==================
FMC STRATEGIC
VALUE FUND
ANNUAL REPORT
OCTOBER 31, 2000
ADVISED BY:
FIRST MANHATTAN CO.
==================
<PAGE>
MANAGER'S DISCUSSION OF FUND PERFORMANCE
Dear Shareholders:
The following table sets forth the performance data for the FMC Strategic Value
Fund ("the Fund") for the fiscal year ended October 31, 2000.
PERIOD ENDED OCTOBER 31, 2000
-----------------------------
Six Months 12 Months
---------- ---------
FMC Strategic Value Fund 11.3% 24.0%
Russell 2000 Value Index 8.4 17.3
In our letter commenting on the first half of fiscal year 2000, we noted that
the playing field between growth and value had started to level out after an
extended period that heavily skewed investment performance in favor of
growth/technology stocks. The fact that value has been moving back into favor is
reflected in a comparison of recent results with the S&P 500 Composite Index,
which is heavily weighted in technology. The S&P 500 Composite Index declined by
1% in the six months ended October 31, 2000 and rose by 6.1% over the twelve
months ended October 31, 2000.
Viewed another way, the balance between market forces exhibited this past year
indicates that valuation does matter. Many growth stocks appear to have finally
hit a wall trying to maintain the pace of earnings gains at a level commensurate
with expectations by investors that had become unrealistic. For some value
stocks, the price declines have been so steep relative to their fundamentals
that strategic buyers have been able to make synergistic acquisitions at
reasonable prices, even after paying healthy premiums. We also make a
distinction between acquisitions made for cash and those made for stock. The
rate of return requirement relative to financial risk for the former can be
different from the economic model used by the latter.
For our part, performance in the last fiscal year was significantly affected by
the fact that five of our portfolio holdings, Cordant Technologies, McWhorter
Technologies, Hussman International, Justin Industries and Burns International,
were acquired in cash transactions at prices which in each case yielded an
attractive return on our investment. We recognize that the timing of
acquisitions cannot be predicted and, as such, a cluster can skew performance.
Nevertheless, we are gratified that the prices paid were in line with our
estimates of the intrinsic business values made at the time the investments were
initiated.
The commentary above should not suggest that we have been immune from either the
market volatility seen this past year or earnings disappointments in certain
holdings caused by a slowing economy. On the other hand, we try to use such
events to our advantage. An example of a new portfolio addition is Pitney Bowes
(PBI) which we acquired recently at $25, after a sharp fall from its 1999 high
price of $73. We think this decline is an over-reaction to increased competitive
pressures in 20% of its business, which has resulted in a lower targeted
earnings growth rate of 10% vs. 15% previously.
PBI is the leading supplier of mail meters in the United States (85% market
share) as well as a leading supplier of high-speed mail finishing equipment (40%
share). It also realizes 20% of revenues from the sale of office equipment
(including copiers, fax machines, and associated supplies). Principally as a
result of the strong market position in mailing, PBI generates a return on
invested capital of 19%. Our recent purchases were made at both 10X EPS and 10X
free cash flow, with a 4.5% dividend yield to boot.
1
<PAGE>
Run by a solid management team, we believe there exists both internal and
external catalysts to drive the business potential. Internally, the company will
likely exit the highly competitive office equipment business. Furthermore, PBI
will likely cut costs in its core operations, which could expand its already
strong operating margin of 25%. Externally, it is anticipated that the United
States Postal Service will mandate that corporations migrate from electronic to
digital meters, an event that could add two percentage points to PBI's expected
top-line growth of 6%-8%. Based on PBI's historic price/earnings range of
15-17X, the stock has significant upside potential.
In the financial sector, we acquired a position in North Fork Bancorporation
after it declined over 30% from its 1999 peak. We paid just over 10X current
year earnings for this regional bank that has more than doubled its earnings
since 1995, and has in recent years generated a return on equity of over 20%.
This compares favorably with its peers, which have averaged an ROE of under 17%.
It appears to us that North Fork was severely penalized in the market because of
its well publicized hostile take-over proposal for the Dime Bancorp and fear of
earnings dilution. With that effort now on the shelf, management has authorized
a 10% buyback of its shares. In addition to expected earnings growth, this,
along with the 4% dividend yield, provides an attractive return from the free
cash flow.
Longer term we are intrigued by the growth potential from North Fork's internal
expansion into the New York City market. It appears that the mega-mergers
completed by large New York City banks, i.e., Citicorp, Chase, Bankers' Trust,
etc., has recreated an attractive niche for a smaller bank very focused on
commercial lending and delivering customer service.
In summary, notwithstanding more visible signs of a slowing economy ahead, many
of our holdings have been discounting such a trend for the past couple of years
and seem poised to look across the valley. In addition, because of the merger
and acquisition activity, our cash position currently is higher than normal.
Accordingly, we are in a favorable position to take advantage of opportunities
created by continued market volatility.
We appreciate your continued confidence.
Sincerely,
/s/ signature omitted
Edward I. Lefferman
Portfolio Manager
2
<PAGE>
--------------------------------------
TOTAL RETURN(1)
--------------------------------------
Annualized
One Year Inception
Return to Date(2)
--------------------------------------
23.96% 12.44%
--------------------------------------
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE
FMC STRATEGIC VALUE FUND VERSUS THE RUSSELL 2000 VALUE INDEX:
[Graphic Omitted]
Plot points are as follows:
FMC STRATEGIC RUSSELL 2000
VALUE FUND VALUE INDEX
8/31/98 10,000 10,000
10/31/98 11,114 10,879
10/31/99 11,143 10,957
10/31/00 13,813 12,853
(1) These figures represent past performance. Past performance is no guarantee
of future results. The investment return and principal value of an
investment will fluctuate, so an investor's share, when redeemed, may be
worth more or less than original cost.
(2) The FMC Strategic Value Fund commenced operations on August 17, 1998. The
performance reflected in the graph begins at the end of the month
operations commenced.
[Pie Graphic Omitted]
PORTFOLIO COMPOSITION
% of Portfolio
Aerospace & Defense 3%
Banks 3%
Building & Construction 3%
Metals & Metal Fabricate 3%
Insurance 3%
Manufacturing 4%
Chemicals 5%
Household Furniture & Fixtures 6%
Transportation 7%
Miscellaneous Business Services 10%
Food, Beverages & Tobacco 2%
U.S. Treasury Obligations 21%
Petroleum & Fuel Products 15%
Machinery 15%
3
<PAGE>
STATEMENT OF NET ASSETS FMC STRATEGIC VALUE FUND
October 31, 2000
Market
Value
FMC STRATEGIC VALUE FUND Shares (000)
--------------------------------------------------------------------------------
COMMON STOCKS (78.9%)
AEROSPACE & DEFENSE (2.4%)
BF Goodrich ............................... 6,440 $ 264
------
BANKS (3.3%)
North Fork Bancorporation ................. 18,000 363
------
BUILDING & CONSTRUCTION (3.1%)
Fluor ..................................... 10,000 350
------
CHEMICALS (4.9%)
Crompton .................................. 23,863 191
PolyOne ................................... 45,000 354
------
545
------
FOOD, BEVERAGE & TOBACCO (2.2%)
Corn Products International ............... 10,000 251
------
HOUSEHOLD FURNITURE & FIXTURES (6.3%)
Ethan Allen Interiors ..................... 10,000 293
Furniture Brands International* ........... 10,000 169
U.S. Industries ........................... 26,000 231
------
693
------
INSURANCE (2.8%)
Commerce Group ............................ 12,300 314
------
MACHINERY (15.4%)
AZZ ....................................... 26,800 417
Denison International ADR* ................ 38,000 501
Gardner Denver* ........................... 21,000 386
Tecumseh Products, Cl A ................... 10,000 399
------
1,703
------
MANUFACTURING (4.2%)
Agrium .................................... 45,000 470
------
METALS & METAL FABRICATE (3.2%)
Mueller Industries* ....................... 15,000 350
------
MISCELLANEOUS BUSINESS SERVICES (9.6%)
Advo* ..................................... 10,000 368
Moore ..................................... 50,000 131
New England Business Service .............. 17,000 295
Pitney Bowes .............................. 9,000 267
------
1,061
------
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
STATEMENT OF NET ASSETS FMC STRATEGIC VALUE FUND
October 31, 2000
Shares/ Market
Face Amount Value
FMC STRATEGIC VALUE FUND (CONCLUDED) (000) (000)
--------------------------------------------------------------------------------
PETROLEUM & FUEL PRODUCTS (14.5%)
Cooper Cameron* ........................... 4,200 $ 229
EOG Resources ............................. 5,700 224
HS Resources* ............................. 22,225 692
Osca* ..................................... 12,000 186
Rowan* .................................... 11,000 277
-------
1,608
-------
TRANSPORTATION (7.0%)
Trinity Industries ........................ 20,000 481
WABTEC .................................... 28,600 290
-------
771
-------
TOTAL COMMON STOCKS
(Cost $8,548) ............................. 8,743
-------
U.S. TREASURY OBLIGATIONS (21.0%)
U.S. Treasury Bills (A)
7.368%, 11/02/00 ..................... $1,042 1,042
6.114%, 12/07/00 ..................... 316 314
6.018%, 02/01/01 ..................... 376 370
5.949%, 01/04/01 ..................... 607 600
-------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $2,327) ............................. 2,326
-------
TOTAL INVESTMENTS (99.9%)
(Cost $10,875) ............................ $11,069
-------
OTHER ASSETS AND LIABILITIES, NET (0.1%) 7
-------
NET ASSETS:
Portfolio Shares
(unlimited authorization -- no par value)
based on 903,539 outstanding shares of
beneficial interest ..................... 9,212
Undistributed net investment income ....... 7
Accumulated net realized gain
on investments .......................... 1,663
Net unrealized appreciation
on investments .......................... 194
-------
TOTAL NET ASSETS (100.0%) $11,076
=======
Net Asset Value, Offering and
Redemption Price Per Share .............. $12.26
=======
*NON-INCOME PRODUCING SECURITY
(A) -- RATE SHOWN IS THE EFFECTIVE YIELD OF THE SECURITY AT TIME OF PURCHASE
ADR -- AMERICAN DEPOSITORY RECEIPT
CL -- CLASS
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
STATEMENT OF OPERATIONS (000) FMC STRATEGIC VALUE FUND
For the Year Ended October 31, 2000
FMC STRATEGIC VALUE FUND
-------------------------------------------------------------------------------
Investment Income:
Dividend Income..................................................... $ 145
Interest Income .................................................... 74
-------------------------------------------------------------------------------
Total Investment Income........................................... 219
-------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees ........................................... 104
Investment Advisory Fee Waiver ..................................... (104)
Reimbursements by Adviser........................................... (5)
Administrative Fees ................................................ 75
Administrative Fee Waiver .......................................... (48)
Professional Fees .................................................. 38
Printing Fees ...................................................... 21
Transfer Agent Fees ................................................ 28
Registration and Filing Fees ....................................... 12
Trustee Fees ....................................................... 6
Custodian Fees ..................................................... 8
-------------------------------------------------------------------------------
Total Expenses, Net .............................................. 135
-------------------------------------------------------------------------------
Net Investment Income........................................... 84
-------------------------------------------------------------------------------
Net Realized Gain from Securities Sold ............................. 1,663
Net Change in Unrealized Appreciation on Investment Securities ..... 467
-------------------------------------------------------------------------------
Net Realized and Unrealized Gain on Investments .................. 2,130
-------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations................ $ 2,214
===============================================================================
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) FMC STRATEGIC VALUE FUND
For the Years Ended October 31,
11/01/99 11/01/98
TO 10/31/00 TO 10/31/99
--------------------------------------------------------------------------------
Investment Activities:
Net Investment Income........................ $ 84 $ 55
Net Realized Gain from Securities Sold ...... 1,663 325
Net Change in Unrealized Appreciation
(Depreciation) on Investment Securities ..... 467 (469)
--------------------------------------------------------------------------------
Net Increase (Decrease) in
Net Assets Resulting from Operations... 2,214 (89)
--------------------------------------------------------------------------------
Distributions to Shareholders:
Net Investment Income ....................... (75) (63)
Realized Capital Gains....................... (322) (31)
--------------------------------------------------------------------------------
Total Distributions ....................... (397) (94)
--------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from Shares Issued ................. 859 4,598
Reinvestment of Cash Distributions .......... 397 94
Cost of Shares Redeemed ..................... (1,549) (648)
--------------------------------------------------------------------------------
Increase (Decrease) in Net Assets Derived
from Capital Share Transactions......... (293) 4,044
--------------------------------------------------------------------------------
Total Increase in Net Assets .............. 1,524 3,861
--------------------------------------------------------------------------------
Net Assets:
Beginning of Period ......................... 9,552 5,691
--------------------------------------------------------------------------------
End of Period ............................... $11,076 $9,552
================================================================================
Shares Issued and Redeemed:
Shares Issued .............................. 81 429
Shares Issued in Lieu of
Cash Distributions ...................... 39 9
Shares Redeemed ............................ (142) (59)
--------------------------------------------------------------------------------
Net Increase (Decrease) in Shares ......... (22) 379
================================================================================
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
FINANCIAL HIGHLIGHTS FMC STRATEGIC VALUE FUND
For a Share Outstanding For Each Period
For the Periods Ended October 31,
<TABLE>
<CAPTION>
Net Net
Asset Realized and Distributions Distributions Asset
Value, Net Unrealized from Net from Value,
Beginning Investment Gain (Loss) Investment Capital End Total
of Period Income on Securities Income Gains of Period Return
-------- --------- ------------ ---------- --------- ------- --------
------------------------
FMC STRATEGIC VALUE FUND
------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
2000 $10.31 $0.09 $ 2.29 $(0.08) $(0.35) $12.26 23.96%
1999 10.40 0.07 (0.05) (0.07) (0.04) 10.31 0.26
1998(1) 10.00 0.03 0.39 (0.02) -- 10.40 4.25+
</TABLE>
<TABLE>
<CAPTION>
Ratio
of Net
Ratio Investment
Ratio of Expenses Income (Loss)
Net of Net to Average to Average
Assets, Ratio Investment Net Assets Net Assets
End of Expenses Income (Excluding (Excluding Portfolio
of Period to Average to Average Waivers and Waivers and Turnover
(000) Net Assets Net Assets Reimbursements) Reimbursements) Rate
--------- --------- -------- -------------- -------------- -------
------------------------
FMC STRATEGIC VALUE FUND
------------------------
<S> <C> <C> <C> <C> <C> <C>
2000 $11,076 1.30% 0.81% 2.81% (0.70)% 23.93%
1999 9,552 1.30 0.59 3.10 (1.21) 11.85
1998(1) 5,691 1.30 1.45 5.07 (2.32) 6.86
</TABLE>
+ Total return is for the period indicated and has not been annualized.
(1) The FMC Strategic Value Fund commenced operations on August 17, 1998. All
ratios for the period have been annualized.
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS FMC STRATEGIC VALUE FUND
October 31, 2000
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 FMC
Strategic Value Fund (the "Fund"). The financial statements of the remaining
Funds are not presented herein. The assets of each Fund are segregated, and a
shareholder's interest is limited to the Fund 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 recent quoted bid price. Debt
obligations with sixty days or less remaining until maturity may be valued at
their amortized cost, which approximates market value. Securities for which
market quotations are not readily available are valued at fair value as
determined in good faith by, or in accordance with procedures approved by,
the Board of Trustees.
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).
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.
EXPENSES -- Expenses that are directly related to the Funds 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.
USE OF ESTIMATES -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States 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. TRANSACTIONS WITH AFFILIATES:
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.
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded) FMC STRATEGIC VALUE FUND
October 31, 2000
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 Fund's average daily
net assets. The Administrator has contractually agreed to limit its annual fee
to no higher than $27,500 for the fiscal year ended October 31, 2000, $50,000
for the fiscal year ended October 31, 2001, and $75,000 thereafter.
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 Fund.
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 Fund and First Manhattan Co. (the "Adviser") are parties to an Investment
Advisory Agreement under which the Adviser receives an annual fee equal to 1.00%
of the Fund's average daily net assets. The Adviser has, on a voluntary basis,
agreed to waive its fee in order to limit the Fund's total operating expenses to
a maximum of 1.30%. 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. 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 year ended October 31, 2000 are as follows:
(000)
---------
Purchases
U.S. Government ..................... $ --
Other ............................... 2,192
Sales
U.S. Government ..................... --
Other ............................... 4,700
At October 31, 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 October 31, 2000, is as follows:
(000)
---------
Aggregate gross unrealized
appreciation ........................ $ 1,669
Aggregate gross unrealized
depreciation ........................ (1,475)
-------
Net unrealized appreciation ........... $ 194
=======
10
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and Trustees of
FMC Strategic Value Fund of
The Advisors' Inner Circle Fund:
We have audited the accompanying statement of net assets of FMC Strategic Value
Fund (the "Fund"), one of the funds constituting The Advisors' Inner Circle
Fund, as of October 31, 2000, and the related statement of operations, the
statements of changes in net assets, and the financial highlights for the
periods presented. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of October 31, 2000, by correspondence with
the custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of FMC
Strategic Value Fund of The Advisors' Inner Circle Fund as of October 31, 2000,
and the results of its operations, the changes in its net assets, and the
financial highlights for the periods presented, in conformity with accounting
principles generally accepted in the United States.
ARTHUR ANDERSEN LLP
Philadelphia, Pennsylvania
December 15, 2000
11
<PAGE>
NOTICE TO SHAREHOLDERS
OF
THE ADVISORS' INNER CIRCLE FUND
(UNAUDITED)
For shareholders that do not have an October 31, 2000 tax year end, this notice
is for informational purposes only. For shareholders with an October 31, 2000
tax year end, please consult your tax advisor as to the pertinence of this
notice. For the fiscal year ended October 31, 2000, each portfolio is
designating the following items with regard to distributions paid during the
year.
<TABLE>
<CAPTION>
LONG TERM
(20% RATE) ORDINARY
CAPITAL GAIN INCOME TAX-EXEMPT TOTAL QUALIFYING
FUND DISTRIBUTION DISTRIBUTIONS INTEREST DISTRIBUTIONS DIVIDENDS(1)
----- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
FMC Strategic Value Fund 0.00% 100.00% 0.00% 100.00% 30.43%
</TABLE>
-------------
(1) Qualifying dividends represent dividends which qualify for the corporate
dividends received deduction and is reflected as a percentage of "Ordinary
Income Distributions".
12
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
<PAGE>
==================
FMC STRATEGIC VALUE FUND
P.O. Box 219009
Kansas City, MO 64121-6009
ADVISER:
FIRST MANHATTAN CO.
437 Madison Avenue
New York, NY 10022
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.
FMC-F-007-08
==================
