Expense Limitation Agreement

Exhibit 99.2(k)(21)

Expense Limitation Agreement

This Expense Limitation Agreement (the “Agreement”) is made and entered into this 17th day of July, 2024 between Lord, Xxxxxx & Co. LLC (“Lord Xxxxxx”) and Lord Xxxxxx Municipal Opportunities Fund (the “Fund”).

In consideration of good and valuable consideration, receipt of which is hereby acknowledged, it is agreed as follows:

1. Xxxx Xxxxxx agrees for the time period set forth in paragraph 2 below to waive all or a portion of its management and administrative services fees and reimburse the Fund’s other expenses to the extent necessary to limit total net annual operating expenses, excluding acquired fund fees and expenses, distribution-related expenses, interest expense, taxes, expenses related to litigation and potential litigation, investment expenses (such as fees and expenses of outside legal counsel or third-party consultants, due diligence-related fees, and other costs, expenses and liabilities with respect to consummated and unconsummated investments) and extraordinary expenses, to an annual rate of 0.25% for the Fund.

2. This Agreement will be effective from July 17, 2024 through October 31, 2025. This Agreement may be terminated only by the Board of Trustees of the Fund upon written notice to Xxxx Xxxxxx.

IN WITNESS WHEREOF, Xxxx Xxxxxx and the 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.

	Lord, Xxxxxx & Co. LLC
	By:	/s/ Xxxxxxxx X. Xxxxxx
		Xxxxxxxx X. Xxxxxx
		Member & Chief Legal Officer

	Lord Xxxxxx Municipal Opportunities Fund
	By:	/s/ Xxxxxxxx X. Xxxxxx
		Xxxxxxxx X. Xxxxxx
		Vice President and Secretary