Expense Limitation Agreement
Exhibit 99.28(d)(xi)
This Expense Limitation Agreement (the “Agreement”) is made and entered into this 1st day of May, 2016 between Lord, ▇▇▇▇▇▇ & Co. LLC (“Lord ▇▇▇▇▇▇”) and Lord ▇▇▇▇▇▇ Series Fund, Inc. (the “Company”) with respect to its Classes named below (each, a “Portfolio”).
In consideration of good and valuable consideration, receipt of which is hereby acknowledged, it is agreed as follows:
| 1. | With respect to Bond-Debenture Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 0.90%. |
| 2. | With respect to Calibrated Dividend Growth Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 0.85%. |
| 3. | With respect to Classic Stock Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 0.95%. |
| 4. | With respect to Developing Growth Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 0.90%. |
| 5. | With respect to Fundamental Equity Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 1.15%. |
| 6. | With respect to Growth Opportunities Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 1.10%. |
| 7. | With respect to International Core Equity Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 0.87%. |
| 8. | With respect to International Opportunities Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 1.20%. |
| 9. | With respect to Short Duration Income Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 0.80%. |
| 10. | With respect to Total Return Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 0.64%. |
| 11. | With respect to Value Opportunities Portfolio, Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 12 below to waive all or a portion of its management and administrative services fees and reimburse the Portfolio’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 1.10%. |
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| 12. | This Agreement will be effective from May 1, 2016 through April 30, 2017. This Agreement may be terminated only by the Board of Directors of the Company upon written notice to Lord ▇▇▇▇▇▇. |
IN WITNESS WHEREOF, Lord ▇▇▇▇▇▇ and the Company 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, ▇▇▇▇▇▇ & Co. LLC | |||
| By: | /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ | ||
| ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ | |||
| Member and General Counsel | |||
| Lord ▇▇▇▇▇▇ Series Fund, Inc. | |||
| By: | /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ | |||
| Vice President and Assistant Secretary | |||
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