<PAGE> PAGE 1
000 A000000 11/30/96
000 C000000 0000931068
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE JPM ADVISOR FUNDS
001 B000000 811-8794
001 C000000 6175570700
002 A000000 60 STATE STREET SUITE 1300
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
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 C010500 5
007 C010600 6
007 C020600 THE JPM ADVISOR U.S.EQUITY FUND
007 C030600 Y
007 C010700 7
007 C020700 THE JPM ADVISOR U.S.SMALL CAP EQUITY FUND
007 C030700 Y
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 FUNDS DISTRIBUTOR,INC.
010 B00AA01 84-20518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02109
010 A00AA02 PIERPONT GROUP,INC.
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10017
010 A00AA03 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10036
011 A00AA01 FUNDS DISTRIBUTOR,INC.
011 B00AA01 8- 420518
<PAGE> PAGE 2
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK & TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 85-99999
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
012 A00AA03 CHARLES SCHWAB
012 B00AA03 85-99999
012 C01AA03 NEW YORK
012 C02AA03 NY
012 C03AA03 10036
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 FUNDS DISTRIBUTOR,INC
014 B00AA01 8-420518
014 A00AA02 JP MORGAN SECURITIES LTD.
014 B00AA02 8-99999999
014 A00AA03 BOSTON INSTITUTIONAL SERVIES
014 B00AA03 8-99999999
014 A00AA04 JP MORGAN SECURITIES, INC.
014 B00AA04 8-99999999
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 N
019 A00AA00 Y
019 B00AA00 55
019 C00AA00 JPM/PIERPO
020 C000001 0
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020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
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021 000000 0
<PAGE> PAGE 3
022 A000001 THE U.S.SMALL COMPANY PORTFOLIO
022 B000001 04-3194469
022 C000001 168
022 D000001 242
022 A000002 THE SELECTED U.S. EQUITY PORTFOLIO
022 B000002 04-3194421
022 C000002 47
022 D000002 194
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
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022 C000006 0
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022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
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022 C000010 0
022 D000010 0
023 C000000 215
023 D000000 436
024 00AA00 N
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025 D00AA07 0
025 D00AA08 0
026 A000000 N
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026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
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030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
<PAGE> PAGE 4
032 00AA00 0
033 00AA00 0
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036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
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055 A00AA00 N
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<PAGE> PAGE 5
060 B00AA00 Y
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<PAGE> PAGE 6
070 M01AA00 Y
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<PAGE> PAGE 7
072 E000600 1
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<PAGE> PAGE 8
028 A020700 0
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<PAGE> PAGE 9
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<PAGE> PAGE 10
SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMERY FINANCIAL DATA EXTRACTED FROM THE SEMI-ANNUAL
REPORT DATED 11/30/96FOR THE JPM ADVISOR U.S.SMALL CAP EQUITY FUND AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH SEMI-ANNUAL REPORT.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE SEMI-ANNUAL
REPORT DATED 11/30/96 FOR THE JPM ADVISOR U.S. EQUITY FUND AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH SEMI-ANNUAL REPORT.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
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</TABLE>
