FEE WAIVER AGREEMENT
Xxxx Xxxxx Light Street Trust, Inc.
000 Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Re: Xxxx Xxxxx Classic Valuation Fund - Fee Waiver/Expense Agreement
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Ladies and Gentlemen:
Pursuant to the requirements of Section 5 of the Management Agreement
dated November 1, 1999 ("Contract") between Xxxx Xxxxx Light Street Trust, Inc.
("Corporation") and Xxxx Xxxxx Fund Adviser, Inc. ("LMFA") on behalf of Xxxx
Xxxxx Classic Valuation Fund ("Fund"), LMFA hereby notifies you that it agrees
to waive its compensation (and, to the extent necessary, bear other expenses)
through February 29, 2004, to the extent that expenses of each class of the Fund
(exclusive of interest, taxes, brokerage commissions, and extraordinary
expenses) would exceed an annual rate of 1.95% for Primary Class and 0.95% for
Institutional Class.
The calculation and method of payment of fees under this Fee
Waiver/Expense Agreement will be as described in the Contract.
We understand and intend that you will rely on this Fee Waiver/Expense
Agreement in preparing and filing Registration Statements for the Corporation
and the Fund with the Securities and Exchange Commission on Form N-1A, in
accruing the Fund's expenses for purposes of calculating its net asset value per
share and for other purposes, and we expressly permit you to do so.
Xxxx Xxxxx Fund Adviser, Inc.
By: /s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
Vice President
