Exhibit No. EX-99.d.8 SUB-ADVISORY AGREEMENT AGREEMENT made by and between DELAWARE MANAGEMENT COMPANY, a series of DELAWARE MANAGEMENT BUSINESS TRUST (the "Investment Manager") and MASSACHUSETTS FINANCIAL SERVICES COMPANY (the "Sub-Adviser")....Sub-Advisory Agreement • July 28th, 2006 • Optimum Fund Trust
Delaware Management Company 2005 Market Street Philadelphia, PA 19103 July 29, 2006 Optimum Fund Trust 2005 Market Street Philadelphia, PA 19103 Re: Expense Limitation Ladies and Gentlemen: By our execution of this letter agreement (the "Agreement"),...Optimum Fund Trust • July 28th, 2006
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 Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small Cap Growth Fund, Optimum Small Cap Value Fund, Optimum International Fund and Optimum Fixed Income Fund (each, a "Fund," and together, the "Funds"), each of which is a series of the Optimum Fund Trust, 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 total operating expenses (excluding any 12b-1 plan expenses, taxes, interest, brokerage fees, certain insurance costs and extraordinary expenses) for the period July 29, 2006 through August 1 200
