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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE ROBERT J. CAPPELLI
TITLE SECRETARY-TREASURER
<PAGE>
[Price Waterhouse LLP Letterhead]
REPORT OF INDEPENDENT ACCOUNTANTS
ON INTERNAL ACCOUNTING CONTROLS
To the Shareholders and
Board of Directors of
Advance Capital I, Inc.
In planning and performing our audit of the financial statements
of Advance Capital I, Inc. (being comprised of Equity Growth
Fund, Bond Fund, Balanced Fund, Long Term Income Fund and
Retirement Income Fund and hereafter referred to as the "Fund")
for the year ended December 31, 1995 we considered the Fund's
internal control structure, including procedures for
safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the
normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
January 31, 1996
<PAGE>
An Annual Meeting of Shareholders of Advance Capital I,
Inc. was held at the Radisson Hotel, 1500 Town Center,
Southfield, Michigan, on July 27, 1995 for the following
purposes:
1. To elect four Directors to hold office until the next
Annual Meeting of Shareholders or until their successors have
been elected and qualified.
Directors Elected at Meeting Directors Now in Office
---------------------------- -----------------------
Joseph A. Ahern Joseph A. Ahern
Richard W. Holtcamp Richard W. Holtcamp
John C. Shoemaker John C. Shoemaker
Frank R. Zimmerman Frank R. Zimmerman
2. To ratify the selection of Price Waterhouse, LLP as
independent public accountants of Advance Capital I, Inc. for
the fiscal year ending December 31,1995.
Affirmative Votes: 10,795,331
Negative Votes: 0
Votes to Abstain: 138,229
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> EQUITY GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 19,568,708
<INVESTMENTS-AT-VALUE> 25,699,854
<RECEIVABLES> 7,400
<ASSETS-OTHER> 2,932
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,710,186
<PAYABLE-FOR-SECURITIES> 56,233
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,807
<TOTAL-LIABILITIES> 85,040
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,750,650
<SHARES-COMMON-STOCK> 2,044,498
<SHARES-COMMON-PRIOR> 1,391,134
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (256,650)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,131,146
<NET-ASSETS> 25,625,146
<DIVIDEND-INCOME> 135,211
<INTEREST-INCOME> 31,562
<OTHER-INCOME> 0
<EXPENSES-NET> 223,718
<NET-INVESTMENT-INCOME> (56,945)
<REALIZED-GAINS-CURRENT> 316,515
<APPREC-INCREASE-CURRENT> 5,990,202
<NET-CHANGE-FROM-OPS> 6,249,772
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 822,812
<NUMBER-OF-SHARES-REDEEMED> 169,448
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 12,991,436
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (573,165)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 140,215
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 223,718
<AVERAGE-NET-ASSETS> 19,974,651
<PER-SHARE-NAV-BEGIN> 9.08
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 3.48
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.53
<EXPENSE-RATIO> 1.12
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 002
<NAME> BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 4,105,511
<INVESTMENTS-AT-VALUE> 4,445,923
<RECEIVABLES> 85,681
<ASSETS-OTHER> 1,570
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,533,174
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,061
<TOTAL-LIABILITIES> 6,061
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,202,661
<SHARES-COMMON-STOCK> 419,747
<SHARES-COMMON-PRIOR> 416,085
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,960)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 340,412
<NET-ASSETS> 4,527,113
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 317,443
<OTHER-INCOME> 0
<EXPENSES-NET> 23,644
<NET-INVESTMENT-INCOME> 293,799
<REALIZED-GAINS-CURRENT> 11,845
<APPREC-INCREASE-CURRENT> 483,876
<NET-CHANGE-FROM-OPS> 789,520
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 293,799
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 63,642
<NUMBER-OF-SHARES-REDEEMED> 83,347
<SHARES-REINVESTED> 24,367
<NET-CHANGE-IN-ASSETS> 527,637
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (27,805)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,244
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,644
<AVERAGE-NET-ASSETS> 4,318,364
<PER-SHARE-NAV-BEGIN> 9.61
<PER-SHARE-NII> .70
<PER-SHARE-GAIN-APPREC> 1.18
<PER-SHARE-DIVIDEND> .70
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.79
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 003
<NAME> BALANCED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 47,898,491
<INVESTMENTS-AT-VALUE> 58,884,053
<RECEIVABLES> 495,822
<ASSETS-OTHER> 5,775
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,385,650
<PAYABLE-FOR-SECURITIES> 21,877
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,003
<TOTAL-LIABILITIES> 86,880
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,313,208
<SHARES-COMMON-STOCK> 4,718,511
<SHARES-COMMON-PRIOR> 4,434,888
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,985,562
<NET-ASSETS> 59,298,770
<DIVIDEND-INCOME> 771,839
<INTEREST-INCOME> 1,376,644
<OTHER-INCOME> 0
<EXPENSES-NET> 548,092
<NET-INVESTMENT-INCOME> 1,600,391
<REALIZED-GAINS-CURRENT> 1,455,272
<APPREC-INCREASE-CURRENT> 10,850,004
<NET-CHANGE-FROM-OPS> 13,905,667
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,600,391
<DISTRIBUTIONS-OF-GAINS> 675,694
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 537,704
<NUMBER-OF-SHARES-REDEEMED> 445,049
<SHARES-REINVESTED> 190,968
<NET-CHANGE-IN-ASSETS> 15,078,057
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (779,579)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 359,848
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 548,092
<AVERAGE-NET-ASSETS> 51,425,355
<PER-SHARE-NAV-BEGIN> 9.97
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> 2.75
<PER-SHARE-DIVIDEND> .35
<PER-SHARE-DISTRIBUTIONS> .15
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.57
<EXPENSE-RATIO> 1.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 004
<NAME> LONG TERM INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1,348,315
<INVESTMENTS-AT-VALUE> 1,421,270
<RECEIVABLES> 28,862
<ASSETS-OTHER> 1,051
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,451,183
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 816
<TOTAL-LIABILITIES> 816
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,383,171
<SHARES-COMMON-STOCK> 134,536
<SHARES-COMMON-PRIOR> 126,335
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,759)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 72,955
<NET-ASSETS> 1,450,367
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 100,147
<OTHER-INCOME> 0
<EXPENSES-NET> 8,377
<NET-INVESTMENT-INCOME> 91,770
<REALIZED-GAINS-CURRENT> 687
<APPREC-INCREASE-CURRENT> 204,161
<NET-CHANGE-FROM-OPS> 296,618
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 91,770
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,833
<NUMBER-OF-SHARES-REDEEMED> 9,616
<SHARES-REINVESTED> 8,984
<NET-CHANGE-IN-ASSETS> 287,558
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (6,446)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,290
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,377
<AVERAGE-NET-ASSETS> 1,323,451
<PER-SHARE-NAV-BEGIN> 9.20
<PER-SHARE-NII> .70
<PER-SHARE-GAIN-APPREC> 1.58
<PER-SHARE-DIVIDEND> .70
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.78
<EXPENSE-RATIO> .63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 005
<NAME> RETIREMENT INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 127,949,375
<INVESTMENTS-AT-VALUE> 136,446,341
<RECEIVABLES> 2,977,030
<ASSETS-OTHER> 10,747
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 139,434,118
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 134,890
<TOTAL-LIABILITIES> 134,890
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 131,316,542
<SHARES-COMMON-STOCK> 13,251,408
<SHARES-COMMON-PRIOR> 9,131,955
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (514,280)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,496,966
<NET-ASSETS> 139,299,228
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,160,207
<OTHER-INCOME> 0
<EXPENSES-NET> 1,001,433
<NET-INVESTMENT-INCOME> 9,158,774
<REALIZED-GAINS-CURRENT> (309,780)
<APPREC-INCREASE-CURRENT> 15,790,332
<NET-CHANGE-FROM-OPS> 24,639,326
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,158,774
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,342,406
<NUMBER-OF-SHARES-REDEEMED> 1,130,935
<SHARES-REINVESTED> 907,982
<NET-CHANGE-IN-ASSETS> 55,136,828
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (204,500)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 602,008
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,001,433
<AVERAGE-NET-ASSETS> 119,908,530
<PER-SHARE-NAV-BEGIN> 9.22
<PER-SHARE-NII> .76
<PER-SHARE-GAIN-APPREC> 1.29
<PER-SHARE-DIVIDEND> .76
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.51
<EXPENSE-RATIO> .84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
