<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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070 J010700 Y
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<PAGE> PAGE 22
072 I000700 33
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<PAGE> PAGE 23
074 T000700 23738
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024 001400 N
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<PAGE> PAGE 24
039 001400 N
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<PAGE> PAGE 25
062 E001400 0.0
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070 F021400 N
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070 G021400 N
070 H011400 N
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070 I011400 N
070 I021400 N
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<PAGE> PAGE 26
070 M011400 Y
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<PAGE> PAGE 27
073 B001400 1.0520
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
SIGNATURE STEPHEN MEYER
TITLE CONTROLLER
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1531
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7540
<NET-ASSETS> 47909
<DIVIDEND-INCOME> 485
<INTEREST-INCOME> 360
<OTHER-INCOME> 0
<EXPENSES-NET> (422)
<NET-INVESTMENT-INCOME> 423
<REALIZED-GAINS-CURRENT> 1531
<APPREC-INCREASE-CURRENT> 5592
<NET-CHANGE-FROM-OPS> 7546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (425)
<DISTRIBUTIONS-OF-GAINS> (77)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1168
<NUMBER-OF-SHARES-REDEEMED> (109)
<SHARES-REINVESTED> 32
<NET-CHANGE-IN-ASSETS> 20707
<ACCUMULATED-NII-PRIOR> 23
<ACCUMULATED-GAINS-PRIOR> 77
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 307
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 461
<AVERAGE-NET-ASSETS> 38389
<PER-SHARE-NAV-BEGIN> 10.97
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 2.48
<PER-SHARE-DIVIDEND> (.14)
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.42
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878719
<NAME> ADVISER'S INNER CIRCLE
<SERIES>
<NUMBER> 190
<NAME> CLOVER CAPITAL SMALL CAP VALUE
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> FEB-28-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 4405
<INVESTMENTS-AT-VALUE> 4482
<RECEIVABLES> 1
<ASSETS-OTHER> 17
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4500
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5
<TOTAL-LIABILITIES> 5
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4355
<SHARES-COMMON-STOCK> 414
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 63
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 77
<NET-ASSETS> 4495
<DIVIDEND-INCOME> 13
<INTEREST-INCOME> 10
<OTHER-INCOME> 0
<EXPENSES-NET> (23)
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 67
<APPREC-INCREASE-CURRENT> 77
<NET-CHANGE-FROM-OPS> 144
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 442
<NUMBER-OF-SHARES-REDEEMED> (29)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 4495
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 89
<AVERAGE-NET-ASSETS> 2535
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .88
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.87
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees of
The Advisors' Inner Circle Fund
In planning and performing our audit of the financial statements of
The Advisors' Inner Circle Fund for the year ended October 31, 1996,
we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of The Advisors' Inner Circle Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use
or disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit preparation
of financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which
the design or operation of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or irregularities
in amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1996.
This report is intended solely for the information and use of management,
the Board of Trustees and the Securities and Exchange Commission and
should not be used for any other purpose.
/s/ Arthur Andersen LLP
Arthur Andersen LLP
Philadelphia, PA
December 6, 1996
