<PAGE> PAGE 1
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000 C000000 0000878719
000 D000000 N
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000 F000000 Y
000 G000000 N
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000 I000000 3.0.a
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004 000000 N
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007 C010300 3
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007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
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007 C011600 16
007 C021600 AIG MONEY MARKET FUND
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007 C011700 17
007 C021700 FMC STRATEGIC VALUE FUND
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007 C011800 18
007 C021800 FMC SELECT FUND
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007 C011900 19
007 C012000 20
007 C022000 CRA REALTY SHARES PORTFOLIO
<PAGE> PAGE 2
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007 C012100 21
007 C022100 SAGE CORPORATE BOND FUND
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007 C012200 22
007 C022200 MDL BROAD MARKET FIXED INCOME FUND
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007 C022300 MDL LARGE CAP GROWTH EQUITY FUND
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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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068 A001100 N
068 B001100 N
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070 C021100 N
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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
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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008 A001301 MDL CAPITAL MANAGEMENT, INC
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<PAGE> PAGE 15
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<PAGE> PAGE 16
055 B001300 N
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067 001300 N
068 A001300 N
068 B001300 N
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070 E011300 N
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<PAGE> PAGE 17
070 G011300 Y
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070 H011300 Y
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070 I011300 Y
070 I021300 N
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070 J021300 N
070 K011300 Y
070 K021300 N
070 L011300 N
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070 M011300 N
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
063 B001500 12.2
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE MARK NAGLE
TITLE CONTROLLER
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878719
<NAME> ADVISERS INNER CIRCLE
<SERIES>
<NUMBER> 160
<NAME> AIG MONEY MARKET FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878719
<NAME> ADVISERS INNER CIRCLE FUNDS
<SERIES>
<NUMBER> 161
<NAME> AIG MONEY MARKET - RETAIL CLASS
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878719
<NAME> ADVISORS INNER CIRCLE FUNDS
<SERIES>
<NUMBER> 170
<NAME> FMC STRATEGIC VALUE FUND
<S> <C>
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<DISTRIBUTIONS-OF-INCOME> (11)
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878719
<NAME> ADVISORS INNER CIRCLE FUNDS
<SERIES>
<NUMBER> 180
<NAME> FMC SELECT FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000878719
<NAME> ADVISORS' INNER CIRCLE
<SERIES>
<NUMBER> 200
<NAME> CRA REALTY SHARES
<MULTIPLIER> 1,000
<S> <C>
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<PER-SHARE-GAIN-APPREC> (1.85)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878719
<NAME> ADVISOR INNER CIRCLE FUNDS
<SERIES>
<NUMBER> 210
<NAME> SAGE CORPORATE BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
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<PERIOD-END> OCT-31-1998
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<NET-ASSETS> 7020
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<EXPENSES-NET> (45)
<NET-INVESTMENT-INCOME> 253
<REALIZED-GAINS-CURRENT> (19)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (223)
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<NUMBER-OF-SHARES-SOLD> 7407
<NUMBER-OF-SHARES-REDEEMED> (620)
<SHARES-REINVESTED> 175
<NET-CHANGE-IN-ASSETS> 7020
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-GAIN-APPREC> (.02)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878719
<NAME> ADVISORS INNER CIRCLE FUNDS
<SERIES>
<NUMBER> 220
<NAME> MDL BROAD MARKET FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
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<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 137
<NET-ASSETS> 5411
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> (14)
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<REALIZED-GAINS-CURRENT> 12
<APPREC-INCREASE-CURRENT> 137
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (69)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 5383
<NUMBER-OF-SHARES-REDEEMED> (171)
<SHARES-REINVESTED> 50
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<PER-SHARE-NII> .410
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<PER-SHARE-NAV-END> 10.48
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000878719
<NAME> ADVISORS INNER CIRCLE FUNDS
<SERIES>
<NUMBER> 230
<NAME> MDL LARGE CAP GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1998
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<TOTAL-LIABILITIES> 38
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5438
<SHARES-COMMON-STOCK> 506
<SHARES-COMMON-PRIOR> 0
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<ACCUMULATED-NET-GAINS> 23
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 566
<NET-ASSETS> 5989
<DIVIDEND-INCOME> 18
<INTEREST-INCOME> 3
<OTHER-INCOME> 0
<EXPENSES-NET> (16)
<NET-INVESTMENT-INCOME> 5
<REALIZED-GAINS-CURRENT> (8)
<APPREC-INCREASE-CURRENT> 556
<NET-CHANGE-FROM-OPS> 553
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5464
<NUMBER-OF-SHARES-REDEEMED> (28)
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 5989
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 10
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<GROSS-EXPENSE> 167
<AVERAGE-NET-ASSETS> 1302
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.830
<PER-SHARE-DIVIDEND> (.030)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.84
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees of
Advisors' Inner Circle Fund
In planning and performing our audit of the financial statements
of Advisors' Inner Circle Fund for the year ended October 31, 1998, 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 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 controls. Generally,
controls 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 controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
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 one or more of the internal
control components does not reduce to a relatively low level the
risk that errors or fraud 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 and its operation,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of
October 31, 1998.
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.
ARTHUR ANDERSEN LLP
Philadelphia, Pennsylvania
December 18, 1998
