AIG
MONEY MARKET FUND
SEMI-ANNUAL REPORT
April 30, 2000
[AIG LOGO OMITTED]
Advised by
AIG CAPITAL MANAGEMENT CORP.
<PAGE>
AIG MONEY MARKET FUND
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LETTER TO SHAREHOLDERS, APRIL 30, 2000
Dear Shareholder:
We are pleased to provide you with the semi-annual report for the AIG Money
Market Fund (the "Fund") for the period ending April 30, 2000.
During the reporting period, the Fund continued to provide competitive money
market returns while seeking to preserve principal value and maintain a high
degree of liquidity. The U.S. economic conditions continued to reflect strong
growth, low inflation, low unemployment and robust consumer spending. In its
efforts to slow the rate of growth of the economic activity, the Federal Reserve
Board raised its target for short-term interest rates on three occasions during
the reporting period for a total increase of 75 basis points. Such increases
benefited money market fund investors in general and resulted to higher yields
for the AIGMoney Market Fund investors by the end of the reporting period than
at the start of the period. Continued policy of monetary tightening by the
Federal Reserve Board in the near future should have a positive effect on money
market fund yields.
As always, we will continue to monitor prevailing market conditions in order to
manage the Fund in a manner that provides competitive returns commensurate with
the Fund's objectives or preservation of principal and liquidity.
The following pages contain information on the Fund's performance during the
reporting period and its portfolio holdings at the end of the reporting period.
We appreciate your participation in the Fund.
Sincerely,
/s/signature omitted
Helen Stefanis
President
AIG Capital Management Corp.
/s/ signature omitted
<PAGE>
STATEMENT OF NET ASSETS AIG MONEY MARKET FUND
APRIL 30, 2000 (UNAUDITED)
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AIG MONEY MARKET FUND
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FACE
AMOUNT VALUE
(000) (000)
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COMMERCIAL PAPER* (76.5%)
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BANKS (6.1%)
Abbey National North America
$15,000 6.269%, 08/30/00 $14,694
Bil North America
10,000 5.986%, 05/12/00 9,982
KFW International Finance
15,000 6.094%, 05/02/00 14,997
UBS Finance
15,000 6.043%, 05/01/00 15,000
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54,673
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BEAUTY PRODUCTS (4.2%)
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Colgate-Palmolive (A)
25,000 6.020%, 05/15/00 24,942
Procter & Gamble
13,000 6.080%, 06/05/00 12,923
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37,865
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CHEMICALS (5.6%)
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Du Pont De Nemours
25,000 6.008%, 05/05/00 24,983
Great Lakes (A)
25,000 6.063%, 05/01/00 25,000
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49,983
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DIVERSIFIED OPERATIONS (8.2%)
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General Electric
34,000 6.021%, 05/15/00 33,921
Minnesota Mining & Manufacturing
40,000 6.040%, 05/18/00 39,886
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73,807
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DRUGS (5.0%)
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Merck
45,000 6.030%, 05/17/00 44,880
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44,880
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FACE
AMOUNT VALUE
(000) (000)
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ELECTRICAL SERVICES (10.6%)
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Duke Energy Corporation
$40,000 6.003%, 05/01/00 $40,000
Florida Power
11,800 6.039%, 05/08/00 11,786
25,000 6.050%, 05/24/00 24,904
Northern States Power
18,000 6.043%, 05/01/00 18,000
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94,690
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FINANCIAL SERVICES (18.6%)
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American Honda Finance
15,000 6.126%, 05/30/00 14,927
General Electric Capital
15,000 6.184%, 06/20/00 14,873
Goldman Sachs
15,000 5.982%, 05/08/00 14,983
20,000 6.101%, 05/17/00 19,946
Liberty Mutual Capital (A)
3,300 6.016%, 05/01/00 3,300
10,000 6.510%, 10/25/00 9,690
Morgan Stanley Dean Witter
40,000 6.117%, 05/23/00 39,851
Pitney Bowes
35,000 6.007%, 05/04/00 34,983
USAA Capital
14,000 5.980%, 05/04/00 13,993
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166,546
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FOOD, BEVERAGE & TOBACCO (3.1%)
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Anheuser-Busch Companies
13,000 6.043%, 05/01/00 13,000
Campbell Soup
5,000 5.942%, 05/16/00 4,988
Hershey Foods
10,300 6.057%, 05/30/00 10,250
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28,238
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THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF NET ASSETS (CONCLUDED) AIG MONEY MARKET FUND
APRIL 30, 2000 (UNAUDITED)
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AIG MONEY MARKET FUND
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FACE
AMOUNT VALUE
(000) (000)
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HOUSEHOLD PRODUCTS (3.9%)
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Clorox
$ 35,000 6.165%, 07/05/00 $ 34,616
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34,616
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INSURANCE (3.9%)
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Pacific Life
35,000 6.051%, 05/16/00 34,912
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34,912
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MEASURING DEVICES (2.8%)
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Snap-On (A)
25,000 6.025%, 05/02/00 24,996
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24,996
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TELEPHONES & TELECOMMUNICATION (4.5%)
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AT&T
40,000 6.013%, 05/01/00 40,000
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40,000
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TOTAL COMMERCIAL PAPER
(Cost $685,206) 685,206
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CERTIFICATES OF DEPOSIT (14.4%)
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Australia & New Zealand Banking Group
25,000 6.220%, 08/09/00 25,000
Bank Austria
30,000 6.000%, 05/04/00 30,000
Banque Nationale de Paris
25,000 6.240%, 07/18/00 25,000
Credit Communal de Belgique
24,000 5.970%, 09/21/00 23,953
Royal Bank of Canada
25,000 6.200%, 07/05/00 25,000
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TOTAL CERTIFICATES OF DEPOSIT
(Cost $128,953) 128,953
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FACE
AMOUNT VALUE
(000) (000)
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TIME DEPOSITS (8.9%)
Banco Bilbao Vizcaya Argentaria
$ 39,925 6.000%, 05/01/00 $ 39,925
Suntrust Bank
40,000 6.000%, 05/01/00 40,000
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TOTAL TIME DEPOSITS
(Cost $79,925) 79,925
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TOTAL INVESTMENTS (99.8%)
(Cost $894,084) 894,084
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OTHER ASSETS AND LIABILITIES, NET (0.2%) 1,613
NET ASSETS:
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Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on
802,565,221 outstanding shares
of beneficial interest 802,566
Portfolio Shares of Class B
(unlimited AUTHORIZATION --
no par value) based on
93,128,520 outstanding shares
of beneficial interest 93,129
Distribution in Excess of Net
Investment Income (1)
Accumulated Net Realized Gain
on Investments 3
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TOTAL NET ASSETS (100.0%) $895,697
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Net Asset Value, Offering and
Redemption Price Per
Share -- Class A $1.00
Net Asset Value, Offering
and Redemption Price Per
Share -- Class B $1.00
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(A)Security sold within terms of a private placement memorandum, exempt from
registration under Section 4(2) or 144A of the Securities Act of 1933,
as amended, and may be sold only to dealers in that program or other
"accredited investors." These securities have been determined to be liquid
under guidelines established by the Board of Trustees.
*Disclosure presents annualized yield at date of purchase for discount
securities, and coupon for coupon bearing securities.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS AIG MONEY MARKET FUND
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2000 (UNAUDITED)
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AIG MONEY MARKET FUND (000)
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INVESTMENT INCOME:
<S> <C>
Interest $23,947
-------
Total Investment Income 23,947
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EXPENSES:
Investment Advisory Fees 1,030
Waiver of Investment Advisory Fees (412)
Distribution Fees (1) 217
Administrative Fees 258
Custodian Fees 10
Transfer Agent Fees 31
Registration and Filing Fees 85
Insurance and Other Fees 18
Printing Fees 15
Professional Fees 16
Organizational Fees 1
Trustee Fees 2
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Total Expenses, Net 1,271
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Net Investment Income 22,676
-------
Net Increase in Net Assets Resulting from Operations $22,676
=======
(1) Distribution fees are incurred by Class B shares only.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS AIG MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2000 (UNAUDITED) AND THE YEAR ENDED OCTOBER 31, 1999
---------------------------------------------------------------------------------------------------------------------
11/1/99 TO 11/1/98 TO
4/30/00 10/31/99
AIG MONEY MARKET FUND (000) (000)
---------------------------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
<S> <C> <C>
Net Investment Income $ 22,676 $ 30,105
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Increase in Net Assets Resulting from Operations 22,676 30,105
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DISTRIBUTIONS TO SHAREHOLDERS:
Net Investment Income
Class A (19,471) (22,636)
Class B (3,206) (7,469)
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Total Distributions (22,677) (30,105)
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SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Class A
Shares Issued 24,184,589 30,307,763
Shares Issued in Lieu of Cash Distributions 19,472 24,169
Shares Redeemed (23,949,511) (30,035,003)
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Net Class A Share Transactions 254,550 296,929
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Class B
Shares Issued 317,186 655,972
Shares Issued in Lieu of Cash Distributions 3,199 8,054
Shares Redeemed (330,826) (715,534)
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Net Class B Share Transactions (10,441) (51,508)
----------- -----------
Increase in Net Assets from Share Transactions 244,109 245,421
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Total Increase in Net Assets 244,108 245,421
NET ASSETS:
Beginning of Period 651,589 406,168
----------- -----------
End of Period $ 895,697 $ 651,589
=========== ===========
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS AIG MONEY MARKET FUND
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2000 (UNAUDITED) AND YEARS ENDED OCTOBER 31
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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RATIO
OF NET
RATIO RATIO INVESTMENT
NET DISTRI- NET NET OF NET OF EXPENSES INCOME
ASSET BUTIONS ASSET ASSETS RATIO INVESTMENT TO AVERAGE TO AVERAGE
VALUE NET FROM NET VALUE END OF EXPENSES INCOME NET ASSETS NET ASSETS
BEGINNING INVESTMENT INVESTMENT END TOTAL OF PERIOD TO AVERAGE TO AVERAGE (EXCLUDING (EXCLUDING
OF PERIOD INCOME INCOME OF PERIOD RETURN (000) NET ASSETS NET ASSETS WAIVERS) WAIVERS)
--------- ---------- ---------- -------- ------- --------- ----------- ----------- --------- ----------
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AIG MONEY MARKET FUND
---------------------
CLASS A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000* $1.00 0.03 (0.03) $1.00 5.64%+ $802,568 0.26% 5.57% 0.36% 5.47%
1999 $1.00 0.05 (0.05) $1.00 4.94% $548,019 0.26% 4.83% 0.36% 4.73%
1998 $1.00 0.05 (0.05) $1.00 5.49% $251,090 0.26% 5.37% 0.36% 5.27%
1997 $1.00 0.05 (0.05) $1.00 5.41% $329,125 0.27% 5.30% 0.39% 5.18%
1996 $1.00 0.05 (0.05) $1.00 5.26% $253,865 0.39% 5.15% 0.41% 5.13%
1995(1) $1.00 0.05 (0.05) $1.00 5.75% $313,657 0.40% 5.60% 0.47% 5.53%
CLASS B
2000* $1.00 0.03 (0.03) $1.00 5.27%+ $93,129 0.61% 5.18% 0.71% 5.08%
1999 $1.00 0.05 (0.05) $1.00 4.58% $103,570 0.61% 4.46% 0.71% 4.36%
1998 $1.00 0.05 (0.05) $1.00 5.12% $155,078 0.62% 5.00% 0.72% 4.90%
1997 $1.00 0.05 (0.05) $1.00 5.04% $108,754 0.63% 4.93% 0.74% 4.82%
1996 $1.00 0.05 (0.05) $1.00 4.89% $135,384 0.74% 4.79% 0.77% 4.76%
1995(1) $1.00 0.04 (0.04) $1.00 5.43% $120,482 0.75% 5.18% 0.85% 5.08%
<FN>
Note:The 7-day current and effective annualized yields as of April 30, 2000 are:
Class A shares 5.90% and 6.06%, respectively and Class B shares 5.55% and
5.70%, respectively.
* For the six-month period ended April 30, 2000. All ratios including total
return have been annualized.
+ The cumulative total return for the six month period ended April 30, 2000
is 2.78% for Class A shares and 2.60% for Class B shares.
(1) The AIG Money Market Fund Class A and Class B shares commenced operations
on December 1, 1994 and February 16, 1995, respectively. All ratios
including total return have been annualized from commencement of
operations to October 31, 1999.
</FN>
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
<PAGE>
NOTES TO FINANCIAL STATEMENTS AIG MONEY MARKET FUND
APRIL 30, 2000 (UNAUDITED)
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1. ORGANIZATION:
The Advisors' Inner Circle Fund (the "Trust") is organized as a
Massachusetts business trust under an Amended and Restated Agreement and
Declaration of Trust dated February 18, 1997. The Trust is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified
open-end management investment company with nine portfolios. The financial
statements herein are those of one such portfolio, the AIG Money Market Fund
(the "Fund"), which offers two classes of shares: Class A and Class B. The
financial statements of the remaining portfolios are presented separately. The
assets of each portfolio are segregated, and a shareholders' interest is limited
to the portfolio in which shares are held. The Funds' prospectuses provide a
description of the Funds' investment objectives, policies and strategies.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of the significant accounting policies followed
by the Fund.
SECURITY VALUATION -- Investment securities are stated at amortized
cost, which approximates market value. Under this valuation method, purchase
discounts and premiums are accreted and amortized ratably to maturity and are
included in interest income.
FEDERAL INCOME TAXES -- It is the Fund'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 INVESTMENT 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.
NET ASSET VALUE PER SHARE -- The net asset value per share of each
class of the Fund is calculated on each business day by dividing the total value
of assets attributable to such class, less liabilities, by the number of shares
of such class 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 Advisor 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 Fund may be delayed or limited.
EXPENSES -- Expenses that are directly related to the Fund are charged
directly to the Fund. Other operating expenses of the Trust are prorated to the
portfolios on the basis of relative net asset value. Class specific expenses,
such as the 12b-1 fees, are borne by that class. Income, other expenses and
realized gains and losses of the Fund are allocated to the respective classes on
the basis of the relative net asset value each day.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) AIG MONEY MARKET FUND
APRIL 30, 2000 (UNAUDITED)
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DISTRIBUTIONS TO SHAREHOLDERS -- Distributions from net investment
income are declared daily and paid to shareholders monthly. Any net realized
capital gains are distributed to shareholders at least annually.
Distributions from net investment income and net realized capital gains
are determined in accordance with 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. ORGANIZATIONAL COSTS AND TRANSACTIONS WITH AFFILIATES:
In April 1998, the AICPA issued Statement of Position "SOP" No. 98-5,
"Reporting on the Costs of Start-Up Activities." This SOP provides guidance on
the financial reporting of start-up costs and organization costs and requires
costs of start-up activities and organization costs to be expensed as incurred.
Investment companies that began operations prior to June 30, 1998 can adopt the
SOP prospectively. Therefore, previously capitalized costs will continue to be
amortized over a period of sixty months. Any future start-up organization costs
will be expensed as incurred. Organizational costs include legal fees of
approximately $21,000 for ORGANIZATIONAL WORK PERFORMED BY A LAW FIRM OF WHICH A
TRUSTEE OF THE TRUST IS A PARTNER AND TWO OFFICERS OF THE TRUST are partners.
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 Fund 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 Investments Mutual
Funds Services (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.
The Fund has entered into an agreement with SEI Investments to manage the
investments of repurchase agreements for the Fund. For its services, SEI
Investments received $27,974 for the period ended April 30, 2000.
4. ADMINISTRATION, SHAREHOLDER SERVICING AND DISTRIBUTION AGREEMENTS:
The Trust and the Administrator are parties to an Administration Agreement
under which the Administrator provides administrative services at an annual rate
of .10% of the Fund's average daily net assets up to $50 million; .08% of the
average daily net assets from $50 million up to and including $250 million; .06%
of the average daily net assets from $250 million up to and including $450
million; and .05% of the average daily net assets in excess of $450 million.
There is a minimum annual fee of $75,000 per portfolio plus $15,000 for each
additional class.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONCLUDED) AIG MONEY MARKET FUND
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
The Trust and the Distributor entered into a Distribution Agreement dated
November 14, 1991 as Amended and Restated August 8, 1994. The Distributor
receives no fees for its distribution services under this agreement.
AIG Equity Sales Corp. serves as the Sub-Distributor and Shareholder
Servicing Agent to the Fund. The Fund has adopted a Distribution Plan ("the
Plan") relating to the Class B shares pursuant to the Investment Company Act of
1940, Rule 12b-1. The Plan provides for payment of fees to the Distributor at an
annual rate of .35% of the average daily net assets of the Class B shares. Such
fees are then paid to the Sub-Distributor for services provided.
DST Systems, Inc. (the "Transfer Agent") serves as the transfer agent and
dividend disbursing agent for the Fund under a transfer agency agreement with
the Trust.
5. INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS:
The Fund and AIG Capital Management Corp. (the "Advisor") are parties to an
Investment Advisory Agreement (the "Advisory Agreement"). Under the terms of the
Advisory Agreement, the Advisor receives an annual fee equal to .25% of the
Fund's average daily net assets. The Advisor has voluntarily agreed to waive and
reduce its fee by .10% of the Fund's average daily net assets, and to waive
additional fees and/or reimburse certain expenses of the Fund in order to limit
operating expenses to not more than .40% of the average daily net assets of
Class A and not more than .75% of the average daily net assets of Class B. Fee
waivers are voluntary and may be terminated at any time upon sixty days' written
notice to the Fund.
First Union National Bank acts as custodian (the "Custodian") for the Fund.
The Custodian plays no role in determining the investment policies of the Fund
or which securities are to be purchased and sold by the Fund.
6. CONCENTRATION OF CREDIT RISK:
The Fund invests primarily in high quality money market instruments. The
Fund maintains a diversified portfolio which currently has a concentration of
assets in the banking industry. The ability of the issuers of the securities
held by the Fund to meet their obligations may be affected by economic
developments in the banking industry. The summary of credit quality rating for
securities held by the Fund at April 30, 2000 is as follows:
S & P MOODY'S
---------------- ----------------
A1 + 72.0% P1 100%
A1 28.0% NR 0%
------ ----
100.0% 100%
<PAGE>
NOTES
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<PAGE>
<PAGE>
INVESTMENT ADVISOR:
AIG CAPITAL MANAGEMENT CORP.
70 PINE STREET
NEW YORK, NY 10270
DISTRIBUTOR:
SEI INVESTMENTS DISTRIBUTION CO.
OAKS, PA 19456
SUB-DISTRIBUTOR:
AIG EQUITY SALES CORP.
70 PINE STREET
NEW YORK, NY 10270
FOR INFORMATION CALL: 1-800-845-3885
This information must be preceded or accompanied by a current prospectus.
AIG-F-006-06
