EX-99.D.2 2 exhibit99-d2.htm EXECUTED INVESTMENT ADVISORY EXPENSE LIMITATION LETTER (APRIL 2010) exhibit99-d2.htm
Ex-99.d.2
 
Delaware Management Company
2005 Market Street
Philadelphia, PA 19103
 
April 29, 2010
 
Delaware Group Limited Term Government Funds
2005 Market Street
Philadelphia, PA 19103
 
     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 Limited-Term Diversified Income Fund, a series of Delaware Group Limited Term Government Funds, 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, short-sale dividend and interest expenses, 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, the “Excluded Expenses”)) in an aggregate amount equal to the amount by which the Fund’s total operating expenses (excluding any Excluded Expenses) exceed the percentage set forth below for the period April 30, 2010 through April 30, 2011. 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.
 
Fund         Expense Cap
Delaware Limited-Term Diversified Income Fund   0.70%

     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:      /s/ Philip N. Russo  
  Name:    Philip N. Russo
  Title: Executive Vice President & Chief Administrative Officer

Your signature below acknowledges acceptance of this Agreement:
 
Delaware Group Limited Term Government Funds
By:      /s/ Patrick P. Coyne  
  Name:    Patrick P. Coyne
  Title: President & Chief Executive Officer
Date: April 29, 2010