<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 0000933996
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 1838 INVESTMENT ADVISORS FUNDS
001 B000000 811-8902
001 C000000 6102934300
002 A000000 5 RADNOR CORP. CENTER, 100 MATSONFORD RD
002 B000000 RADNOR
002 C000000 PA
002 D010000 19087
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 1838 INTERNATIONAL EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 1838 SMALL CAP EQUITY FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 1838 INVESTMENT ADVISORS, L.P.
008 B00AA01 A
008 C00AA01 801-33025
008 D01AA01 RADNOR
008 D02AA01 PA
008 D03AA01 19087
008 A00AA02 MEESPIERSON 1838 INVESTMENT ADVISORS
008 B00AA02 S
008 C00AA02 801-47860
008 D01AA02 RADNOR
008 D02AA02 PA
008 D03AA02 19087
010 A00AA01 RODNEY SQUARE MANAGEMENT CORPORATION
010 B00AA01 801-22071
010 C01AA01 WILMINGTON
<PAGE> PAGE 2
010 C02AA01 DE
010 C03AA01 19890
010 C04AA01 0001
011 A00AA01 RODNEY SQUARE DISTRIBUTORS, INC.
011 B00AA01 8-37006
011 C01AA01 WILMINGTON
011 C02AA01 DE
011 C03AA01 19890
011 C04AA01 0001
012 A00AA01 RODNEY SQUARE MANAGEMENT CORPORATION
012 B00AA01 85-000761
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19890
012 C04AA01 0001
013 A00AA01 COOPERS & LYBRAND LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
019 C00AA00 1838INVEST
020 A000001 GOLDMAN, SACHS & CO.
020 B000001 13-5108880
020 C000001 59
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH
020 B000002 13-5674085
020 C000002 57
020 A000003 STANDARD & POOR'S SECURITES INC.
020 C000003 5
020 A000004 MCDONALD & COMPANY, INC.
020 C000004 3
020 A000005 MORGAN STANLEY & CO. INC.
020 B000005 13-2655998
020 C000005 2
020 A000006 SALOMON BROTHERS INC.
020 B000006 13-3082694
020 C000006 2
020 A000007 BEAR, STEARNS & CO. INC.
020 B000007 13-3299429
020 C000007 1
020 A000008 TIR SECURITIES, INC.
020 B000008 13-3506065
020 C000008 0
020 A000009 SMITH BARNEY SHEARSON INC.
020 B000009 13-1912900
020 C000009 0
020 A000010 DONALDSON, LUFKIN & JENRETTE SEC. CORP.
020 B000010 13-2741729
020 C000010 0
<PAGE> PAGE 3
021 000000 134
022 A000001 FORD MOTOR CREDIT CORP.
022 C000001 122025
022 D000001 0
022 A000002 PRUDENTIAL SECURITIES INC.
022 B000002 22-2347336
022 C000002 89816
022 D000002 25
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH
022 B000003 13-5674085
022 C000003 73428
022 D000003 533
022 A000004 AMERICAN EXPRESS CREDIT CORP.
022 C000004 70523
022 D000004 0
022 A000005 GENERAL ELECTRIC CAPITAL CORP.
022 C000005 5925
022 D000005 0
022 A000006 GOLDMAN, SACHS & CO.ITAL CORP.
022 B000006 13-5108880
022 C000006 4350
022 D000006 469
022 A000007 BANQUE PARIBUS
022 C000007 2883
022 D000007 0
022 A000008 ASSOCIATES CORP. OF N.A.
022 C000008 2587
022 D000008 0
022 A000009 HOUSEHOLD FINANCE
022 C000009 2413
022 D000009 0
022 A000010 CIT GROUP HOLDINGS
022 C000010 1500
022 D000010 0
023 C000000 381808
023 D000000 3084
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
<PAGE> PAGE 4
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
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
066 A00AA00 Y
066 B00AA00 N
066 C00AA00 Y
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 Y
069 00AA00 N
077 A000000 Y
077 B000000 Y
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 CHUBB GROUP
080 C00AA00 600
081 A00AA00 Y
081 B00AA00 2
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
<PAGE> PAGE 5
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
015 A000101 BANKERS TRUST COMPANY
015 B000101 C
015 C010101 NEW YORK
015 C020101 NY
015 C030101 10017
015 E010101 X
015 A000102 CITIBANK N.A.
015 B000102 S
015 C010102 BUENOS AIRES
015 D010102 ARGENTINA
015 E040102 X
015 A000103 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B000103 S
015 C010103 MELBOURNE
015 D010103 AUSTRALIA
015 E040103 X
015 A000104 CREDITANDSTALT BANKVEREIN
015 B000104 S
015 C010104 VIENNA
015 D010104 AUSTRIA
015 E040104 X
015 A000105 GENERALE BANK
015 B000105 S
015 C010105 BRUSSELS
015 D010105 BELGIUM
015 E040105 X
015 A000106 CITIBANK N.A.
015 B000106 S
015 C010106 SAO PAULO
015 D010106 BRAZIL
<PAGE> PAGE 6
015 E040106 X
015 A000107 TORONTO DOMINION BANK
015 B000107 S
015 C010107 TORONTO
015 D010107 CANADA
015 E040107 X
015 A000108 CITIBANK N.A.
015 B000108 S
015 C010108 SANTIAGO
015 D010108 CHILE
015 E040108 X
015 A000109 DEN DANSKE BANK
015 B000109 S
015 C010109 COPENHAGEN
015 D010109 DENMARK
015 E040109 X
015 A000110 MERITA BANK, LTD.
015 B000110 S
015 C010110 HELSINKI
015 D010110 FINLAND
015 E040110 X
015 A000111 BANQUE PARIBAS
015 B000111 S
015 C010111 PARIS
015 D010111 FRANCE
015 E040111 X
015 A000112 DRESDNER BANK AG
015 B000112 S
015 C010112 FRANKFURT
015 D010112 GERMANY
015 E040112 X
015 A000113 NATIONAL BANK OF GREECE
015 B000113 S
015 C010113 ATHENS
015 D010113 GREECE
015 E040113 X
015 A000114 STANDARD CHARTERED BANK
015 B000114 S
015 C010114 CENTRAL
015 D010114 HONG KONG
015 E040114 X
015 A000115 HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B000115 S
015 C010115 BOMBAY
015 D010115 INDIA
015 E040115 X
015 A000116 STANDARD CHARTERED BANK
015 B000116 S
015 C010116 JAKARTA
015 D010116 INDONESIA
015 E040116 X
<PAGE> PAGE 7
015 A000117 CITIBANK N.A.
015 B000117 S
015 C010117 MILAN
015 D010117 ITALY
015 E040117 X
015 A000118 BANK OF TOKYO LTD.
015 B000118 S
015 C010118 TOKYO
015 D010118 JAPAN
015 E040118 X
015 A000119 STANDARD CHARTERED BANK
015 B000119 S
015 C010119 SEOUL
015 D010119 SOUTH KOREA
015 E040119 X
015 A000120 BANCOMBER S.A.
015 B000120 S
015 C010120 MEXICO CITY
015 D010120 MEXICO
015 E040120 X
015 A000121 ABN AMRO BANK
015 B000121 S
015 C010121 AMSTERDAM
015 D010121 NETHERLANDS
015 E040121 X
015 A000122 EUROCLEAR NORWAY
015 B000122 S
015 C010122 BRUSSELS
015 D010122 BELGIUM
015 E040122 X
015 A000123 CITIBANK N.A.
015 B000123 S
015 C010123 LIMA
015 D010123 PERU
015 E040123 X
015 A000124 STANDARD CHARTERED BANK
015 B000124 S
015 C010124 MANILA
015 D010124 PHILIPINES
015 E040124 X
015 A000125 BANCO ESPIRITO SANTO E COMMERCIAL DE LISBOA
015 B000125 S
015 C010125 LISBON
015 D010125 PORTUGAL
015 E040125 X
015 A000126 UNITED OVERSEAS BANK LTD.
015 B000126 S
015 C010126 SINGAPORE
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015 A000127 BANCO SANTANDER
<PAGE> PAGE 8
015 B000127 S
015 C010127 MADRID
015 D010127 SPAIN
015 E040127 X
015 A000128 SVENSKA HANDELSBANKEN
015 B000128 S
015 C010128 STOCKHOLM
015 D010128 SWEDEN
015 E040128 X
015 A000129 SWISS BANK CORPORATION
015 B000129 S
015 C010129 ZURICH
015 D010129 SWITZERLAND
015 E040129 X
015 A000130 THE CENTRAL TRUST OF CHINA
015 B000130 S
015 C010130 TAIPEI
015 D010130 TAIWAN
015 E040130 X
015 A000131 STANDARD CHARTERED BANK
015 B000131 S
015 C010131 BANGKOK
015 D010131 THAILAND
015 E040131 X
015 A000132 BANKERS TRUST COMPANY
015 B000132 S
015 C010132 LONDON
015 D010132 UNITED KINGDOM
015 E040132 X
015 A000133 DEUTSEHE BANK AG
015 B000133 S
015 C010133 BOMBAY
015 D010133 INDIA
015 E040133 X
015 A000134 STANDARD CHARTERED BANK
015 B000134 S
015 C010134 BOMBAY
015 D010134 INDIA
015 E040134 X
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
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028 A010100 437
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<PAGE> PAGE 9
028 A040100 0
028 B010100 1507
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 4489
028 C020100 0
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028 D040100 4233
028 E010100 1048
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028 E040100 7
028 F010100 999
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028 F040100 442
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028 G020100 0
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028 G040100 4682
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042 F000100 0
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048 B020100 0.000
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<PAGE> PAGE 10
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
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048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
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053 C000100 N
054 A000100 Y
054 B000100 Y
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054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 N
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
062 A000100 N
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062 D000100 0.0
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062 H000100 0.0
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062 J000100 0.0
062 K000100 0.0
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<PAGE> PAGE 11
063 A000100 0
063 B000100 0.0
070 A010100 Y
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070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
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070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 40144
071 B000100 16404
071 C000100 27750
071 D000100 59
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072 B000100 85
072 C000100 532
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<PAGE> PAGE 12
072 J000100 38
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074 N000100 43211
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<PAGE> PAGE 13
074 U010100 3946
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015 A000201 WILMINGTON TRUST COMPANY
015 B000201 C
015 C010201 WILMINGTON
015 C020201 DE
015 C030201 19890
015 C040201 0001
015 E010201 X
024 000200 N
025 A000201 DELETE
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<PAGE> PAGE 14
028 G010200 5598
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050 000200 N
051 000200 N
052 000200 N
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<PAGE> PAGE 15
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 Y
054 I000200 N
054 J000200 Y
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<PAGE> PAGE 16
070 K010200 Y
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<PAGE> PAGE 17
072DD020200 0
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SIGNATURE ANNA BENCROWSKI
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
1838 INVESTMENT ADVISORS FUNDS ANNUAL REPORT DATED OCTOBER 31, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERNCE TO THE ANNUAL REPORT DATED
OCTOBER 31, 1996.
</LEGEND>
<CIK> 0000933996
<NAME> 1838 INVESTMENT ADVISORS FUNDS
<SERIES>
<NUMBER> 1
<NAME> 1838 INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
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<PER-SHARE-GAIN-APPREC> 0.80
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.44
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
1838 INVESTMENT ADVISORS FUNDS' ANNUAL REPORT DATED OCTOBER 31, 1996 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE ANNUAL REPORT DATED
OCTOBER 31, 1996.
</LEGEND>
<CIK> 0000933996
<NAME> 1838 INVESTMENT ADVISORS FUNDS
<SERIES>
<NUMBER> 2
<NAME> 1838 SMALL CAP EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> JUN-17-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 5262
<INVESTMENTS-AT-VALUE> 5419
<RECEIVABLES> 4
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5442
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14
<TOTAL-LIABILITIES> 14
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5318
<SHARES-COMMON-STOCK> 567
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (47)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 157
<NET-ASSETS> 5428
<DIVIDEND-INCOME> 10
<INTEREST-INCOME> 2
<OTHER-INCOME> 0
<EXPENSES-NET> 21
<NET-INVESTMENT-INCOME> (9)
<REALIZED-GAINS-CURRENT> (47)
<APPREC-INCREASE-CURRENT> 157
<NET-CHANGE-FROM-OPS> 101
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 597
<NUMBER-OF-SHARES-REDEEMED> 30
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5428
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 78
<AVERAGE-NET-ASSETS> 4493
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> (0.41)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.57
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
