THE ADVISORS' INNER CIRCLE FUND
TOEWS FUNDS
CONTRACTUAL FEE WAIVER AGREEMENT
AGREEMENT made this 14th day of May, 2001, by and between The Advisors'
Inner Circle Fund, a Massachusetts business trust (the "Trust"), and Toews
Corporation (the "Adviser")(together, 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 levels
for a period of one year from the date of this Agreement for the following fund:
FUND AND PORTFOLIO TOTAL OPERATING EXPENSES
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Toews S&P 500 Hedged Index Fund
Investor Class 1.50%
Advisor Class 2.50%
Toews Nasdaq-100 Hedged Index Fund
Investor Class 1.50%
Advisor Class 2.50%
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 ADVISORS' INNER CIRCLE FUND TOEWS CORPORATION
By: /S/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ By: /S/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
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Title: VICE PRESIDENT Title: PRESIDENT & CEO
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