Exhibit 99.(d)(iii)
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
Ladies and Gentlemen:
Xxxx Xxxxx Fund Adviser, Inc. ("LMFA") hereby notifies you that it will
waive its fees (and to the extent necessary bear other expenses) through
February 28, 2006, to the extent that expenses of each class of the Xxxx Xxxxx
Classic Valuation Fund ("Fund") (exclusive of interest, taxes, deferred
organizational expenses brokerage commissions, and extraordinary expenses) would
exceed an annual rate of 1.95% for Primary Class and 0.95% for Institutional
Class.
For purposes of determining any such waiver or expense reimbursement,
expenses of a class of the Fund shall not reflect the application of any
custodial, transfer agency or other credits or expense offset arrangements that
may reduce the portfolio's expenses or arrangements with any broker-dealer to
apply a portion of the commission or xxxx-up on any portfolio trade to the
payment of any of the portfolio's other expenses.
If on any day during which LMFA is the investment manager, the estimated
annualized operating expenses of the Fund for that day are less than the
operating expense limit described above, LMFA shall be entitled to reimbursement
by the Fund of the investment management fees waived or reduced and other
payments remitted by LMFA on behalf of the Fund pursuant to this expense
limitation (the "Reimbursement Amount") during any of the previous thirty-six
(36) months, to the extent that the Fund's annualized operating expenses plus
the amount so reimbursed is less than or equals, for such day, the operating
expense limit provided for above, provided that such amount paid to LMFA will in
no event exceed the total Reimbursement Amount and will not include any amounts
previously reimbursed.
We understand that you will rely on this undertaking in accruing the Fund's
expenses for purposes of calculating its net asset value per share, and for
other purposes, in the preparation and filing of the Securities and Exchange
Commission Form N1-A Registration Statement for the Fund, and we expressly
permit you to do so.
XXXX XXXXX FUND ADVISER, INC.
By: /s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx
President and Director
Agreed and Accepted:
XXXX XXXXX LIGHT STREET TRUST, INC.
By: /s/ Xxxxx X. Xxxxxxxxx
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Xxxxx X. Xxxxxxxxx
Vice President and Treasurer
