[cover graphic omitted]
[CRA logo omitted]
--------------------------------------------------------------------------------
REALTY
--------------------------------------------------------------------------------
SHARES
--------------------------------------------------------------------------------
PORTFOLIO
--------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
(UNAUDITED)
APRIL 30, 2000
ADVISED BY:
CLARION CRA
SECURITIES
<PAGE>
[blank page]
<PAGE>
[CRA logo omitted]
------------------
REALTY
------------------
MANAGER'S DISCUSSION OF FUND PERFORMANCE SHARES
------------------
PORTFOLIO
To Our Shareholders:
We are pleased to present the semi-annual report for the CRA Realty Shares
Portfolio managed on your behalf by Clarion CRA Securities. The performance for
the portfolio and several indices are summarized in the table below.
MAYBE EARNINGS DO MATTER AFTER ALL! After experiencing some frightening
volatility (i.e., losses) in other stocks in early April, investors embraced
REITs and other value- or yield-oriented stocks. As shown in the table below,
real estate securities posted a second straight month of solid gains as the
broad stock market averages fell. The NASDAQ composite index fell 16% in the
month to finish at -5.1% year-to-date. The Dow Jones Internet Composite is now
down 25% year-to-date.
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
Trailing Year-to- Trailing Trailing Trailing Since Inception*
April 3 Mo. Date 12 Mo. 2 Yrs. 3 Yrs. (Annualized)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CRA Realty Shares Portfolio 6.90% 10.87% 9.80% 1.16% -4.67% 3.56% 2.98%
Wilshire R.E. Securities 7.13 9.69 10.14 -0.18 -4.29 2.29 1.61
NAREIT - Equity REITs 6.72 8.92 9.28 0.02 -5.50 1.83 1.01
S & P 500 (Large Co. Stocks) -3.01 4.46 -0.79 10.12 15.82 23.69 24.20
Russell 2000 (Small Co. Stocks) -6.02 2.28 0.63 18.42 3.66 15.23 11.91
Lehman Gov't/Corp Bonds -0.49 2.20 2.17 0.93 3.57 6.09 5.65
---------------------------------------------------------------------------------------------------------------------------------
*INCEPTION DATE: 1/1/97
</TABLE>
ALL PROPERTY TYPE SECTORS WERE UP IN APRIL. The strongest performance for the
month and year-to-date has been delivered by hotel property companies which have
been the laggards for the past two years. Mall, office, and apartment companies
have all exceeded the real estate securities benchmarks so far this year. A
complete table showing the property type performance within the Wilshire Real
Estate Securities index is shown below:
<TABLE>
<CAPTION>
WILSHIRE REAL ESTATE SECURITIES INDEX
PERFORMANCE BY PROPERTY TYPE AS OF 4/30/00
---------------------------------------------------------------------------------------------------------------------
Weight 2000 1999 Trailing
Property Type in Index April Ytd Rank 1999 Rank 1 Year
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Hotels 11.8% 13.3% 19.3% 1 -13.4% 9 -14.0%
Malls 10.1 8.8 14.7 2 -15.3 10 -1.8
Office 16.8 7.0 11.9 3 3.2 3 5.4
Apartments 19.9 7.5 9.4 4 10.5 1 10.7
Diversified 21.1 4.3 7.8 5 -3.0 5 -0.5
Shopping Centers 9.0 7.2 7.0 6 -12.6 7 -3.1
Industrial 5.2 3.5 6.0 7 5.5 2 5.5
Mfr. Homes 1.6 8.0 4.3 8 -1.9 4 0.5
Storage 3.9 3.3 2.6 9 -8.2 6 -9.1
Outlet Centers 0.8 7.7 -9.9 10 -13.1 8 -19.6
---------------------------------------------------------------------------------------------------------------------
Total 100.0% 7.1% 10.1% -3.2% -0.2%
---------------------------------------------------------------------------------------------------------------------
</TABLE>
Despite good performance in March and April that has lifted REITs by 12% - 13%
over late February lows, valuations remain depressed relative to several
measures:
[Bullet] Dividend yield is still near 8% (7.78% for NAREIT).
[Bullet] The average stock still trades at a 14% discount to Net Asset Value
(NAV), the estimate of the fair market value of a company's assets net
of liabilities based on private market values for comparable real
estate properties.
CLARION CRA SECURITIES
--------------------------------------------------------------------------------
AN AFFILIATE OF CLARION PARTNERS
<PAGE>
[Bullet] Prices represent an average 8.1 multiple of forward earnings (FFO)
which is still 20% below the previous low achieved in the recession of
late 1990. The multiple is more than 40% below the 13.3 average since
1986.
[Bullet] The average earnings yield is 12.3%, which is 6.0% (600 basis points)
higher than the yield on 10-year Treasuries. The normal spread over the
last decade has been 2.6%.
[Bullet] Performance over the last three years is down 15% - 20%(flat on a total
return basis once you factor in the dividends), despite average
earnings growth of 10% per year over that same period and continued
strong real estate market fundamentals.
We are also beginning to see some meaningful separation of multiples with the
REIT group. Over the last several years there has been very little separation
between the best and worst companies. All boats seemed to be carried on the same
tide. As shown in the chart below, this has begun to change:
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
High Median Low Spread
Property Type Multiple Multiple Multiple As %
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care 5.3 8.3 3.0 64%
Retail - Shopping Centers 8.0 10.5 4.7 55
Commercial - Office 10.2 13.8 6.4 54
Retail - Regional Malls 8.2 10.4 5.4 48
Hotel 6.4 9.4 5.0 47
Apartment 10.1 11.7 8.6 26
Self Storage 8.7 9.6 7.3 24
Commercial - Industrial 10.3 12.0 9.3 22
Manufactured Homes 11.4 12.3 11.0 10
---------------------------------------------------------------------------------------------------------
</TABLE>
This separation of multiples is interesting in that it creates an environment
for more mergers and acquisitions. Without a spread of 20% or more, there is
little incentive for the better companies to acquire the laggards. The required
premium to make the acquisition palatable to the stakeholders of the laggard
leaves no room for the better companies to make the acquisition beneficial
(i.e., accretive) to its shareholders. With spreads now wider in most property
types, at least theoretically we have an environment for more M&A activity.
Companies have begun to report first quarter earnings, and the early indications
are very encouraging. While the sample is still very small, we have been
pleasantly surprised by the number of companies exceeding analysts expectations
(and even our own). The markets on the West Coast and in the Northeast (from
Washington, D.C. to Boston) have been particularly strong.
In terms of portfolio strategy, we continue to overweight office and apartments
based on solid earnings growth prospects for these property types. We have used
the recent rally to begin trimming positions in companies that we think have
exposure to weaker markets or below average growth prospects. Our decision to
increase the portfolio weights to hotels and malls earlier this year have so far
proved timely. However, we still remain underweighted in hotels and retail, and
have no exposure to manufactured homes, storage, or healthcare.
We'd like to leave you with some comments made by Warren Buffet at the Berkshire
Hathaway annual meeting held recently in Omaha (and attended by our own Ken
Campbell). Paraphrasing somewhat, he asserted at the meeting that "valuations
still matter [though] speculative markets can create their own truth for a
time." He also observed that "in the past year, the ability to monetize
shareholder ignorance has never been higher." In this spirit, we expect over the
long term, returns to investors in public real estate equities from this point
forward will be attractive, given the strong and growing dividend income and the
compelling low valuation levels offered by the group.
As always, we appreciate your continued faith and confidence.
Sincerely,
Clarion [Bullet] CRA Securities
/s/signature omitted /s/signature omitted
T. Ritson Ferguson Kenneth D. Campbell
Co-Portfolio Manager Co-Portfolio Manager
Clarion CRA Securities
--------------------------------------------------------------------------------
AN AFFILIATE OF CLARION PARTNERS
<PAGE>
STATEMENT OF NET ASSETS
April 30, 2000 (Unaudited)
Market
Value
CRA REALTY SHARES PORTFOLIO Shares (000)
-----------------------------------------------------------------------
EQUITIES (98.4%)
DIVERSIFIED (0.4%)
Frontline Capital Group* ................. 15,000 $ 257
--------
INDUSTRIAL (5.6%)
AMB Property Corp. ....................... 119,900 2,645
Prologis Trust ........................... 35,400 697
--------
3,342
--------
INDUSTRIAL/OFFICE MIX (9.7%)
Duke-Weeks Realty Corp. .................. 143,500 3,112
Liberty Property Trust ................... 109,500 2,710
--------
5,822
--------
OFFICE (28.8%)
Arden Realty Inc. ........................ 77,900 1,733
Brandywine Realty Trust .................. 50,000 869
CarrAmerica Realty Trust ................. 77,800 1,848
Cornerstone Properties Inc. .............. 22,700 414
Equity Office Properties Trust ........... 87,657 2,383
Highwoods Properties Inc. ................ 105,200 2,387
Kilroy Realty Corp. ...................... 81,200 1,959
Prentiss Properties Trust ................ 129,400 3,073
Spieker Properties ....................... 58,600 2,597
--------
17,263
--------
RESIDENTIAL: APARTMENTS (27.7%)
Apartment Investment & Management Co. .... 60,900 2,421
AvalonBay Communities Inc. ............... 77,068 3,015
BRE Properties ........................... 75,300 2,104
Camden Property Trust .................... 61,100 1,734
Equity Residential Properties Trust ...... 76,500 3,481
Post Properties Inc. ..................... 62,800 2,637
Smith (Charles E) Residential Realty Inc.. 31,500 1,187
--------
16,579
--------
RESIDENTIAL: HOTELS (5.1%)
Host Marriott Corp. ...................... 88,500 946
Starwood Hotels & Resorts Worldwide* ...... 74,657 2,123
--------
3,069
--------
RETAIL: MALLS (7.7%)
General Growth Properties Inc. ........... 47,900 1,575
Simon Property Group Inc. ................ 70,228 1,782
Urban Shopping Centers ................... 39,300 1,267
--------
4,624
--------
Shares/ Market
Face Amount Value
(000) (000)
-----------------------------------------------------------------------
RETAIL: SHOPPING CENTERS (13.4%)
Bradley Real Estate Inc. ................. 85,400 $ 1,542
Developers Diversified Realty Corp. ...... 82,900 1,259
Kimco Realty Corp. ....................... 60,700 2,417
Regency Realty Corp. ..................... 70,600 1,562
Weingarten Realty Investors .............. 29,900 1,211
--------
7,991
--------
TOTAL EQUITIES
(Cost $54,094) ......................... 58,947
--------
REPURCHASE AGREEMENT (1.5%)
Morgan Stanley Tri-Party Repo,
5.75%, dated 4/28/00, matures
05/01/00, repurchase price $911,561
(collateralized by a U.S. Treasury
Instrument, par value $926,753, matures
08/31/00 market value $934,395) ........ $912 912
--------
TOTAL REPURCHASE AGREEMENT
(Cost $912) ............................ 912
--------
TOTAL INVESTMENTS (99.9%)
(Cost $55,006) ......................... 59,859
--------
OTHER ASSETS AND LIABILITIES, NET (0.1%) . 67
--------
NET ASSETS:
Portfolio Capital -- Institutional Class
(unlimited authorization -- no par
value) based on 6,670,518 outstanding
shares of beneficial interest .......... 66,775
Distribution in excess of net investment
income .................................. (463)
Accumulated net realized loss on
investments ............................. (11,239)
Net unrealized appreciation on investments 4,853
--------
TOTAL NET ASSETS (100.0%) ................ $ 59,926
========
Net Asset Value, Offering and Redemption
Price Per Share ........................ $8.98
========
*NON-INCOME PRODUCING SECURITY
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATEMENT OF OPERATIONS (000)
(Unaudited)
11/1/99
THRU
CRA REALTY SHARES PORTFOLIO 4/30/00
--------------------------------------------------------------------------------
Investment Income:
Dividend Income...................................................... $1,917
Interest Income ..................................................... 40
--------------------------------------------------------------------------------
Total Investment Income............................................ 1,957
--------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees ............................................ 191
Investment Advisory Fee Waiver ...................................... (34)
Administrative Fees ................................................. 41
Custodian Fees ...................................................... 6
Professional Fees ................................................... 25
Transfer Agent Fees ................................................. 16
Printing Fees ....................................................... 9
Trustee Fees ........................................................ 3
Registration and Filing Fees ........................................ 12
Amortization of Deferred Organization Costs ......................... 3
Other Fees........................................................... --
--------------------------------------------------------------------------------
Total Expenses .................................................... 272
--------------------------------------------------------------------------------
Net Investment Income ........................................... 1,685
Net Realized Loss from Securities Sold .............................. (4,576)
Net Unrealized Appreciation of Investment Securities ................ 9,741
--------------------------------------------------------------------------------
Net Realized and Unrealized Gain on Investments ................... 5,165
--------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations................ $6,850
--------------------------------------------------------------------------------
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
(Unaudited)
<TABLE>
<CAPTION>
11/1/99 11/1/98
CRA REALTY SHARES PORTFOLIO THRU 4/30/00 THRU 10/31/99
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Activities:
Net Investment Income.............................................................................. $ 1,685 $ 3,120
Net Realized Loss on Securities Sold .............................................................. (4,576) (4,360)
Net Change in Unrealized Appreciation (Depreciation) of Investment Securities ..................... 9,741 (1,315)
------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting from Operations.................................. 6,850 (2,555)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Net Investment Income ............................................................................. (1,915) (3,546)
Realized Capital Gain ............................................................................. -- --
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions ............................................................................. (1,915) (3,546)
------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Shares Issued ..................................................................................... 4,318 13,087
Shares Issued in Lieu of Cash Distributions ....................................................... 1,447 2,835
Shares Redeemed ................................................................................... (6,742) (9,470)
------------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets Derived from Capital Share Transactions.......................... (977) 6,452
------------------------------------------------------------------------------------------------------------------------------------
Total Increase in Net Assets .................................................................... 3,958 351
------------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period ............................................................................... 55,968 55,617
------------------------------------------------------------------------------------------------------------------------------------
End of Period (1) ................................................................................. $59,926 $55,968
====================================================================================================================================
Shares Issued and Redeemed:
Shares Issued ..................................................................................... 530 1,441
Shares Issued in Lieu of Cash Distributions ....................................................... 173 319
Shares Redeemed ................................................................................... (827) (1,074)
------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Share Transactions ................................................... (124) 686
------------------------------------------------------------------------------------------------------------------------------------
<FN>
(1) Includes distributions in excess of net investment income (000) of $(463) and $(233) as of April 30, 2000, and
October 31, 1999, respectively.
</FN>
</TABLE>
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
<PAGE>
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout each Period (Unaudited)
<TABLE>
<CAPTION>
Net Net Net
Asset Realized and Distributions Distributions Asset Assets
Value Net Unrealized from Net from Value End
Beginning Investment Gain (Loss) on Investment Capital End Total of Period
of Period Income Securities Income Gains of Period Return (+) (000)
--------- ---------- -------------- ------------- ------------- --------- ---------- ---------
---------------------------
CRA REALTY SHARES PORTFOLIO
---------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2000(1) $ 8.24 0.26 0.78 (0.30) -- $ 8.98 12.64% $59,926
1999 $ 9.10 0.49 (0.80) (0.55) -- $ 8.24 (3.70)% $55,968
1998 $11.49 0.35 (1.85) (0.40) (0.49) $ 9.10 (14.16)% $55,617
1997(2) $10.00 0.26 1.53 (0.30) -- $11.49 18.17% $34,797
</TABLE>
Ratio
of Net
Ratio Ratio Investment
of Net of Expenses Income
Ratio Investment to Average to Average
of Expenses Income Net Assets Net Assets Portfolio
to Average to Average (Excluding (Excluding Turnover
Net Assets Net Assets Waivers) Waivers) Rate
----------- ---------- ------------ -------------- ---------
---------------------------
CRA REALTY SHARES PORTFOLIO
---------------------------
2000(1) 1.00%* 6.19%* 1.13%* 6.06%* 54.79%
1999 1.00% 5.37% 1.11% 5.26% 66.56%
1998 1.00% 3.29% 1.17% 3.12% 73.54%
1997(2) 1.00%* 2.91%* 1.63%* 2.28%* 102.74%
* Annualized
+ Total returns are for the period indicated and have not been annualized.
(1) For the six-month period ended April 30, 2000.
(2) The CRA Realty Shares Portfolio commenced operations on January 1, 1997.
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS CRA REALTY SHARES PORTFOLIO
April 30, 2000 (Unaudited)
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, as a diversified open-end management investment company
with ten portfolios. The financial statements herein are those of the CRA Realty
Shares Portfolio (the "Fund"). The financial statements of the remaining
portfolios are not presented herein. 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 Fund.
SECURITY VALUATION -- Investments in equity securities which are traded on a
national exchange (or reported on the NASDAQ national market system) are stated
at the last quoted sales price if readily available for such equity securities
on each business day; other equity securities traded in the over-the-counter
market and listed equity securities for which no sale was reported on that date
are stated at the last 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, which
approximates market value.
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 RELATED INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date). Costs
used in determining realized gains and losses on the sales of investment
securities are those of the specific securities sold, adjusted for the accretion
and amortization of purchase discounts or premiums during the respective holding
period which is calculated using the effective interest method. Interest income
is recognized on the accrual basis. Dividend income is recorded on the ex-date.
NET ASSET VALUE PER SHARE -- The net asset value per share of the Fund 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 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 to the
Fund. Other operating expenses of the Trust are prorated to the Fund on the
basis of relative daily net assets compared to the aggregate daily net assets of
the Trust.
DISTRIBUTIONS TO SHAREHOLDERS -- Distributions from net
investment income are declared and paid to Shareholders quarterly. 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 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.
The majority of the dividend income recorded by the Fund is from Real Estate
Investment Trusts ("REITs"). For tax purposes, a portion of these dividends
consists of capital gains and returns of capital. The Fund's Administrator
estimates the return of capital based upon historical returns of capital paid by
each REIT in prior periods. These estimates are then reconciled to the actual
returns of capital reported by the REITs shortly after calendar year end, and an
adjustment, if any is required, is then recorded by the Fund.
3. ORGANIZATION COSTS AND TRANSACTIONS WITH AFFILIATES:
The Fund incurred organization costs of approximately $32,000. These costs have
been capitalized by the Fund and are being amortized over sixty months
commencing with the start-up. In the event the initial shares of the Fund are
redeemed by any holder thereof during the period that the Fund 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. These costs include legal
fees of approximately $13,000 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.
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.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded) CRA REALTY SHARES PORTFOLIO
April 30, 2000 (Unaudited)
4. ADMINISTRATION, SHAREHOLDER SERVICING AND DISTRIBUTION AGREEMENTS:
The Trust and the Administrator are parties to an Administration Agreement under
which the Administrator provides management and administrative services for an
annual fee equal to the higher of $75,000 or 0.15% of the first $100 million of
the Portfolio's average daily net assets; 0.125% of the next $100 million of the
Portfolio's average daily net assets; 0.10% of the next $100 million of the
Portfolio's average daily net assets; and 0.08% of the Portfolio's average daily
net assets over $300 million.
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.
The Trust and Distributor are parties to a Distribution Agreement. The
Distributor receives no fees for its distribution services under this agreement.
5. INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS:
The Trust and Clarion CRA Securities (the "Adviser") are parties
to an Investment Advisory Agreement under which the Adviser receives an annual
fee equal to .70% of the Fund's average daily net assets. The Adviser has, on a
voluntary basis, agreed to waive its fee and reimburse Fund expenses as
applicable in order to limit the Fund's total operating expenses to a maximum of
1.00% of the average daily net assets for Institutional shares. The Adviser
reserves the right to terminate this arrangement at any time in its sole
discretion.
First Union National Bank acts as custodian (the "Custodian") for the Fund. Fees
of the Custodian are paid on the basis of the net assets of 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. INVESTMENT TRANSACTIONS:
The cost of security purchases and the proceeds from security sales, other than
short-term investments, for the period ended April 30, 2000, are as follows
(000):
Purchases............................... $29,667
Sales .................................. $29,496
At April 30, 2000, 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, 2000, is as follows (000):
Aggregate gross unrealized
appreciation ................................. $ 5,551
Aggregate gross unrealized
depreciation ................................. (698)
-------
Net unrealized appreciation .................... $ 4,853
=======
<PAGE>
[blank page]
<PAGE>
FUND:
CRA REALTY SHARES PORTFOLIO
P.O. Box 419009
Kansas City, MO 64141-6009
ADVISER:
CLARION CRA SECURITIES
Suite 205, 259 N. Radnor-Chester Road
Radnor, PA 19087
DISTRIBUTOR:
SEI INVESTMENTS DISTRIBUTION CO.
Oaks, PA 19456
ADMINISTRATOR:
SEI INVESTMENTS MUTUAL FUNDS SERVICES
Oaks, PA 19456
LEGAL COUNSEL:
MORGAN, LEWIS & BOCKIUS LLP
1800 M Street N.W.
Washington, DC 20036
INDEPENDENT PUBLIC ACCOUNTANTS:
ARTHUR ANDERSEN LLP
1601 Market Street
Philadelphia, PA 19103
This information must be preceded or accompanied by a current prospectus
for the Fund described.
CRA-M-003-04
