Limitations

To whom it may concern:

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 series of Delaware Group Limited-Term Government Funds listed below (collectively, the Funds”), the Manager shall waive all or a portion of its investment advisory fees and/or pay/reimburse expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, 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 Funds’ total annual fund operating expenses (excluding any Excluded Expenses) exceed the percentages set forth below for the period from May 1, 2023 through April 30, 2024. For purposes of this Agreement, Excluded Expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Funds’ Board of Trustees and the Manager.

Fund

Class A and
Institutional Class
Expense Cap

Class C and
Class R
Expense Cap
Class R6
Expense Cap
Delaware Limited-Term Diversified Income Fund 0.39% 0.39% 0.32%
Delaware Tax-Free New Jersey Fund 0.59% N/A N/A
Delaware Tax-Free Oregon Fund 0.65% N/A N/A

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
Macquarie Investment Management Business Trust

By: /s/ Richard Salus  
  Name:   Richard Salus  
  Title: Senior Vice President