Post-Effective Amendment
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 485APOS Post-Effective Amendment 167 866K
2: EX-99.D1 Miscellaneous Exhibit 5 22K
3: EX-99.D2 Miscellaneous Exhibit 4 18K
4: EX-99.E1(I) Miscellaneous Exhibit 13 57K
5: EX-99.E1(II) Miscellaneous Exhibit 9 29K
6: EX-99.E3 Miscellaneous Exhibit 4 22K
7: EX-99.G1 Miscellaneous Exhibit 21 67K
8: EX-99.H1 Miscellaneous Exhibit 11 33K
9: EX-99.M1 Miscellaneous Exhibit 2 12K
10: EX-99.M2 Miscellaneous Exhibit 2 13K
11: EX-99.M3 Miscellaneous Exhibit 2 13K
12: EX-99.N Miscellaneous Exhibit 14 118K
13: EX-99.P2 Miscellaneous Exhibit 3 10K
14: EX-99.Q Miscellaneous Exhibit 4 16K
EX-99.M3 — Miscellaneous Exhibit
EX-99.M3 | 1st Page of 2 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
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EXHIBIT C
CLASS C
DISTRIBUTION PLAN
The following Distribution Plan (the "Plan") has been adopted pursuant
to Rule l2b-l under the Investment Company Act of 1940, as amended (the "Act"),
by Voyageur Mutual Funds III (the "Trust"), separately for each Series of the
Trust identified on Schedule I as amended from time to time (the "Series") on
behalf of the C Class shares of each such Series identified on Schedule I as
amended from time to time (the "Class"), which Trust, Series and Classes may do
business under these or such other names as the Board of Trustees of the Trust
may designate from time to time. The Plan has been approved by a majority of the
Board of Trustees, including a majority of the Trustees who are not interested
persons of the Trust and who have no direct or indirect financial interest in
the operation of the Plan or in any agreements related thereto ("non-interested
Trustees"), cast in person at a meeting called for the purpose of voting on such
Plan. Such approval by the Trustees included a determination that in the
exercise of reasonable business judgment and in light of their fiduciary duties,
there is a reasonable likelihood that the Plan will benefit each such Series and
shareholders of each such Class.
The Trust is a business trust organized under the laws of the State of
Delaware, is authorized to issue different series and classes of securities and
is an open-end management investment company registered under the Act. Delaware
Distributors, L.P. (the "Distributor") is the principal underwriter and national
distributor for the Series' shares, including shares of the Class, pursuant to
the Distribution Agreement between the Distributor and the Trust on behalf of
each Series ("Distribution Agreement").
The Plan provides that:
l. (a) The Trust shall pay to the Distributor, out of the assets of a
particular Class, a monthly fee not to exceed the fee rate set forth on Schedule
I for such Class as may be determined by the Trust's Board of Trustees from time
to time.
(b) In addition to the amounts described in (a) above, the Trust
shall pay (i) to the Distributor for payment to dealers or others, or (ii)
directly to others, an amount not to exceed the service fee rate set forth on
Schedule I for such Class, as a service fee pursuant to dealer or servicing
agreements.
2. (a) The Distributor shall use the monies paid to it pursuant to
paragraph l (a) above to assist in the distribution and promotion of shares of
the relevant Class. Payments made to the Distributor under the Plan may be used
for, among other things, preparation and distribution of advertisements, sales
literature and prospectuses and reports used for sales purposes, as well as
compensation related to sales and marketing personnel, and holding special
promotions. In addition, such fees may be used to pay for advancing the
commission costs to dealers with respect to the sale of the relevant Class
shares.
(b) The monies to be paid pursuant to paragraph 1(b) above shall be
used to pay dealers or others for, among other things, furnishing personal
services and maintaining shareholder accounts, which services include confirming
that customers have received the Prospectus and Statement of Additional
Information, if applicable; assisting such customers in maintaining proper
records with the Trust; answering questions relating to their respective
accounts; and aiding in maintaining the investment of their respective customers
in the relevant Class.
3. The Distributor shall report to the Trust at least monthly on the
amount and the use of the monies paid to it under paragraph 1(a) above. In
addition, the Distributor and others shall inform the Trust monthly and in
writing of the amounts paid under paragraph 1(b) above; both the Distributor and
any others receiving fees under the Plan shall furnish the Board of Trustees of
the Trust with such other information as the Board may reasonably request in
connection with the payments made under the Plan with respect to each Class and
the use thereof by the Distributor and others in order to enable the Board to
make an informed determination of the amount of the Trust's payments and whether
the Plan should be continued with respect to each Class.
4. The officers of the Trust shall furnish to the Board of Trustees of
the Trust, for their review, on a quarterly basis, a written report of the
amounts expended under the Plan with respect to each Class and the purposes for
which such expenditures were made.
5. This Plan shall take effect with respect to the C Class of a
particular Series as of the effective date set forth on Schedule I (the
"Commencement Date"); thereafter, the Plan shall continue in effect with respect
to the C Class of a particular Series for a period of more than one year from
the Commencement Date only so long as such continuance is specifically approved
at least annually by a vote of the Board of Trustees of the Trust, and of the
non-interested Trustees, cast in person at a meeting called for the purpose of
voting on such Plan.
6. (a) The Plan may be terminated as to the C Class of any particular
Series at any time by vote of a majority of the non-interested Trustees or by
vote of a majority of the outstanding voting securities of such Class.
(b) The Plan may not be amended as to the C Class of any particular
Series to increase materially the amount to be spent for distribution pursuant
to paragraph l hereof without approval by the shareholders of such Class.
7. All material amendments to this Plan shall be approved by the
non-interested Trustees in the manner described in paragraph 5 above.
8. So long as the Plan is in effect, the selection and nomination of
the Trust's non-interested Trustees shall be committed to the discretion of such
non-interested Trustees.
9. The definitions contained in Sections 2(a)(19) and 2(a)(42) of the
Act shall govern the meaning of "interested person(s)" and "vote of a majority
of the outstanding voting securities," respectively, for the purposes of this
Plan.
This Plan shall take effect on the Commencement Date, as previously
defined.
April 19, 2001.
Dates Referenced Herein and Documents Incorporated by Reference
4 Subsequent Filings that Reference this Filing
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