Exhibit 99.23 (d)(vii)
EXPENSE REIMBURSEMENT AGREEMENT
THIS EXPENSE REIMBURSEMENT AGREEMENT (this "Agreement") is made and entered
into this 1st day of November 2005 between Lord, Xxxxxx & Co. LLC ("Lord
Xxxxxx") and Lord Xxxxxx Securities Trust (the "Securities Trust") with respect
to the Lord Xxxxxx Large-Cap Value Fund, Lord Xxxxxx Micro-Cap Growth Fund, Lord
Xxxxxx Micro-Cap Value Fund, and Lord Xxxxxx International Core Equity 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 each of the Lord Xxxxxx Micro-Cap Growth Fund, and
Lord Xxxxxx Micro-Cap Value Fund, Lord Xxxxxx agrees to bear directly
and/or reimburse the Funds for expenses if and to the extent that
Total Operating Expenses exceed or would otherwise exceed an annual
rate of (a) two hundred and ten (2.10%) for Class A shares of the
Funds, and (b) one hundred eighty-five basis points (1.85%) for Class
Y shares of the Funds of the average daily net assets in the Funds for
the time period set forth in paragraph 4 below.
2. With respect to the Lord Xxxxxx Large-Cap Value Fund, Lord Xxxxxx
agrees to bear directly and/or reimburse the Fund for expenses if and
to the extent that Total Operating Expenses exceed or would otherwise
exceed an annual rate of (a) ninety-five basis points (0.95%) for
Class A shares of the Fund, (b) one hundred and sixty basis points
(1.60%) for Class B shares of the Fund, (c) one hundred and sixty
basis points (1.60%) for Class C shares of the Fund, (d) one hundred
and five basis points (1.05%) for Class P shares of the Fund, and (e)
sixty basis points (0.60%) for Class Y shares of the Fund of the
average daily net assets in the Fund for the time period set forth in
paragraph 4 below.
3. With respect to the Lord Xxxxxx International Core Equity Fund, Lord
Xxxxxx agrees to bear directly and/or reimburse the Fund for expenses
if and to the extent that Total Operating Expenses exceed or would
otherwise exceed an annual rate of (a) one hundred and seventy-five
basis points (1.75%) for Class A shares of the Fund, (b) two hundred
and forty basis points (2.40%) for Class B shares of the Fund, (c) two
hundred and forty basis points (2.40%) for Class C shares of the Fund,
(d) one hundred and eighty-five basis points (1.85%) for Class P
shares of the Fund, and (e) one hundred and forty basis points (1.40%)
for Class Y shares of the Fund of the average daily net assets in the
Fund for the time period set forth in paragraph 4 below.
4. Lord Xxxxxx'x commitment described in paragraphs 1, 2 and 3 will be
effective from November 1, 2005 through October 31, 2006.
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, on the day and year first above written.
LORD XXXXXX SECURITIES TRUST
By: /s/ Xxxxxxxxx X. Xxxxxxx
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Xxxxxxxxx X. Xxxxxxx
Vice President and Assistant Secretary
LORD, XXXXXX & CO. LLC
By: /s/ Xxxxxxxx X. Xxxxxx
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Xxxxxxxx X. Xxxxxx
Member and General Counsel
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