Management Fee Waiver and Expense Limitation Agreement
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Exhibit 28D(v) |
Management Fee Waiver and Expense Limitation Agreement effective February 1, 2012 (Lord Xxxxxx AMT Free Municipal Bond Fund, Lord Xxxxxx Intermediate Tax Free Fund and Lord Xxxxxx Short Duration Tax Free Fund). |
Management Fee Waiver and Expense Limitation Agreement
This Management Fee Waiver and Expense Limitation Agreement (the “Agreement”) is made and entered into this 1st day of February, 2012 between Lord, Xxxxxx & Co. LLC (“Lord Xxxxxx”) and Lord Xxxxxx Municipal Income Fund, Inc. (“Income Fund”) with respect to the Lord Xxxxxx Short Duration Tax Free Fund (“Short Duration Tax Free Fund”), the Lord Xxxxxx Intermediate Tax Free Fund (“Intermediate Tax Free Fund”) and the Lord Xxxxxx AMT Free Municipal Bond Fund (“AMT Free Fund”) (collectively, the “Funds”).
In consideration of good and valuable consideration, receipt of which is hereby acknowledged, it is agreed as follows:
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1. |
With respect to the Short Duration Tax Free Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 4 below to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, if any, do not exceed an annual rate of 0.41%. |
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With respect to the Intermediate Tax Free Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 4 below to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, if any, do not exceed an annual rate of 0.47%. |
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With respect to the AMT Free Municipal Bond Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 4 below to waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees and interest related expenses, if any, do not exceed an annual rate of 0.35%. |
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4. |
This Agreement will be effective from February 1, 2012 through January 31, 2013. This Agreement may be terminated only by the Board of Directors of Income Fund upon written notice to Lord Xxxxxx. |
[Signatures follow on next page]
IN WITNESS WHEREOF, Lord Xxxxxx and the Income Fund have caused this Agreement to be executed by a duly authorized member and officer, respectively, to become effective as of the day and year first above written.
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Lord, Xxxxxx & Co. LLC |
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By: |
/s/ Xxxxxxxx X. Xxxxxx |
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Xxxxxxxx X. Xxxxxx |
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Member and General Counsel |
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Lord Xxxxxx Municipal Income Fund, Inc. |
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By: |
/s/ Xxxxxx X. Xxxxxxxx |
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Xxxxxx X. Xxxxxxxx |
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Vice President and Assistant Secretary |
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