<PAGE>
THE ADVISORS' INNER CIRCLE FUND
MDL Broad Market Fixed Income
MDL Large Cap Growth Equity Fund
SUPPLEMENT DATED SEPTEMBER 8, 1999
TO THE PROSPECTUS DATED MARCH 1, 1999
The Prospectus, dated March 1, 1999, for the MDL Broad Market Fixed Income
Fund ("Fixed Income Fund") and the MDL Large Cap Growth Equity Fund ("Equity
Fund") is hereby amended and supplemented as follows:
At the beginning of the section "DIVIDENDS, DISTRIBUTIONS AND TAXES," the
following paragraph replaces the first paragraph:
The Fixed Income Fund distributes its income on a monthly basis and makes
distributions of capital gains, if any, at least annually. In addition, the
Equity Fund distributes its income on a quarterly basis and makes distributions
of capital gains, if any, at least annually. If you own Fund shares on a Fund's
record date, you will be entitled to receive the distribution.
-----------------------------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE