EXPENSE CAP/REIMBURSEMENT AGREEMENT

      This Agreement is entered into as of the 28th day of November, 2006
between Reams 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 Adviser
will reduce its compensation as provided for in the Investment Advisory
Agreement between the Company and the Adviser dated December 30, 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.

                                        REAMS ASSET MANAGEMENT COMPANY, LLC

                                        By: /s/  David B. McKinney
                                            -----------------------
                                            David B. McKinney


                                        COLUMBUS FUNDS, INC.

                                        By: /s/  Mark M. Egan
                                            -----------------------
                                            Mark M. Egan, President


                                    EXHIBIT A
                           (EFFECTIVE JANUARY 1, 2007)

                                       TOTAL OPERATING            DATE EXPENSE
           SERIES                        EXPENSE CAP               CAP EXPIRES
--------------------------             ---------------          ----------------
Columbus Low Duration Fund                  0.20%               January 31, 2008
Columbus Intermediate Fund                  0.20%               January 31, 2008
Columbus Core Fund                          0.20%               January 31, 2008
Columbus Core Plus Fund                     0.20%               January 31, 2008