Expense Limitation Agreement

Ex-99.28(d)(iii)

Expense Limitation Agreement

This Expense Limitation Agreement (the “Agreement”) is made and entered into as of this 1^st day of December, 0000 xxxxxxx Xxxx, Xxxxxx & Co. llc (“Lord Xxxxxx”) and Lord Xxxxxx Equity Trust (the “Trust”) with respect to Lord Xxxxxx Calibrated Large Cap Value Fund and Lord Xxxxxx Calibrated Mid Cap Value Fund.

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

1. With respect to Lord Xxxxxx Calibrated Large Cap Value Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 3 below to waive all or a portion of its management fee, waive all or a portion of its administrative services fee, and reimburse the Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 0.50%.

2. With respect to Lord Xxxxxx Calibrated Mid Cap Value Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 3 below to waive all or portion of its management fee, waive all or a portion of its administrative services fee, and reimburse the Fund’s other expenses to the extent necessary so that total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed an annual rate of 0.60%.

3. This Agreement will be effective from December 1, 2013 through November 30, 2014. This Agreement may be terminated only by the Board of Trustees of the Trust upon written notice to Lord Xxxxxx.

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 Equity Trust
	By:	/s/ Xxxxxx X. Xxxxxxxx
		Xxxxxx X. Xxxxxxxx
		Vice President and Assistant Secretary
	Lord, Xxxxxx & Co. llc
	By:	/s/ Xxxxxxxx X. Xxxxxx
		Xxxxxxxx X. Xxxxxx
		Member and General Counsel