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Supplement dated October 6, 2000, to the Prospectuses of the following
portfolios:
Acadian Emerging Markets Portfolio, Analytic Defensive Equity Fund, Analytic
Enhanced Equity Fund, Analytic International Fund, Analytic Master Fixed
Income Fund, Analytic Short-Term Government Fund, BHM&S Total Return Bond
Portfolio, C&B Balanced Portfolio, C&B Equity Portfolio, C&B Equity
Portfolio for Taxable Investors Portfolio, C&B Mid Cap Equity Portfolio,
Cambiar Opportunity Portfolio, Chicago Asset Management Intermediate Bond
Portfolio, Chicago Asset Management Value/Contrarian Portfolio, Clipper
Focus Portfolio, DSI Balanced Portfolio, DSI Disciplined Value Portfolio,
DSI Limited Maturity Bond Portfolio, DSI Money Market Portfolio, DSI Small
Cap Value Portfolio, FMA Small Company Portfolio, FPA Crescent Portfolio,
Heitman Real Estate Portfolio, ICM Small Company Portfolio, IRA Capital
Preservation Portfolio, McKee Domestic Equity Portfolio, McKee International
Equity Portfolio, McKee Small Cap Equity Portfolio, McKee U.S. Government
Portfolio, MJI International Equity Portfolio, NWQ Special Equity Portfolio,
Pell Rudman Mid-Cap Growth Portfolio, PIC Twenty Portfolio, Rice, Hall James
Small Cap Portfolio, Rice, Hall James Small/Mid Cap Portfolio, Sirach Bond
Portfolio, Sirach Equity Portfolio, Sirach Growth Portfolio, Sirach Growth
II Portfolio (formerly, Hanson Equity Portfolio), Sirach Special Equity
Portfolio, Sirach Strategic Balanced Portfolio, Sterling Partners' Balanced
Portfolio, Sterling Partners' Equity Portfolio, Sterling Partners' Small Cap
Value Portfolio, TJ Core Equity Portfolio, TS&W Equity Portfolio, TS&W Fixed
Income Portfolio, TS&W International Equity Portfolio and TS&W International
Octagon Portfolio (formerly, Jacobs International Octagon Portfolio) (each a
"portfolio").
Each portfolio's prospectus is hereby supplemented as follows:
The "Investment Management Section" of each portfolio's prospectus is
revised to reflect the following information:
The adviser of each portfolio is an affiliate of United Asset Management
Corporation ("UAM"). On June 19, 2000, Old
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Mutual, plc, a UK-based financial services group with substantial asset
management, insurance and banking businesses, and UAM entered into an
agreement for Old Mutual to acquire UAM through a tender offer and merger.
Old Mutual's tender offer expired at 5:00 p.m. EDT on September 25, 2000,
and Old Mutual accepted shares of UAM representing approximately 93% of
the outstanding common stock of UAM. As of that date there was a change in
control of UAM, and indirectly of each portfolio's adviser. This change in
control constitutes an "assignment" of the portfolio's investment advisory
agreement under federal law, which caused the agreement to terminate on
September 25, 2000. As required by federal law, the portfolio's
shareholders will be asked to approve a new investment advisory agreement
with the adviser, to take effect upon shareholder approval of the new
agreement. The new agreement will be identical to the current agreement in
all respects except for its effective and termination dates. The new
agreement will have no effect on the contractual advisory fee rate payable
by the portfolio. No changes are currently planned which would affect the
services being provided to the portfolio.
The following information is hereby added to the section of each portfolio's
prospectus called "Shareholder Servicing Arrangements":
UAM Fund Distributors, Inc., the portfolios' principal underwriter, may
participate in arrangements with selling dealers where the selling dealer
waives its right to distribution or shareholder servicing fees for selling
portfolio shares or servicing shareholder accounts. These arrangements
typically are intended to avoid duplicate payment of fees, where the
selling dealer's transactions are through an omnibus account with a
different clearing broker, and that broker is entitled to receive
distribution and/or servicing fees from the portfolios.
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