<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000878719
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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 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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SIGNATURE STEPHEN MEYER
TITLE CONTROLLER
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<CIK> 0000878719
<NAME> THE ADVISORS INNER CIRCLE FUND
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<NAME> PIN OAK AGRESSIVE STOCK FUND
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<NAME> THE ADVISORS INNER CIRCLE FUND
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<TABLE> <S> <C>
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<CIK> 0000878719
<NAME> THE ADVISORS INNER CIRCLE FUND
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<NAME> AIG MONEY MARKET FUND
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<TABLE> <S> <C>
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<CIK> 0000878719
<NAME> THE ADVISORS INNER CIRCLE FUND
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<NAME> FMC SELECT FUND
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<CIK> 0000878719
<NAME> THE ADVISORS INNER CIRCLE FUND
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<NAME> CRA REALTY SHARES PORTFOLIO
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</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees of
The Advisors' Inner Circle Fund
In planning and performing our audit of the financial statements of
The Advisors' Inner Circle Fund for the year ended October 31, 1997,
we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of The Advisors' Inner Circle Fund is responsible
for establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of control activities.
Generally, control activities that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those control activities include the
safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection
of any evaluation of internal control 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 internal control would not necessarily disclose
all matters in internal control 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 any specific internal control components
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 internal control, including control activities for safeguarding
securities, that we consider to be material weaknesses as defined
above as of October 31, 1997.
This report is intended solely for the information and use of
management, the Board of Trustees and the Securities and Exchange
Commission and should not be used for any other purpose.
Philadelphia, PA
December 12, 1997
