THE ARBOR FUND
Xxxxxxx Horizon Family of Funds
Contractual Fee Waiver Agreement
AGREEMENT made this 31st day of May, 2001, by and between The Arbor Fund, a
Massachusetts business trust (the "Trust"), and Horizon Advisers, an
unincorporated division of Xxxxxxx Bank (the "Adviser").
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 levels
for a period of one year from the date of this Agreement for each of the
following Xxxxxxx Horizon funds:
Fund Total Operating Expenses
Treasury Securities Money Market Fund
Trust Class 0.58%
Institutional Sweep Class 0.83%
Class A 1.08%
Tax Exempt Money Market Fund
Trust Class 0.65%
Class A 0.90%
Strategic Income Bond Fund
Trust Class 0.75%
Class A 1.00%
Class C 1.75%
Growth & Income Fund
Trust Class 1.00%
Class A 1.25%
Class C 2.00%
Growth Fund
Trust Class 1.00%
Class A 1.25%
Class C 2.00%
The Trust acknowledges that the Adviser may engage in brokerage transactions
using Fund assets with brokers who agree to pay a portion of the Fund"s
expenses, and that the Adviser"s guarantee of Fund expense ratios takes into
account these expense-limiting arrangements.
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 ARBOR FUND XXXXXXX BANK
By: /s/ Xxxxx X. Xxxxx By: /s/ Xxxx Xxxxxxxx
Title: President Title: President
Date: May 23, 2001 Date: May 23, 2001
