FORM OF EXPENSE CAP/REIMBURSEMENT AGREEMENT
This Agreement is entered into as of the ____ day of December, 2003 between
Xxxxx Asset Management Company, LLC (the "Adviser") and Columbus Funds, Inc.
(the "Company") on behalf of each series as set forth on Exhibit A, as amended
from time to time, (the "Funds").
WHEREAS, the Adviser desires to contractually agree to waive a portion of
its advisory fee or reimburse certain of each Fund's operating expenses to
ensure that the Fund's total operating expenses do not exceed the level
described below.
NOW THEREFORE, the parties agree as follows:
The Adviser agrees that until the date set forth on Exhibit A, the Advisers
will reduce its compensation as provided for in the Investment Advisory
Agreement between the Company and the Adviser dated December ____, 2003, and/or
assume expenses for the applicable Fund to the extent necessary to ensure that
the Fund's total operating expenses (on an annual basis) do not exceed the
percentage set forth on Exhibit A for the Fund's average daily net assets.
The Adviser shall be entitled to recoup such amounts for a period of up to
three (3) years following the fiscal year in which the Adviser reduced its
compensation and/or assumed expenses for the applicable Fund, provided that the
total operating expenses including this recoupment do not exceed the established
cap on expenses for that year.
XXXXX ASSET MANAGEMENT COMPANY, LLC
By: ________________________________
COLUMBUS FUNDS, INC.
By: ________________________________
Exhibit A
(Effective December ___, 2003)
Total Operating Date Expense
Series Expense Cap Cap Expires
-------------------------- --------------- ----------------
Columbus Low Duration Fund 0.37% January 31, 2005
Columbus Intermediate Fund 0.39% January 31, 2005
Columbus Core Fund 0.39% January 31, 2005
Columbus Core Plus Fund 0.39% January 31, 2005
Columbus High Yield Fund 0.49% January 31, 2005
