Exhibit H49
AGREEMENT made this 8th day of January, 2003, by and between The Advisors' Inner
Circle Fund, a Massachusetts business trust (the "Trust"), and Commerce Capital
Markets, Inc. (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
until December 11, 2003 for the following fund:
FUND TOTAL OPERATING EXPENSES
---- ------------------------
Commerce Capital Treasury Obligations 0.73%
Money Market Fund
This Agreement shall be renewable at the end of the term 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 Commerce Capital Markets, Inc.
By: /s/ XXXX XXXXX By: /s/ XXXXXXXX X. XXXXXX
-------------------------------- -----------------------------
Xxxx Xxxxx Xxxxxxxx X. Xxxxxx
Vice President Chief Financial Officer
