AIG
MONEY MARKET FUND
ANNUAL REPORT
OCTOBER 31, 2000
AIG
ADVISED BY
AIG CAPITAL MANAGEMENT CORP.
<PAGE>
AIG MONEY MARKET FUND
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LETTER TO SHAREHOLDERS, OCTOBER 31, 2000
Dear Shareholder:
We are pleased to provide you with the annual report for the AIG Money Market
Fund (the "Fund") for its fiscal year ending October 31, 2000.
During the period under review, the Fund continued to provide competitive money
market returns while seeking to preserve principal value and maintain a high
degree of liquidity. The fiscal year started off in a continued economic
expansion in the United States which gave rise to concerns of higher inflation.
In pre-emptive strikes against inflation, the Federal Reserve Board raised its
target for short-term interest rates on four occasions during the reporting
period for a total increase of 100 basis points. Such increases benefited money
market fund investors and resulted to higher yields for the AIG Money Market
Fund by the end of the reporting period than at the start of the period. In
addition, money market funds provided a safe harbor from the highly volatile
equity markets, which in early spring reversed their upward trend and continued
to exhibit tremendous volatility. It is anticipated that the Federal Reserve
Board will reverse its stance on monetary tightening in the coming months in
response to signs of a slowing economy. 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 of 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 its fiscal year.
We appreciate your participation in the Fund.
Sincerely,
/s/signature omitted
Helen Stefanis
President
AIG Capital Management Corp.
1
<PAGE>
STATEMENT OF NET ASSETS AIG MONEY MARKET FUND
OCTOBER 31, 2000
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AIG MONEY MARKET FUND
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FACE
AMOUNT VALUE
(000) (000)
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COMMERCIAL PAPER (67.5%)
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AIR TRANSPORTATION (1.9%)
BAA (A)
$10,152 6.573%, 12/04/00 $ 10,092
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10,092
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AUTOMOTIVE (4.7%)
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DaimlerChrysler North America Holdings
25,000 6.523%, 11/16/00 24,932
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24,932
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BANK HOLDING COMPANIES (3.8%)
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Citicorp
20,000 6.528%, 11/03/00 19,993
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19,993
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BANKS (4.7%)
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Dresdner Bank
10,000 6.506%, 11/02/00 9,998
UBS Finance
15,000 6.651%, 11/01/00 15,000
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24,998
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CHEMICALS (5.2%)
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Dow Chemical
22,000 6.631%, 11/01/00 22,000
Lubrizol
1,815 6.537%, 11/03/00 1,814
4,000 6.612%, 11/20/00 3,986
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27,800
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COMMUNICATIONS EQUIPMENT (1.5%)
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Motorola
7,900 6.568%, 12/26/00 7,822
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7,822
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ENTERTAINMENT (3.8%)
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Walt Disney
20,000 6.495%, 11/09/00 19,971
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19,971
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<PAGE>
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FACE
AMOUNT VALUE
(000) (000)
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FINANCIAL SERVICES (15.0%)
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Associates of North America
$15,000 6.522%, 11/02/00 $ 14,997
General Electric Capital Services
15,000 6.528%, 11/03/00 14,995
Liberty Mutual Capital (A)
10,000 6.525%, 11/07/00 9,989
Merrill Lynch
15,000 6.551%, 11/01/00 15,000
Morgan Stanley Dean Witter
25,000 6.521%, 11/15/00 24,937
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79,918
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FOOD, BEVERAGE & TOBACCO (21.6%)
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Anheuser-Busch
22,000 6.601%, 11/01/00 22,000
H.J. Heinz
25,000 6.488%, 11/02/00 24,996
Hershey Foods
13,000 6.478%, 11/02/00 12,998
Kellogg
29,000 6.509%, 11/01/00 29,000
Sara Lee
26,000 6.479%, 11/02/00 25,995
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114,989
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TELEPHONES & TELECOMMUNICATIONS (5.3%)
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AT&T
20,000 6.543%, 11/06/00 19,982
8,200 6.518%, 11/08/00 8,190
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28,172
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TOTAL COMMERCIAL PAPER
(Cost $358,687) 358,687
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THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
2
<PAGE>
STATEMENT OF NET ASSETS AIG MONEY MARKET FUND
OCTOBER 31, 2000
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AIG MONEY MARKET FUND
--------------------------------------------------------------------------------
FACE
AMOUNT VALUE
(000) (000)
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CERTIFICATES OF DEPOSIT (27.9%)
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BANKS (27.9%)
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Bank of Austria
$25,000 6.600%, 11/10/00 $ 25,000
Bayerische Hypo-Vereinsbank
25,000 6.550%, 12/01/00 25,001
Bayerische Landesbank Girozentrale
10,000 6.680%, 01/16/01 10,000
Canadian Imperial Bank of Commerce
20,000 6.580%, 12/20/00 20,001
Deutsche Bank
10,000 6.900%, 12/06/00 10,002
Royal Bank of Scotland
25,000 6.530%, 11/06/00 25,000
San Paolo IMI
8,000 6.950%, 01/31/01 8,004
Westdeutsche Landesbank Girozentrale
25,000 7.100%, 05/07/01 25,000
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148,008
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TOTAL CERTIFICATES OF DEPOSIT
(Cost $148,008) 148,008
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TIME DEPOSIT (4.2%)
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SunTrust Bank Euro Time Deposit
22,390 6.563%, 11/01/00 22,390
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TOTAL TIME DEPOSIT
(Cost $22,390) 22,390
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TOTAL INVESTMENTS (99.6%)
(Cost $529,085) 529,085
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OTHER ASSETS AND LIABILITIES, NET (0.4%) 2,023
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VALUE
(000)
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NET ASSETS:
--------------------------------------------------------------------------------
Portfolio Shares of Class A
(unlimited authorization -- no
par value) based on 441,710,437
outstanding shares of
beneficial interest $441,711
Portfolio Shares of Class B
(unlimited authorization -- no
par value) based on 89,412,793
outstanding shares of beneficial
interest 89,398
Distributions in excess of net
investment income (1)
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TOTAL NET ASSETS (100.0%) $531,108
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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
--------------------------------------------------------------------------------
(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.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
3
<PAGE>
STATEMENT OF OPERATIONS (000) AIG MONEY MARKET FUND
FOR THE YEAR ENDED OCTOBER 31, 2000
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AIG MONEY MARKET FUND
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INVESTMENT INCOME:
Interest $46,770
-------
Total Investment Income 46,770
-------
EXPENSES:
Investment Advisory Fees 1,898
Waiver of Investment Advisory Fees (759)
Distribution Fees (1) 383
Administrative Fees 461
Waiver of Administrative Fees (30)
Custodian Fees 11
Transfer Agent Fees 64
Registration and Filing Fees 118
Insurance and Other Fees 22
Printing Fees 35
Professional Fees 36
Trustee Fees 6
-------
Total Expenses, Net 2,245
-------
Net Investment Income 44,525
-------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $44,525
=======
(1) Distribution fees are incurred by Class B shares only.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
4
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000) AIG MONEY MARKET FUND
FOR THE YEARS ENDED OCTOBER 31,
------------------------------------------------------------------------------------------------------------------------------------
11/1/99 TO 11/1/98 TO
AIG MONEY MARKET FUND 10/31/00 10/31/99
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
<S> <C> <C>
Net Investment Income $ 44,525 $ 30,105
----------- -----------
Increase in Net Assets Resulting from Operations 44,525 30,105
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
Net Investment Income
Class A (38,473) (22,636)
Class B (6,056) (7,469)
----------- -----------
Total Distributions (44,529) (30,105)
----------- -----------
SHARE TRANSACTIONS (AT $1.00 PER SHARE):
Class A
Shares Issued 50,769,051 30,307,763
Shares Issued in Lieu of Cash Distributions 38,437 24,169
Shares Redeemed (50,913,793) (30,035,003)
----------- -----------
Net Class A Share Transactions (106,305) 296,929
----------- -----------
Class B
Shares Issued 639,396 655,972
Shares Issued in Lieu of Cash Distributions 6,013 8,054
Shares Redeemed (659,581) (715,534)
----------- -----------
Net Class B Share Transactions (14,172) (51,508)
----------- -----------
Increase (Decrease) in Net Assets from Share Transactions (120,477) 245,421
----------- -----------
Total Increase (Decrease) in Net Assets (120,481) 245,421
NET ASSETS:
Beginning of Period 651,589 406,168
----------- -----------
End of Period $ 531,108 $ 651,589
=========== ===========
Amounts designated as "--" are either $0 or have been rounded to $0.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
5
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS AIG MONEY MARKET FUND
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
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FOR THE PERIODS ENDED OCTOBER 31,
RATIO
OF NET
RATIO RATIO INVESTMENT
NET NET NET OF NET OF EXPENSES INCOME
ASSET DISTRIBUTIONS 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)
--------- ---------- ------------- --------- ------ --------- ----------- ---------- ---------- -----------
-----------------------
AIG MONEY MARKET FUND
-----------------------
CLASS A
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000 $1.00 $0.06 $(0.06) $1.00 6.11% $441,711 0.25% 5.92% 0.35% 5.82%
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
CLASS B
2000 $1.00 $0.06 $(0.06) $1.00 5.74% $ 89,397 0.60% 5.53% 0.70% 5.43%
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
Note: The 7-day current and effective annualized yields as of October 31, 2000 are: Class A shares 6.42% and 6.63%, respectively and
Class B shares 6.07% and 6.26%, respectively.
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS AIG MONEY MARKET FUND
OCTOBER 31, 2000
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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 ten portfolios. The financial
statements herein are those of one such Fund, the AIG Money Market Fund (the
"Fund"), which offers two classes of shares: Class A and Class B. The financial
statements of the remaining Funds are presented separately. The assets of each
Fund are segregated, and a shareholders' interest is limited to the Fund in
which shares are held. The Funds' prospectuses provide a description of the
Funds' investment objectives, policies and strategies.
The AIG Money Market Fund is a money market fund, offered by prospectus
through its distributor or sub-distributor. The prospectus should be read
carefully prior to making an investment.
The AIG Money Market Fund seeks to preserve the value of the shareholders'
investment at $1.00 per share, although there is no assurance that this will be
so on a continuing basis and it is possible to lose money. Money market fund
shares are neither insured nor guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. Past performance does not guarantee
future results and the yield will fluctuate.
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
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) AIG MONEY MARKET FUND
OCTOBER 31, 2000
--------------------------------------------------------------------------------
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.
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.
USE OF ESTIMATES --The preparation of financial statements in
conformity with accounting principles generally acepted 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.
The Fund has entered into an agreement with the Distributor to act as an
agent in placing repurchase agreements for the Funds. For its services, the
Distributor received $35,818 for the year ended 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 administrative services at an annual rate
of 0.06% of the Fund's average daily net assets up to $500 million; 0.05% of the
average daily net assets from $500 million up to and including $1 billion; and
0.04% of the average daily net assets in excess of $1 billion. There is a
minimum annual fee of $95,000 per portfolio plus $15,000 for each additional
class.
The Trust and the Administrator entered into an agreement dated May 19,
2000 whereby the Administrator agrees to pay the Fund's transfer agency expenses
up to a maximum of $70,000 annually to the extent aggregate annual average net
assets of Class A and Class B Shares remain greater than $450 million. A waiver
of the Administration fee on a dollar for
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONCLUDED) AIG MONEY MARKET FUND
OCTOBER 31, 2000
--------------------------------------------------------------------------------
dollar basis will offset transfer agency expenses billed to the fund. In
accordance with this agreement, the Administrator waived $30,000 of
Administration fees for the year ended October 31, 2000.
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 0.35% 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 0.25% of the
Fund's average daily net assets. The Advisor has voluntarily agreed to waive and
reduce its fee by 0.10% 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 0.40% of the average daily net assets of
Class A and not more than 0.75% 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 October 31, 2000 is as follows:
S & P MOODY'S
---------------- ----------------
A1 + 64.4% P1 100%
A1 35.6 NR --
------- ----
100.0% 100%
======= =====
9
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
--------------------------------------------------------------------------------
To the Shareholders and Board of Trustees of
AIG Money Market Fund of
The Advisors' Inner Circle Fund:
We have audited the accompanying statement of net assets of AIG Money Market
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 AIG
Money Market 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
10
<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>
AIG Money Market Fund 0.00% 100.00% 0.00% 100.00% 0.00%
<FN>
---------------------------------------------------------------------------------------------------------------------
(1) QUALIFYING DIVIDENDS REPRESENT DIVIDENDS WHICH QUALIFY FOR THE CORPORATE DIVIDENDS RECEIVED DEDUCTION AND IS
REFLECTED AS A PERCENTAGE OF "ORDINARY INCOME DISTRIBUTIONS".
</FN>
</TABLE>
11
<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-005-07000
