MANAGEMENT FEE WAIVER AND EXPENSE LIMITATION AGREEMENT
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 March, 2011 between Lord, Xxxxxx & Co. LLC (“Lord Xxxxxx”) and Lord Xxxxxx Securities Trust (“Securities Trust”) with respect to the Lord Xxxxxx International Core Equity Fund (the “International Core Equity Fund”), Lord Xxxxxx International Dividend Income Fund (‘International Dividend Income Fund”), Lord Xxxxxx International Opportunities Fund (the “International Opportunities Fund”), Lord Xxxxxx Micro Cap Growth Fund (“Micro Cap Growth Fund”) and Lord Xxxxxx Micro Cap Value Fund (“Micro Cap Value Fund”) (collectively, the “Funds”).
In consideration of good and valuable consideration, receipt of which is hereby acknowledged, it is agreed as follows:
| 1. |
With respect to the International Core Equity Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 6 below to waive all or a portion of its management fee and bear directly and/or reimburse the Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 0.77%. | |||
| 2. |
With respect to the International Dividend Income Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 6 below to waive all or a portion of its management fee and bear directly and/or reimburse the Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 0.77%. | |||
| 3. |
With respect to the International Opportunities Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 6 below to waive all or a portion of its management fee and bear directly and/or reimburse the Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 1.35%. | |||
| 4. |
With respect to the Micro Cap Growth Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 6 below to waive all or a portion of its management fee and bear directly and/or reimburse the Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 1.85%. | |||
| 5. |
With respect to the Micro Cap Value Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 6 below to waive all or a portion of its management fee and bear directly and/or reimburse the Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 1.85%. | |||
| 6. | This Agreement will be effective from March 1, 2011 through February 29, 2012. This Agreement may be terminated only by the Board of Trustees of Securities Trust upon written notice to Lord Xxxxxx. |
IN WITNESS WHEREOF, Lord Xxxxxx and the Lord Xxxxxx Securities Trust 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.
| LORD XXXXXX SECURITIES TRUST | ||
| By: |
/s/ Xxxxxx X. Xxxxxxxx | |
| Xxxxxx X. Xxxxxxxx | ||
| Vice President and Assistant Secretary | ||
| LORD, XXXXXX & CO. LLC | ||
| By: | /s/ Xxxxxxxx X. Xxxxxx | |
| Xxxxxxxx X. Xxxxxx | ||
| Member and General Counsel | ||
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