INVESTMENT MANAGEMENT AGREEMENTInvestment Management Agreement • December 29th, 2011 • Voyageur Intermediate Tax Free Funds
AGREEMENT, made by and between VOYAGEUR INTERMEDIATE TAX FREE FUNDS, a Delaware statutory trust (the “Trust”), on behalf of each series of shares of beneficial interest of the Trust that is listed on Exhibit A to this Agreement, as that Exhibit may be amended from time to time (each such series of shares is hereinafter referred to as a “Fund” and, together with other series of shares listed on such Exhibit, the “Funds”), and DELAWARE MANAGEMENT COMPANY, a series of Delaware Management Business Trust, a Delaware statutory trust (the “Investment Manager”).
Delaware Management Company 2005 Market Street Philadelphia, PA 19103Voyageur Intermediate Tax Free Funds • December 29th, 2011
Delaware Group Tax-Free Funds Voyageur Insured Funds Voyageur Intermediate Tax Free Funds Voyageur Mutual Funds Voyageur Mutual Funds II Voyageur Tax-Free Funds 2005 Market Street Philadelphia, PA 19103
Delaware Distributors, L.P. 2005 Market Street Philadelphia, PA 19103Voyageur Intermediate Tax Free Funds • December 29th, 2011
By our execution of this letter agreement (the “Agreement”), intending to be legally bound hereby, Delaware Distributors, L.P. (the “Distributor”) agrees that in order to improve the performance of the Delaware Tax-Free Minnesota Intermediate Fund (the “Fund”), a series of Voyageur Intermediate Tax Free Funds, the Distributor shall waive a portion of the Rule 12b-1 (distribution) fees applicable to Class A shares, so that the Fund’s Rule 12b-1 (distribution) fees with respect to such class will not exceed 0.15% for the period December 29, 2011 through December 28, 2012.
