EXPENSE REIMBURSEMENT AGREEMENT

Exhibit 99.23(d)(v)

EXPENSE REIMBURSEMENT AGREEMENT

This Expense Reimbursement Agreement (this “Agreement”) is made and entered into this 1st day of October 2006 between Lord, Xxxxxx & Co. LLC (“Lord Xxxxxx”) and Lord Xxxxxx Municipal Income Fund, Inc. (“Municipal Income Fund”) with respect to the Lord Xxxxxx National Tax-Free Income Fund, Lord Xxxxxx California Tax-Free Income Fund, Lord Xxxxxx Connecticut Tax-Free Income Fund, Lord Xxxxxx Hawaii Tax-Free Income Fund, Lord Xxxxxx Minnesota Tax-Free Income Fund, Lord Xxxxxx Missouri Tax-Free Income Fund, Lord Xxxxxx New Jersey Tax-Free Income Fund, Lord Xxxxxx New York Tax-Free Income Fund, Lord Xxxxxx Texas Tax-Free Income Fund, and Lord Xxxxxx Washington Tax-Free Income Fund (each a “Fund”).

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

1. With respect to the Lord Xxxxxx National Tax-Free Income Fund, Lord Xxxxxx agrees to bear directly and/or reimburse the Fund for expenses if and to the extent that Total Operating Expenses (excluding interest and related expenses associated with the Fund’s investments in residual interest bonds) exceed or would otherwise exceed an annual rate, based on the Fund’s average daily net assets, of (a) ninety-five basis points (0.95%) for Class A shares of the Fund, (b) one hundred sixty basis points (1.60%) for Class B shares of the Fund, (c) one hundred sixty basis points (1.60%) for Class C shares of the Fund, and (d) one hundred five basis points (1.05%) for Class P shares of the Fund for the time period set forth in paragraph 4 below.

2. With respect to each of the Lord Xxxxxx California Tax-Free Income Fund, Lord Xxxxxx New York Tax-Free Income Fund, and Lord Xxxxxx Washington Tax-Free Income Funds, Lord Xxxxxx agrees to bear directly and/or reimburse the Fund for expenses if and to the extent that Total Operating Expenses (excluding interest and related expenses associated with the Fund’s investments in residual interest bonds)  exceed or would otherwise exceed an annual rate, based on the Fund’s average daily net assets,  of (a) ninety-five basis points (0.95%) for Class A shares of the Fund, (b) one hundred sixty basis points (1.60%) for Class C shares of the Fund, and (c) one hundred five basis points (1.05%) for Class P shares of the Fund for the time period set forth in paragraph 4 below.

3. With respect to each of the Lord Xxxxxx Connecticut Tax-Free Income Fund, Lord Xxxxxx Hawaii Tax-Free Income Fund, Lord Xxxxxx Minnesota Tax-Free Income Fund, Lord Xxxxxx Missouri Tax-Free Income Fund, Lord Xxxxxx New Jersey Tax-Free Income Fund, and Lord Xxxxxx Texas Tax-Free Income Fund, Lord Xxxxxx agrees to bear directly and/or reimburse the Fund for expenses if and to the extent that Total Operating Expenses (excluding interest and related expenses associated with the Fund’s investments in residual interest bonds)  exceed or would otherwise exceed an annual

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rate, based on the Fund’s average daily net assets,  of (a) ninety-five basis points (0.95%) for Class A shares of the Fund, and (b) one hundred five basis points (1.05%) for Class P shares of the Fund for the time period set forth in paragraph 4 below.

4. Lord Xxxxxx’x commitments described in paragraphs 1, 2 and 3 will be effective from October 1, 2006 through January 31, 2008. 

IN WITNESS WHEREOF, Lord Xxxxxx and Municipal Income Fund have caused this Agreement to be executed by a duly authorized member and officer, respectively, on the day and year first above written.

		Lord Xxxxxx Municipal Income Fund, Inc.
		By:	/s/Xxxxxxxxx X. Xxxxxxx
			Xxxxxxxxx X. Xxxxxxx
			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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