JPM ADVISOR FUNDS
NSAR-A, 1996-07-08
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<PAGE>    
000 A000000 04/30/96
000 C000000 0000931068
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE JPM ADVISOR FUNDS
001 B000000 811-8794
001 C000000 6174230800
002 A000000 6 ST. JAMES AVE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  9
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C020400 THE JPM ADVISOR U.S. FIXED INCOME FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C020800 THE JPM ADVISOR INTERNATIONAL EQUITY FUND
007 C030800 N
007 C010900  9
007 C020900 THE JPM ADVISOR EMERGING MARKETS EQUITY FUND
007 C030900 N
007 C011000 10
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 SIGNATURE BROKER DEALER SERVICES, INC
014 B00AA01 8-41134
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018  00AA00 Y
<PAGE>      
019 A00AA00 Y
019 B00AA00   40
019 C00AA00 JPM/PIERPO
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 THE EMERGING MARKETS EQUITY PORTFOLIO
022 B000001 04-3194471
022 C000001      2766
022 D000001      1002
022 C000002         0
022 D000002         0
022 C000003         0
022 D000003         0
022 A000004 THE US FIXED INCOME PORTFOLIO
022 B000004 04-3194464
022 C000004         0
022 D000004         3
022 A000005 THE NON US EQUITY PORTFOLIO
022 B000005 04-3194416
022 C000005       345
022 D000005        92
022 C000006         0
022 D000006         0
022 C000007         0
022 D000007         0
022 C000008         0
022 D000008         0
022 C000009         0
022 D000009         0
022 C000010         0
022 D000010         0
023 C000000       3111
023 D000000       1097
024  00AA00 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE>     
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 N
041  00AA00 N
042 A00AA00   0
042 B00AA00   0
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
045  00AA00 N
048  00AA00  0.000
048 A01AA00        0
048 A02AA00 0.000
048 B01AA00        0
048 B02AA00 0.000
048 C01AA00        0
048 C02AA00 0.000
048 D01AA00        0
048 D02AA00 0.000
048 E01AA00        0
048 E02AA00 0.000
048 F01AA00        0
048 F02AA00 0.000
048 G01AA00        0
048 G02AA00 0.000
048 H01AA00        0
048 H02AA00 0.000
048 I01AA00        0
048 I02AA00 0.000
048 J01AA00        0
048 J02AA00 0.000
048 K01AA00        0
<PAGE>   
048 K02AA00 0.000
066 A00AA00 N
067  00AA00 N
068 A00AA00 N
068 B00AA00 N
069  00AA00 N
070 A01AA00 N
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 N
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 N
078  000000 N
010 A000401 SIGNATURE BROKER DEALER SERVICES INC
010 C010401 BOSTON
010 C020401 MA
010 C030401 02116
010 A000402 PIERPONT GROUP INC
010 C010402 NEW YORK
010 C020402 NY
<PAGE>      
010 C030402 10017
010 A000403 MORGAN GUARANTY TRUST CO. OF NEW YORK
010 C010403 NEW YORK
010 C020403 NY
010 C030403 10036
011 A000401 SIGNATURE BROKER DEALER SERVICES, INC
011 B000401 8-41134
011 C010401 BOSTON
011 C020401 MA
011 C030401 02116
012 A000401 STATE STREET BANK AND TRUST CO.
012 B000401 85-50003
012 C010401 BOSTON
012 C020401 MA
012 C030401 02101
012 A000402 MORGAN GUARANTY TRUST CO OF NEW YORK
012 B000402 85-00000
012 C010402 NEW YORK
012 C020402 NY
012 C030402 10036
012 A000403 FIDELITY
012 B000403 85-00000
012 C010403 BOSTON
012 C020403 MA
012 C030403 02110
028 A010400         0
028 A020400         0
028 A030400         0
028 A040400         0
028 B010400         0
028 B020400         2
028 B030400         0
028 B040400         0
028 C010400         0
028 C020400         0
028 C030400         0
028 C040400         0
028 D010400         0
028 D020400         0
028 D030400         0
028 D040400         0
028 E010400         0
028 E020400         0
028 E030400         0
028 E040400         0
028 F010400         0
028 F020400         0
028 F030400         0
028 F040400         0
028 G010400         0
028 G020400         2
<PAGE>     
028 G030400         0
028 G040400         0
028 H000400         0
055 A000400 N
055 B000400 N
056  000400 Y
057  000400 N
058 A000400 N
059  000400 Y
060 A000400 N
060 B000400 N
061  000400     5000
062 A000400 N
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.0
062 J000400   0.0
062 K000400   0.0
062 L000400   0.0
062 M000400   0.0
062 N000400   0.0
062 O000400   0.0
062 P000400   0.0
062 Q000400   0.0
062 R000400   0.0
071 A000400         0
071 B000400         0
071 C000400         0
071 D000400    0
072 A000400  6
072 B000400        0
072 C000400        0
072 D000400        0
072 E000400        3
072 F000400        0
072 G000400        0
072 H000400        0
072 I000400        0
072 J000400        0
072 K000400        0
072 L000400        2
072 M000400        1
072 N000400        4
072 O000400        0
072 P000400        0
072 Q000400        0
<PAGE>      
072 R000400        4
072 S000400        1
072 T000400        0
072 U000400        0
072 V000400        0
072 W000400       11
072 X000400       23
072 Y000400       23
072 Z000400        3
072AA000400        2
072BB000400        0
072CC010400        0
072CC020400        5
072DD010400        3
072DD020400        0
072EE000400        2
073 A010400   0.3400
073 A020400   0.0000
073 B000400   0.2100
073 C000400   0.0000
074 A000400        0
074 B000400        0
074 C000400        0
074 D000400        0
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400      104
074 J000400        0
074 K000400        0
074 L000400        0
074 M000400       34
074 N000400      138
074 O000400        0
074 P000400        0
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400       35
074 S000400        0
074 T000400      103
074 U010400       10
074 U020400        0
074 V010400    10.09
074 V020400     0.00
074 W000400   0.0000
074 X000400        0
074 Y000400        0
075 A000400        0
<PAGE>    
075 B000400      106
076  000400     0.00
010 A000801 SIGNATURE BROKER DEALER SERVICES INC
010 C010801 BOSTON
010 C020801 MA
010 C030801 02116
010 A000802 PIERPONT GROUP INC
010 C010802 NEW YORK
010 C020802 NY
010 C030802 10017
010 A000803 MORGAN GUARANTY TRUST CO. OF NEW YORK
010 C010803 NEW YORK
010 C020803 NY
010 C030803 10036
011 A000801 SIGNATURE BROKER DEALER SERVICES, INC
011 B000801 8-41134
011 C010801 BOSTON
011 C020801 MA
011 C030801 02116
012 A000801 STATE STREET BANK AND TRUST CO
012 B000801 85-50003
012 C010801 BOSTON
012 C020801 MA
012 C030801 20101
012 A000802 MORGAN GUARANTY TRUST CO OF NEW YORK
012 B000802 85-00000
012 C010802 NEW YORK
012 C020802 NY
012 C030802 10036
012 A000803 FIDELITY
012 B000803 85-00000
012 C010803 BOSTON
012 C020803 MA
012 C030803 02110
028 A010800        38
028 A020800         0
028 A030800         0
028 A040800         0
028 B010800        25
028 B020800         0
028 B030800         0
028 B040800         0
028 C010800        35
028 C020800         0
028 C030800         0
028 C040800         0
028 D010800       180
028 D020800         0
028 D030800         0
028 D040800         0
028 E010800        43
<PAGE>     
028 E020800         0
028 E030800         0
028 E040800         0
028 F010800        24
028 F020800         0
028 F030800         0
028 F040800        92
028 G010800       345
028 G020800         0
028 G030800         0
028 G040800        92
028 H000800         0
055 A000800 N
055 B000800 N
056  000800 Y
057  000800 N
058 A000800 N
059  000800 Y
060 A000800 Y
060 B000800 Y
061  000800     5000
062 A000800 N
062 B000800   0.0
062 C000800   0.0
062 D000800   0.0
062 E000800   0.0
062 F000800   0.0
062 G000800   0.0
062 H000800   0.0
062 I000800   0.0
062 J000800   0.0
062 K000800   0.0
062 L000800   0.0
062 M000800   0.0
062 N000800   0.0
062 O000800   0.0
062 P000800   0.0
062 Q000800   0.0
062 R000800   0.0
071 A000800         0
071 B000800         0
071 C000800         0
071 D000800    0
072 A000800  6
072 B000800        0
072 C000800        0
072 D000800        0
072 E000800        1
072 F000800        0
072 G000800        0
072 H000800        0
<PAGE>
072 I000800        0
072 J000800        0
072 K000800        0
072 L000800        5
072 M000800       10
072 N000800       18
072 O000800        0
072 P000800        0
072 Q000800        0
072 R000800        3
072 S000800        0
072 T000800        0
072 U000800        3
072 V000800        0
072 W000800       11
072 X000800       50
072 Y000800       50
072 Z000800        1
072AA000800        3
072BB000800        0
072CC010800       13
072CC020800        0
072DD010800        0
072DD020800        0
072EE000800        0
073 A010800   0.0000
073 A020800   0.0000
073 B000800   0.0000
073 C000800   0.0000
074 A000800        0
074 B000800        0
074 C000800        0
074 D000800        0
074 E000800        0
074 F000800        0
074 G000800        0
074 H000800        0
074 I000800      272
074 J000800        0
074 K000800       47
074 L000800        0
074 M000800       31
074 N000800      350
074 O000800        0
074 P000800       10
074 Q000800        0
074 R010800        0
074 R020800        0
074 R030800        0
074 R040800       70
074 S000800        0
<PAGE>   
074 T000800      270
074 U010800       22
074 U020800        0
074 V010800    12.09
074 V020800     0.00
074 W000800   0.0000
074 X000800        3
074 Y000800        0
075 A000800        0
075 B000800      173
076  000800     0.00
010 A000901 MORGAN GUARANTY TRUST CO OF NEW YORK
010 B000901 8794
010 C010901 NEW YORK
010 C020901 NY
010 C030901 10036
010 A000902 PIERPONT GROUP INC
010 C010902 NEW YORK
010 C020902 NY
010 C030902 10017
010 A000903 SIGNARUTRE BROKER-DEALER SERVICES
010 C010903 BOSTON
010 C020903 MA
010 C030903 02116
011 A000901 SIGNATURE BROKER DEALER SERVICES, INC
011 B000901 8-41134
011 C010901 BOSTON
011 C020901 MA
011 C030901 02116
012 A000901 STATE STREET BANK AND TRUST CO
012 B000901 85-50003
012 C010901 BOSTON
012 C020901 MA
012 C030901 02101
012 A000902 MORGAN GUARANTY TRUST CO OF NEW YORK
012 B000902 85-00000
012 C010902 NEW YORK
012 C020902 NY
012 C030902 10036
012 A000903 FIDELITY
012 B000903 85-0000
012 C010903 BOSTON
012 C020903 MA
012 C030903 02110
028 A010900        25
028 A020900         0
028 A030900         0
028 A040900         0
028 B010900       407
028 B020900         1
028 B030900         0
<PAGE>    
028 B040900         0
028 C010900       219
028 C020900         0
028 C030900         0
028 C040900         0
028 D010900       327
028 D020900         0
028 D030900         0
028 D040900         3
028 E010900       535
028 E020900         0
028 E030900         0
028 E040900       439
028 F010900      1253
028 F020900         0
028 F030900         0
028 F040900       554
028 G010900      2766
028 G020900         1
028 G030900         0
028 G040900       996
028 H000900         0
055 A000900 N
055 B000900 N
056  000900 Y
057  000900 N
058 A000900 N
059  000900 Y
060 A000900 Y
060 B000900 Y
061  000900     5000
062 A000900 N
062 B000900   0.0
062 C000900   0.0
062 D000900   0.0
062 E000900   0.0
062 F000900   0.0
062 G000900   0.0
062 H000900   0.0
062 I000900   0.0
062 J000900   0.0
062 K000900   0.0
062 L000900   0.0
062 M000900   0.0
062 N000900   0.0
062 O000900   0.0
062 P000900   0.0
062 Q000900   0.0
062 R000900   0.0
071 A000900         0
071 B000900         0
<PAGE>   
071 C000900         0
071 D000900    0
072 A000900  6
072 B000900        0
072 C000900        0
072 D000900        0
072 E000900       11
072 F000900        0
072 G000900        0
072 H000900        0
072 I000900        0
072 J000900        0
072 K000900        0
072 L000900        5
072 M000900        1
072 N000900        6
072 O000900        0
072 P000900        0
072 Q000900        0
072 R000900        3
072 S000900        0
072 T000900        0
072 U000900        3
072 V000900        0
072 W000900       12
072 X000900       30
072 Y000900       23
072 Z000900        4
072AA000900        0
072BB000900        0
072CC010900       87
072CC020900        0
072DD010900        1
072DD020900        0
072EE000900        0
073 A010900   0.0200
073 A020900   0.0000
073 B000900   0.0000
073 C000900   0.0000
074 A000900        0
074 B000900        0
074 C000900        0
074 D000900        0
074 E000900        0
074 F000900        0
074 G000900        0
074 H000900        0
074 I000900     1849
074 J000900        0
074 K000900       20
074 L000900       17
<PAGE>    
074 M000900       31
074 N000900     1917
074 O000900        0
074 P000900       34
074 Q000900        0
074 R010900       22
074 R020900        0
074 R030900        0
074 R040900        0
074 S000900        0
074 T000900     1861
074 U010900   154920
074 U020900        0
074 V010900    12.01
074 V020900     0.00
074 W000900   0.0000
074 X000900        2
074 Y000900        0
075 A000900        0
075 B000900      830
076  000900     0.00
SIGNATURE   JOHN R. ELDER                                
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi annual
report dated April 30, 1996 for the JPM Advisor U.S. Fixed Income Fund and is
qualified in its entirety by reference to such semi annual report.
</LEGEND>
<CIK> 0000931068
<NAME> THE JPM ADVISOR FUNDS
<SERIES>
   <NUMBER> 040
   <NAME> THE JPM ADVISOR U.S. FIXED INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-START>                             NOV-01-1995
<PERIOD-END>                               APR-30-1996
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                          103655
<RECEIVABLES>                                       32
<ASSETS-OTHER>                                   34509
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  138196
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        35251
<TOTAL-LIABILITIES>                              35251
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        102212
<SHARES-COMMON-STOCK>                            10206
<SHARES-COMMON-PRIOR>                            10002
<ACCUMULATED-NII-CURRENT>                          126
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           1706
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        (1099)
<NET-ASSETS>                                    102945
<DIVIDEND-INCOME>                                   12
<INTEREST-INCOME>                                 3479
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                           3491
<REALIZED-GAINS-CURRENT>                          1707
<APPREC-INCREASE-CURRENT>                       (4630)
<NET-CHANGE-FROM-OPS>                              568
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         3492
<DISTRIBUTIONS-OF-GAINS>                          2131
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                              0
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                204
<NET-CHANGE-IN-ASSETS>                             204
<ACCUMULATED-NII-PRIOR>                            127
<ACCUMULATED-GAINS-PRIOR>                         2130
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  23436
<AVERAGE-NET-ASSETS>                            106065
<PER-SHARE-NAV-BEGIN>                            10.58
<PER-SHARE-NII>                                   0.34
<PER-SHARE-GAIN-APPREC>                         (0.28)
<PER-SHARE-DIVIDEND>                            (0.34)
<PER-SHARE-DISTRIBUTIONS>                       (0.21)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.09
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI-ANNUAL
REPORT DATED APRIL 30, 1996 FOR THE JPM ADVISOR INTERNATIONAL EQUITY FUND AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH SEMI-ANNUAL REPORT.
</LEGEND>
<CIK> 0000931068
<NAME> JPM ADVISOR FUNDS
<SERIES>
   <NUMBER> 080
   <NAME> THE JPM ADVISOR INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-START>                              NOV-1-1995
<PERIOD-END>                               APR-30-1996
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                             272
<RECEIVABLES>                                       47
<ASSETS-OTHER>                                      31
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                     350
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           80
<TOTAL-LIABILITIES>                                 80
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                           253
<SHARES-COMMON-STOCK>                               22
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            1
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              3
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                            13
<NET-ASSETS>                                       270
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                       1
<EXPENSES-NET>                                       1
<NET-INVESTMENT-INCOME>                              0
<REALIZED-GAINS-CURRENT>                             3
<APPREC-INCREASE-CURRENT>                           13
<NET-CHANGE-FROM-OPS>                               16
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             30
<NUMBER-OF-SHARES-REDEEMED>                          8
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                              22
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     50
<AVERAGE-NET-ASSETS>                               173
<PER-SHARE-NAV-BEGIN>                            10.90
<PER-SHARE-NII>                                    .02
<PER-SHARE-GAIN-APPREC>                           1.17
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.09
<EXPENSE-RATIO>                                   1.65
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi annual
report dated April 30, 1996 for the JPM Advisor Emerging Markets Equity Fund and
is qualified in its entirety by reference to such semi annual report.
</LEGEND>
<CIK> 0000931068
<NAME> THE JPM ADVISOR FUNDS
<SERIES>
   <NUMBER> 090
   <NAME> THE JPM ADVISOR EMERGING MARKETS EQUITY FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1996
<PERIOD-START>                             NOV-01-1995
<PERIOD-END>                               APR-30-1996
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                            1849
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                      68
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    1917
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                             56
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                 56
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          1771
<SHARES-COMMON-STOCK>                           154920
<SHARES-COMMON-PRIOR>                               10
<ACCUMULATED-NII-CURRENT>                         3251
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                            87
<NET-ASSETS>                                      1861
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                      11
<EXPENSES-NET>                                       7
<NET-INVESTMENT-INCOME>                              4
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                           87
<NET-CHANGE-FROM-OPS>                               91
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            1
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         239323
<NUMBER-OF-SHARES-REDEEMED>                      84466
<SHARES-REINVESTED>                                 53
<NET-CHANGE-IN-ASSETS>                          154910
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     30
<AVERAGE-NET-ASSETS>                               830
<PER-SHARE-NAV-BEGIN>                            10.30
<PER-SHARE-NII>                                    .04
<PER-SHARE-GAIN-APPREC>                           1.69
<PER-SHARE-DIVIDEND>                               .02
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.01
<EXPENSE-RATIO>                                   1.45
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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