0001135428-04-000622.txt : 20120828 0001135428-04-000622.hdr.sgml : 20120828 20041210170245 ACCESSION NUMBER: 0001135428-04-000622 CONFORMED SUBMISSION TYPE: PRE 14A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050218 FILED AS OF DATE: 20041210 DATE AS OF CHANGE: 20050316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS INNER CIRCLE FUND CENTRAL INDEX KEY: 0000878719 IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: PRE 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06400 FILM NUMBER: 041197037 BUSINESS ADDRESS: STREET 1: 1 FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19087 BUSINESS PHONE: 8009327781 MAIL ADDRESS: STREET 1: 1 FREEDOM VALLEY DRIVE CITY: OAKS STATE: PA ZIP: 19087 PRE 14A 1 aic_pre14a.txt SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [X] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [ ] Definitive Proxy Statement [ ] Definitive Additional Materials [ ] Soliciting Material Under Rule 14a-12 THE ADVISORS' INNER CIRCLE FUND ----------------------------------------------- (Name of Registrant as Specified In Its Charter) ----------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1) Title of each class of securities to which transaction applies: ----------------------------------------------------------------------- 2) Aggregate number of securities to which transaction applies: ----------------------------------------------------------------------- 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): ----------------------------------------------------------------------- 4) Proposed maximum aggregate value of transaction: ----------------------------------------------------------------------- 5) Total fee paid: ----------------------------------------------------------------------- [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: ----------------------------------------------------------------------- 2) Form, Schedule or Registration Statement No.: ----------------------------------------------------------------------- 3) Filing Party: ----------------------------------------------------------------------- 4) Date Filed:
THE ADVISORS' INNER CIRCLE FUND Acadian Emerging Markets Portfolio ICM Small Company Portfolio AIG Money Market Fund Japan Smaller Companies Fund Analytic Defensive Equity Fund LSV Value Equity Fund Analytic Global Long-Short Fund The McKee International Equity Portfolio Analytic Short-Term Income Fund Rice Hall James Micro Cap Portfolio Cambiar Opportunity Fund Rice Hall James Small/Mid Cap Portfolio Cambiar International Equity Fund Rice Hall James Mid Cap Portfolio Cambiar Conquistador Fund Sterling Capital Small Cap Value Fund Chicago Asset Management Value Portfolio Sterling Capital Balanced Fund CB Core Equity Fund Synovus Large Cap Core Equity Fund Chartwell U.S. Equity Fund Synovus Mid Cap Value Fund Chartwell Small Cap Value Fund Synovus Intermediate-Term Bond Fund Commerce Capital Government Money Market Fund Synovus Georgia Municipal Bond Fund Commerce Capital Treasury Obligations Money Market Fund Toews S&P 500 Hedged Index Fund FMA Small Company Portfolio Toews Nasdaq-100 Hedged Index Fund FMC Select Fund TS&W Equity Portfolio FMC Strategic Value Fund TS&W Fixed Income Portfolio Haverford Quality Growth Stock Fund TS&W International Equity Portfolio HGK Equity Value Fund United Association S&P 500 Index Fund
101 FEDERAL STREET BOSTON, MASSACHUSETTS 02110 ------------------------ NOTICE OF SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON FEBRUARY 18, 2005 Notice is hereby given that a Special Meeting of Shareholders (the "Special Meeting") of The Advisors' Inner Circle Fund (the "Trust") will be held at the offices of SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456, on February 18, 2005 at 11:00 a.m. Eastern Time. The Special Meeting is being called for the purpose of considering the proposal set forth below and to transact such other business as may be properly brought before the Special Meeting. PROPOSAL: To elect members to the Board of Trustees of the Trust. Only shareholders of the Trust at the close of business on December 23, 2004, are entitled to notice of, and to vote at, the Special Meeting or any adjournment thereof. SHAREHOLDERS ARE CORDIALLY INVITED TO ATTEND THE SPECIAL MEETING. WHETHER OR NOT YOU EXPECT TO BE PRESENT AT THE SPECIAL MEETING, PLEASE COMPLETE AND PROMPTLY RETURN THE ENCLOSED PROXY CARD. A POSTAGE PAID ENVELOPE IS ENCLOSED FOR YOUR CONVENIENCE SO THAT YOU MAY RETURN YOUR PROXY CARD AS SOON AS POSSIBLE. YOU MAY ALSO VOTE EASILY AND QUICKLY BY TELEPHONE OR THROUGH THE INTERNET AS DESCRIBED IN THE ENCLOSED PROXY CARD. TO DO SO, PLEASE FOLLOW THE INSTRUCTIONS INCLUDED ON YOUR ENCLOSED PROXY CARD. IT IS MOST IMPORTANT AND IN YOUR INTEREST FOR YOU TO VOTE SO THAT A QUORUM WILL BE PRESENT AND A MAXIMUM NUMBER OF SHARES MAY BE VOTED. THE PROXY IS REVOCABLE AT ANY TIME PRIOR TO ITS USE. By Order of the Trustees, James S. Volk President Dated: [___________], 2005 2
THE ADVISORS' INNER CIRCLE FUND Acadian Emerging Markets Portfolio ICM Small Company Portfolio AIG Money Market Fund Japan Smaller Companies Fund Analytic Defensive Equity Fund LSV Value Equity Fund Analytic Global Long-Short Fund The McKee International Equity Portfolio Analytic Short-Term Income Fund Rice Hall James Micro Cap Portfolio Cambiar Opportunity Fund Rice Hall James Small/Mid Cap Portfolio Cambiar International Equity Fund Rice Hall James Mid Cap Portfolio Cambiar Conquistador Fund Sterling Capital Small Cap Value Fund Chicago Asset Management Value Portfolio Sterling Capital Balanced Fund CB Core Equity Fund Synovus Large Cap Core Equity Fund Chartwell U.S. Equity Fund Synovus Mid Cap Value Fund Chartwell Small Cap Value Fund Synovus Intermediate-Term Bond Fund Commerce Capital Government Money Market Fund Synovus Georgia Municipal Bond Fund Commerce Capital Treasury Obligations Money Market Fund Toews S&P 500 Hedged Index Fund FMA Small Company Portfolio Toews Nasdaq-100 Hedged Index Fund FMC Select Fund TS&W Equity Portfolio FMC Strategic Value Fund TS&W Fixed Income Portfolio Haverford Quality Growth Stock Fund TS&W International Equity Portfolio HGK Equity Value Fund United Association S&P 500 Index Fund
101 FEDERAL STREET BOSTON, MASSACHUSETTS 02110 -------------------------- PROXY STATEMENT -------------------------- SPECIAL MEETING OF SHAREHOLDERS FEBRUARY 18, 2005 This proxy statement is furnished by the Board of Trustees of The Advisors' Inner Circle Fund (the "Trust") in connection with the solicitation of proxies for use at the special meeting of shareholders (the "Special Meeting") of the Trust to be held on Friday, February 18, 2005, at 11:00 a.m. Eastern Time, or at any adjournment thereof, at the offices of SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. It is expected that the Notice of Special Meeting, this proxy statement, and a proxy card will be mailed to shareholders on or about January 6, 2005. SUMMARY At the Special Meeting, all shareholders will be asked to vote to elect members to the Board of Trustees of the Trust. If you do not expect to be present at the Special Meeting and wish your shares to be voted, please vote your proxy by mail, telephone or Internet allowing sufficient time for the proxy to be received on or before the close of business on [_____]. If your proxy is properly returned by that date, shares represented by your proxy will be voted at the Special Meeting in accordance with your instructions. However, if no instructions are specified on the proxy with respect to a proposal, the proxy will be voted FOR the approval of the proposal and in accordance with the judgment of the persons appointed as proxies upon any other matter that may properly come before the Special Meeting. Shareholders may revoke their proxies at any time prior to the time they are voted by giving written notice to the Secretary of the Trust, by delivering a subsequently dated proxy, or by attending and voting at the Special Meeting. The close of business on December 23, 2004 has been fixed as the record date (the "Record Date") for the determination of shareholders entitled to notice of, and to vote at, the Special Meeting and any adjournment thereof. Each 3 full share will be entitled to one vote at the Special Meeting and each fraction of a share will be entitled to the fraction of a vote equal to the proportion of a full share represented by the fractional share. As of the Record Date, the Trust's net assets and the approximate number shares outstanding were as follows:
---------------------------------------------------------------------- --------------------------- --------------------------- FUND NET ASSETS SHARES OUTSTANDING ---------------------------------------------------------------------- --------------------------- --------------------------- Acadian Emerging Markets Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- AIG Money Market Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Analytic Defensive Equity Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Analytic Global Long-Short Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Analytic Short-Term Income Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Cambiar Opportunity Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Cambiar International Equity Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Cambiar Conquistador Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Chicago Asset Management Value Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- CB Core Equity Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Chartwell U.S. Equity Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Chartwell Small Cap Value Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Commerce Capital Government Money Market Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Commerce Capital Treasury Obligations Money Market Fund ---------------------------------------------------------------------- --------------------------- --------------------------- FMA Small Company Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- FMC Select Fund ---------------------------------------------------------------------- --------------------------- --------------------------- FMC Strategic Value Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Haverford Quality Growth Stock Fund ---------------------------------------------------------------------- --------------------------- --------------------------- HGK Equity Value Fund ---------------------------------------------------------------------- --------------------------- --------------------------- ICM Small Company Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- Japan Smaller Companies Fund ---------------------------------------------------------------------- --------------------------- --------------------------- LSV Value Equity Fund ---------------------------------------------------------------------- --------------------------- --------------------------- The McKee International Equity Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- Rice Hall James Micro Cap Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- Rice Hall James Small/Mid Cap Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- Rice Hall James Mid Cap Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- Sterling Capital Small Cap Value Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Sterling Capital Balanced Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Synovus Large Cap Core Equity Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Synovus Mid Cap Value Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Synovus Intermediate-Term Bond Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Synovus Georgia Municipal Bond Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Toews S&P 500 Hedged Index Fund ---------------------------------------------------------------------- --------------------------- --------------------------- Toews Nasdaq-100 Hedged Index Fund ---------------------------------------------------------------------- --------------------------- --------------------------- TS&W Equity Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- TS&W Fixed Income Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- TS&W International Equity Portfolio ---------------------------------------------------------------------- --------------------------- --------------------------- United Association S&P 500 Index Fund ---------------------------------------------------------------------- --------------------------- ---------------------------
EXPENSES The expenses of the Special Meeting will be borne proportionately by each series of the Trust based on the assets of such series. The solicitation of proxies will be largely by mail, but may include telephonic, Internet or oral communication by officers and service providers of the Trust. UPON REQUEST, THE TRUST WILL FURNISH, WITHOUT CHARGE, A COPY OF THE ANNUAL REPORT AND THE MOST RECENT SEMI-ANNUAL REPORT SUCCEEDING THE ANNUAL REPORT, IF ANY, TO A SHAREHOLDER. ANNUAL REPORTS AND SEMI-ANNUAL REPORTS MAY BE OBTAINED BY WRITING TO THE TRUST C/O SEI INVESTMENTS COMPANY, ONE FREEDOM VALLEY DRIVE, OAKS, PENNSYLVANIA 19456 OR BY CALLING 1-800-[___]-[____]. 4 DISCUSSION OF PROPOSAL INTRODUCTION At the Special Meeting, it is proposed that ten Trustees be elected to hold office until their successors are duly elected and qualified. The persons named in the accompanying proxy intend, in the absence of contrary instructions, to vote all proxies on behalf of the shareholders for the election of Robert A. Nesher, William M. Doran, John T. Cooney, Robert A. Patterson, Eugene B. Peters, James M. Storey, George J. Sullivan, Betty L. Krikorian, Charles E. Carlbom, and Mitchell A. Johnson (each a "Nominee" and collectively, the "Nominees"). FOR THE REASONS DISCUSSED BELOW, THE BOARD RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE ELECTION OF ALL NOMINEES. GENERAL INFORMATION The Trust's Board of Trustees currently consists of seven Trustees, five of whom have been elected by shareholder vote and two of whom have been appointed by the Board. At a meeting held on November 16, 2004, the Board of Trustees approved the nomination of Robert A. Nesher, William M. Doran, John T. Cooney, Robert A. Patterson, Eugene B. Peters, James M. Storey, and George J. Sullivan, each of whom is a current member of the Board. If approved by shareholders at the Special Meeting, they will continue to serve as members of the Board of Trustees of the Trust. At the meeting, the Board of Trustees also approved the nomination of Betty L. Krikorian, Charles E. Carlbom, and Mitchell A. Johnson, each a Trustee candidate ("Candidate") to the Board. If approved by shareholders at the Special Meeting, the Candidates will begin serving as members of the Board of Trustees of the Trust immediately following the Special Meeting. You are being asked to approve the election of the Nominees as Trustees of the Trust to 1) ensure there is a sufficient number of independent Trustees to permit the Trust to rely on certain exemptive rules, and 2) satisfy certain requirements of Section 16 of the Investment Company Act of 1940, as amended (the "1940 Act"). The SEC recently adopted certain amendments to rules under the 1940 Act which permit an investment company to rely on certain exemptive rules IF at least 75% of the members of such company's Board is independent. Currently, only 71% of the Trust's Board members are independent. If all of the Nominees are approved, including each Candidate, 80% of the Board's members will be independent immediately following the Special Meeting. Section 16(a) of the 1940 Act generally requires the trustees of an investment company be elected by shareholder vote. Section 16(a) provides, however, that trustees may be appointed without the election by shareholders if, immediately after such appointment, at least two-thirds of the trustees then holding office have been elected by shareholders. Currently, five of the seven Trustees have been elected by shareholders. If the three Candidates were appointed to the Board, immediately following such appointment only five of ten, or one-half, of the Board would be elected by shareholder vote, thus failing to meet the two-thirds requirement. Accordingly, the Board has determined that it would be in the best interests of shareholders to call a special meeting at this time and recommend the election by shareholders of each Nominee. Each of the Nominees has consented to being named in this proxy statement and serving as a Trustee if elected. The Trust knows of no reason why any Nominee would be unable or unwilling to serve if elected. Because the Trust does not hold regular annual shareholder meetings, each Nominee, if elected, will hold office until the earlier of his resignation or his successor is duly appointed or elected and qualified. INFORMATION REGARDING TRUSTEES AND NOMINEES The business and affairs of the Trust are managed under the direction of its Board of Trustees. The table below provides basic information about each Nominee and each current Trustee. The "Fund Complex" consists of each separate 5 series ("Fund") within the Trust. The mailing address for each Nominee, except William M. Doran, is One Freedom Valley Drive, Oaks, Pennsylvania 19456. The mailing address for Mr. Doran is 1701 Market Street, Philadelphia, Pennsylvania 19103. The following information is provided for each Nominee:
------------------- -------------- ------------------- --------------------- --------------- -------------------------------- NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY POSITION(S) TERM OF OFFICE PRINCIPAL TRUSTEE OR HELD WITH AND LENGTH OF OCCUPATION(S) NOMINEE FOR OTHER DIRECTORSHIPS HELD BY NAME AND AGE THE TRUST TIME SERVED DURING PAST 5 YEARS TRUSTEE TRUSTEE OR NOMINEE FOR TRUSTEE ----------------------------------------------------------------------------------------------------------------------------- NOMINEES FOR INTERESTED TRUSTEES (CURRENTLY SERVE AS INTERESTED TRUSTEES)* ------------------- -------------- ------------------- --------------------- --------------- -------------------------------- William M. Doran, Trustee No set term; Self-employed 38 Director of SEI Investments 64 served since 1992 Consultant since Company, SEI Investments 2003. Partner, Distribution Co. Trustee of Morgan, Lewis & The Advisors' Inner Circle Bockius LLP (law Fund II, Expedition Funds, The firm) from 1976 to MDL Funds, SEI Asset 2003, counsel to Allocation Trust, SEI Daily the Trust, SEI Income Trust, SEI Investments, the Institutional International Administrator and Trust, SEI Institutional the Distributor. Investments Trust, SEI Institutional Managed Trust, SEI Index Funds, SEI Liquid Asset Trust and SEI Tax Exempt Trust ------------------- -------------- ------------------- --------------------- --------------- -------------------------------- Robert A. Nesher, Chairman of No set term; Currently performs 38 Trustee of The Advisors' Inner 58 the Board of served since 1991 various services on Circle Fund II, Bishop Street Trustees behalf of SEI Funds, Expedition Funds, The Investments for MDL Funds, SEI Global Master which Mr. Nesher is Fund, plc, SEI Global Assets compensated. Fund, plc, SEI Global Investments Fund, plc, SEI Investments Global, Limited, SEI Absolute Return Master Fund, L.P., SEI Opportunity Master Fund, L.P., SEI Absolute Return Fund, L.P., SEI Opportunity Fund, L.P., SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust and SEI Tax Exempt Trust ----------------------------------------------------------------------------------------------------------------------------- NOMINEES FOR INDEPENDENT TRUSTEES (CURRENTLY SERVE AS INDEPENDENT TRUSTEES)* ------------------- -------------- ------------------- --------------------- --------------- -------------------------------- John T. Cooney, 77 Trustee No set term; Vice Chairman of 38 Trustee of The Advisors' Inner served since 1993 Ameritrust Texas Circle Fund II, The MDL Funds, N.A., 1989-1992, and the Expedition Funds and MTrust Corp., 1985-1989 ------------------- -------------- ------------------- --------------------- --------------- -------------------------------- Robert A. Trustee No set term; Pennsylvania State 38 Director, Pennsylvania Patterson, 87 served since 1993 University, Senior Research Corp. Member and Vice President, Treasurer (Emeritus), Board of Treasurer Trustees of Grove City (Emeritus); College. Trustee of The Financial and Advisors' Inner Circle Fund Investment II, The MDL Funds, and the Consultant, Expedition Funds Professor of Transportation since 1984 ------------------- -------------- ------------------- --------------------- --------------- --------------------------------
6
------------------- -------------- ------------------- --------------------- --------------- -------------------------------- NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY POSITION(S) TERM OF OFFICE PRINCIPAL TRUSTEE OR HELD WITH AND LENGTH OF OCCUPATION(S) NOMINEE FOR OTHER DIRECTORSHIPS HELD BY NAME AND AGE THE TRUST TIME SERVED DURING PAST 5 YEARS TRUSTEE TRUSTEE OR NOMINEE FOR TRUSTEE ----------------------------------------------------------------------------------------------------------------------------- NOMINEES FOR INTERESTED TRUSTEES (CURRENTLY SERVE AS INTERESTED TRUSTEES)* ------------------- -------------- ------------------- --------------------- --------------- -------------------------------- Eugene B. Peters, Trustee No set term; Private investor 38 Trustee of The Advisors' Inner 75 served since 1993 from 1987 to present Circle Fund II, The MDL Funds, and the Expedition Funds ------------------- -------------- ------------------- --------------------- --------------- -------------------------------- James M. Storey, Trustee No set term; Attorney, Solo 38 Trustee of The Advisors' Inner 73 served since 1994 Practitioner since Circle Fund II, The MDL Funds, 1994 the Expedition Funds, State Street Research Funds, Massachusetts Health and Education Tax-Exempt Trust, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Index Funds, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust and SEI Tax Exempt Trust ------------------- -------------- ------------------- --------------------- --------------- -------------------------------- George J. Trustee No set term; Chief Executive 38 Trustee, State Street Sullivan, 62 served since 1999 Officer, Newfound Navigator Securities Lending Consultants Inc. Trust. Trustee of The since April 1997 Advisors' Inner Circle Fund II, The MDL Funds, the Expedition Funds, SEI Absolute Return Master Fund, LP, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Index Funds, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Opportunity Master Fund and SEI Tax Exempt Trust ----------------------------------------------------------------------------------------------------------------------------- NOMINEES FOR INDEPENDENT TRUSTEES (CURRENTLY CANDIDATES)* ------------------- -------------- ------------------- --------------------- --------------- -------------------------------- Betty L. N/A N/A Self-Employed Legal 38 N/A Krikorian, 61 and Financial Services Consultant since 2003. State Street Bank Global Securities and Cash Operations from 1995 to 2003. ------------------- -------------- ------------------- --------------------- --------------- --------------------------------
7
------------------- -------------- ------------------- --------------------- --------------- -------------------------------- NUMBER OF PORTFOLIOS IN FUND COMPLEX OVERSEEN BY POSITION(S) TERM OF OFFICE PRINCIPAL TRUSTEE OR HELD WITH AND LENGTH OF OCCUPATION(S) NOMINEE FOR OTHER DIRECTORSHIPS HELD BY NAME AND AGE THE TRUST TIME SERVED DURING PAST 5 YEARS TRUSTEE TRUSTEE OR NOMINEE FOR TRUSTEE ----------------------------------------------------------------------------------------------------------------------------- NOMINEES FOR INTERESTED TRUSTEES (CURRENTLY SERVE AS INTERESTED TRUSTEES)* ----------------------------------------------------------------------------------------------------------------------------- Charles E. N/A N/A Self-Employed 38 Director, Crown Pacific Inc. Carlbom, 70 Business Consultant, Business Projects Inc. since 1997. CEO and President, United Grocers Inc. from 1997 to 2000. ------------------- -------------- ------------------- --------------------- --------------- -------------------------------- Mitchell A. N/A N/A Retired. 38 Director, Federal Agricultural Johnson, 62 Mortgage Corporation ------------------- -------------- ------------------- --------------------- --------------- --------------------------------
* Trustees who are not deemed to be "interested persons" of the Trust as defined in the 1940 Act are referred to as "Independent Trustees." Trustees who are deemed to be "interested persons" of the Trust are referred to as "Interested Trustees." Mssrs. Doran and Nesher are deemed interested Trustees by virtue of their affiliation with the Trust's Distributor. COMPENSATION OF TRUSTEES AND OFFICERS The officers of the Trust do not receive any direct compensation from the Trust. Each Trustee who is not an officer, employee or director of the investment adviser to any Fund or its affiliates receives an aggregate annual fee plus a fee per meeting attended (plus reimbursement for reasonable out-of-pocket expenses incurred in connection with attendance at Board and committee meetings) from the Trust. Payment of such fees and expenses is allocated between each respective Fund. The aggregate compensation payable by the Trust to each of the Trustees serving during the year ended December 31, 2003 is set forth in the compensation table below.
------------------------------- ----------------------- ----------------------- ---------------------- ----------------------- TOTAL PENSION OR RETIREMENT COMPENSATION AGGREGATE BENEFITS ESTIMATED ANNUAL FROM FUND AND FUND COMPENSATION FROM THE ACCRUED AS PART BENEFITS UPON COMPLEX PAID TO NAME OF TRUSTEE TRUST OF FUND EXPENSES RETIREMENT TRUSTEE* ------------------------------- ----------------------- ----------------------- ---------------------- ----------------------- William M. Doran $0 N/A N/A $0 ------------------------------- ----------------------- ----------------------- ---------------------- ----------------------- Robert A. Nesher $0 N/A N/A $0 ------------------------------- ----------------------- ----------------------- ---------------------- ----------------------- John T. Cooney $36,354 N/A N/A $36,354 ------------------------------- ----------------------- ----------------------- ---------------------- ----------------------- Robert A. Patterson $36,354 N/A N/A $36,354 ------------------------------- ----------------------- ----------------------- ---------------------- ----------------------- Eugene B. Peters $36,354 N/A N/A $36,354 ------------------------------- ----------------------- ----------------------- ---------------------- ----------------------- James M. Storey $36,354 N/A N/A $36,354 ------------------------------- ----------------------- ----------------------- ---------------------- ----------------------- George J. Sullivan $36,354 N/A N/A $36,354 ------------------------------- ----------------------- ----------------------- ---------------------- -----------------------
* The Trust is the only investment company in the "Fund Complex." OWNERSHIP OF FUND SECURITIES The table below shows the dollar range of equity securities beneficially owned by each Nominee as of December 31, 2004: 8
------------------------------ -------------------------------------------------------- ------------------------------------- AGGREGATE DOLLAR RANGE OF EQUITY SECURITIES IN ALL FUNDS OVERSEEN OR TO BE OVERSEEN BY TRUSTEE OR NOMINEE IN FAMILY OF INVESTMENT NAME OF NOMINEE DOLLAR RANGE OF EQUITY SECURITIES IN THE FUND COMPANIES ------------------------------ -------------------------------------------------------- ------------------------------------- William M. Doran ------------------------------ -------------------------------------------------------- ------------------------------------- Robert A. Nesher ------------------------------ -------------------------------------------------------- ------------------------------------- John T. Cooney ------------------------------ -------------------------------------------------------- ------------------------------------- Robert A. Patterson ------------------------------ -------------------------------------------------------- ------------------------------------- Eugene B. Peters ------------------------------ -------------------------------------------------------- ------------------------------------- James M. Storey ------------------------------ -------------------------------------------------------- ------------------------------------- George J. Sullivan ------------------------------ -------------------------------------------------------- ------------------------------------- Betty L. Krikorian ------------------------------ -------------------------------------------------------- ------------------------------------- Charles E. Carlbom ------------------------------ -------------------------------------------------------- ------------------------------------- Mitchell A. Johnson ------------------------------ -------------------------------------------------------- -------------------------------------
MEETINGS AND COMMITTEES OF THE BOARD OF TRUSTEES The table below provides information about the number of Board meetings held during each Fund's most recently completed fiscal year, and which Board members attended such meetings.
----------------------------------------------------- ------------------------------ ---------------------------------------- NUMBER OF BOARD MEETINGS HELD DURING MOST RECENT FUND AND FISCAL YEAR FISCAL YEAR TRUSTEES IN ATTENDANCE ----------------------------------------------------- ------------------------------ ---------------------------------------- Analytic Defensive Equity Fund, Analytic Global 6 The Trustees attended all meetings, Long-Short Fund, and Analytic Short-Term Income Fund except Mr. Peters, who was absent from one meeting. December 31, 2003 ----------------------------------------------------- ------------------------------ ---------------------------------------- Cambiar Opportunity Fund, Cambiar International 6 The Trustees attended all meetings, Equity Fund, Cambiar Conquistador Fund, and Chicago except Mr. Peters, who was absent from Asset Management Value Portfolio one meeting. April 30, 2004 ----------------------------------------------------- ------------------------------ ---------------------------------------- All Other Funds 7 The Trustees attended all meetings, except Mr. Peters, who was absent from October 31, 2004 one meeting. ----------------------------------------------------- ------------------------------ ----------------------------------------
AUDIT COMMITTEE. The Board of Trustees has a standing Audit Committee that is composed of each of the independent Trustees of the Trust. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: recommending which firm to engage as each fund's independent auditor and whether to terminate this relationship; reviewing the independent auditors' compensation, the proposed scope and terms of its engagement, and the firm's independence; pre-approving audit and non-audit services provided by each fund's independent auditor to the Trust and certain other affiliated entities; serving as a channel of communication between the independent auditor and the Trustees; reviewing the results of each external audit, including any qualifications in the independent auditors' opinion, any related management letter, management's responses to recommendations made by the independent auditors in connection with the audit, reports submitted to the Committee by the internal auditing department of the Trust's Administrator that are material to the Trust as a whole, if any, and management's responses to any such reports; reviewing each fund's audited financial statements and considering any significant disputes between the Trust's management and the independent auditor that arose in connection with the preparation of those financial statements; considering, in consultation with the independent auditors and the Trust's senior internal accounting executive, if any, the independent auditors' report on the adequacy of the Trust's internal financial controls; reviewing, in consultation with each fund's independent 9 auditors, major changes regarding auditing and accounting principles and practices to be followed when preparing each fund's financial statements; and other audit related matters. Messrs. Cooney, Patterson, Peters, Storey and Sullivan currently serve as members of the Audit Committee. The Audit Committee meets periodically, as necessary, and met as follows during each Fund's most recently completed fiscal year.
---------------------------------------------------------------------------- ------------------------------------------------ NUMBER OF AUDIT COMMITTEE MEETINGS HELD DURING FUND AND FISCAL YEAR MOST RECENT FISCAL YEAR ---------------------------------------------------------------------------- ------------------------------------------------ Analytic Defensive Equity Fund, Analytic Global Long-Short Fund, and 4 Analytic Short-Term Income Fund December 31, 2003 ---------------------------------------------------------------------------- ------------------------------------------------ Cambiar Opportunity Fund, Cambiar International Equity Fund, Cambiar 4 Conquistador Fund, and Chicago Asset Management Value Portfolio April 30, 2004 ---------------------------------------------------------------------------- ------------------------------------------------ All Other Funds 5 October 31, 2004 ---------------------------------------------------------------------------- ------------------------------------------------
NOMINATING COMMITTEE. The Board has a standing Nominating Committee that is composed of each of the independent Trustees of the Trust. The principal responsibilities of the Nominating Committee are to consider, recommend and nominate candidates to fill vacancies on the Trust's Board, if any. The Nominating Committee has adopted a charter, a copy of which is attached hereto as Exhibit A. It is the Nominating Committee's policy to review shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Nominating Committee at the Trust's office. The Nominating Committee may adopt from time to time specific, minimum qualifications that the Committee believes a candidate must meet before being considered as a candidate for Board membership. As of the date of this Proxy Statement, the Nominating Committee has not adopted such specific qualifications. Messrs. Cooney, Patterson, Peters, Storey and Sullivan currently serve as members of the Nominating Committee. The Nominating Committee meets periodically, as necessary, and met three times during each Fund's most recently completed fiscal year. FAIR VALUE PRICING COMMITTEE. The Board has a standing Fair Value Pricing Committee that is composed of at least one Trustee and various representatives of the Trust's service providers, as appointed by the Board. The Fair Value Pricing Committee operates under procedures approved by the Board. The principal responsibilities of the Fair Value Pricing Committee are to determine the fair value of securities for which current market quotations are not readily available. The Fair Value Pricing Committee's determinations are reviewed by the Board. Mr. Nesher currently serves as the Board's delegate on the Fair Value Pricing Committee. The Fair Value Pricing Committee meets periodically, as necessary, and met as follows during each Fund's most recently completed fiscal year. 10
---------------------------------------------------------------------------- ------------------------------------------------ NUMBER OF FAIR VALUE PRICING COMMITTEE FUND AND FISCAL YEAR MEETINGS HELD DURING MOST RECENT FISCAL YEAR ---------------------------------------------------------------------------- ------------------------------------------------ Analytic Defensive Equity Fund, Analytic Global Long-Short Fund, and 34 Analytic Short-Term Income Fund December 31, 2003 ---------------------------------------------------------------------------- ------------------------------------------------ Cambiar Opportunity Fund, Cambiar International Equity Fund, Cambiar 35 Conquistador Fund, and Chicago Asset Management Value Portfolio April 30, 2004 ---------------------------------------------------------------------------- ------------------------------------------------ All Other Funds 41 October 31, 2004 ---------------------------------------------------------------------------- ------------------------------------------------
COMMUNICATIONS WITH THE BOARD Shareholders wishing to submit written communications to the Board should send their communications to SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. Any such communications received will be reviewed by the Board at its next regularly scheduled meeting. BOARD APPROVAL OF THE ELECTION OF TRUSTEES At the meeting of the Board of Trustees held on November 16, 2004, the Board of Trustees voted to approve a Special Shareholder Meeting to elect each of the Nominees as a Trustee of the Trust. Prior to such meeting, the Board met several times to consider approximately ten new Trustee candidates. Before making its final recommendation, the Board conducted two in-person interviews with each Candidate. The Board also considered, among other factors, each Nominee's experience and qualifications and determined that each Nominee is qualified to serve or continue to serve as a Trustee. In voting to approve the Nominees, the Board of Trustees also considered various matters related to the management and long-term welfare of the Trust. SHAREHOLDER APPROVAL OF THE ELECTION OF TRUSTEES At the Special Meeting, it is proposed that ten Trustees be elected to hold office until their successors are duly elected and qualified. The election of Trustees requires the affirmative vote of a plurality of all votes cast at the Special Meeting, provided that a majority of the shares entitled to vote are present in person or by proxy at the Special Meeting. The persons named in the accompanying proxy intend, in the absence of contrary instructions, to vote all proxies on behalf of the shareholders for the election of Robert A. Nesher, William M. Doran, John T. Cooney, Robert A. Patterson, Eugene B. Peters, James M. Storey, George J. Sullivan, Betty L. Krikorian, Charles E. Carlbom, and Mitchell A. Johnson. If you return your proxy but give no voting instructions, your shares will be voted FOR all Nominees named herein. If the Nominees are not approved by shareholders of the Trust, the current Boards of Trustees will remain in place and will consider alternative nominations. THE BOARD OF TRUSTEES RECOMMENDS THAT YOU VOTE FOR EACH OF THE NOMINEES 11 ADDITIONAL INFORMATION EXECUTIVE OFFICERS OF THE TRUST Information about the Trust's current principal executive officers is set forth below. The mailing address of each officer is One Freedom Valley Drive, Oaks, Pennsylvania 19456.
-------------------------- -------------------- -------------- --------------------------------------------- ---------------- NAME AND AGE TERM OF NUMBER OF OFFICE AND FUNDS IN THE POSITION WITH THE LENGTH OF PRINCIPAL OCCUPATION DURING THE FUND COMPLEX TRUST TIME SERVED PAST FIVE YEARS TO BE OVERSEEN -------------------------- -------------------- -------------- --------------------------------------------- ---------------- James F. Volk, 42 President No set term; Senior Operations Officer, SEI Funds 38 served since Accounting and Administration since 1996. 2003 -------------------------- -------------------- -------------- --------------------------------------------- ---------------- Peter Golden, 40 Controller and No set term; Director of Global Fund Services since June 38 Chief Financial served since 2001. Vice President of Funds Officer 2003 Administration for J.P. Morgan Chase & Co. from 2000 to 2001. Vice President of Pension and Mutual Fund Accounting for Chase Manhattan Bank from 1997 to 2000. -------------------------- -------------------- -------------- --------------------------------------------- ---------------- William E. Zitelli, Jr., Chief Compliance No set term; Employed by SEI Investments Company since 38 36 Officer served since 2000. Vice President, Merrill Lynch & Co. 2004 Asset Management Group from 1998 to 2000. -------------------------- -------------------- -------------- --------------------------------------------- ---------------- James Ndiaye, 36 Vice President and No set term; Employed by SEI Investments Company since 38 Secretary served since October 2004. Vice President, Deutsche 2004 Asset Management from 2003 to 2004. Associate, Morgan, Lewis & Bockius, LLP from 2000 to 2003. Counsel, Assistant Vice President, ING Variable Annuities Group from 1999 to 2000. -------------------------- -------------------- -------------- --------------------------------------------- ---------------- Timothy D. Barto, 36 Vice President and No set term; Employed by SEI Investments Company since 38 Assistant Secretary served since October 1999. General Counsel, Vice 1999 President and Secretary of the Administrator since 2004 and Vice President of SEI Investments Distribution Company, 1999-2003. Associate, Dechert Price & Rhoads (law firm), 1997-1999. -------------------------- -------------------- -------------- --------------------------------------------- ---------------- John Munera, 42 Vice President and No set term; Middle Office Compliance Officer at SEI 38 Assistant Secretary served since Investments since 2000. Supervising 2002 Examiner at Federal Reserve Bank of Philadelphia from 1998 to 2000. -------------------------- -------------------- -------------- --------------------------------------------- ---------------- Philip T. Masterson, 40 Vice President and No set term; Employed by SEI Investments Company since 38 Assistant Secretary served since August 2004. General Counsel, Citco Mutual 2004 Fund Services from 2003 to 2004. OppenheimerFunds, Vice President and Assistant Counsel from 1997 to 2001 and Vice President and Associate Counsel from 2001 to 2003. -------------------------- -------------------- -------------- --------------------------------------------- ----------------
TRUSTEE AND OFFICER FUND OWNERSHIP As of the Record Date, the Trust's Trustees and officers, collectively, owned less than one percent (1%) of the outstanding shares of the Trust. 12 INVESTMENT ADVISERS The following investment advisers provide investment management services to each of the Funds:
-------------------------------------------------------------- --------------------------------------------------------------- FUND INVESTMENT ADVISER AND ADDRESS --------------------------------------------------------------- -------------------------------------------------------------- --------------------------------------------------------------- Acadian Emerging Markets Portfolio Acadian Asset Management, Inc. Ten Post Office Square, 8th floor Boston, MA 02109 -------------------------------------------------------------- --------------------------------------------------------------- AIG Money Market Fund AIG Global Investment Corp. 70 Pine Street, 20th Floor New York, NY 10270 -------------------------------------------------------------- --------------------------------------------------------------- Analytic Defensive Equity Fund Analytic Investors, Inc. Analytic Global Long-Short Fund 500 South Grand Avenue, 23rd Floor Analytic Short-Term Income Fund Los Angeles, CA 90071 -------------------------------------------------------------- --------------------------------------------------------------- Cambiar Opportunity Fund Cambiar Investors, Inc. Cambiar International Equity Fund 2401 East Second Street Cambiar Conquistador Fund Suite 400 Denver, CO 80206 -------------------------------------------------------------- --------------------------------------------------------------- Chicago Asset Management Value Portfolio Chicago Asset Management Company 70 West Madison Street Suite 400 Chicago, IL 60602 -------------------------------------------------------------- --------------------------------------------------------------- CB Core Equity Fund Central Bank & Trust (CB Investment Managers LLC-Adviser) 300 W. Vine Street Lexington, KY 40507 -------------------------------------------------------------- --------------------------------------------------------------- Chartwell U.S. Equity Fund Chartwell Investment Partners Chartwell Small Cap Value Fund 1235 Westlakes Drive, Suite 400 Berwyn, PA 19312 -------------------------------------------------------------- --------------------------------------------------------------- Commerce Capital Government Money Market Fund Commerce Capital Markets/Commerce Bank Commerce Capital Treasury Obligations Money Market Fund One Commerce Square 2005 Market Street, Suite 200 Philadelphia, PA 19103 -------------------------------------------------------------- --------------------------------------------------------------- FMA Small Company Portfolio Fiduciary Management Associates, Inc. 55 W. Monroe Street - Suite 2550 Chicago, IL 60603 -------------------------------------------------------------- --------------------------------------------------------------- FMC Select Fund First Manhattan Co. FMC Strategic Value Fund 437 Madison Avenue New York, NY 10022-7002 -------------------------------------------------------------- --------------------------------------------------------------- Haverford Quality Growth Stock Fund Haverford Investment Management, Inc. Three Radnor Corporate Center Suite 450 Radnor, PA 19087-4546 -------------------------------------------------------------- --------------------------------------------------------------- HGK Equity Value Fund HGK Asset Management, Inc. Newport Tower 525 Washington Blvd. Jersey City, NJ 07310 -------------------------------------------------------------- --------------------------------------------------------------- ICM Small Company Portfolio Investment Counselors of Maryland, LLC 803 Cathedral Street Baltimore, MD 21201 -------------------------------------------------------------- --------------------------------------------------------------- Japan Smaller Companies Fund Prospect Asset Management, Inc. 6700 Kalanianaole Hwy, Suite 122 Honolulu, Hawaii 96825 -------------------------------------------------------------- ---------------------------------------------------------------
13
-------------------------------------------------------------- --------------------------------------------------------------- FUND INVESTMENT ADVISER AND ADDRESS -------------------------------------------------------------- --------------------------------------------------------------- LSV Value Equity Fund LSV Asset Management 1 N. Wacker Drive Chicago, IL 60606 -------------------------------------------------------------- --------------------------------------------------------------- The McKee International Equity Portfolio C.S. McKee, L.P. One Gateway Center Pittsburgh, PA 15222 -------------------------------------------------------------- --------------------------------------------------------------- Rice Hall James Micro Cap Portfolio Rice Hall James & Associates Rice Hall James Small/Mid Cap Portfolio 600 West Broadway Street - Suite 1000 Rice Hall James Mid Cap Portfolio San Diego, CA 92101 -------------------------------------------------------------- --------------------------------------------------------------- Sterling Capital Small Cap Value Fund Sterling Capital Management, LLC Sterling Capital Balanced Fund Two Morrocroft Centre 4064 Colony Road, Suite 300 Charlotte, NC 28211 -------------------------------------------------------------- --------------------------------------------------------------- Synovus Large Cap Core Equity Fund Synovus Investment Advisors, Inc. Synovus Mid Cap Value Fund PO Box 120 Synovus Intermediate-Term Bond Fund Columbus, GA 31902-0120 Synovus Georgia Municipal Bond Fund -------------------------------------------------------------- --------------------------------------------------------------- Toews S&P 500 Hedged Index Fund Toews Corporation Toews Nasdaq-100 Hedged Index Fund 1500 Market Street 12th Floor, East Tower Philadelphia, PA 19102 -------------------------------------------------------------- --------------------------------------------------------------- TS&W Equity Portfolio Thompson, Siegel & Walmsley, Inc. TS&W Fixed Income Portfolio 5000 Monument Avenue TS&W International Equity Portfolio Richmond, VA 23230 -------------------------------------------------------------- --------------------------------------------------------------- United Association S&P 500 Index Fund National City Investment Management Co. 1900 E. Ninth Street Cleveland, OH 44114 -------------------------------------------------------------- ---------------------------------------------------------------
DISTRIBUTOR AND PRINCIPAL UNDERWRITER SEI Investments Distribution Co., located at One Freedom Valley Drive, Oaks, Pennsylvania 19456, a wholly-owned subsidiary of SEI, acts as the distributor of the Funds. ADMINISTRATOR SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI Investments Management Corporation, a wholly owned subsidiary of SEI Investments Company ("SEI"), is the owner of all beneficial interest in the Administrator. 5% SHAREHOLDERS As of the Record Date, the following persons were the only persons who were record owners or, to the knowledge of the Trust, were beneficial owners of 5% or more of the outstanding shares of each fund of the Trust, as described below:
--------------------------------- ------------------------------ ------------------------------ ------------------------------ TITLE OF CLASS NAME AND ADDRESS OF AMOUNT AND NATURE OF PERCENTAGE OF CLASS BENEFICIAL OWNER BENEFICIAL OWNERSHIP --------------------------------- ------------------------------ ------------------------------ ------------------------------ --------------------------------- ------------------------------ ------------------------------ ------------------------------ --------------------------------- ------------------------------ ------------------------------ ------------------------------ --------------------------------- ------------------------------ ------------------------------ ------------------------------ --------------------------------- ------------------------------ ------------------------------ ------------------------------
14 INDEPENDENT PUBLIC ACCOUNTANTS PRICEWATERHOUSECOOPERS LLP : PricewaterhouseCoopers LLP ("PwC") serves as independent registered public accountants for each of the Funds listed in the table below. PwC has informed the Trust that it has no material direct or indirect financial interest in the Trust. Representatives of PwC are not expected to be present at the Special Meeting, but have been given an opportunity to make a statement if they so desire and will be available should any matter arise requiring their presence.
---------------------------------------------------------------------------- ------------------------------------------------ FUND FISCAL YEAR END ---------------------------------------------------------------------------- ------------------------------------------------ Analytic Defensive Equity Fund, Analytic Global Long-Short Fund, and December 31, 2003 Analytic Short-Term Income Fund ---------------------------------------------------------------------------- ------------------------------------------------ Cambiar Opportunity Fund, Cambiar International Equity Fund, Cambiar April 30, 2004 Conquistador Fund, and Chicago Asset Management Value Portfolio ---------------------------------------------------------------------------- ------------------------------------------------ Acadian Emerging Markets Portfolio, FMA Small Company Portfolio, ICM Small October 31, 2004 Company Portfolio, The McKee International Equity Portfolio, Rice Hall James Micro Cap Portfolio, Rice Hall James Small/Mid Cap Portfolio, Rice Hall James Mid Cap Portfolio, TS&W Equity Portfolio, TS&W Fixed Income Portfolio, TS&W International Equity Portfolio, United Association S&P 500 Index Fund ---------------------------------------------------------------------------- ------------------------------------------------
AUDIT FEES. Audit fees include amounts related to the audit of the Funds' annual financial statements and services normally provided by PwC in connection with the Funds' statutory and regulatory filings. During the two most recently completed fiscal years, the Funds were billed the following audit fees:
------------------------------------------------- ------------------ -------------------------------------------------------- FUND FISCAL YEAR AUDIT FEES ENDING ------------------------------------------------- ------------------ -------------------------------------------------------- Analytic Defensive Equity Fund, Analytic Global 2004 $[_____] Long-Short Fund, and Analytic Short-Term Income ------------------ -------------------------------------------------------- Fund 2003 $[_____] ------------------------------------------------- ------------------ -------------------------------------------------------- Cambiar Opportunity Fund, Cambiar International 2004 $[_____] Equity Fund, Cambiar Conquistador Fund, and ------------------ -------------------------------------------------------- Chicago Asset Management Value Portfolio 2003 $[_____] ------------------------------------------------- ------------------ -------------------------------------------------------- Acadian Emerging Markets Portfolio, FMA 2004 $[_____] Small Company Portfolio, ICM Small Company ------------------ -------------------------------------------------------- Portfolio, The McKee International Equity 2003 $[_____] Portfolio, Rice Hall James Micro Cap Portfolio, Rice Hall James Small/Mid Cap Portfolio, Rice Hall James Mid Cap Portfolio, TS&W Equity Portfolio, TS&W Fixed Income Portfolio, TS&W International Equity Portfolio, United Association S&P 500 Index Fund ------------------------------------------------- ------------------ --------------------------------------------------------
15 AUDIT-RELATED FEES. Below are the aggregate fees billed in the Funds' last two fiscal years for assurance and related services by PwC that are reasonably related to the performance of the audit of the Funds' financial statements and are not reported under "Audit Fees" above.
------------------------------------------------- ------------------ ------------------ ------------------ ------------------ ALL OTHER FEES ALL FEES AND AND SERVICES TO ALL FEES AND SERVICES TO SERVICE SERVICES TO THE SERVICE AFFILIATES THAT FISCAL YEAR FUNDS THAT WERE AFFILIATES THAT DID NOT REQUIRE FUND ENDING PRE-APPROVED WERE PRE-APPROVED PRE-APPROVAL ------------------------------------------------- ------------------ ------------------ ------------------ ------------------ Analytic Defensive Equity Fund, Analytic Global 2004 $[_____] $[_____] $[_____] Long-Short Fund, and Analytic Short-Term Income ------------------ ------------------ ------------------ ------------------ Fund 2003 $[_____] $[_____] $[_____] ------------------------------------------------- ------------------ ------------------ ------------------ ------------------ Cambiar Opportunity Fund, Cambiar International 2004 $[_____] $[_____] $[_____] Equity Fund, Cambiar Conquistador Fund, and ------------------ ------------------ ------------------ ------------------ Chicago Asset Management Value Portfolio 2003 $[_____] $[_____] $[_____] ------------------------------------------------- ------------------ ------------------ ------------------ ------------------ Acadian Emerging Markets Portfolio, FMA Small 2004 $[_____] $[_____] $[_____] Company Portfolio, ICM Small Company Portfolio, ------------------ ------------------ ------------------ ------------------ The McKee International Equity Portfolio, Rice 2003 $[_____] $[_____] $[_____] Hall James Micro Cap Portfolio, Rice Hall James Small/Mid Cap Portfolio, Rice Hall James Mid Cap Portfolio, TS&W Equity Portfolio, TS&W Fixed Income Portfolio, TS&W International Equity Portfolio, United Association S&P 500 Index Fund ------------------------------------------------- ------------------ ------------------ ------------------ ------------------
TAX FEES. PwC did not bill the Funds for any services related to tax compliance, tax advice, or tax planning during the Funds' two most recently completed fiscal years. ALL OTHER FEES. PwC did not bill the Funds for other products and services, other than the services reported above, for the Funds' two most recently completed fiscal years. AGGREGATE NON-AUDIT FEES. The aggregate non-audit fees billed by PwC for the last two fiscal years were $0 and $0 for 2004 and 2003, respectively. KMPG LLP : KMPG LLP ("KPMG") serves as independent registered public accountants for the AIG Money Market Fund, CB Core Equity Fund, Chartwell Small Cap Value Fund, Chartwell U.S. Equity Fund, Commerce Capital Government Money Market Fund, Commerce Capital Treasury Obligations Money Market Fund, FMC Select Fund, FMC Strategic Value Fund, Haverford Quality Growth Stock Fund, HGK Equity Value Fund, Japan Smaller Companies Fund, LSV Value Equity Fund, Sterling Capital Balanced Fund, Sterling Capital Small Cap Value Fund, Synovus Large Cap Core Equity Fund, Synovus Mid Cap Value Fund, Synovus Intermediate-Term Bond Fund, Synovus Georgia Municipal Bond Fund, Toews S&P 500 Hedged Index Fund and Toews Nasdaq-100 Hedged Index Fund. KPMG has informed the Trust that it has no material direct or indirect financial interest in the Trust. Representatives of KPMG are not expected to be present at the Special Meeting, but have been given an opportunity to make a statement if they so desire and will be available should any matter arise requiring their presence. AUDIT FEES. Audit fees include amounts related to the audit of the Funds' annual financial statements and services normally provided by KPMG in connection with the Funds' statutory and regulatory filings. During the fiscal years ended October 31, 2003 and October 31, 2004, the Funds were billed $[_____] and $[_____], respectively, in audit fees. AUDIT-RELATED FEES. Below are the aggregate fees billed in the Funds' last two fiscal years for assurance and related services by KPMG that are reasonably related to the performance of the audit of the Funds' financial statements and are not reported under "Audit Fees" above. 16
------------------------------------------------- ------------------ ------------------ ------------------ ------------------ ALL OTHER FEES ALL FEES AND AND SERVICES TO ALL FEES AND SERVICES TO SERVICE SERVICES TO THE SERVICE AFFILIATES THAT FISCAL YEAR FUNDS THAT WERE AFFILIATES THAT DID NOT REQUIRE FUND ENDING PRE-APPROVED WERE PRE-APPROVED PRE-APPROVAL ------------------------------------------------- ------------------ ------------------ ------------------ ------------------ Analytic Defensive Equity Fund, Analytic Global 2004 $[_____] $[_____] $[_____] AIG Money Market Fund, CB Core Equity Fund, ------------------ ------------------ ------------------ ------------------ Chartwell Small Cap Value Fund, Chartwell U.S. 2003 $[_____] $[_____] $[_____] Equity Fund, Commerce Capital Government Money Market Fund, Commerce Capital Treasury Obligations Money Market Fund, FMC Select Fund, FMC Strategic Value Fund, Haverford Quality Growth Stock Fund, HGK Equity Value Fund, Japan Smaller Companies Fund, LSV Value Equity Fund, Sterling Capital Balanced Fund, Sterling Capital Small Cap Value Fund, Synovus Large Cap Core Equity Fund, Synovus Mid Cap Value Fund, Synovus Intermediate-Term Bond Fund, Synovus Georgia Municipal Bond Fund, Toews S&P 500 Hedged Index Fund and Toews Nasdaq-100 Hedged Index Fund ------------------------------------------------- ------------------ ------------------ ------------------ ------------------
TAX FEES. KPMG did not bill the Funds for any services related to tax compliance, tax advice, or tax planning during the Funds' two most recently completed fiscal years. ALL OTHER FEES. KPMG did not bill the Funds for other products and services, other than the services reported above, for the Funds' two most recently completed fiscal years. AGGREGATE NON-AUDIT FEES. The aggregate non-audit fees billed by KPMG for the last two fiscal years were $0 and $0 for 2004 and 2003, respectively. AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES. As of the date of this Proxy Statement, the Audit Committee has not adopted pre-approval policies and procedures. As a result, all services provided by PwC and KPMG must be directly pre-approved by the Audit Committee. BOARD CONSIDERATION OF NON-AUDIT SERVICES. During the past year, all non-audit services provided by PwC and KPMG, respectively, to any affiliated service providers were pre-approved by the Trust's Audit Committee. Included in the Audit Committee's pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining PwC's and KPMG's independence, respectively. SUBMISSION OF SHAREHOLDER PROPOSALS The Trust is organized as a business trust under the laws of the Commonwealth of Massachusetts. As such, the Trust is not required to, and does not, have annual meetings. Nonetheless, the Board of Trustees may call a special meeting of shareholders for action by shareholder vote as may be required by the 1940 Act or as required or permitted by the Declaration of Trust and By-Laws of the Trust. Shareholders who wish to present a proposal for action at a future meeting should submit a written proposal to the Trust for inclusion in a future proxy statement. The Board of Trustees will give consideration to shareholder suggestions as to nominees for the Board of Trustees. Shareholders retain the right to request that a meeting of the shareholders be held for the purpose of considering matters requiring shareholder approval. 17 VOTING AND OTHER MATTERS Abstentions and "broker non-votes" will not be counted for or against the proposal but will be counted for purposes of determining whether a quorum is present. The Trust believes that brokers who hold shares as record owners for beneficial owners have the authority under the rules of the various stock exchanges to vote those shares with respect to the proposals when they have not received instructions from beneficial owners. No business other than the matters described above is expected to come before the Special Meeting, but should any matter incident to the conduct of the Special Meeting or any question as to an adjournment of the Special Meeting arise, the persons named in the enclosed proxy will vote thereon according to their best judgment in the interest of the Trust. ADJOURNMENT In the event that sufficient votes in favor of the proposal set forth in the Notice of the Special Meeting are not received by the time scheduled for the meeting, the persons named as proxies may propose one or more adjournments of the meeting for a period or periods to permit further solicitation of proxies with respect to the proposal. Any such adjournment will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the meeting to be adjourned. The persons named as proxies will vote in favor of adjournments with respect to a proposal those proxies that they are entitled to vote in favor of such proposal. They will vote against any such adjournment those proxies required to be voted against the proposal. [THE TRUST] will bear the costs of any additional solicitation and any adjourned sessions. SHAREHOLDERS WHO DO NOT EXPECT TO BE PRESENT AT THE SPECIAL MEETING AND WHO WISH TO HAVE THEIR SHARES VOTED ARE REQUESTED TO VOTE BY MAIL, TELEPHONE OR INTERNET AS EXPLAINED IN THE INSTRUCTIONS INCLUDED ON YOUR PROXY CARD. By Order of the Trustees, James S. Volk President Dated: [___________], 2005 18 EXHIBIT A NOMINATING COMMITTEE CHARTER I. THE COMMITTEE. The Nominating Committee (the "Committee") is a committee of, and established by, the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund, The MDL Funds, The Arbor Fund and Expedition Fund (collectively, the "Trusts"). The Committee consists of such number of members as set by the Board from time to time and its members shall be selected by the Board. The Committee shall be comprised entirely of "Independent Trustees." For purposes of this Charter, Independent Trustees shall mean members of the Board who are not interested persons of the Trusts as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"). II. BOARD NOMINATIONS AND FUNCTIONS. 1. The Committee shall select and nominate all persons to serve as Independent Trustees. The Committee shall evaluate candidates' qualifications for Board membership and the independence of such candidates from the investment advisers and other principal service providers for the funds of the Trusts. Persons selected must be independent in terms of both the letter and the spirit of the 1940 Act. The Committee shall also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence, E.G., business, financial or family relationships with investment advisers or service providers. 2. The Committee also shall evaluate the qualifications of and make recommendations for "interested" Trustee candidates to the Board. 3. The Committee may adopt from time to time specific, minimum qualifications that the Committee believes a candidate must meet before being considered as a candidate for Board membership and shall comply with any rules adopted from time to time by the U.S. Securities and Exchange Commission regarding investment company nominating committees and the nomination of persons to be considered as candidates for Board membership. 4. The Committee shall review shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the applicable Trust's offices. The Committee shall adopt, by resolution, a policy regarding its procedures for considering candidates for the Board, including any recommended by shareholders. III. COMMITTEE NOMINATIONS AND FUNCTIONS. 1. The Committee has the authority to make recommendations to the full Board for nomination for membership on any committees of the Board. 2. The Committee is responsible for the adoption and administration of any policy for retirement from Board membership. 3. The Committee has the authority to review as necessary the responsibilities of any committees of the Board, whether there is a continuing need for each committee, whether there is a need for additional committees of the Board, and whether committees should be combined or reorganized. The Committee shall make recommendations for any such action to the full Board. 4. The Committee shall, on an annual basis or at least as often as is required by law, review the performance of the Board. The Committee may invite any or all Interested Trustees or others to participate in such reviews as it deems appropriate. A-1 IV. OTHER POWERS AND RESPONSIBILITIES. 1. The Committee shall meet at least once each year or more frequently in open or executive sessions. The Committee may invite members of management, counsel, advisers and others to attend its meetings as it deems appropriate. The Committee shall have separate sessions with management and others, as and when it deems appropriate. 2. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including authority to retain special counsel and other experts or consultants at the expense of the applicable Fund or Trust. 3. The Committee shall report its activities to the Board and make such recommendations as the Committee may deem necessary or appropriate. 4. A majority of the members of the Committee shall constitute a quorum for the transaction of business at any meeting of the Committee. The action of a majority of the members of the Committee present at a meeting at which a quorum is present shall be the action of the Committee. The Committee may meet in person or by telephone, and the Committee may act by written consent, to the extent permitted by law and by the applicable Trust's by-laws. In the event of any inconsistency between this Charter and a Trust's organizational documents, the provisions of the Trust's organizational documents shall govern. 5. The Committee shall review this Charter as appropriate and recommend any changes to the full Board. 6. The Committee shall elect one of its members to serve as Chairman, who shall serve until another Chairman is elected. Adopted: May 18, 2004 A-2 THE ADVISORS' INNER CIRCLE FUND SPECIAL MEETING OF SHAREHOLDERS FORM OF PROXY SOLICITED BY THE BOARD OF TRUSTEES FOR THE SPECIAL MEETING OF SHAREHOLDERS DATED FEBRUARY 18, 2005 The undersigned, revoking previous proxies, if any, with respect to the Shares (defined below), hereby appoints Jim Ndiaye and Laurie Brooks as proxies, each with full power of substitution, to vote at the Special Meeting of Shareholders (the "Meeting") of The Advisors' Inner Circle Fund (the "Trust") to be held at SEI Investments Company, One Freedom Valley Drive, Oaks, PA, 19456, on February 18, 2005 at 11:00 a.m., EST, and any adjournments or postponements thereof, all shares of beneficial interest of the Meeting ("Shares") on the proposal set forth below regarding (i) the election of the Board of Trustees of the Trust, and (ii) any other matters properly brought before the Meeting. THIS PROXY WILL, WHEN PROPERLY EXECUTED, BE VOTED AS DIRECTED HEREIN BY THE SIGNING SHAREHOLDER(S). IF NO CONTRARY DIRECTION IS GIVEN WHEN THE DULY EXECUTED PROXY IS RETURNED, THIS PROXY WILL BE VOTED FOR THE FOREGOING PROPOSAL AND WILL BE VOTED IN THE APPOINTED PROXIES' DISCRETION UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING. Please fill in box(es) as shown using black or blue ink or number 2 pencil. |X| PLEASE DO NOT USE FINE POINT PENS. THE BOARD OF TRUSTEES OF THE TRUST RECOMMENDS A VOTE "FOR" THE PROPOSAL TO ELECT THE FOLLOWING NOMINEES TO THE BOARD OF TRUSTEES OF THE TRUST:
FOR ALL WITHHOLD ALL FOR ALL EXCEPT* (01) Robert A. Nesher (06) James M. Storey (02) William M. Doran (07) George J. Sullivan [ ] [ ] [ ] (03) John T. Cooney (08) Betty L. Krikorian (04) Robert A. Patterson (09) Charles E. Carlbom (05) Eugene B. Peters (10) Mitchell A. Johnson
*Instruction: To withhold authority to vote for any Nominees, mark "FOR ALL EXCEPT" and write the number(s) of the Nominee(s) on the line below. ______________________________________ The undersigned acknowledges receipt with this Proxy of a copy of the Notice of Special Meeting and the Proxy Statement of the Board of Trustees. Your signature(s) on this Proxy should be exactly as your name(s) appear on this Proxy. If the shares are held jointly, each holder should sign this Proxy. Attorneys-in-fact, executors, administrators, trustees or guardians should indicate the full title and capacity in which they are signing. Dated: , 2005 ---------------------------- ------------------------ Signature of Shareholder ------------------------ Signature (Joint owners) PLEASE DATE, SIGN AND RETURN PROMPTLY USING THE ENCLOSED, POSTAGE-PAID ENVELOPE WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING; YOU MAY, NEVERTHELESS, VOTE IN PERSON IF YOU DO ATTEND. [INSERT INTERNET VOTING INSTRUCTIONS HERE] COVER 2 filename2.txt Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004 Tel. 202.739.3000 Fax: 202.739.3001 www.morganlewis.com December 10, 2004 VIA EDGAR U.S. Securities and Exchange Commission 450 Fifth Street, N.W. Judiciary Plaza Washington, DC 20549 Re: The Advisors' Inner Circle Fund (File Nos. 033-42484 and 811-06400) Ladies and Gentlemen: On behalf of our client The Advisors' Inner Circle Fund (the "Trust"), we are filing, pursuant to the Securities Exchange Act of 1934 and the Investment Company Act of 1940, a preliminary copy of the Schedule 14A, notice, proxy statement and voting instruction forms ("Proxy Materials") for the Meeting of Shareholders ("Meeting") of the Trust scheduled to be held on February 18, 2005. The Meeting is being called for the purpose of electing Trustee nominees to the Trust. The Trust intends to mail definitive proxy materials to shareholders on or about Thursday, January 6, 2005. In the event the staff has comments, please be aware that the information contained herein is substantially identical to filings of The MDL Funds (File Nos. 333-50032 and 811-10207) and The Advisors' Inner Circle Fund II (File Nos. 033-50718 and 811-07102). Please direct any questions or comments you may have to my attention at the address listed above. In addition, please feel free to contact me at 202.739.5391 with your questions or comments. Sincerely, /s/ Kathleen M. Macpeak Kathleen M. Macpeak