<PAGE> PAGE 1
000 B000000 12/31/97
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000 D000000 N
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015 A00AA01 HUNTINGTON NATIONAL BANK
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<PAGE> PAGE 2
020 A000001 INVESTMENT TECHNOLOGY GROUP, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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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008 A000501 DELETE
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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 VICE PRES-TREASURER
<PAGE>
Item 77B:Attachment
Accountant's report on internal control
[Price Waterhouse LLP Letterhead]
REPORT OF INDEPENDENT ACCOUNTANTS
ON INTERNAL ACCOUNTING CONTROLS
February 4, 1998
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. (comprising Equity Growth Fund, Bond Fund,
Balanced Fund and Retirement Income Fund and hereafter referred to
as the "Fund") for the year ended December 31, 1997, 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 an timely period by
employees in the normal course of performing their assigned functions.
However, we noted to 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, 1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
<PAGE>
Item 77C:Attachment
Matters submitted to a vote of security holders
An Annual Meeting of Shareholders of Advance Capital I,
Inc. was held at the Novi Hilton, 21111 Haggerty Road, Novi,
Michigan, on July 25, 1997 for the following purposes:
1. To elect five Directors to hold office until
the next Annual Meeting of Shareholders or
until their successors have been elected and
qualified.
Directors Elected at Meeting Votes For
---------------------------- ---------
Joseph A. Ahern 16,341,683
Richard W. Holtcamp 16,205,318
Harry Kalajian 16,314,374
John C. Shoemaker 16,336,172
Frank R. Zimmerman 16,281,470
2. To ratify the selection of Price Waterhouse LLP
as independent accountants of Advance Capital I,
Inc. for the fiscal year ending December 31, 1997.
Votes For: 16,318,398
Votes Against: 25,691
Votes to Abstain: 99,115
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> EQUITY GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 35,201,014
<INVESTMENTS-AT-VALUE> 54,353,518
<RECEIVABLES> 24,057
<ASSETS-OTHER> 4,046
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 54,381,621
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49,393
<TOTAL-LIABILITIES> 49,393
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,179,724
<SHARES-COMMON-STOCK> 3,150,443
<SHARES-COMMON-PRIOR> 2,633,924
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,152,504
<NET-ASSETS> 54,332,228
<DIVIDEND-INCOME> 210,189
<INTEREST-INCOME> 24,600
<OTHER-INCOME> 0
<EXPENSES-NET> 505,219
<NET-INVESTMENT-INCOME> (270,430)
<REALIZED-GAINS-CURRENT> 356,554
<APPREC-INCREASE-CURRENT> 7,883,116
<NET-CHANGE-FROM-OPS> 7,969,240
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 228,769
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 774,840
<NUMBER-OF-SHARES-REDEEMED> 271,579
<SHARES-REINVESTED> 13,258
<NET-CHANGE-IN-ASSETS> 15,565,335
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (127,785)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 331,108
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 505,219
<AVERAGE-NET-ASSETS> 47,015,303
<PER-SHARE-NAV-BEGIN> 14.72
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 2.69
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.07)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.25
<EXPENSE-RATIO> 1.07
<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-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,923,812
<INVESTMENTS-AT-VALUE> 4,139,272
<RECEIVABLES> 69,572
<ASSETS-OTHER> 1,516
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,210,360
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,365
<TOTAL-LIABILITIES> 7,365
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,987,535
<SHARES-COMMON-STOCK> 399,375
<SHARES-COMMON-PRIOR> 427,193
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 215,460
<NET-ASSETS> 4,202,995
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 305,052
<OTHER-INCOME> 0
<EXPENSES-NET> 23,047
<NET-INVESTMENT-INCOME> 282,005
<REALIZED-GAINS-CURRENT> 38,190
<APPREC-INCREASE-CURRENT> 64,390
<NET-CHANGE-FROM-OPS> 384,585
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 282,005
<DISTRIBUTIONS-OF-GAINS> 37,120
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,974
<NUMBER-OF-SHARES-REDEEMED> 118,547
<SHARES-REINVESTED> 25,755
<NET-CHANGE-IN-ASSETS> (227,491)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,070)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16,856
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,047
<AVERAGE-NET-ASSETS> 4,240,511
<PER-SHARE-NAV-BEGIN> 10.37
<PER-SHARE-NII> .69
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> (.69)
<PER-SHARE-DISTRIBUTIONS> (.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> .54
<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-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 70,046,975
<INVESTMENTS-AT-VALUE> 98,623,058
<RECEIVABLES> 884,587
<ASSETS-OTHER> 6,690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 99,514,335
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,876
<TOTAL-LIABILITIES> 92,876
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,845,376
<SHARES-COMMON-STOCK> 6,336,730
<SHARES-COMMON-PRIOR> 5,497,973
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 28,576,083
<NET-ASSETS> 99,421,459
<DIVIDEND-INCOME> 978,862
<INTEREST-INCOME> 2,603,199
<OTHER-INCOME> 0
<EXPENSES-NET> 919,531
<NET-INVESTMENT-INCOME> 2,662,530
<REALIZED-GAINS-CURRENT> 1,902,416
<APPREC-INCREASE-CURRENT> 11,905,973
<NET-CHANGE-FROM-OPS> 16,470,919
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,662,530
<DISTRIBUTIONS-OF-GAINS> 1,902,416
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,211,965
<NUMBER-OF-SHARES-REDEEMED> 671,556
<SHARES-REINVESTED> 298,348
<NET-CHANGE-IN-ASSETS> 24,219,786
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 617,972
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 919,531
<AVERAGE-NET-ASSETS> 88,020,772
<PER-SHARE-NAV-BEGIN> 13.68
<PER-SHARE-NII> .45
<PER-SHARE-GAIN-APPREC> 2.32
<PER-SHARE-DIVIDEND> .45
<PER-SHARE-DISTRIBUTIONS> .31
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.69
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 004
<NAME> RETIREMENT INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 184,293,087
<INVESTMENTS-AT-VALUE> 196,664,547
<RECEIVABLES> 3,981,295
<ASSETS-OTHER> 13,838
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 200,659,680
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 148,574
<TOTAL-LIABILITIES> 148,574
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 188,180,866
<SHARES-COMMON-STOCK> 18,824,383
<SHARES-COMMON-PRIOR> 16,747,398
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (41,220)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,371,460
<NET-ASSETS> 200,511,106
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,807,711
<OTHER-INCOME> 0
<EXPENSES-NET> 1,510,246
<NET-INVESTMENT-INCOME> 13,297,465
<REALIZED-GAINS-CURRENT> 929,733
<APPREC-INCREASE-CURRENT> 7,541,320
<NET-CHANGE-FROM-OPS> 21,768,518
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,297,465
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,825,132
<NUMBER-OF-SHARES-REDEEMED> 2,023,575
<SHARES-REINVESTED> 1,275,428
<NET-CHANGE-IN-ASSETS> 29,711,915
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (970,953)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 921,051
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,510,246
<AVERAGE-NET-ASSETS> 184,556,319
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> .74
<PER-SHARE-GAIN-APPREC> .45
<PER-SHARE-DIVIDEND> (.74)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.65
<EXPENSE-RATIO> .82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
