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

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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 #: 935069-96-80 · 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    1:44K                                    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       Clover Capital Semi-Annual Report                     22     85K 

N-30D 1st Page of 22 TOC ↑Top Previous Next ↓Bottom Just 1st
 
 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.

N-30D 2nd Page of 22 TOC 1st Previous Next ↓Bottom Just 2nd
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
                                                                         -------

N-30D 3rd Page of 22 TOC 1st Previous Next ↓Bottom Just 3rd
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
                                                                        --------

N-30D 4th Page of 22 TOC 1st Previous Next ↓Bottom Just 4th
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.

N-30D 5th Page of 22 TOC 1st Previous Next ↓Bottom Just 5th
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

N-30D 6th Page of 22 TOC 1st Previous Next ↓Bottom Just 6th
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
                                                                          ------

N-30D 7th Page of 22 TOC 1st Previous Next ↓Bottom Just 7th
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.

N-30D 8th Page of 22 TOC 1st Previous Next ↓Bottom Just 8th
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
                                                                           -----

N-30D 9th Page of 22 TOC 1st Previous Next ↓Bottom Just 9th
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
                                                                          ------

N-30D 10th Page of 22 TOC 1st Previous Next ↓Bottom Just 10th
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
                                                                           -----

N-30D 11th Page of 22 TOC 1st Previous Next ↓Bottom Just 11th
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.

N-30D 12th Page of 22 TOC 1st Previous Next ↓Bottom Just 12th
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.

N-30D 13th Page of 22 TOC 1st Previous Next ↓Bottom Just 13th
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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)    
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
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>                                                                                                                               

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

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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)          
-------------------------------------------------------------------------------------------------------------------------------     
                                                                                                                                    
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>                                                                                                                               

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

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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 
------------------------------------------------------------------------------------------------------------
                                                                                                            
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% 

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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)  
-----------------------------------------------------------------------------------------------------------
                                                                                                           
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>                                                                                                      

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

N-30D 17th Page of 22 TOC 1st Previous Next ↓Bottom Just 17th
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.        

N-30D 18th Page of 22 TOC 1st Previous Next ↓Bottom Just 18th
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.          

N-30D 19th Page of 22 TOC 1st Previous Next ↓Bottom Just 19th
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               --

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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%

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CLO-F-018-04

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Dates Referenced Herein and Documents Incorporated by Reference

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

Filed on:	6/25/96			N-30D
For Period End:	5/30/96			N-30D
	4/30/96	1	20	NSAR-A
	2/29/96	13	16
	10/31/95	14		24F-2NT, N-30D, NSAR-B
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Filing Submission 0000935069-96-000080 – 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 #: 935069-96-80 · 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