1838 INVESTMENT ADVISORS FUNDS
24F-2NT, 1995-12-28
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                 U.S. SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                       FORM 24F-2
                ANNUAL NOTICE OF SECURITIES SOLD
                     PURSUANT TO RULE 24f-2

       READ INSTRUCTIONS AT END OF THE FORM BEFORE PREPARING FORM.
                PLEASE PRINT OR TYPE.

- ------------------------------------------------------------------------------
 1.   Name and address of issuer:               1838 Investment Advisors Funds
                                                Five Radnor Corp. Center
                                                100 Matsonford Road, Suite 320
                                                Radnor, PA 19087
- ------------------------------------------------------------------------------
 2.   Name of each series or class of                1838 International Equity
      funds for which this notice is                    Fund
      filed:                                         
- ------------------------------------------------------------------------------
 3.   Investment Company Act File Number:            811-8902
                                   
      Securities Act File Number:                    33-87298
- ------------------------------------------------------------------------------
 4.   Last day of fiscal year for which              
      this notice is filed:                          October 31, 1995
- ------------------------------------------------------------------------------
 5.   Check box if this notice is being              
      filed more than 180 days after the             
      close of the issuer's fiscal year              
      for purposes of reporting                      
      securities sold after the close of             
      the fiscal year but before                     
      termination of the issuer's 24f-2                  I---I
      declaration:                                       I   I
                                                         I---I
- ------------------------------------------------------------------------------
 6.   Date of termination of issuer's                
      declaration under rule 24f-2(a)(1),            
      if applicable (see Instruction                 
      A.6):                                               N/A
- ------------------------------------------------------------------------------
 7.   Number and amount of securities of             
      the same class or series which had             
      been registered under the                      
      Securities Act of 1933 other than              
      pursuant to rule 24f-2 in a prior              
      fiscal year, but which remained                
      unsold at the beginning of the                 
      fiscal year:                                       N/A
- ------------------------------------------------------------------------------
 8.   Number and amount of securities                
      registered during the fiscal year              
      other than pursuant to rule 24f-2:                           0
- ------------------------------------------------------------------------------
 9.   Number and aggregate sale price of             
      securities sold during the fiscal              
      year:                                    1,742,436/$17,357,801
- ------------------------------------------------------------------------------
10.   Number and aggregate sale price of             
      securities sold during the fiscal              
      year in reliance upon registration             
      pursuant to rule 24f-2:                  1,742,436/$17,357,801
- ------------------------------------------------------------------------------
11.   Number and aggregate sale price of             
      securities issued during the fiscal            
      year in connection with dividend               
      reinvestment plans, if applicable              
      (see Instruction B.7):                                       0
- ------------------------------------------------------------------------------
12.   Calculation of registration fee:               
                                   
     (i) Aggregate sale price of                  
         securities sold during the               
         fiscal year in reliance on               
         rule 24f-2 (from Item 10):                   $17,357,801
                                                   --------------
       (ii) Aggregate price of shares                
         issued in connection with                
         dividend reinvestment plans              
         (from Item 11, if                     
         applicable):                          +                0   
                                                   --------------
      (iii) Aggregate price of shares                
         redeemed or repurchased              
         during the fiscal year (if                
         applicable):                          -           68,207
                                                   --------------
       (iv) Aggregate price of shares                
         redeemed or repurchased and              
         previously applied as a                  
         reduction to filing fees                 
         pursuant to rule 24e-2 (if               
         applicable):                          +                0
                                                   --------------
     (v) Net aggregate price of                   
         securities sold and issued               
         during the fiscal year in                
         reliance on rule 24f-2 [line             
         (i), plus line (ii), less                
         line (iii), plus line (iv)]              
         (if applicable):                             $17,289,594         
                                                   --------------
       (vi) Multiplier prescribed by                 
         Section 6(b) of the                      
         Securities Act of 1933 or                
         other applicable law or                  
         regulation (see Instruction              
         C.6):                                 X           1/2900
                                                   --------------
      (vii) Fee due [line (i) or line (v)            
         multiplied by line (vi)]:                       5,961.93
                                                  ===============

INSTRUCTION:  ISSUERS SHOULD COMPLETE LINES (ii), (iii), (iv), AND (v) ONLY IF 
THE FORM IS BEING FILED  WITHIN 60 DAYS AFTER THE CLOSE OF THE ISSUER'S FISCAL
YEAR.  See instruction C.3.
- ------------------------------------------------------------------------------
13.   Check box if fees are being                    
      remitted to the Commission's                   
      lockbox depository as described in             
      section 3a of the Commission's                 
      Rules of Informal and Other                        I---I
      Procedures (17 CFR 202.3a).                        I X I
                                                         I---I
      Date of mailing or wire transfer                   
      of filing fees to Commission's                    
      lockbox depository:                               12/26/95
      
- ------------------------------------------------------------------------------


                     SIGNATURES

This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.

By (Signature and Title)*           /s/ Laurie Brooks
                                    -----------------------------
                                    Laurie Brooks, Assistant Secretary

Date:  December 21, 1995
       -----------------

*    Please print the name and title of the signing officer below the
     signature.



                          ------------------------------
                          STRADLEY RONON STEVENS & YOUNG
                          ------------------------------
                          2600 One Commerce Square
                          Philadelphia, Pennsylvania 19103-7098
                          (215) 564-8000
                          --------------
                          Fax: (215) 564-8120

                
Direct Dial: (215) 564-8047

                          December 18, 1995


1838 Investment Advisors Funds
1838 International Equity Fund
Five Radnor Corporate Center
Suite 320
100 Matsonford Road
Radnor, PA 19087

Re: 1838 INTERNATIONAL EQUITY FUND


Gentlemen:

    We have examined the Agreement and Declaration of Trust of 1838 Investment
Advisors Funds (the "Trust"), a Delaware business Trust, the by-laws of the 
Trust, its form of certificate of beneficial interest, and the various 
pertinent trust proceedings we deem material.  We have also examined the 
Notification of Registration and the Registration Statement under the 
Securities Act of 1933 ("Securities Act") and the Investment Company Act of 
1940 ("Investment Company Act"), as well as other items we deem material to 
this opinion.

    You have now advised us that the Trust is about to file, pursuant to the 
provisions of Rule 24f-2 under the Investment Company Act, a Notice for the 
purpose of registering under the Securities Act the 1,742,436 shares of 
beneficial interest sold by 1838 International Equity Fund, a series of the 
Trust, pursuant to Rule 24f-2 during its fiscal year ending October 31, 1995.
You have informed us that the shares were sold in accordance with the Trust's 
usual method of distributing its shares whereby currently effective 
prospectuses are made available for delivery to offerees and purchasers of 
shares in accordance with Section 5(b) of the Securities Act.

    Based upon the foregoing information and examination, it is our opinion
that the 1,742,436 shares of beneficial interest in the Trust, sold in the
fiscal year ending October 31, 1995, pursuant to Rule 24f-2, have been legally
issued and are fully-paid, non-assessable and legally outstanding shares of
beneficial interest of the Trust.

    We hereby consent to the use of this opinion as an exhibit to the Notice 
under Rule 24f-2 of the Trust, covering the registration of the said shares 
under the Securities Act and the applications and registration statements, and
amendments thereto, filed in accordance with the securities laws of the 
several states in which shares of the Trust are offered, and we further 
consent to reference in the Prospectus of the Trust to the fact that this 
opinion concerning the legality of the issue has been rendered by us.


                                            Very truly yours,

                                            STRADLEY, RONON, STEVENS & YOUNG

                                            By: /s/ Joseph V. Del Raso
                                                ------------------------
                                                   Joseph V. Del Raso



JDR/go





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