SEMI-ANNUAL REPORT
MDL
BROAD MARKET FIXED
INCOME FUND
MDL
LARGE CAP GROWTH
EQUITY FUND
---
MDL
---
APRIL 30, 1998
<PAGE>
STATEMENT OF NET ASSETS THE ADVISORS' INNER CIRCLE FUND
April 30, 1998 (Unaudited)
MDL BROAD MARKET Face Market
FIXED INCOME FUND Amount Value
- -------------------------------------------------------
U.S. TREASURY OBLIGATIONS (89.4%)
U.S. Treasury Bond
5.500%, 02/29/00 $ 55,000 $ 54,919
U.S. Treasury Notes
7.125%, 02/29/00 60,000 61,593
6.000%, 08/15/00 65,000 65,545
7.750%, 02/15/01 75,000 79,080
6.375%, 08/15/02 105,000 107,772
6.250%, 02/15/03 25,000 25,608
7.250%, 05/15/04 105,000 113,212
7.500%, 02/15/05 65,000 71,388
6.500%, 05/15/05 80,000 83,618
6.625%, 05/15/07 65,000 68,916
--------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $738,420) 731,651
--------
MORTGAGE RELATED (7.2%)
FHLMC CMO, Ser 1410, Cl C
6.000%, 09/15/22 14,000 13,654
GNMA
6.500%, 12/15/27 45,157 44,747
--------
TOTAL MORTGAGE RELATED
(Cost $59,059) 58,401
--------
CORPORATE BOND
TELEPHONES & TELECOMMUNICATION (2.5%)
Pacific Bell
6.875%, 08/15/06 20,000 20,750
--------
TOTAL CORPORATE BOND
(Cost $21,023) 20,750
--------
Face Market
Amount Value
- -------------------------------------------------------
REPURCHASE AGREEMENT (0.1%)
Morgan Stanley
5.25%, dated 04/30/98, matures
05/01/98, repurchase price $647
(collateralized by U.S. Treasury Bill,
par value $696, 0.00%, 04/01/99:
market value $662) $646 $ 646
--------
TOTAL REPURCHASE AGREEMENT
(Cost $646) 646
--------
TOTAL INVESTMENTS (99.2%)
(Cost $819,148) 811,448
--------
OTHER ASSETS AND LIABILITIES, NET (0.8%) 6,609
--------
NET ASSETS:
Portfolio Shares (unlimited
authorization -- no par
value) based on 82,723
outstanding shares of
beneficial interest 828,051
Accumulated net realized loss
on investments (2,294)
Net unrealized depreciation
on investments (7,700)
--------
TOTAL NET ASSETS (100.0%) $818,057
========
Net Asset Value, Offering and
Redemption Price Per Share $ 9.89
========
CL -- CLASS
CMO -- COLLATERALIZED MORTGAGE OBLIGATION
GNMA -- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
FHLMC -- FEDERAL HOME LOAN MORTGAGE CORPORATION
SER -- SERIES
The accompanying notes are an integral part of the financial statements.
1
<PAGE>
STATEMENT OF NET ASSETS THE ADVISORS' INNER CIRCLE FUND
April 30, 1998 (Unaudited)
MDL LARGE CAP Market
GROWTH FUND Shares Value
- --------------------------------------------------------
COMMON STOCK (91.0%)
AEROSPACE & DEFENSE (0.4%)
SCI Systems* 45 $ 1,853
--------
AIR TRANSPORTATION (0.9%)
Delta Air Lines 25 2,906
Southwest Airlines 50 1,372
--------
4,278
--------
AIRCRAFT (0.6%)
General Dynamics 66 2,789
--------
AUTOMOTIVE (1.2%)
Ford Motor 82 3,757
PACCAR 30 1,781
--------
5,538
--------
BANKS (10.3%)
Bank of New York 102 6,024
BankAmerica 75 6,375
BankBoston 45 4,857
Chase Manhattan 43 5,958
Citicorp 38 5,719
Comerica 117 7,832
Northern Trust 53 3,869
SunTrust Banks 76 6,189
--------
46,823
--------
BEAUTY PRODUCTS (1.6%)
Colgate-Palmolive 37 3,318
Procter & Gamble 50 4,109
--------
7,427
--------
BROADCASTING, NEWSPAPERS & ADVERTISING (1.7%)
Comcast, Special, Cl A 100 3,581
Interpublic Group 68 4,344
--------
7,925
--------
CHEMICALS (0.8%)
B.F. Goodrich 30 1,614
Rohm & Haas 17 1,833
--------
3,447
--------
COMMUNICATIONS EQUIPMENT (5.8%)
Andrew* 70 1,601
L.M. Ericsson Telephone, ADR 131 6,738
Lucent Technologies 124 9,440
Nokia, ADR 130 8,694
--------
26,473
--------
Market
Shares Value
- --------------------------------------------------------
COMPUTERS & SERVICES (5.5%)
Compaq Computer 110 $ 3,087
Digital Equipment* 31 1,724
IBM 37 4,287
Microsoft* 153 13,789
SunGard Data Systems* 60 2,138
--------
25,025
--------
CONCRETE & MINERAL PRODUCTS (0.3%)
USG* 30 1,541
--------
DRUGS (4.6%)
Bristol-Myers Squibb 20 2,118
Eli Lilly 50 3,478
Pfizer 42 4,780
Schering-Plough 133 10,657
--------
21,033
--------
ELECTRICAL SERVICES (5.4%)
AES* 45 2,483
FPL Group 84 5,213
General Electric 155 13,194
GPU 94 3,725
--------
24,615
--------
FINANCIAL SERVICES (4.6%)
American Express 55 5,610
Associates First Capital 21 1,606
Fannie Mae 90 5,389
Green Tree Financial 157 6,398
Morgan Stanley, Dean Witter 26 2,051
--------
21,054
--------
FOOD, BEVERAGE & TOBACCO (4.3%)
Campbell Soup 64 3,284
Coca-Cola 29 2,200
PepsiCo 109 4,326
Philip Morris 91 3,395
Sara Lee 106 6,314
Vlasic Foods International* 6 148
--------
19,667
--------
GAS/NATURAL GAS (0.5%)
Nicor 50 2,047
--------
INSURANCE (3.1%)
Allstate 42 4,043
American International Group 31 4,078
Travelers Group 100 6,119
--------
14,240
--------
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
STATEMENT OF NET ASSETS THE ADVISORS' INNER CIRCLE FUND
April 30, 1998 (Unaudited)
MDL LARGE CAP Market
GROWTH FUND (continued) Shares Value
- --------------------------------------------------------
MACHINERY (3.1%)
Aeroquip-Vickers 65 $ 4,132
Baker Hughes 38 1,539
Caterpillar 31 1,765
Dover 52 2,054
Ingersoll-Rand 39 1,796
United Technologies 30 2,953
--------
14,239
--------
MANUFACTURING (0.9%)
Tyco International 74 4,033
--------
MARINE TRANSPORTATION (0.5%)
Carnival 30 2,087
--------
MEDICAL PRODUCTS & SERVICES (2.2%)
Biomet* 67 2,010
Guidant 56 3,745
HEALTHSOUTH* 139 4,196
--------
9,951
--------
METALS, DIVERSIFIED (0.4%)
Reynolds Metals 25 1,650
--------
OFFICE FURNITURE & FIXTURES (0.4%)
Johnson Controls 34 2,019
--------
PAPER & PAPER PRODUCTS (0.4%)
Bowater 30 1,678
--------
PETROLEUM & FUEL PRODUCTS (1.6%)
BJ Services* 50 1,875
ENSCO International 120 3,390
Phillips Petroleum 39 1,933
--------
7,198
--------
PETROLEUM REFINING (6.0%)
Ashland 90 4,759
Chevron 45 3,721
Coastal 22 1,572
Exxon 173 12,618
Imperial Oil 52 2,876
Pennzoil 25 1,602
--------
27,148
--------
PRINTING & PUBLISHING (3.9%)
New York Times, Cl A 95 6,739
Time Warner 91 7,144
Times Mirror, Cl A 60 3,671
--------
17,554
--------
PROFESSIONAL SERVICES (0.6%)
Halliburton 51 2,805
--------
Shares/
Face Market
Amount Value
- --------------------------------------------------------
RAILROADS (0.5%)
Norfolk Southern 70 $ 2,341
--------
RETAIL (7.7%)
Costco* 78 4,358
Dayton Hudson 24 2,095
Estee Lauder 75 4,983
Federated Department Stores* 39 1,918
Home Depot 60 4,178
Intimate Brands 230 6,670
Kroger* 70 2,931
May Department Stores 60 3,701
Walgreen 129 4,450
--------
35,284
--------
RUBBER & PLASTIC (0.5%)
Dow Chemical 23 2,224
--------
SEMI-CONDUCTORS/INSTRUMENTS (3.0%)
Intel 141 11,395
Thomas & Betts 35 2,043
--------
13,438
--------
SPECIALTY CONSTRUCTION (0.4%)
Masco 30 1,740
--------
TELEPHONES & TELECOMMUNICATION (7.3%)
AirTouch Communications* 145 7,703
Ameritech 130 5,533
Bell Atlantic 78 7,298
BellSouth 132 8,473
British Telecommunications plc 40 4,338
--------
33,345
--------
TOTAL COMMON STOCK
(Cost $358,779) 414,509
--------
REPURCHASE AGREEMENT (10.0%)
Morgan Stanley
5.25%, dated 04/30/98, matures
05/01/98, repurchase price
$45,760 (collateralized by U.S.
Treasury Bill, par value $49,306,
0.00%, 04/01/99: market
value $46,907) $45,754 $ 45,754
--------
TOTAL REPURCHASE AGREEMENT
(Cost $45,754) 45,754
--------
TOTAL INVESTMENTS (101.0%)
(Cost $404,533) 460,263
--------
OTHER ASSETS AND LIABILITIES, NET (-1.0%) (4,604)
--------
3
<PAGE>
STATEMENT OF NET ASSETS THE ADVISORS' INNER CIRCLE FUND
April 30, 1998 (Unaudited)
MDL LARGE CAP Market
GROWTH FUND (concluded) Value
- -------------------------------------------------------
NET ASSETS
Portfolio Shares (unlimited
authorization -- no par value)
based on 37,266 outstanding
shares of beneficial interest $391,473
Undistributed net investment income 227
Accumulated net realized gain
on investments 8,229
Net unrealized appreciation
on investments 55,730
--------
TOTAL NET ASSETS (100.0%) $455,659
========
Net Asset Value, Offering and
Redemption Price Per Share $12.23
========
*NON-INCOME PRODUCING SECURITIES
CL -- CLASS
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
STATEMENT OF OPERATIONS THE ADVISORS' INNER CIRCLE FUND
For the period ended April 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
MDL BROAD MDL LARGE
MARKET FIXED CAP GROWTH
INCOME FUND (1) FUND (1)
- ------------------------------------------------------------------------------------------------------------------
Investment Income:
<S> <C> <C>
Dividend Income................................................................ $ -- $ 2,078
Interest ...................................................................... 15,903 786
- ------------------------------------------------------------------------------------------------------------------
Total Investment Income...................................................... 15,903 2,864
- ------------------------------------------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees ...................................................... 1,276 1,080
Investment Advisory Fee Waiver ................................................ (1,276) (1,080)
Reimbursements by Advisor ..................................................... (84,332) (78,072)
Administrative Fees ........................................................... 35,946 35,946
Custodian Fees ................................................................ 1,155 584
Professional Fees ............................................................. 16,788 12,224
Transfer Agent Fees ........................................................... 10,206 10,153
Printing Fees ................................................................. 4,694 3,163
Trustee Fees .................................................................. 1,939 2,201
Registration Fees ............................................................. 13,668 12,896
Insurance and Other Fees ....................................................... 2,489 2,732
- ------------------------------------------------------------------------------------------------------------------
Total Expenses, Net ........................................................... 2,553 1,827
- ------------------------------------------------------------------------------------------------------------------
Net Investment Income ..................................................... 13,350 1,037
- ------------------------------------------------------------------------------------------------------------------
Net Realized Gain/(Loss) From Securities Sold ................................. (2,294) 8,229
Net Unrealized Appreciation/(Depreciation) of Investment Securities ........... (7,700) 55,730
- ------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain/(Loss) on Investments ...................... (9,994) 63,959
- ------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting From Operations .......................... $ 3,356 $ 64,996
==================================================================================================================
<FN>
(1) The MDL Broad Market Fixed Income Fund and the MDL Large Cap Growth Fund
commenced operations on October 31, 1997.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS THE ADVISORS' INNER CIRCLE FUND
For the period ended April 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
MDL BROAD MDL LARGE
MARKET FIXED CAP GROWTH
INCOME FUND FUND
-------------- ----------
10/31/97 TO 10/31/97 TO
4/30/98 4/30/98
- -------------------------------------------------------------------------------------------------------------------
Investment Activities:
<S> <C> <C>
Net Investment Income ........................................................ $ 13,350 $ 1,037
Net Realized Gain/(Loss) on Securities Sold .................................. (2,294) 8,229
Net Unrealized Appreciation/(Depreciation) of Investment Securities .......... (7,700) 55,730
- -------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting From Operations........................ 3,356 64,996
- -------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Net Investment Income ........................................................ (13,350) (810)
Realized Capital Gains ....................................................... -- --
- -------------------------------------------------------------------------------------------------------------------
Total Distributions......................................................... (13,350) (810)
- -------------------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Shares Issued ................................................................ 830,062 404,472
Shares Issued in Lieu of Cash Distributions .................................. 10,073 810
Shares Redeemed .............................................................. (12,084) (13,809)
- -------------------------------------------------------------------------------------------------------------------
Increase in Net Assets Derived From Capital Share Transactions ............. 828,051 391,473
- -------------------------------------------------------------------------------------------------------------------
Total Increase in Net Assets ............................................. 818,057 455,659
- -------------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period .......................................................... -- --
- -------------------------------------------------------------------------------------------------------------------
End of Period ................................................................ 818,057 455,659
- -------------------------------------------------------------------------------------------------------------------
Shares Issued and Redeemed:
Issued ....................................................................... 82,926 38,354
Issued in Lieu of Cash Distributions ......................................... 1,015 73
Redeemed ..................................................................... (1,218) (1,161)
- -------------------------------------------------------------------------------------------------------------------
Net Increase in Share Transactions ........................................... $ 82,723 $ 37,266
===================================================================================================================
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
FINANCIAL HIGHLIGHTS THE ADVISORS' INNER CIRCLE FUND
For the period ended April 30, 1998 (Unaudited)
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Ratio
Net Realized and Net of Net
Asset Unrealized Distributions Distributions Asset Net Ratio Investment
Value Net Gains or from Net From Value Assets of Expenses Income
Beginning Investment (Losses) on Investment Capital End Total End to Average to Average
of Period Income Securities Income Gains of Period Return of Period Net Assets Net Assets
--------- ---------- ------------ ------------- ------------- --------- ------ --------- ---------- ----------
- ----------------------------------
MDL BROAD MARKET FIXED INCOME FUND
- ----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998(1) $10.00 0.19 (0.11) (0.19) -- $9.89 0.84%(2) $818,057 0.90%* 4.71%*
- -------------------------
MDL LARGE CAP GROWTH FUND
- -------------------------
1998(1) $10.00 0.03 2.22 (0.02) -- $12.23 22.57%(2) $455,659 1.25%* 0.71%*
</TABLE>
<TABLE>
<CAPTION>
Ratio
Ratio of Net
of Expenses Investment
to Average Income to
Net Assets Average Net
(Excluding Assets (Excluding Portfolio
Waivers and Waivers and Turnover
Reimbursements) Reimbursements) Rate
--------------- ----------------- ----------
- ----------------------------------
MDL BROAD MARKET FIXED INCOME FUND
- ----------------------------------
<S> <C> <C> <C>
1998(1) 31.08%* (25.47)%* 60.72%
- -------------------------
MDL LARGE CAP GROWTH FUND
- -------------------------
1998(1) 55.43%* (53.47)%* 33.87%
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
* Annualized
(1) The Fund commenced operations on October 31, 1997.
(2) Total return is for the period indicated and has not been annualized.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS THE ADVISORS' INNER CIRCLE FUND
April 30, 1998 (Unaudited)
1. ORGANIZATION:
THE ADVISORS' INNER CIRCLE FUND (the "Trust") is organized as a Massachusetts
business trust under an Amended and Restated Agreement and a Declaration of
Trust dated February 18, 1997. The Trust is registered under the Investment
Company Act of 1940, as amended, as a diversified open-end management investment
company with seven portfolios. The financial statements herein are those of the
MDL Broad Market Fixed Income Fund and the MDLLarge Cap Growth Fund (the
"Funds"). The financial statements of the remaining portfolios are presented
separately. The assets of each portfolio are segregated, and a Shareholder's
interest is limited to the portfolio in which shares are held. The Fund's
prospectus provides a description of the Fund's investment objectives, policies
and strategies.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of the significant accounting policies followed by
the Funds.
SECURITY VALUATION -- Investments in equity securities which are listed on
a securities exchange for which market quotations are available are valued
at the last quoted sales price for such securities on each business day,
or, if there is no such reported sales price on the valuation date, at the
most recently quoted bid price. Debt obligations exceeding sixty days to
maturity for which market quotations are readily available are valued at
the most recently quoted bid price. Debt obligations with sixty days or
less remaining until maturity may be valued at their amortized cost. Under
this valuation method, purchase discounts and premiums are accreted and
amortized ratably to maturity and are included in interest income.
Securities for which quotations are not readily available are valued at
fair value using methods determined in good faith by the Board of Trustees.
FEDERAL INCOME TAXES -- It is each Portfolio's intention to qualify as a
regulated investment company by complying with the appropriate provisions
of the Internal Revenue Code of 1986, as amended. Accordingly, no provision
for Federal income taxes is required.
SECURITY TRANSACTIONS AND RELATED INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Interest income is recognized on the accrual basis. Costs used in
determining realized gains and losses on the sales of investment securities
are those of the specific securities sold during the respective holding
period. Purchase discounts and premiums on securities held by the Funds are
accreted and amortized to maturity using the scientific interest method,
which approximates the effective interest method.
NET ASSET VALUE PER SHARE -- The net asset value per share of each
Portfolio is calculated on each business day by dividing the total value of
assets, less liabilities, by the number of shares outstanding.
REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements and provisions adopted by
the Adviser ensure that the market value of the collateral, including
accrued interest thereon, is sufficient in the event of default by the
counterparty. If the counterparty defaults and the value of the collateral
declines or if the counterparty enters into an insolvency proceeding,
realization of the collateral by the Portfolios may be delayed or limited.
EXPENSES -- Expenses that are directly related to one of the Portfolios are
charged to the Portfolio. Other operating expenses of the Trust are
prorated to the Portfolios on the basis of relative daily net assets.
DISTRIBUTIONS TO SHAREHOLDERS -- Distributions from net investment income
are declared monthly for the MDL Broad Market Fixed Income Fund and are
paid monthly. The MDL Large Cap Growth Fund declares dividends from net
investment income quarterly and are paid quarterly. Any net realized
capital gains are distributed to shareholders at least annually.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS THE ADVISORS' INNER CIRCLE FUND
April 30, 1998 (Unaudited)
Distributions from net investment income and net realized capital gains are
determined in accordance with the U.S. Federal income tax regulations,
which may differ from those amounts determined under generally accepted
accounting principles. These book/tax differences are either temporary or
permanent in nature. To the extent these differences are permanent, they
are charged or credited to paid-in-capital in the period that the
differences arise. These reclassifications have no effect on net assets or
net asset value.
USE OF ESTIMATES -- The preparation of financial statements in conformity
with 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 and liabilities at the date
of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from
those estimates.
3. ORGANIZATION COSTS AND TRANSACTIONS WITH AFFILIATES:
Organizational costs have been capitalized and are being amortized on a straight
line basis over a period of sixty months commencing with operations. In the
event any of the initial shares of the Trust are redeemed by any holder thereof
during the period that the Trust is amortizing its organizational costs, the
redemption proceeds payable to the holder thereof by the Portfolio will be
reduced by the unamortized organizational costs in the same ratio as the number
of initial shares being redeemed bears to the number of initial shares
outstanding at the time of redemption.
Certain officers of the Trust are also officers of SEI Fund Resources (the
"Administrator") and/or SEI Investments Distribution Co. (the "Distributor").
Such officers are paid no fees by the Trust for serving as officers of the
Trust.
4. ADMINISTRATION, SHAREHOLDER SERVICING AND DISTRIBUTION AGREEMENTS:
The Trust and the Administrator are parties to an Administration Agreement dated
November 14, 1991, as amended and restated on May 17, 1994, under which the
Administrator provides management and administrative services for an annual fee
equal to the higher of $80,000, or of .15% on the first $50 million of average
daily net assets; .125% on the next $50 million of average net assets; and .10%
on average net assets over $100 million of the Fund's average daily net assets,
which would increase by $15,000 per additional class.
DST Systems Inc. (the "Transfer Agent") serves as the transfer agent and
dividend disbursing agent for the Funds under a transfer agency agreement with
the Trust.
The Trust and Distributor are parties to a Distribution Agreement dated November
14, 1991 as amended and restated on August 8, 1994. The Distributor receives no
fees for its distribution services under this agreement.
5. INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS:
The Funds and MDL Capital Management, Inc. (the "Adviser") are parties to an
Investment Advisory Agreement dated October 31, 1997 under which the Adviser
receives an annual fee equal to .45% and .74% of the Fund's average daily net
assets of the MDL Broad Market Fixed Income and MDL Large Cap Growth Funds,
respectively. The Adviser has voluntarily agreed to waive all or a portion of
its fees and to reimburse expenses in order to limit operating expenses for the
MDL Broad Market Fixed Income and MDL Large Cap Growth Funds to an annual rate
of not more than .90% and 1.26% of the average daily net assets, respectively.
Fee waivers and expense reimbursements are voluntary and may be terminated at
any time.
CoreStates Bank, N.A. acts as custodian (the "Custodian") for the Funds. The
Custodian plays no role in determining the investment policies of the Funds or
which securities are to be purchased or sold by the Funds.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS THE ADVISORS' INNER CIRCLE FUND
April 30, 1998 (Unaudited)
6. INVESTMENT TRANSACTIONS:
The cost of security purchases and the proceeds from security sales, other than
short-term investments, for the period ended April 30, 1998 are
as follows:
MDL BROAD MDL LARGE
MARKET FIXED CAP GROWTH
INCOME FUND FUND
------------ ----------
Purchases
Government ......... $1,116,072 $ --
Other .............. 21,048 455,713
Sales
Government ......... $ 314,088 $ --
Other .............. -- 105,163
At April 30, 1998, the total cost of securities and the net realized gains or
losses on securities sold for Federal income tax purposes were not materially
different from amounts reported for financial reporting purposes. The aggregate
gross unrealized appreciation and depreciation for securities held by the Fund
at April 30, 1998, are as follows:
MDL BROAD MDL LARGE
MARKET FIXED CAP GROWTH
INCOME FUND FUND
------------ ----------
Aggregate gross
unrealized
appreciation ....... $ -- $59,464
Aggregate gross
unrealized
depreciation ....... (7,700) (3,734)
-------- -------
Net unrealized
appreciation/
(depreciation) ..... $ (7,700) $55,730
======== =======
10
<PAGE>
- --------------------------------------------------------------------------------
TRUST:
The Advisor's Inner Circle Fund
MDL FUNDS:
MDL Broad Market Fixed Income Fund
MDL Large Cap Growth Equity Fund
ADVISER:
MDL Capital Management, Inc.
DISTRIBUTOR:
SEI Investments Distribution Co.
ADMINISTRATOR:
SEI Fund Resources
LEGAL COUNSEL:
Morgan, Lewis & Bockius LLP
INDEPENDENT PUBLIC ACCOUNTANTS:
Arthur Andersen LLP
For information call: 1-800-932-7781
MDL-F-003-01
- --------------------------------------------------------------------------------
