Exhibit 99.23 (d)(v)
MANAGEMENT FEE WAIVER AGREEMENT
This Management Fee Waiver Agreement (this "Agreement") is made and entered
into as of this 1st day of November 2005 between Lord, ▇▇▇▇▇▇ & Co. LLC ("Lord
▇▇▇▇▇▇") and Lord ▇▇▇▇▇▇ Securities Trust ("Securities Trust") with respect to
its Lord ▇▇▇▇▇▇ Alpha Strategy Fund (the "Fund").
In consideration of good and valuable consideration, receipt of which is
hereby acknowledged, Lord ▇▇▇▇▇▇ agrees to waive its management fee payable
under the Management Agreement between Lord ▇▇▇▇▇▇ and Securities Trust with
respect to the Fund for the fiscal year beginning November 1, 2005 through
October 31, 2006.
IN WITNESS WHEREOF, Lord ▇▇▇▇▇▇ and Securities Trust have caused this
Agreement to be executed by a duly authorized member and officer, respectively,
as of the day and year first above written.
LORD, ▇▇▇▇▇▇ & CO. LLC
BY: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Member and General Counsel
LORD ▇▇▇▇▇▇ SECURITIES TRUST
BY: /s/ ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Vice President and Assistant Secretary