THE ADVISORS' INNER CIRCLE FUND
CLOVER CAPITAL EQUITY VALUE FUND
CLOVER CAPITAL FIXED INCOME FUND
CLOVER CAPITAL SMALL CAP VALUE FUND
SEMI-ANNUAL REPORT TO SHAREHOLDERS
AS OF APRIL 30, 1996
THIS INFORMATION MUST BE PRECEDED OR ACCOMPANIED
BY A CURRENT PROSPECTUS FOR EACH FUND DESCRIBED.
<PAGE>
STATEMENT OF NET ASSETS ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Market
Value
CLOVER CAPITAL EQUITY VALUE FUND Shares (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 80.2%
BAKERY PRODUCTS -- 4.1%
Interstate Bakeries ................................. 50,000 $ 1,188
United Biscuits Holdings ADR ........................ 500,000 1,805
-------
2,993
-------
BROADCASTING, NEWSPAPERS & ADVERTISING -- 3.0%
Comcast, Special, Cl A .............................. 120,000 2,100
-------
COMMUNICATIONS EQUIPMENT -- 1.9%
California Microwave* ............................... 75,000 1,378
-------
COMPUTERS & SERVICES -- 10.8%
Gtech Holdings* ..................................... 50,000 1,419
Marcam* ............................................. 175,100 2,014
Mentor Graphics* .................................... 65,000 1,040
Policy Management Systems* .......................... 19,000 893
Sungard Data Systems* ............................... 70,600 2,347
-------
7,713
-------
ELECTRICAL SERVICES -- 2.9%
Sierra Pacific Resources ............................ 85,000 2,061
-------
ENTERTAINMENT -- 5.5%
King World Productions* ............................. 90,000 3,915
-------
MACHINERY -- 0.5%
Binks Manufacturing ................................. 15,104 336
-------
MEASURING DEVICES -- 2.3%
Wheelabrator Technologies ........................... 100,000 1,600
-------
MEDICAL PRODUCTS & SERVICES -- 10.0%
Caremark International .............................. 180,000 4,972
Carter-Wallace ...................................... 65,000 1,024
Salick Health Care* ................................. 27,500 1,045
-------
7,041
-------
MISCELLANEOUS BUSINESS SERVICES -- 1.2%
Advo ................................................ 16,400 166
Ideon Group ......................................... 50,000 656
-------
822
-------
PRINTING & PUBLISHING -- 1.6%
American Greetings, Cl A ........................... 40,000 1,105
-------
RAILROADS -- 5.4%
Canadian National Railway ........................... 200,000 3,800
-------
<PAGE>
STATEMENT OF NET ASSETS ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Shares/Face Market
Amount Value
CLOVER CAPITAL EQUITY VALUE FUND (000) (000)
- --------------------------------------------------------------------------------
RETAIL -- 11.3%
Cash America International ............................ 191,000 $ 1,098
Kroger* ............................................... 50,000 2,056
Melville .............................................. 70,000 2,721
Pier 1 Imports ........................................ 89,250 1,194
Service Merchandise* .................................. 200,000 950
--------
8,019
--------
SEMI-CONDUCTORS/INSTRUMENTS -- 7.8%
Amphenal* ............................................. 125,000 3,297
Augat ................................................. 85,000 1,636
IEC Electronics* ...................................... 75,000 572
--------
5,505
--------
WHOLESALE -- 11.9%
Avnet ................................................. 65,000 3,429
Pioneer Standard Electronics .......................... 100,000 1,625
Wyle Electronics ...................................... 80,000 3,350
--------
8,404
--------
TOTAL COMMON STOCK (Cost $49,383,893) .................... 56,792
--------
REAL ESTATE INVESTMENT TRUSTS -- 4.0%
Manufactured Home Communities ......................... 75,000 1,416
Meditrust ............................................. 9,259 314
Public Storage PFD Convertible to 1.6835 shares ....... 31,000 1,073
--------
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,323,070) .... 2,803
--------
CONVERTIBLE BONDS -- 1.6%
Meditrust, Convertible to 27.6396 Shares
7.500%, 03/01/01 ................................. $ 600 609
Pier 1 Imports, Convertible to 83.33 Shares
6.875%, 04/01/02 ................................. 463 557
--------
TOTAL CONVERTIBLE BONDS (Cost $1,012,207)
1,166
--------
CORPORATE OBLIGATIONS -- 3.1%
Canandiagua Wine
8.750%, 12/15/03 ................................. 500 498
Service Merchandise
9.000%, 12/15/04 ................................. 2,000 1,735
--------
TOTAL CORPORATE OBLIGATIONS (Cost $2,139,989) ............ 2,233
--------
<PAGE>
STATEMENT OF NET ASSETS ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Face Market
Amount Value
CLOVER CAPITAL EQUITY VALUE FUND (000) (000)
- --------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.8%
Federal Home Loan Bank (A)
4.220%, 02/14/97............................ $1,000 $ 982
5.090%, 02/14/97............................ 1,000 998
-------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $1,987,579)................................ 1,980
-------
REPURCHASE AGREEMENT -- 7.9%
Lehman Brothers, 4.97%, dated 04/30/96,
matures 05/01/96, repurchase price
$5,588,764 (collateralized by U.S.
Treasury Bond, par value $5,270,609,
7.625%, matures 02/15/25:
market value $5,775,987)....................... 5,589 5,589
-------
TOTAL REPURCHASE AGREEMENT (Cost $5,588,764)........ 5,589
-------
TOTAL INVESTMENTS-- 99.6% (Cost $62,435,503)........ 70,563
-------
OTHER ASSETS AND LIABILITIES -- 0.4%
Other Assets and Liabilities, Net................ 277
-------
NET ASSETS:
Portfolio shares of Class A (unlimited
authorization, no par value) based on
4,441,983 outstanding shares of
beneficial interest............................ 58,924
Undistributed net investment income.............. 42
Accumulated net realized gain on investments..... 3,747
Net unrealized appreciation on investments....... 8,127
-------
TOTAL NET ASSETS:-- 100.0%.......................... $70,840
=======
Net Asset Value, Offering Price and
Redemption Price Per Share..................... $ 15.95
=======
* NON-INCOME PRODUCING SECURITY
(A) VARIABLE RATE SECURITY--THE RATE REPORTED ON THE STATEMENT OF NET ASSETS IS
THE RATE IN EFFECT AS OF APRIL 30, 1996.
ADR--AMERICAN DEPOSITORY RECEIPT
CL--CLASS
PFD--PREFERRED
The accompanying notes are an integral part of these financial statements.
<PAGE>
STATEMENT OF NET ASSETS ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Face Market
Amount Value
CLOVER CAPITAL FIXED INCOME FUND (000) (000)
- --------------------------------------------------------------------------------
CORPORATE OBLIGATIONS -- 42.1%
Bass America
6.750%, 08/01/99 ................................... $ 450 $ 451
Canandiagua Wine
8.750%, 12/15/03 ................................... 600 597
Commonwealth Edison
5.750%, 11/01/96 ................................... 400 399
CSX
8.400%, 08/01/96 ................................... 250 251
Dayton Hudson
7.500%, 03/01/99 ................................... 500 509
Detroit Edison
6.560%, 05/01/01 ................................... 500 495
Eli Lilly
6.250%, 03/15/03 ................................... 750 727
Florida Power & Light
5.500%, 07/01/99 ................................... 500 485
General Motors Acceptance
7.750%, 01/15/99 ................................... 400 411
Grand Metro Investment
6.500%, 09/15/99 ................................... 250 249
Masco
6.125%, 09/15/03 ................................... 200 187
Mattel
6.750%, 05/15/00 ................................... 350 347
Northern Illinois Gas
5.875%, 05/01/00 ................................... 400 386
Private Export Funding
6.620%, 10/01/05 ................................... 250 243
Texaco Capital MTN
7.420%, 07/15/02 ................................... 500 514
Union Electric
5.500%, 03/01/97 ................................... 250 248
Walt Disney
6.375%, 03/30/01 ................................... 750 739
------
TOTAL CORPORATE OBLIGATIONS (Cost $7,315,368) ............. 7,238
------
U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES -- 16.3%
Federal Home Loan Mortgage Corporation, CMO, REMIC,
Series 1546, Cl H
7.000%, 12/15/22 ................................... 390 368
Federal Home Loan Mortgage Corporation, Pool # 252641
8.000%, 07/01/07 ................................... 95 97
Federal Home Loan Mortgage Corporation, Pool # 277449
8.500%, 09/01/09 ................................... 101 104
Federal National Mortgage Association, CMO, REMIC,
Series G93-21, Cl VE
6.600%, 11/25/07 ................................... 184 173
<PAGE>
STATEMENT OF NET ASSETS ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Shares/Face Market
Amount Value
CLOVER CAPITAL FIXED INCOME FUND (000) (000)
- --------------------------------------------------------------------------------
Federal National Mortgage Association, CMO, REMIC,
Series 1993-95, Cl PE
6.500%, 10/25/07 ..................................... $ 750 $ 731
Government National Mortgage Association, Pool # 13125
8.000%, 10/15/06 ..................................... 41 43
Government National Mortgage Association, Pool # 187899
8.000%, 05/15/17 ..................................... 277 281
Government National Mortgage Association, Pool # 196477
10.000%, 04/15/10 ..................................... 132 142
Government National Mortgage Association, Pool # 202886
8.000%, 03/15/17 ..................................... 280 284
Government National Mortgage Association, Pool # 221235
8.500%, 07/15/17 ..................................... 101 105
Government National Mortgage Association, Pool # 331786
8.000%, 08/15/22 ..................................... 475 481
------
TOTAL U.S. GOVERNMENT MORTGAGE-
BACKED SECURITIES (Cost $2,881,524) ....................... 2,809
------
U.S. TREASURY OBLIGATIONS -- 28.5%
U.S. Treasury Bonds
9.380%, 02/15/06 ..................................... 400 476
7.500%, 11/15/16 ..................................... 550 574
8.000%, 11/15/21 ..................................... 250 276
U.S. Treasury Notes
6.875%, 07/31/99 ..................................... 250 254
7.500%, 10/31/99 ..................................... 250 259
7.500%, 11/15/01 ..................................... 500 523
7.500%, 05/15/02 ..................................... 500 525
7.250%, 05/15/04 ..................................... 650 673
7.500%, 02/15/05 ..................................... 300 316
6.500%, 05/15/05 ..................................... 550 542
6.500%, 08/15/05 ..................................... 500 493
------
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,866,737) ........... 4,911
------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 2.8%
Federal Home Loan Bank (A)
4.220%, 02/14/97 ..................................... 250 246
Federal National Mortgage Association, MTN
6.250%, 01/14/04 ..................................... 250 237
------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $475,633) ..... 483
------
<PAGE>
STATEMENT OF NET ASSETS ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Shares/Face Market
Amount Value
CLOVER CAPITAL FIXED INCOME FUND (000) (000)
- --------------------------------------------------------------------------------
CONVERTIBLE BONDS -- 5.5%
Meditrust, Convertible to 27.6396 Shares
7.500%, 03/01/01 ............................... $ 570 $ 579
Pier 1 Imports, Convertible to 83.33 Shares
6.875%, 04/01/02 ............................... 300 361
-------
TOTAL CONVERTIBLE BONDS (Cost $870,582) ................ 940
-------
REPURCHASE AGREEMENT -- 3.1%
Lehman Brothers, 4.97%, dated 04/30/96,
matures 05/01/96, repurchase price $522,302
(collateralized by U.S. Treasury Bond,
par value $492,566, 7.625%, matures 02/15/25:
market value $539,799) ............................ 522 522
-------
TOTAL REPURCHASE AGREEMENT (Cost $522,302) ............. 522
-------
TOTAL INVESTMENTS-- 98.3% (Cost $16,932,147) ........... 16,903
=======
(A) VARIABLE RATE SECURITY. THE RATE REPORTED ON THE SCHEDULE OF INVESTMENTS IS
THE RATE IN EFFECT AS OF APRIL 30, 1996.
CL--CLASS
CMO--COLLATERIALLIZED MORTGAGE OBLIGATION
MTN--MEDIUM TERM NOTES
REMIC--REAL ESTATE MORTGAGE INVESTMENT CONDUIT
The accompanying notes are an integral part of these financial statements.
<PAGE>
STATEMENT OF NET ASSETS ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Market
Value
CLOVER CAPITAL SMALL CAP VALUE FUND Shares (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 88.5%
AIR TRANSPORTATION -- 0.6%
Petroleum Helicopters ............................. 600 $ 8
-----
AIRCRAFT -- 0.8%
Sequa, Cl A* ...................................... 300 11
-----
APPAREL/TEXTILES -- 6.5%
Dyersburg ......................................... 1,500 8
Fredericks of Hollywood, Cl B ..................... 6,200 26
Interface, Cl A ................................... 1,900 25
Quaker Fabric* .................................... 1,900 18
Worldtex* ......................................... 1,400 8
-----
85
-----
AUTOMOTIVE -- 0.7%
Harvard Industries* ............................... 400 9
-----
BUILDING & CONSTRUCTION SUPPLIES -- 1.5%
International Aluminum ............................ 700 19
-----
COAL MINING -- 0.9%
Ashland Coal ...................................... 500 12
-----
COMMUNICATIONS EQUIPMENT -- 3.9%
California Microwave* ............................. 2,800 51
-----
COMPUTERS & SERVICES -- 3.9%
Key Tronic* ....................................... 3,100 19
Sequent Computer Systems* ......................... 2,200 32
-----
51
-----
CONCRETE & MINERAL PRODUCTS -- 1.5%
Florida Rock Industries ........................... 400 10
Green (A.P.) Industries ........................... 500 9
-----
19
-----
ENVIRONMENTAL SERVICES -- 2.6%
Harding Lawson Associates Group* .................. 4,400 26
International Technology* ......................... 3,000 8
-----
34
-----
FINANCIAL SERVICES -- 0.6%
White River* ...................................... 200 8
-----
<PAGE>
STATEMENT OF NET ASSETS ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Market
Value
CLOVER CAPITAL SMALL CAP VALUE FUND Shares (000)
- --------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.5%
Chock Full O'Nuts * ............................... 4,400 $ 23
J & J Snack Foods* ................................ 500 6
John B. Sanfilippo & Son* ......................... 900 6
Orange-Co * ....................................... 1,300 11
------
46
------
INSURANCE -- 1.1%
Presidential Life ................................. 1,400 14
------
LEISURE PRODUCTS -- 0.5%
Aldila* ........................................... 1,300 7
------
MACHINERY -- 2.8%
Gehl* ............................................. 1,100 8
Interlake * ....................................... 10,500 28
------
36
------
MEDICAL PRODUCTS & SERVICES -- 0.7%
Mine Safety Appliances ............................ 200 9
------
MISCELLANEOUS BUSINESS SERVICES -- 6.8%
ACX Technologies* ................................. 400 8
Advo .............................................. 1,700 17
Isomedix* ......................................... 1,000 16
Marcam* ........................................... 4,200 48
------
89
------
OFFICE FURNITURE & FIXTURES -- 0.5%
Tab Products ...................................... 1,000 7
------
PETROLEUM & FUEL PRODUCTS -- 1.9%
ICO ............................................... 3,700 25
------
PRINTING & PUBLISHING -- 0.6%
Hollinger International, Cl A ..................... 650 8
------
PROFESSIONAL SERVICES -- 2.3%
Acmat, Cl A* ...................................... 700 8
Dynamics Research* ................................ 1,000 8
URS* .............................................. 2,100 14
------
30
------
RAILROADS -- 4.4%
Canadian National Railway ......................... 3,000 57
------
<PAGE>
STATEMENT OF NET ASSETS ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Market
Value
CLOVER CAPITAL SMALL CAP VALUE FUND Shares (000)
- --------------------------------------------------------------------------------
RETAIL -- 15.7%
Cash America International ............................ 7,600 $ 44
Davco Restaurants* .................................... 3,200 26
Marsh Super Markets ................................... 900 11
Payless Cashways* ..................................... 1,700 7
Piccadilly Cafeterias ................................. 2,300 23
Pier 1 Imports ........................................ 3,400 45
Reeds Jewelers* ....................................... 900 8
Service Merchandise* .................................. 7,800 37
Shopko Stores ......................................... 250 4
-----
205
-----
SEMI-CONDUCTORS/INSTRUMENTS -- 8.9%
Augat ................................................. 2,300 44
IEC Electronics* ...................................... 4,800 37
Robinson Nugent ....................................... 1,300 8
VLSI Technology* ...................................... 1,600 28
-----
117
-----
STEEL & STEEL WORKS -- 0.5%
National Steel, Cl B* ................................. 550 7
-----
TRANSPORTATION SERVICES -- 0.8%
PLM International * ................................... 3,000 11
-----
TRUCKING -- 1.7%
Builders Transport* ................................... 1,700 16
Trism* ................................................ 1,100 6
-----
22
-----
WHOLESALE -- 12.3%
Cameron Ashley Building Products* ..................... 2,000 19
JPE* .................................................. 1,200 13
Pioneer Standard Electronics .......................... 2,000 33
Software Spectrum* .................................... 700 16
Syncor International* ................................. 2,100 21
Wyle Electronics ...................................... 1,400 59
-----
161
-----
TOTAL COMMON STOCK (Cost $1,083,561) ..................... 1,158
-----
REAL ESTATE INVESTMENT TRUST -- 3.0%
Storage Trust Realty .................................. 1,800 39
-----
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $39,822) ........ 39
-----
<PAGE>
STATEMENT OF NET ASSETS ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
Face Market
Amount Value
CLOVER CAPITAL SMALL CAP VALUE FUND (000) (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 11.9%
Lehman Brothers, 4.97%, dated 04/30/96, matures
05/01/96, repurchase price $156,197 (collateralized
by U.S. Treasury Bond, par value $147,303, 7.625%,
matures 02/15/25: market value $161,430) ............. $156 $ 156
------
TOTAL REPURCHASE AGREEMENT (Cost $156,197) ................ 156
------
TOTAL INVESTMENTS-- 103.4% (Cost $1,279,580) .............. 1,353
------
OTHER ASSETS AND LIABILITIES -- (3.4%)
Other Assets and Liabilities, Net ...................... (45)
------
NET ASSETS:
Portfolio shares (unlimited authorization, no
par value) based on 122,482 outstanding shares of
beneficial interest .................................. 1,236
Distributions in excess of net investment income ....... (1)
Net unrealized appreciation on investments ............. 73
------
TOTAL NET ASSETS-- 100.0% ................................. $1,308
======
Net Asset Value, Offering Price and Redemption
Price Per Share ...................................... $10.68
======
* NON-INCOME PRODUCING SECURITY
CL--CLASS
The accompaning notes are an integral part of the financial statements.
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES THE ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
CLOVER CAPITAL
FIXED INCOME
FUND
(000)
- --------------------------------------------------------------------------------
Assets:
Investment Securities (Cost $16,932,147) ..................... $16,903
Income Accrued ............................................... 287
Investment Securities Sold ................................... 527
Capital Shares Sold .......................................... 129
Other Assets ................................................. 46
- --------------------------------------------------------------------------------
Total Assets ............................................... 17,892
- --------------------------------------------------------------------------------
Liabilities:
Investment Securities Purchased .............................. 543
Income Payable ............................................... 85
Accrued Expenses Payable ..................................... 24
Other Liabilities ............................................ 36
- --------------------------------------------------------------------------------
Total Liabilities .......................................... 688
- --------------------------------------------------------------------------------
Net Assets:
Portfolio shares (unlimited authorization--no par value)
based on 1,779,240 outstanding shares of
benefiecial interest ....................................... 17,201
Accumulated net realized gain on investments ................. 32
Net unrealized depreciation on investments ................... (29)
- --------------------------------------------------------------------------------
Net Assets ................................................. $17,204
================================================================================
Net Asset Value, Offering Price and Redemption Price Per Share .. $ 9.67
================================================================================
The accompaning notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS THE ADVISORS' INNER CIRCLE FUND
For the six-month period ended April 30, 1996 Unaudited
CLOVER CAPITAL CLOVER CAPITAL CLOVER CAPITAL
EQUITY VALUE FIXED INCOME SMALL CAP VALUE
FUND FUND FUND
-------------- -------------- ---------------
11/01/95 11/01/95 02/29/96(1)
TO 04/30/96 TO 04/30/96 TO 04/30/96
(000) (000) (000)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income:
Dividend Income ..................................................... $ 488 $ -- $ 1
Interest Income ..................................................... 356 541 2
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investment Income ........................................... 844 541 3
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses:
Administrator Fees .................................................. 60 25 9
Investment Advisory Fees ............................................ 223 36 1
Investment Advisory Fee Waiver ...................................... (40) (29) (1)
Contributions by Adviser ............................................ -- -- (17)
Custodian Fees ...................................................... 4 3 --
Transfer Agent Fees ................................................. 47 10 3
Professional Fees ................................................... 7 8 3
Trustee Fees ........................................................ 3 2 1
Registration Fees ................................................... 14 4 2
Printing Fees ....................................................... 8 3 1
Pricing Fees ........................................................ 1 -- --
Insurance and Other Fees ............................................ 3 -- --
Amortization of Deferred Organizational Costs ....................... 1 1 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total Expenses .................................................... 331 63 2
- ------------------------------------------------------------------------------------------------------------------------------------
Net Investment Income ............................................. 513 478 1
- ------------------------------------------------------------------------------------------------------------------------------------
Net Realized Gain from Securities Sold .............................. 3,706 32 --
Net Unrealized Appreciation (Depreciation)
of Investment Securities .......................................... 3,905 (361) 73
- ------------------------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain
(Loss) on Investments ......................................... 7,611 (329) 73
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
from Operations ................................................... $8,124 $149 $74
====================================================================================================================================
<FN>
AMOUNTS DESIGNED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(1) THE CLOVER CAPITAL SMALL CAP VALUE FUND COMMENCED OPERATIONS ON FEBRUARY 29, 1996.
</FN>
</TABLE>
The accompaning notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS THE ADVISORS' INNER CIRCLE FUND
For the six-month period ended April 30, 1996 (Unaudited) and the year ended October 31, 1995.
CLOVER CAPITAL CLOVER CAPITAL CLOVER CAPITAL
EQUITY VALUE FIXED INCOME SMALL CAP VALUE
FUND FUND FUND
----------------------- ----------------------- ---------------
11/01/95 11/01/94 11/01/95 11/01/94 02/29/96
TO 04/30/96 TO 10/31/95 TO 04/30/96 TO 10/31/95 TO 04/30/96
(000) (000) (000) (000) (000)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Activities:
Net Investment Income ........................... $ 513 $ 686 $ 478 $ 699 $ 1
Net Realized Gain from
Securities Sold ............................... 3,706 4,206 32 76 --
Net Unrealized Appreciation
(Depreciation) of Investment
Securities .................................... 3,905 1,800 (361) 823 73
- -------------------------------------------------------------------------------------------------------------------------------
Net Increase in
Net Assets Resulting from
Operations .................................... 8,124 6,692 149 1,598 74
- -------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Net Investment Income ........................... (568) (602) (478) (696) (2)
Capital Gains ................................... (4,207) (1,755) (76) (24) --
- -------------------------------------------------------------------------------------------------------------------------------
Total Distributions ........................... (4,775) (2,357) (554) (720) (2)
- -------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Shares Issued ................................... 17,722 23,522 4,672 5,633 1,236
Shares Issued in Lieu of
Cash Distributions ............................ 4,722 2,339 577 588 2
Shares Redeemed ................................. (6,600) (3,798) (2,325) (2,176) (2)
- -------------------------------------------------------------------------------------------------------------------------------
Increase in Net Assets
Derived from Capital
Share Transactions ............................ 15,844 22,063 2,924 4,045 1,236
- -------------------------------------------------------------------------------------------------------------------------------
Total Increase in Net Assets................... 19,193 26,398 2,519 4,923 1,308
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period ............................. 51,647 25,249 14,685 9,762 0
- -------------------------------------------------------------------------------------------------------------------------------
End of Period ................................... $70,840 $51,647 $17,204 $14,685 $1,308
===============================================================================================================================
Shares Issued and Redeemed:
Issued ........................................ 1,183 1,618 471 583 122
Issued in Lieu of Cash
Distributions ............................... 323 179 58 62 --
Redeemed ...................................... (442) (257) (235) (228) --
- -------------------------------------------------------------------------------------------------------------------------------
Net Increase in Share
Transactions .................................. 1,064 1,540 294 417 122
===============================================================================================================================
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
The accompaning notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS THE ADVISORS' INNER CIRCLE FUND
For the six-month period ended April 30, 1996 (Unaudited) and the periods ended October 31.
For a Share Outstanding Throughout the Period
NET NET
ASSET REALIZED AND DISTRIBUTIONS DISTRIBUTIONS ASSET
VALUE NET UNREALIZED FROM NET FROM VALUE
BEGINNING INVESTMENT GAINS OR (LOSSES) INVESTMENT CAPITAL END TOTAL
OF PERIOD INCOME ON SECURITIES INCOME GAINS OF PERIOD RETURN
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLOVER CAPITAL EQUITY VALUE FUND
- --------------------------------
1996 $15.29 0.12 1.89 (0.14) (1.21) $15.95 14.06%
1995 $13.74 0.24 2.46 (0.22) (0.93) $15.29 21.25%
1994 $11.94 0.08 2.01 (0.08) (0.21) $13.74 17.80%
1993 $10.45 0.10 1.54 (0.10) (0.05) $11.94 15.83%
1992(1) $10.00 0.10 0.44 (0.09) -- $10.45 5.94%*
CLOVER CAPITAL FIXED INCOME FUND
- --------------------------------
1996 $9.89 0.30 (0.17) (0.30) (0.05) $9.67 1.25%
1995 $9.14 0.58 0.77 (0.58) (0.02) $9.89 15.27%
1994 $10.85 0.57 (0.92) (0.57) (0.79) $9.14 (3.54)%
1993 $10.23 0.61 0.72 (0.61) (0.10) $10.85 13.40%
1992(1) $10.00 0.56 0.23 (0.56) -- $10.23 9.05%*
CLOVER CAPITAL SMALL CAP VALUE FUND
- -----------------------------------
1996(2) $10.00 0.01 0.69 (0.02) -- $10.68 6.99%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS THE ADVISORS' INNER CIRCLE FUND
For the six-month period ended April 30, 1996 (Unaudited) and the periods ended October 31.
For a Share Outstanding Throughout the Period
RATIO OF
RATIO NET INCOME
OF EXPENSES OR (LOSS)
NET RATIO TO AVERAGE TO AVERAGE
ASSETS RATIO OF NET NET ASSETS NET ASSETS
END OF EXPENSES INCOME (EXCLUDING (EXCLUDING PORTFOLIO AVERAGE
OF PERIOD TO AVERAGE TO AVERAGE WAIVERS AND WAIVERS AND TURNOVER COMMISSION
(000) NET ASSETS NET ASSETS CONTRIBUTIONS) CONTRIBUTIONS) RATE RATE(3)
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CLOVER CAPITAL EQUITY VALUE FUND
- --------------------------------
1996 $70,840 1.10%* 1.70%* 1.23%* 1.57%* 20.26% $0.06
1995 $51,647 1.10% 1.82% 1.20% 1.72% 84.76% --
1994 $25,249 1.14% 0.71% 1.30% 0.55% 58.44% --
1993 $15,070 1.18% 0.89% 1.51% 0.56% 82.51% --
1992(1) $ 9,005 1.20%* 1.15%* 2.09%* 0.26%* 31.00% --
CLOVER CAPITAL FIXED INCOME FUND
- --------------------------------
1996 $17,204 0.80%* 6.02%* 1.16%* 5.66%* 5.97% --
1995 $14,685 0.80% 6.13% 1.40% 5.53% 35.84% --
1994 $ 9,762 0.80% 5.88% 1.46% 5.22% 11.11% --
1993 $ 7,966 0.78% 5.62% 1.29% 5.11% 68.61% --
1992(1) $ 8,982 0.80%* 6.28%* 1.76%* 5.32%* 113.00% --
CLOVER CAPITAL SMALL CAP VALUE FUND
- -----------------------------------
1996(2) $ 1,308 1.40%* 0.50%* 11.81%* (9.91)%* 0.00% $0.04
<FN>
* ANNUALIZED
(1) THE CLOVER CAPITAL FIXED INCOME FUND AND THE CLOVER CAPITAL EQUITY VALUE FUND COMMENCED OPERATIONS ON
DECEMBER 6, 1991.
(2) THE CLOVER CAPITAL SMALL CAP VALUE FUND COMMENCED OPERATIONS ON FEBRUARY 29, 1996.
(3) AVERAGE COMMISSION RATE PAID PER SHARE FOR THE SECURITY PURCHASES AND SALES MADE DURING THE PERIOD.
</FN>
</TABLE>
The accompaning notes are an integral part of the financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS THE ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
1. ORGANIZATION:
THE ADVISORS' INNER CIRCLE FUND (the "Trust") is organized as a Massachusetts
business trust under a Declaration of Trust dated July 18, 1991. The Trust is
registered under the Investment Company Act of 1940, as amended, as a
diversified open-end management investment company with nine portfolios. The
financial statements included herein are those of the Clover Capital Equity
Value Fund, the Clover Capital Fixed Income Fund, and the Clover Capital Small
Cap Value Fund (the "Funds"). The financial statements of the remaining
portfolios are presented separately. The assets of each portfolio are
segregated, and a Shareholder's interest is limited to the portfolio in which
shares are held. The Funds' prospectus provides a description of each Fund's
investment objectives, policies and strategies.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of the significant accounting policies followed by
the Funds.
SECURITY VALUATION -- Investments in equity securities which are traded on
a national exchange (or reported on the NASDAQ national market system) are
stated at the last quoted sales price if readily available for such equity
securities on each business day; other equity securities traded in the
over-the-counter market and listed equity securities for which no sale was
reported on that date are stated at the last quoted bid price. Debt
obligations exceeding sixty days to maturity for which market quotations
are readily available are valued at the most recently quoted bid price.
Debt obligations with sixty days or less remaining until maturity may be
valued at their amortized cost, which approximates market value.
FEDERAL INCOME TAXES -- It is each 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
provisions for Federal income taxes are required.
SECURITY TRANSACTIONS AND RELATED INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Dividend income is recognized on the ex-dividend date, and 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 adjusted for the accretion and amortization of
purchase discounts and premiums during the respective holding period.
Purchase discounts and premiums on securities held by the Funds are
accreted and amortized to maturity using the scientific interest method,
which approximates the effective interest method.
REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements ensure that the market
value of the collateral, including accrued interest thereon, is sufficient
in the event of the default of the counterparty. If the counterparty
defaults and the value of the collateral declines or if the counterparty
enters an insolvency proceeding, realization of the collateral by the Funds
may be delayed or limited.
NET ASSET VALUE PER SHARE -- The net asset value per share of each Fund is
calculated on each business day by dividing the total value of each Fund's
assets, less liabilities, by the number of shares outstanding.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) THE ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
OTHER -- Expenses that are directly related to one of the Funds are charged
to that Fund. Other operating expenses of the Trust are prorated to the
Funds on the basis of relative daily net assets.
Distributions from net investment income are declared and paid quarterly to
Shareholders for the Equity Value Fund and declared daily and paid monthly
for the Fixed Income Fund. Any net realized capital gains on sales of
securities are distributed to Shareholders at least annually.
Distributions from net investment income and net realized capital gains are
determined in accordance with the U.S. Federal income tax regulations,
which may differ from those amounts determined under generally accepted
accounting principles. These book/tax differences are either temporary or
permanent in nature. To the extent these differences are permanent, they
are charged or credited to paid-in-capital in the period that the
differences arise. These reclassifications have no effect on net assets or
net asset value.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amount of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reported period. Actual results could differ from those
estimates.
3. ORGANIZATION COSTS AND TRANSACTIONS WITH AFFILIATES:
The Clover Capital Equity Value Fund, the Clover Capital Fixed Income Fund, and
the Clover Capital Small Cap Value Fund incurred organization costs of
approximately $15,000, $14,000 and $11,000, respectively. These costs have been
capitalized by the Funds and are being amortized over sixty months commencing
with operations. These costs include legal fees of approximately $7,000 per Fund
for organizational work performed by a law firm of which a trustee of the trust
is a partner and two officers of the Fund are partners. In the event any of the
initial shares of a Fund are redeemed by any holder thereof during the period
that such Fund is amortizing its organizational costs, the redemption proceeds
payable to the holder thereof by the Fund will be reduced by the unamortized
organizational costs in the same ratio as the number of initial shares being
redeemed bears to the number of initial shares outstanding at the time of
redemption.
Certain officers of the Trust are also officers of SEI Financial Management
Corporation (the "Administrator") and/or SEI Financial Services Company (the
"Distributor"). Such officers and trustees are paid no fees by the Trust for
serving as officers of the Trust.
4. ADMINISTRATION, SHAREHOLDER SERVICING AND DISTRIBUTION AGREEMENTS:
The Trust and the Administrator are parties to an Administration Agreement,
under which the Administrator provides management and administrative services
for an annual fee of .20% of the average daily net assets of each of the Funds.
There is a minimum annual fee of $50,000 per Fund payable to the Administrator
for services rendered to the Funds under the Administration Agreement.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) THE ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
DST Systems, Inc. (the "Transfer Agent") serves as the transfer agent and
dividend distributing agent for the Funds under a transfer agency agreement with
the Trust.
The Trust and the Distributor are parties to a Distribution Agreement. The
Distributor receives no fees for its distribution services under this agreement.
5. INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS:
The Trust and Clover Capital Management, Inc. (the "Adviser") are parties to an
Investment Advisory Agreement under which the Adviser receives an annual fee
equal to .74% of the average daily net assets of the Equity Value Fund, .45% of
the average daily net assets of the Fixed Income Fund and .85% of the average
daily net assets of the Small Cap Value Fund. The Adviser has voluntarily agreed
to waive all or a portion of its fees (and to reimburse the expenses of the
Funds) in order to limit operating expenses to not more than 1.20% of the
average daily net assets for net assets below $20 million and to not more than
1.10% for net assets of $20 million or more for the Equity Value Fund. Operating
expenses for the Fixed Income Fund are limited to not more than .80% of the
average daily net assets for net assets below $20 million and to not more than
.75% for net assets of $20 million or more. Operating expenses for the Small Cap
Value Fund are limited to 1.40% of the Portfolio's average daily net assets. Fee
waivers and expense reimbursements are voluntarily and may be terminated at any
time.
CoreStates Bank, N.A. acts as custodian (the "Custodian") for the Funds. Fees of
the Custodian are being paid on the basis of the net assets of the Funds. The
Custodian plays no role in determining the investment policies of the Trust or
which securities are to be purchased or sold by the Funds.
6. INVESTMENT TRANSACTIONS:
The cost of security purchases and the proceeds from security sales, other than
short-term investments, for the period ended April 30, 1996, are as follows:
EQUITY VALUE FIXED INCOME SMALL CAP
FUND FUND VALUE FUND
(000) (000) (000)
------------ ------------ ----------
Purchases
Government.................. $ -- $1,577 $ --
Other....................... 23,457 2,551 1,123
Sales
Government.................. $ -- $354 $ --
Other....................... 10,882 522 --
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONCLUDED) THE ADVISORS' INNER CIRCLE FUND
April 30, 1996 Unaudited
At April 30, 1996, the total cost of securities and the net realized gains or
losses on securities sold for Federal income tax purposes were not materially
different from amounts reported for financial reporting purposes. The aggregate
gross unrealized appreciation and depreciation for securities held by the Funds
at April 30, 1996, is as follows:
EQUITY VALUE FIXED INCOME SMALL CAP
FUND FUND VALUE FUND
(000) (000) (000)
------------ ------------ ----------
Aggregate gross unrealized appreciation $10,401 $ 218 $105
Aggregate gross unrealized depreciation (2,274) (247) (32)
------------ ------------ ----------
Net unrealized appreciation (depreciation) $8,127 $ (29) $ 73
============ ============ ==========
7. CONCENTRATION OF CREDIT RISK:
The Fixed Income Fund invests primarily in fixed income securities which are
rated in the top four rating categories by either Moody's Investors Services,
Inc. ("Moody's) or Standard & Poor's Ratings Group ("S&P"), or if not rated,
determined by the Adviser to be of comparable quality. The ability of the
issuers of the securities held by the Fund to meet their obligations may be
affected by economic developments in a specific industry, state or region.
The summary of credit quality rating for securities held by the Fund at April
30, 1996 is as follows:
S&P MOODY'S
---------------------- ---------------------
Bonds: AAA 54.6% Aaa 56.0%
AA 10.9% Aa 6.6%
A 16.1% A 19.8%
BBB 11.4% Baa 12.0%
B 5.6% B 5.6%
NR 1.4% NR --
------ ------
100.0% 100.0%
<PAGE>
NOTES
<PAGE>
CLO-F-018-04
