Expense Limitation Agreement

Exhibit 99.(d)(xxi)

Expense Limitation Agreement

This Expense Limitation Agreement (the “Agreement”) is made and entered into this 3^rd day of April, 2019 between Lord, ▇▇▇▇▇▇ & Co. LLC (“Lord ▇▇▇▇▇▇”), Lord ▇▇▇▇▇▇ Distributor LLC (“Lord ▇▇▇▇▇▇ Distributor”), and Lord ▇▇▇▇▇▇ Securities Trust (the “Trust”) with respect to Lord ▇▇▇▇▇▇ Focused Small Cap Value Fund (the “Fund”).

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

1. Lord ▇▇▇▇▇▇ agrees for the time period set forth in paragraph 4 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, acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses to an annual rate of 1.03% for each class other than Class F3 and R6. For the same time period, Lord ▇▇▇▇▇▇ 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 12b-1 fees, acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses to an annual rate of 0.95% for each of Class F3 and R6.

2. To limit the Fund’s total net annual operating expenses as specified above, Lord ▇▇▇▇▇▇ 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.

3. Lord ▇▇▇▇▇▇ Distributor agrees for the same time period set forth in paragraph 4 below to waive the Fund’s 0.10% Rule 12b-1 fee for Class F.

4. This Agreement will be effective from July 1, 2019 through February 28, 2021. This Agreement may be terminated only by the Board of Trustees of the Trust upon written notice to Lord ▇▇▇▇▇▇.

[Signatures follow on next page]

IN WITNESS WHEREOF, Lord ▇▇▇▇▇▇, Lord ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇ SECURITIES TRUST
	By:	/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
		▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇
		Vice President and Assistant Secretary
	LORD, ▇▇▇▇▇▇ & CO. LLC
	By:	/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
		▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
		Member and General Counsel
	LORD ▇▇▇▇▇▇ DISTRIBUTOR LLC
	By:	LORD, ▇▇▇▇▇▇ & CO. LLC
	By:	/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
		▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
		Member and General Counsel