Expense Limitation Agreement
Exhibit 99(d)(xxiii)
This Expense Limitation Agreement (the “Agreement”) is made and entered into this 1st day of April, 2016 between Lord, Xxxxxx & Co. LLC (“Lord Xxxxxx”) and Lord Xxxxxx Investment Trust (the “Trust”) with respect to Lord Xxxxxx Convertible Fund (“Convertible Fund”), Lord Xxxxxx High Yield Fund (“High Yield Fund”), Lord Xxxxxx Income Fund (“Income Fund”), Lord Xxxxxx Inflation Focused Fund (“Inflation Focused Fund”), and Lord Xxxxxx Total Return Fund (“Total Return 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 Convertible Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 7 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 12b-1 fees and any acquired fund fees and expenses, to an annual rate of 0.86% for each class other than Class R6. For the same period, Lord Xxxxxx agrees 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 any acquired fund fees and expenses, to an annual rate of 0.83% for Class R6. |
| 2. | With respect to High Yield Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 7 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 12b-1 fees and any acquired fund fees and expenses, to an annual rate of 0.78% for each class other than Class R6. For the same period, Lord Xxxxxx agrees 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 any acquired fund fees and expenses, to an annual rate of 0.72% for Class R6. |
| 3. | With respect to Income Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 7 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 12b-1 fees and any acquired fund fees and expenses, to an annual rate of 0.58% for each class other than Class R6. For the same period, Lord Xxxxxx agrees 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 any acquired fund fees and expenses, to an annual rate of 0.47% for Class R6. |
| 4. | With respect to Inflation Focused Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 7 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 12b-1 fees and any acquired fund fees and expenses, to an annual rate of 0.55% for each class other than Class R6. For the same period, Lord Xxxxxx agrees 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 any acquired fund fees and expenses, to an annual rate of 0.32% for Class R6. |
| 5. | With respect to Total Return Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 7 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 12b-1 fees and any acquired fund fees and expenses, to an annual rate of 0.48% for each class other than Class R6. For the same period, Lord Xxxxxx agrees 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 any acquired fund fees and expenses, to an annual rate of 0.36% for Class R6. |
| 6. | To limit each Fund’s total net annual operating expenses as specified above, Lord Xxxxxx will waive the same amount of management and administrative services fees for each share class, but may reimburse different amounts of shareholder servicing expenses for each share class in its sole discretion. |
| 7. | This Agreement will be effective from April 1, 2016 through March 31, 2017. This Agreement may be terminated only by the Board of Trustees of the Trust upon written notice to Lord Xxxxxx. |
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IN WITNESS WHEREOF, Lord Xxxxxx and the 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 & Co. llc | |||
| By: | /s/ Xxxxxxxx X. Xxxxxx | ||
| Xxxxxxxx X. Xxxxxx | |||
| Member and General Counsel | |||
| Lord Xxxxxx Investment Trust | |||
| By: | /s/ Xxxxxx X. Xxxxxxxxx | ||
| Xxxxxx X. Xxxxxxxxx | |||
| Vice President and Assistant Secretary | |||
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