THE ARBOR FUND
▇▇▇▇▇▇▇ Horizon Family of Funds
Contractual Fee Waiver Agreement
AGREEMENT made this 31st day of May, 2004, by and between The Arbor Fund, a
Massachusetts business trust (the "Trust"), and Horizon Advisers, an
unincorporated division of ▇▇▇▇▇▇▇ 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 ▇▇▇▇▇▇▇ Horizon funds:
Fund Total Operating Expenses
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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%
Burkenroad Fund
Class A 1.40%
Class D 1.65%
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 HORIZON ADVISERS, AN
UNINCORPORATED DIVISION
OF ▇▇▇▇▇▇▇ BANK
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
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Title: VP Title: Vice President
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Date: 5/14/04 Date: May 17,2004
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