Expense Limitation Agreement

Exhibit 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”), Lord Xxxxxx Distributor LLC (“Lord Xxxxxx Distributor”), 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 5 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 0.60% 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 0.58% for Class R6.

2. With respect to Lord Xxxxxx Calibrated Mid Cap Value Fund, Lord Xxxxxx agrees for the time period set forth in paragraph 5 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 0.70% 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 0.65% for Class R6.

3. 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.

4. With respect to each Fund, Lord Xxxxxx Distributor agrees for the time period set forth in paragraph 5 below to waive the Fund’s 0.10% Rule 12b-1 fee for Class F.

5. This Agreement will be effective from December 1, 2016 through November 30, 2017. 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, Lord Xxxxxx Distributor, 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. Xxxxxxxxx
		Xxxxxx X. Xxxxxxxxx
		Vice President and Assistant Secretary
	LORD, XXXXXX & Co. LLC
	By:	/s/ Xxxxxxxx X. Xxxxxx
		Xxxxxxxx X. Xxxxxx
		Member and General Counsel
	LORD XXXXXX DISTRIBUTOR LLC
	By:	LORD, XXXXXX & CO. LLC
	By:	/s/ Xxxxxxxx X. Xxxxxx
		Xxxxxxxx X. Xxxxxx
		Member and General Counsel

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