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THE ADVISORS' INNER CIRCLE FUND
SAGE CORPORATE BOND FUND-Registered Trademark-
SUPPLEMENT DATED DECEMBER 14, 1999
TO THE PROSPECTUS DATED MARCH 1, 1999
The Prospectus dated March 1, 1999, for the SAGE Corporate Bond Fund
(the "Fund") is hereby amended and supplemented as follows:
The Fund's Adviser has discontinued the voluntary reimbursement of expenses as
of December 8, 1999. Consequently, in the section "FUND FEES AND EXPENSES," the
footnote under "ANNUAL FUND OPERATING EXPENSES" should be amended to read:
* The Fund's total actual fund operating expenses for the most recent fiscal
year were less than the amount shown above because the Adviser was voluntarily
waiving a portion of its fees and reimbursing certain expenses in order to keep
operating expenses at a specified level. Effective December 8, 1999, the Adviser
discontinued its voluntary reimbursement of fund expenses. Assuming the
Adviser's voluntary fee waivers, but restating actual fund expenses so as not to
include any reimbursements by the Adviser, the Fund's actual total operating
expenses would have been as follows:
SAGE Corporate Bond Fund 2.11%
At a special meeting held on December 14, 1999, the Board of Trustees of the
Advisors' Inner Circle Fund voted to close the SAGE Corporate Bond Fund. This
decision was made after careful consideration of all of the factors concerning
management of the Fund, most notably an increase in expense ratio to Fund
shareholders. The Fund intends to liquidate and distribute its net assets and
cease operations on or before December 31, 1999.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
