NOTES TO FINANCIAL STATEMENTS
The Advisors' Inner Circle Fund (the "Trust") is organized as a Massachusetts business trust under an Amended
and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company with 36 funds. The financial statements herein are those of one such fund, the Commerce Capital
Government Money Market Fund (the "Fund"). The investment objective of the Fund is high current income and
preservation of capital while maintaining liquidity. The Fund invests primarily in U.S. Treasury obligations,
obligations issued or guaranteed as to principal and interest by agencies or instrumentalities of the U.S.
government, and repurchase agreements collateralized by these securities. The Fund offers two classes of shares:
Institutional Class Shares and Administration Class Shares. The assets of each fund are segregated, and a
shareholder's interest is limited to the fund in which shares are held.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of the significant accounting policies followed by the Fund.
USE OF ESTIMATES -- The preparation of financial statements in conformity with U.S. generally accepted
accounting principles requires management to make estimates and assumptions that affect the reported amount of
assets and liabilities and disclosure of contingent assets at the date of the financial statements and the reported
results of operations during the reporting period. Actual results could differ from those estimates, and could have
a material impact to the Fund.
SECURITY VALUATION -- Investment securities are stated at amortized cost, which approximates market
value, in accordance with Rule 2a-7 of the 1940 Act. Under this valuation method, purchase discounts and
premiums are accreted and amortized ratably to maturity and are included in interest income.
SECURITY TRANSACTIONS AND INVESTMENT I