CONTRACTUAL FEE WAIVER AGREEMENT
AGREEMENT made this 1st day of March, 2004, by and between The MDL Funds, a
Massachusetts business trust (the "Trust"), and MDL Advisers, Inc. (the
"Adviser" and, together with the Trust, the "Parties").
The Adviser hereby agrees to waive its fee and/or reimburse expenses to the
extent necessary to limit the total operating expenses at the following level
for a period of one year from the date of this Agreement for the following fund:
FUND TOTAL OPERATING EXPENSES
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MDL Broad Market Fixed Income Fund - Institutional Shares 0.60%
MDL Broad Market Fixed Income Fund - Advisor Class Shares 0.85%
This Agreement shall be renewable at the end of each one year period for an
additional one year period upon the written agreement of the parties hereto.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
as of the day and year first written above.
THE MDL FUNDS MDL ADVISERS, INC.
By: /S/ XXXXXXX X. XXXXXXX By: /S/ XXXXXX X. XXXXXXX
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Name: Xxxxxx X. Xxxxxxx Name: Xxxxxx X. Xxxxxxx
Title: Vice President Title: President/Co-Chief
Executive Officer
