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Advisors Inner Circle Fund – ‘N-30D’ for 5/30/96

As of: Tuesday, 6/25/96 · For: 5/30/96 · Accession #: 935069-96-81 · File #: 811-06400

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 6/25/96  Advisors Inner Circle Fund        N-30D       5/30/96    1:38K                                    Bowne - BGM/FA

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Turner Growth Equity Semi-Annual Report               15     79K 

N-30D 1st Page of 15 TOC ↑Top Previous Next ↓Bottom Just 1st
 
 THE ADVISORS' INNER CIRCLE FUND

 TURNER GROWTH EQUITY FUND

 TURNER SMALL CAP 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.

N-30D 2nd Page of 15 TOC 1st Previous Next ↓Bottom Just 2nd
TURNER FUNDS LOGO 
 [GRAPHIC OMITTED]

 TURNER GROWTH EQUITY FUND

 INVESTMENT ADVISOR'S REPORT TO SHAREHOLDERS

To Our Shareholders:                                                            

The past year presented a very favorable environment for equities, with U.S.    
stocks extending their rally that had begun in December 1994. Underpinning the  
market's continued advance was a favorable climate of moderate economic growth, 
rising corporate profits, and low inflation. Even a persistent increase in      
interest rates beginning in mid-February and continuing through the end of April
could not stall the market's climb.                                             

For the twelve-month period ended April 30, 1996, the Turner Growth Equity Fund 
posted a return of 32.49% compared to 30.27% for the S&P 500. Since the Fund's  
inception on March 11, 1992, the annualized total return was 14.08% versus      
15.23% for the S&P 500.                                                         

The performance of the Fund during the past year was hampered early in the      
period before generating a strong comeback more recently. The following elements
contributed to the successful results produced by the Fund since February:      

(BULLET)  Our investment process was generally effective in identifying         
   companies like Safeway, HBO & Company, and Harley-Davidson that
          reported favorable, and often exceptionally strong, first quarter 1996
earnings growth.                                            

(BULLET)  In the search for companies with prospects for continued profit       
         increases and reasonable stock valuations, investors redirected their
         attention from large cap, blue chips to the broader mid cap and small
         cap markets where your portfolio has a strategic commitment. Examples
    of such holdings that performed well include PetSmart, Corporate
Express, and Paychex.                                       

(BULLET)  Surprisingly strong earnings reports from many technology companies   
       breathed life into the sector, and investors realized that the poor
         performance of tech stocks from November through mid-January had been
        greatly overdone. Our careful selection of individual companies such
         as Intel, Microsoft, Stratacom, and Cisco allowed us to generate very
favorable results as the sector recovered.                  

Thank you for your continued support. The recent investment climate has favored 
active stock selection, growth-style investing, and medium and small cap issues.
We believe that these factors will continue to influence the equity markets and 
contribute to an extended period of solid performance for your portfolio.       

Sincerely,                                                                      

(/S/ ROBERT E. TURNER)                                                          
Robert E. Turner                                                                
Chairman and Chief Investment Officer                                           
Turner Investment Partners, Inc.                                                

N-30D 3rd Page of 15 TOC 1st Previous Next ↓Bottom Just 3rd
TURNER FUNDS LOGO 
[GRAPHIC OMITTED] 

 TURNER SMALL CAP FUND

 INVESTMENT ADVISOR'S REPORT TO SHAREHOLDERS

To Our Shareholders:                                                            

The past year presented a very favorable environment for equities, with U.S.    
stocks extending their rally that had begun in December 1994. Underpinning the  
market's continued advance was a favorable blend of moderate economic growth,   
rising corporate profits, and low inflation. Even a persistent increase in      
interest rates beginning in mid-February and continuing through the end of April
could not stall the market's climb. In the search for companies with prospects  
for continued profit increases and reasonable stock valuations, investors began 
in February to redirect their attention from large cap, blue chips to the       
broader mid cap and small cap markets. As a result, small cap stocks            
outperformed their larger cap counterparts during the period.                   

For the twelve-month period ended April 30, 1996, the Turner Small Cap Fund     
posted a return of 92.55%, well in excess of the 33.46% return for the Russell  
2500 Index of smaller-company stocks. Since the Fund's inception on February 7, 
1994, the annualized total return has been 46.00% versus 16.89% for the Russell 
2500.                                                                           

Our sector-neutral approach, which ensures that the Fund weightings in each     
often broad economic sectors are kept in line with the market, enabled us to    
generate strong returns with less exposure to technology-related stocks than    
many other small cap growth funds. The exceptional performance for the Fund was 
fueled by the continued strength shown in the earnings dynamics of our holdings.
According to the Frank Russell Company, cumulative earnings for the companies in
the Fund's portfolio are projected to increase 32.7% over the next twelve months
compared to 20.4% for the Russell 2500 and 12.8% for the S&P 500. Careful stock 
selection also enabled the Fund to generate favorable results from sectors such 
as Utilities and Financial Services that were weak overall.                     

In the midst of the current economic environment of moderate growth and low     
inflation, we continue to uncover many exciting investment opportunities among  
smaller companies with dynamic products and services, entrepreneurial and       
motivated managements, and focused business plans. We believe that the recent   
small cap rally is sustainable and can continue for an extended period.         

We appreciate your loyal support and confidence that you have placed in us.     

Sincerely,                                                                      

(/S/ WILLIAM H. CHENOWETH)                                                      
William H. Chenoweth                                                            
Senior Portfolio Manager                                                        
Turner Investment Partners, Inc.                                                

N-30D 4th Page of 15 TOC 1st Previous Next ↓Bottom Just 4th
STATEMENT OF NET ASSETS                          THE ADVISORS' INNER CIRCLE FUND
April 30, 1996                                                         Unaudited
            Market
             Value
TURNER GROWTH EQUITY FUND         Shares    (000)                               
-------------------------------------------------                               
COMMON STOCK (99.8%)                                                            
AGRICULTURE (1.3%)                                                              
Dole Food                      30,300   $1,212                            
            ------
AIR TRANSPORTATION (0.6%)                                                       
America West Airlines*         26,240      551                            
            ------
APPAREL/TEXTILES (1.0%)                                                         
Tommy Hilfiger*                21,150      962                            
            ------
AUTOMOTIVE (1.1%)                                                               
Harley-Davidson                22,600      997                            
            ------
BANKS (1.3%)                                                                    
NationsBank                    15,000    1,196                            
            ------
BEAUTY PRODUCTS (2.1%)                                                          
Alberto-Culver,  Cl B          12,550      475                            
Procter & Gamble               17,190    1,453                            
            ------
             1,928
            ------
BROADCASTING, NEWSPAPERS &                                                      
ADVERTISING (1.4%)                                                        
Cox Communications*            42,350      868                            
Tele-Communications                                                       
International, Cl A          23,720      483                          
            ------
             1,351
            ------
CHEMICALS (4.7%)                                                                
Eli Lilly                      19,800    1,168                            
E.I. du Pont de Nemours         8,760      704                            
Hercules                       11,530      698                            
Morton International           24,205      856                            
Union Carbide                  21,900      996                            
            ------
             4,422
            ------
COMMUNICATIONS EQUIPMENT (2.3%)                                                 
Andrew*                        27,945    1,341                            
Ultratech Stepper*             32,190      841                            
            ------
             2,182
            ------
COMPUTERS & SERVICES (16.7%)                                                    
Adaptec                        11,040      635                            
Bay Networks*                  28,000      882                            
Cisco Systems*                 32,000    1,660                            
Computer Associates                                                       
International                 4,500      330                          
DST Systems                    16,740      615                            
First Data                     18,400    1,398                            
Fore Systems*                   8,500      672                            
HBO                             7,930      942                            
Hewlett Packard                 7,610      806                            
IBM                             8,090      870                            
Macromedia*                    10,150      383                            
Microsoft                      10,140    1,150                            
Netscape Communications        16,940    1,033                            
Newbridge Networks             14,210      915                            
Oracle Systems                 40,200    1,357                            

                  Market
                 Value
      Shares     (000)
----------------------------------------------------                            
Sun Microsystems                   14,340   $   778                             
UUNET Technologies              19,930     1,143                          
               -------
                15,569
               -------
DRUGS (9.8%)                                                                    
Amgen*                          26,830     1,543                          
Baxter International            27,280     1,207                          
Boston Scientific*              22,290       961                          
Caremark International*         44,460     1,228                          
Johnson & Johnson               18,890     1,747                          
Merck                           21,300     1,289                          
Pfizer                          17,500     1,205                          
               -------
                 9,180
               -------
ELECTRICAL SERVICES (0.7%)                                                      
AES                             29,980       682                          
               -------
ENTERTAINMENT (1.0%)                                                            
Walt Disney                     15,050       933                          
               -------
ENVIRONMENTAL SERVICES (0.8%)                                                   
WMX Technologies                20,800       723                          
               -------
FINANCIAL SERVICES (1.4%)                                                       
Morgan Stanley Group            25,830     1,298                          
               -------
FOOD, BEVERAGE & TOBACCO (8.3%)                                                 
Campbell Soup                   20,840     1,303                          
Coca Cola                       15,230     1,241                          
CPC International                6,900       477                          
IBP                             30,000       803                          
PepsiCo                         22,660     1,439                          
Philip Morris                   10,860       979                          
Robert Mondavi*                 16,500       454                          
Sara Lee                        14,800       459                          
Starbucks                       22,870       620                          
               -------
                 7,775
               -------
HOUSEHOLD PRODUCTS (1.4%)                                                       
Gillette                        24,110     1,302                          
               -------
INSURANCE (4.7%)                                                                
American International Group    10,535       963                          
Jefferson-Pilot                 13,210       697                          
Oxford Health Plan*             16,300       823                          
Total Renal Care Holdings*      16,200       620                          
United Healthcare               21,750     1,272                          
               -------
                 4,375
               -------
MACHINERY (1.9%)                                                                
Harnischfeger Industries        20,830       844                          
Smith International             30,000       893                          
               -------
                 1,737
               -------
MEASURING DEVICES (1.0%)                                                        
Cognex*                         33,620       899                          
               -------

N-30D 5th Page of 15 TOC 1st Previous Next ↓Bottom Just 5th
STATEMENT OF NET ASSETS                          THE ADVISORS' INNER CIRCLE FUND
April 30, 1996                                                         Unaudited

                                Market
TURNER GROWTH EQUITY FUND                            Value                      
(Concluded)                               Shares     (000)                      
-----------------------------------------------------------                     
MEDICAL PRODUCTS & SERVICES (1.4%)                                              
Medtronic                              24,500   $ 1,302                   
                             -------
MEDICAL PRODUCTS & SERVICES (2.2%)                                              
Healthsouth Rehabilitation*            12,700       471                   
Phycor*                                16,900       832                   
Renal Treatment Centers*               26,070       756                   
                             -------
                               2,059
                             -------
MISCELLANEOUS CONSUMER SERVICES (1.9%)                                          
Accustaff                              16,000       476                   
Service  International                 23,700     1,259                   
                             -------
                               1,735
                             -------
PAPER & PAPER PRODUCTS (1.0%)                                                   
Kimberly-Clark                         12,656       919                   
                             -------
PETROLEUM & FUEL PRODUCTS (1.2%)                                                
Chesapeake Energy                      15,390     1,089                   
                             -------
PROFESSIONAL SERVICES (2.1%)                                                    
Gartner Group*                         26,330       902                   
Paychex                                15,500     1,050                   
                             -------
                               1,952
                             -------
RETAIL (11.6%)                                                                  
Borders Group                          14,650       469                   
Boston Chicken*                        27,000       864                   
Corporate Express*                     24,050       899                   
Federated Department Stores*           28,320       945                   
Gap                                    30,000       904                   
Home Depot                             17,680       838                   
McDonald's                             19,800       948                   
Nordstrom                              21,600     1,099                   
Pep Boys (Manny Moe & Jack)            26,770       893                   
Petsmart*                              18,670       828                   
Rite Aid                               32,660       967                   
Safeway                                33,380     1,127                   
                             -------
                              10,781
                             -------
RUBBER & PLASTIC (1.0%)                                                         
Nike                                   10,650       932                   
                             -------
SEMI-CONDUCTORS/INSTRUMENTS (3.5%)                                              
Applied Materials*                     23,950       958                   
Atmel                                  18,630       745                   
Intel                                  12,670       858                   
LSI Logic                              19,200       691                   
                             -------
                               3,252
                             -------
STEEL & STEEL WORKS (1.3%)                                                      
Engelhard                              50,000     1,256                   
                             -------
TELEPHONES & TELECOMMUNICATION (7.2%)                                           
Airtouch Communications                22,880       715                   
America Online                         15,750     1,008                   
Cascade Communications*                13,312     1,335                   

                 Shares/Face  Market
                   Amount    Value
                   (000)     (000)
---------------------------------------------------------                       
Lucent Technologies*                   23,570  $   828                    
Pairgain Technologies*                  8,920      852                    
Premisys Communications*               17,490      765                    
Telephone & Data Systems               11,090      516                    
U.S. West Media Group*                 36,950      720                    
                           -------
                             6,739
                           -------
WHOLESALE (1.9%)                                                                
Officemax*                             40,000    1,050                    
Sigma Aldrich                          14,120      762                    
                           -------
                             1,812
                           -------
TOTAL COMMON STOCK                                                              
(Cost $78,020,193)                              93,102                    
                           -------

REPURCHASE AGREEMENT (1.3%)                                                     
Lehman Brothers 5.040%, dated                                             
04/30/96, matures 05/01/96,                                           
repurchase price $1,280,079                                           
(collateralized by U.S. Treasury                                      
Bond, par value $899,957,                                             
11.250%, matures 02/15/15:                                            
market value $1,322,706)             $1,280    1,280                  
                           -------
TOTAL REPURCHASE AGREEMENT                                                      
(Cost $1,280,079)                                1,280                    
                           -------
TOTAL INVESTMENTS (101.1%)                                                      
(Cost $79,300,272)                              94,382                    
                           -------
OTHER ASSETS AND LIABILITIES (-1.1%)                                            
Other Assets and Liabilities, Net               (1,073)                   
                           -------

NET ASSETS:                                                                     
Portfolio shares (unlimited authorization,                                
no par value) based on 5,896,495                                      
outstanding shares of outstanding                                     
shares of beneficial interest                 61,669                  
Distributions in excess of                                                
net investment income                            (27)                 
Accumulated net realized gain on                                          
investments                                   16,585                  
Net unrealized appreciation on                                            
investments                                   15,082                  
                           -------
TOTAL NET ASSETS (100.0%)                         $93,309                       
                           =======
Net Asset Value, Offering Price and                                       
Redemption Price Per Share                   $ 15.82                  
                           =======

* NON-INCOME PRODUCING SECURITY                                                 
CL-CLASS                                                                        

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

N-30D 6th Page of 15 TOC 1st Previous Next ↓Bottom Just 6th
STATEMENT OF NET ASSETS                          THE ADVISORS' INNER CIRCLE FUND
April 30, 1996                                                         Unaudited

                      Market
                     Value
TURNER SMALL CAP FUND                  Shares   (000)                           
------------------------------------------------------                          
COMMON STOCK (92.6%)                                                            
AIR TRANSPORTATION (1.6%)                                                       
America West Airlines*             11,778   $  247                        
Midwest Express Holdings*           6,902      227                        
                    ------
                       474
                    ------
APPAREL/TEXTILES (2.2%)                                                         
Mossimo*                            5,500      209                        
Nautica Enterprises*                4,743      221                        
Tommy Hilfiger*                     4,435      202                        
                    ------
                       632
                    ------
AUTOMOTIVE (0.6%)                                                               
Penske Motorsports *                5,680      172                        
                    ------
BEAUTY PRODUCTS (0.6%)                                                          
Alberto-Culver,  Cl B               4,775      181                        
                    ------
BROADCASTING, NEWSPAPERS &                                                      
ADVERTISING (2.0%)                                                        
Eagle River Interactive*           11,520      248                        
International Family                                                      
Entertainment*                    9,691      148                      
TCA Cable Television                5,779      169                        
                    ------
                       565
                    ------
BUILDING & CONSTRUCTION (0.8%)                                                  
Jacobs Engineering Group            7,864      218                        
                    ------
CHEMICALS (1.0%)                                                                
GTS Duratek *                       9,300      161                        
International Specialty Products   10,745      134                        
                    ------
                       295
                    ------
COMMUNICATIONS EQUIPMENT (2.7%)                                                 
Affinity Technology*                9,050      213                        
Omnipoint                           6,403      192                        
Picturetel*                         5,754      196                        
Ultratech Stepper*                  6,609      173                        
                    ------
                       774
                    ------
COMPUTERS & SERVICES (20.7%)                                                    
Arbor Software*                     3,574      275                        
Axent Technologies*                10,700      193                        
Data Processing Resources           8,519      215                        
Forte Software*                     4,550      281                        
HNC Software*                       7,756      289                        
I2 Technologies*                    4,150      169                        
Lanvision Systems*                 12,800      235                        
Macromedia*                         5,515      208                        
Medic Computer Systems*             2,270      212                        
National Data                       5,044      178                        
Objective Systems Integrator*       6,069      270                        
PMT Services*                       8,248      238                        
Raptor Systems*                     5,264      174                        
Red Brick Systems*                  5,611      332                        
Sapient *                           5,800      306                        

                      Market
                     Value
          Shares     (000)
------------------------------------------------------                          
Security Dynamics Technology*      3,313   $  280                         
Shiva*                             4,498      269                         
Spyglass*                          3,680      107                         
Sterling Commerce*                 8,470      296                         
Sykes Enterprises*                 3,550      126                         
Transaction Systems Architects*    4,470      239                         
Transition Systems*               10,400      252                         
UUNET Technologies                 4,237      243                         
Verifone*                          5,242      220                         
Verity*                            3,100      107                         
Xylan                              3,900      250                         
                  ------
                   5,964
                  ------
CONCRETE & MINERAL PRODUCTS (0.6%)                                              
Ferro                              6,400      178                         
                  ------
DRUGS (1.8%)                                                                    
Jones Medical Industries           4,050      212                         
Parexel International              6,365      313                         
                  ------
                     525
                  ------
ENERGY & POWER (0.7%)                                                           
Calenergy*                         7,286      189                         
                  ------
ENTERTAINMENT (0.7%)                                                            
Regal Cinemas*                     5,150      210                         
                  ------
FINANCIAL SERVICES (4.3%)                                                       
Aames Financial                    3,500      154                         
Contifinancial*                    7,867      251                         
First USA Paymentech*              6,250      272                         
Imperial Credit*                  10,662      277                         
Money Store                        9,871      249                         
                  ------
                   1,203
                  ------
FOOD, BEVERAGE & TOBACCO (0.9%)                                                 
Canandaigua Wine, Cl A*            3,850      117                         
Robert Mondavi*                    5,266      145                         
                  ------
                     262
                  ------
GAS/NATURAL GAS (0.6%)                                                          
USX-Delhi Group                   12,900      179                         
                  ------
HOUSEHOLD PRODUCTS (0.5%)                                                       
Blount International               4,800      149                         
                  ------
INSURANCE (6.7%)                                                                
CMAC Investment                    4,458      250                         
Compdent*                          6,699      296                         
Executive Risk                     8,320      258                         
Housecall Medical Resources*       9,650      210                         
Meadowbrook Insurance Group        8,310      259                         
Total Renal Care Holdings*         6,357      243                         
United Dental Care*                5,435      213                         
United Insurance*                  9,450      200                         
                  ------
                   1,929
                  ------

N-30D 7th Page of 15 TOC 1st Previous Next ↓Bottom Just 7th
STATEMENT OF NET ASSETS                          THE ADVISORS' INNER CIRCLE FUND
April 30, 1996                                                         Unaudited

                            Market
TURNER SMALL CAP FUND                              Value                        
(Continued)                              Shares    (000)                        
---------------------------------------------------------                       
MACHINERY (1.2%)                                                                
Greenfield Industries                  4,250   $  161                     
Smith International                    6,687      199                     
                          ------
                             360
                          ------
MEASURING DEVICES (2.5%)                                                        
Cognex*                                6,943      186                     
Fore Systems*                          3,913      309                     
Waters                                 8,403      234                     
                          ------
                             729
                          ------
MEDICAL PRODUCTS & SERVICES (2.1%)                                              
Heartport*                             6,250      223                     
National Surgery Centers*              5,919      197                     
Optical Sensors*                      13,169      173                     
                          ------
                             593
                          ------
MEDICAL PRODUCTS & SERVICES (0.9%)                                              
Orthodontic Centers of America*        6,421      254                     
                          ------
MISCELLANEOUS BUSINESS SERVICES (2.1%)                                          
Concord EFS*                           8,746      293                     
Issac Fair                             3,954      168                     
Sitel                                  2,681      148                     
                          ------
                             609
                          ------
MISCELLANEOUS CONSUMER SERVICES (2.5%)                                          
ABR Information Services*              4,668      292                     
Accustaff                              6,900      205                     
Career Horizons*                       6,700      236                     
                          ------
                             733
                          ------
MISCELLANEOUS MANUFACTURING (0.8%)                                              
Belden                                 7,306      217                     
                          ------
PAPER & PAPER PRODUCTS (2.2%)                                                   
Buckeye Cellulose                      8,042      180                     
Fort Howard                            8,503      187                     
NUCO2*                                 9,634      263                     
                          ------
                             630
                          ------
PETROLEUM & FUEL PRODUCTS (3.4%)                                                
BJ Services*                           5,931      228                     
Chesapeake Energy                      3,440      243                     
Falcon Drilling*                       9,719      261                     
Nabors Industries*                    15,839      244                     
                          ------
                             976
                          ------
PROFESSIONAL SERVICES (2.5%)                                                    
Apollo Group, Cl A*                    4,149      183                     
Equity International*                  6,950      199                     
Phymatrix                              5,960      113                     
RTW*                                   5,678      227                     
                          ------
                             722
                          ------
RAILROADS (0.9%)                                                                
Wisconsin Central Transportation*      3,087      261                     
                          ------

                          Market
                         Value
                Shares   (000)
--------------------------------------------------------                        
RETAIL (4.4%)                                                                   
Baby Superstore*                      4,089   $  186                      
Corporate Express*                    5,755      215                      
Petsmart*                             5,064      225                      
Planet Hollywood International*       6,600      167                      
Sunglass Hut International*           7,104      208                      
Vons *                                5,450      174                      
Zale*                                 4,224       79                      
                        ------
                         1,254
                        ------
RUBBER & PLASTIC (2.3%)                                                         
Aptargroup                            5,539      208                      
Just For Feet*                        4,975      238                      
Sealed Air*                           6,393      226                      
                        ------
                           672
                        ------
SEMI-CONDUCTORS/INSTRUMENTS (1.0%)                                              
Silicon Valley Group*                 6,099      163                      
Trident International*                7,200      126                      
                        ------
                           289
                        ------
SPECIALTY MACHINERY (0.7%)                                                      
U.S. Filter*                          6,610      203                      
                        ------
TECHNOLOGY, GENERAL (0.7%)                                                      
Tel-Save Holdings*                   12,300      206                      
                        ------
TELEPHONES & TELECOMMUNICATION (7.3%)                                           
Apac Teleservices*                    2,386      185                      
Arch Communications Group*            8,842      210                      
Intelcom Group *                     13,450      271                      
Intermedia Communications of                                              
Florida*                           10,063      249                    
LCI International                    10,912      284                      
Pairgain Technologies*                2,506      239                      
Premiere Technologies*                4,880      184                      
Premisys Communications*              5,987      262                      
Trescom International*               11,377      219                      
                        ------
                         2,103
                        ------
TESTING LABORATORIES (1.0%)                                                     
Quintiles Transnational               3,758      275                      
                        ------
WHOLESALE (5.1%)                                                                
Aspen Technology*                     3,696      205                      
Checkfree*                           13,300      256                      
Citrix Systems*                       4,458      348                      
Officemax*                            7,716      203                      
Physician Sales and Services         10,008      270                      
U.S. Office Products                  5,026      181                      
                        ------
                         1,463
                        ------
TOTAL COMMON STOCK                                                              
(Cost $20,256,481)                            26,648                      
                        ------

N-30D 8th Page of 15 TOC 1st Previous Next ↓Bottom Just 8th
STATEMENT OF NET ASSETS                          THE ADVISORS' INNER CIRCLE FUND
April 30, 1996                                                         Unaudited

              Face        Market
TURNER SMALL CAP FUND                Amount       Value                         
(Concluded)                           (000)       (000)                         
--------------------------------------------------------                        
REPURCHASE AGREEMENT (12.1%)                                                    
Lehman Brothers 5.040%, dated                                             
04/30/96, matures 05/01/96,                                           
repurchase price $3,489,384                                           
(collateralized by U.S. Treasury                                      
Bond, par value $2,453,206,                                           
11.250%, matures 02/15/15:                                            
market value $3,605,580)        $3,489     $ 3,489                    
                       -------
TOTAL REPURCHASE AGREEMENT                                                      
(Cost $3,489,407)                              3,489                      
                       -------
TOTAL INVESTMENTS (104.7%)                                                      
(Cost $23,745,888)                            30,137                      
                       -------
OTHER ASSETS AND LIABILITIES (-4.7%)                                            
Other Assets and Liabilities, Net             (1,345)                     
                       -------

                        Market
                         Value
                         (000)
--------------------------------------------------------                        
NET ASSETS:                                                                     
Portfolio shares (unlimited authorization,                                
no par value) based on 1,314,634                                      
outstanding shares of beneficial                                      
interest                                   $19,086                    
Distributions in excess of                                                
net investment income                          (78)                   
Accumulated net realized gain on                                          
investments                                  3,393                    
Net unrealized appreciation on                                            
investments                                  6,391                    
                       -------
TOTAL NET ASSETS (100.0%)                       $28,792                         
                       =======
Net Asset Value, Offering Price and                                         
Redemption Price Per Share                 $ 21.90                    
                       =======

* NON-INCOME PRODUCING SECURITY                                                 
CL-CLASS                                                                        

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

N-30D 9th Page of 15 TOC 1st Previous Next ↓Bottom Just 9th
STATEMENT OF OPERATIONS                              ADVISORS' INNER CIRCLE FUND
For the six-month period ended April 30,1996                           Unaudited

                                                        TURNER        TURNER
                                                      GROWTH EQUITY    SMALL CAP
                                                        FUND          FUND
                                                      -------------   ----------
                                                       11/01/95       11/01/95
                                                       TO 4/30/96     TO 4/30/96
                                                        (000)          (000)
--------------------------------------------------------------------------------
Investment Income:                                                              
Dividends ...........................................  $   613      $    7
Interest ............................................       22          26
--------------------------------------------------------------------------------
  Total Investment Income ...........................      635          33
--------------------------------------------------------------------------------
Expenses:                                                                       
Administrator Fees ..................................       92          37
Investment Advisory Fees ............................      381          82
 Investment Advisory Fee Waiver and Reimbursements ...       --         (44)
Custodian Fees ......................................        5           4
Transfer Agent Fees .................................        5           6
Professional Fees ...................................       10           6
Trustee Fees ........................................        3           3
Registration Fees ...................................       18           3
Pricing Fees ........................................        1          --
Printing Expense ....................................       12           3
Amortization of Deferred Organizational Costs .......        2           1
Insurance and Other Fees ............................       17           2
--------------------------------------------------------------------------------
  Total Expenses ....................................      546         103
--------------------------------------------------------------------------------
  Directed Brokerage ................................      (56)         --
--------------------------------------------------------------------------------
    Net Expenses ....................................      490         103
--------------------------------------------------------------------------------
       Net Investment Income (Loss) ..................      145         (70)
--------------------------------------------------------------------------------
Net Realized Gain From Securities Sold ..............   16,644       3,396
Net Unrealized Appreciation (Depreciation)                                
  of Investment Securities ..........................   (5,366)      3,387
--------------------------------------------------------------------------------
  Net Realized and Unrealized Gain on Investments ...   11,278       6,783
--------------------------------------------------------------------------------
Net Increase in Net Assets Resulting From Operations   $11,423      $6,713
================================================================================
Amounts designated as "--" are either $0 or have been rounded to $0.            

The accompanying notes are an integral part of the financial statements.

N-30D 10th Page of 15 TOC 1st Previous Next ↓Bottom Just 10th
STATEMENT OF CHANGES IN NET ASSETS               THE ADVISORS' INNER CIRCLE FUND

For the six-month period ended April 30,1996 (Unaudited) and the periods ended  
October 31.                                                                     

                                                        [Enlarge/Download Table]

                                                                      TURNER                         TURNER           
                                                                   GROWTH EQUITY                    SMALL CAP         
                                                                       FUND                           FUND            
                                                             ---------------------------    --------------------------
                                                              11/01/95        11/01/94       11/01/95       11/01/94  
                                                             TO 4/30/96      TO 10/31/95    TO 4/30/96     TO 10/31/95
                                                                (000)           (000)          (000)          (000)   
----------------------------------------------------------------------------------------------------------------------
                                                                                                                      
Investment Activities:                                                                                                
   Net Investment Income (Loss) .......................       $    145        $    935       $   (70)        $   (56) 
   Net Realized Gain on Securities Sold ...............         16,644          11,270         3,396           1,005  
   Net Unrealized Appreciation (Depreciation) of                                                                      
     Investment Securities ............................         (5,366)         11,773         3,387           2,573  
----------------------------------------------------------------------------------------------------------------------
     Net Increase in Net Assets Resulting                                                                             
       from Operations ................................         11,423          23,978         6,713           3,522  
----------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:                                                                                        
   Net Investment Income ..............................           (132)         (1,022)           --              --  
   Realized Capital Gain ..............................         (5,806)             --          (925)             --  
----------------------------------------------------------------------------------------------------------------------
     Total Distributions ..............................         (5,938)         (1,022)         (925)             --  
----------------------------------------------------------------------------------------------------------------------
Capital Share Transactions:                                                                                           
   Shares Issued ......................................          8,785          33,135        15,479           5,250  
   Shares Issued in Lieu of Cash Distributions ........          5,650             909           904              --  
   Shares Redeemed ....................................        (42,430)        (54,140)       (6,451)           (506) 
----------------------------------------------------------------------------------------------------------------------
     Increase (Decrease) in Net Assets From                                                                           
       Capital Share Transactions .....................        (27,995)        (20,096)        9,932           4,744  
----------------------------------------------------------------------------------------------------------------------
       Total Increase (Decrease) in Net Assets.........        (22,510)          2,860        15,720           8,266  
----------------------------------------------------------------------------------------------------------------------
Net Assets:                                                                                                           
     Beginning of Period ..............................        115,819         112,959        13,072           4,806  
----------------------------------------------------------------------------------------------------------------------
     End of Period ....................................       $ 93,309        $115,819       $28,792         $13,072  
======================================================================================================================
Shares Issued and Redeemed:                                                                                           
   Issued .............................................            587           2,600           813             407  
   Issued in Lieu of Cash Distributions ...............            393              70            55              --  
   Redeemed ...........................................         (2,819)         (3,998)         (366)            (35) 
----------------------------------------------------------------------------------------------------------------------
   Net Increase (Decrease) in Share Transactions .......        (1,839)         (1,328)          502             372  
----------------------------------------------------------------------------------------------------------------------
<FN>                                                                                                                  
Amounts designated as "--" are either $0 or have been rounded to $0.                                                  
</FN>                                                                                                                 

The accompanying notes are an integral part of the financial statements.

N-30D 11th Page of 15 TOC 1st Previous Next ↓Bottom Just 11th
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 each Period                                  

                                                        [Enlarge/Download Table]


          Net               Realized and                                   Net                    
         Asset       Net     Unrealized   Distributions  Distributions    Asset                   
         Value   Investment   Gains or      from Net         from         Value                   
       Beginning   Income   (Losses) on    Investment       Capital        End                    
       of Period   (Loss)    Securities      Income          Gains      of Period  Total Return(3)
       --------- ---------- ------------  -------------  -------------  ---------  ---------------

                                                                                                  
-------------------------                                                                         
TURNER GROWTH EQUITY FUND                                                                         
-------------------------                                                                         
1996     $14.97     0.02        1.69         (0.02)          (0.84)       $15.82       12.04 %    
1995     $12.46     0.10        2.52         (0.11)             --        $14.97       21.15 %    
1994     $13.12     0.10       (0.66)        (0.10)             --        $12.46       (4.28)%    
1993     $10.40     0.09        2.72         (0.09)             --        $13.12       27.08 %    
1992(1)  $10.00     0.03        0.40         (0.03)             --        $10.40        6.95 %    

---------------------                                                                             
TURNER SMALL CAP FUND                                                                             
---------------------                                                                             
1996     $16.08    (0.05)       6.91            --           (1.04)       $21.90       44.77 %    
1995     $10.90    (0.06)       5.24            --              --        $16.08       47.52 %    
1994(2)  $10.00    (0.02)       0.92            --              --        $10.90       12.35 %    


                                                        [Enlarge/Download Table]

                                                                          Ratio of Net                          
                                                    Ratio of Expenses   Income (Loss) to                        
          Net                        Ratio of Net       to Average           Average                            
        Assets         Ratio            Income           Net Assets        Net Assets                           
          End       of Expenses         (Loss)           (Excluding        (Excluding      Portfolio   Average  
       of Period    to Average        to Average        Waivers and        Waivers and      Turnover  Commission
         (000)      Net Assets        Net Assets      Reimbursements)    Reimbursements)      Rate     Rate(4)  
       ---------    -----------      ------------   ------------------   ---------------   ---------  ----------

                                                                                                                
-------------------------                                                                                       
TURNER GROWTH EQUITY FUND                                                                                       
-------------------------                                                                                       
1996   $ 93,309       1.08%*(DAGGER)   0.17%*(DAGGER)    1.08%*(DAGGER)    0.17%*(DAGGER)    85.78%     $0.06   
1995   $115,819       1.03%(DAGGER)    0.69%(DAGGER)     1.03%(DAGGER)     0.69%(DAGGER)    177.86%        --   
1994   $112,959       0.95%            0.86%             1.08%             0.73%            164.81%        --   
1993   $ 53,327       1.00%            0.80%             1.52%             0.28%             88.35%        --   
1992(1)$  7,781       1.44%*           0.73%*            2.55%*           (0.38)%*          205.00%        --   

---------------------                                                                                           
TURNER SMALL CAP FUND                                                                                           
---------------------                                                                                           
1996   $ 28,792       1.25%*          (0.85)%*           1.79%*           (1.39)%*          112.10%     $0.06   
1995   $ 13,072       1.25%           (0.68)%            2.39%            (1.82)%           183.49%        --   
1994(2)$  4,806       1.09%*          (0.27)%*           4.32%*           (3.50)%*          173.92%        --   

<FN>                                                                                                            
 *       Annualized                                                                                             
(1)      The Turner Growth Equity Fund commenced operations on March 11, 1992.                                  
(2)      The Turner Small Cap Fund commenced operations on February 7, 1994.                                    
(3)      Returns are for the period indicated and have not been annualized.                                     
(4)      Average commission rate paid per share for the security purchases and                                  
         sales made during the period.                                                                          

(DAGGER) The Ratios of Expenses to Average Net Assets (with and without                                         
         waivers) and Net Income to Average Net Assets (with and without                                        
         waivers) do not reflect the Advisor's use of arrangements whereby                                      
         certain broker-dealers have agreed to pay certain expenses of the                                      
         Turner Growth Equity Fund in return for the direction of a percentage                                  
         of the Fund's brokerage transactions. As a result of these                                             
         arrangements, the Ratios of Expenses to Average Net Assets (with and                                   
         without waivers) and Net Income to Average Net Assets (with and                                        
         without waivers) were 0.94% and 0.78%, and 0.97% and 0.28% for the                                     
         year ended 10/31/95 and the period ended 4/30/96, respectively.                                        
</FN>                                                                                                           

The accompanying notes are an integral part of the financial statements.

N-30D 12th Page of 15 TOC 1st Previous Next ↓Bottom Just 12th
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 present those of the Turner Growth Equity  
Fund and the Turner Small Cap 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.                          

On April 30, 1996, pursuant to a tax-free reorgani-zation approved by the       
Advisors' Inner Circle Turner Small Cap and the Advisors' Inner Circle Turner   
Growth Equity Fund shareholders on April 3, 1996, all of the assets and         
liabilities of the portfolios were transferred to the Turner Small Cap Portfolio
and Turner Growth Equity Portfolio, both portfolios of the Turner Funds, a      
Massachusetts' business trust (the Turner Trust). In conjunction with the       
reorganization, the Funds have changed their fiscal year end from October 31,   
1996 to September 30, 1996.                                                     

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 provision
for Federal income taxes is 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 during the respective holding period.        

    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 the Fund's
assets, less liabilities, by the number of shares outstanding.        

  REPURCHASE AGREEMENTS -- Securities pledged as collateral for repurchase
   agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements ensure that the market
    value of the collateral, including accrued interest thereon, is sufficient
   in the event of 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.                                                   

     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 to     
    Shareholders on a quarterly basis. Any net realized capital gains on sales
of securities are distributed to Shareholders at least annually.      

Effective 1994, generally accepted accounting principles require that 
    differences between undistributed net investment income or accumulated net
realized capital gains for financial reporting and tax purposes, if   
permanent, be reclassified to/from paid in capital. The Funds were not
affected by this standard.                                            

The preparation of financial statements in conformity with generally  
  accepted accounting principles requires management to make estimates and
   assumptions that effect 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.                                                            

N-30D 13th Page of 15 TOC 1st Previous Next ↓Bottom Just 13th
NOTES TO FINANCIAL STATEMENTS (CONTINUED)        THE ADVISORS' INNER CIRCLE FUND

April 30, 1996                                                         Unaudited

3.  TRANSACTIONS WITH AFFILIATES:                                               
Certain officers and trustees of the Trust are also officers of SEI Financial   
Management Company (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 and trustees of the Trust.                              

4.  ADMINISTRATION, SHAREHOLDER SERVICING AND DISTRIBUTION AGREEMENTS:          
Prior to April 30, 1996, the Trust and the Administrator were parties to an     
Administration Agreement dated November 14, 1991, as amended and restated on May
17, 1994, 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 up to $75 million and .15% of such assets in excess of $75 million.   
There is a minimum annual fee of $75,000 per Fund.                              

As of May 1, 1996, the Trust and the administrator signed a new agreement under 
which the Administrator provides management and administrative services for an  
annual fee of .12% of the average daily net assets of each of the Funds up to   
$75 million, .10% on the next $75 million, .09% on the next $150 million, .08%  
on the next $300 million and .075% of such assets in excess on $600 million.    

DST Systems, Inc., (the "Transfer Agent") serves as the transfer agent and      
dividend disbursing agent for the Funds under a transfer agency agreement with  
the Trust.                                                                      

The Trust and the Distributor are parties to a Distribution Agreement dated     
November 14, 1991, as amended and restated August 8, 1994. The Distributor      
receives no fees for its distribution services under this agreement.            

5.  INVESTMENT ADVISORY AND CUSTODIAN AGREEMENTS:                               
The Trust and Turner Investment Partners, Inc. (the "Adviser") are parties to an
Investment Advisory Agreement dated February 21, 1992 under which the Adviser   
receives an annual fee equal to .75% of the average daily net assets of the     
Growth Equity Fund and 1.00% of the average daily net assets of the Small Cap   
Fund. The Adviser has voluntarily agreed for an indefinite period of time, to   
waive all or a portion of its fees (and to reimburse the Fund's expenses) in    
order to limit operating expenses to not more than 1.25% of the average daily   
net assets of the Small Cap Portfolio. Fee waivers and expense reimbursements   
are voluntary 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 Funds or  
which securities are to be purchased or sold in the Funds.                      

6.  INVESTMENT TRANSACTIONS:                                                    
The cost of security purchases and the proceeds from security sales, other than 
short-term investments, for the six months ended April 30, 1996 are as follows: 

     TURNER         TURNER
    GROWTH EQUITY    SMALL CAP
     FUND           FUND
      (000)          (000)
    -------------    ---------
Purchases                                                                       
Government...........     $      0       $     0                      
Other................       87,774        26,149                      
Sales                                                                           
Government...........     $      0       $     0                      
Other................      120,991        18,963                      

At April 30, 1996, the total cost of securities and the net realized gains or   
losses on securities sold for Federal income tax purposes was 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, are as follows:                                              

       TURNER         TURNER
      GROWTH EQUITY    SMALL CAP
       FUND           FUND
        (000)          (000)
      -------------    ---------
Aggregate gross unrealized                                                      
appreciation............    $16,590        $6,721                     
Aggregate gross unrealized                                                      
depreciation............     (1,508)         (330)                    
        --------       -------
Net unrealized appreciation..    $15,082        $6,391                          
        ========       =======

N-30D 14th Page of 15 TOC 1st Previous Next ↓Bottom Just 14th
NOTICE TO SHAREHOLDERS
OF
 THE ADVISOR'S INNER CIRCLE FUND
 UNAUDITED

Shareholder's Voting Results                                                    
----------------------------                                                    
There was a special meeting of shareholders on April 15, 1996 for the           
shareholders of the Turner Growth Equity Fund and the Turner Small Cap Fund to  
approve an Agreement and Plan of Reorganization and Liquidation between The     
Advisor's Inner Circle Fund, on behalf of Turner Growth Equity Portfolio and    
Turner Small Cap Portfolio, and the Turner Funds, on behalf of the Growth Equity
Fund and the Small Cap Fund.                                                    

Turner Growth Equity Fund                                                       

         Proposal                                 Shares Voted
         --------                                 ------------
      For                                      3,617,282
Against                                  0  
   Abstain                                  86,565

Turner Small Cap Fund                                                           

         Proposal                                 Shares Voted
         --------                                 ------------
    For                                      439,305
Against                                  0  
Abstain                                  171

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TUR-F-017-05

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-30D’ Filing	Date	First	Last	Other Filings

	10/31/96	12		24F-2NT, 24F-2NT/A, N-30D, NSAR-B
	9/30/96	12		N-30D
Filed on:	6/25/96			N-30D
For Period End:	5/30/96			N-30D
	5/1/96	13
	4/30/96	1	13	NSAR-A
	4/15/96	14		DEFS14A, PRES14A
	4/3/96	12
	8/8/94	13
	5/17/94	13
	2/7/94	3	11
	3/11/92	2	11
	2/21/92	13
				List all Filings

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Filing Submission 0000935069-96-000081 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Advisors Inner Circle Fund – ‘N-30D’ for 5/30/96

As of: Tuesday, 6/25/96 · For: 5/30/96 · Accession #: 935069-96-81 · File #: 811-06400

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Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1Filing Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents