<PAGE> PAGE 1
000 B000000 10/31/1999
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000 F000000 Y
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000 J000000 A
001 A000000 1838 INVESTMENT ADVISORS FUNDS
001 B000000 811-08902
001 C000000 6102934300
002 A000000 100 MATSONFORD ROAD, SUITE 320
002 B000000 RADNOR
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002 D010000 19087
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 B000000 4
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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 C020300 1838 FIXED INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 1838 LARGE CAP EQUITY FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 1838 INVESTMENT ADVISORS, INC.
010 B00AA01 80133025
010 C01AA01 RADNOR
010 C02AA01 PA
010 C03AA01 19087
011 A00AA01 MBIA CAPITAL MANAGEMENT CORP.
011 B00AA01 8-00000000
011 C01AA01 ARMONK
011 C02AA01 NY
011 C03AA01 10504
012 A00AA01 MBIA MUNICIPAL INVESTORS SERVICE CORP.
<PAGE> PAGE 2
012 B00AA01 84-0000000
012 C01AA01 ARMONK
012 C02AA01 NY
012 C03AA01 10504
013 A00AA01 PRICEWATERHOUSECOOPERS
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
015 A00AA01 FIRST UNION NATIONAL BANK
015 B00AA01 C
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015 C02AA01 PA
015 C03AA01 19101
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<PAGE> PAGE 3
022 C000002 172822
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022 A000005 DLJ CAPITAL MARKETS
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022 A000007 JP MORGAN SECURITIES
022 C000007 39697
022 D000007 36874
022 A000008 CS FIRST BOSTON
022 C000008 32102
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022 A000009 SEI INVESTMENTS
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022 A000010 BARCLAYS CAPITAL INC.
022 C000010 25406
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<PAGE> PAGE 4
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
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080 A00AA00 HARTFORD FIRE INSURANCE CO.
080 B00AA00 NONE
080 C00AA00 2000000
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024 000100 Y
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025 B000101 13-2642206
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<PAGE> PAGE 5
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<PAGE> PAGE 6
050 000100 N
051 000100 N
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<PAGE> PAGE 7
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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
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE ANNA BENCROWSKY
TITLE VICE PRESIDENT
Report of Independent Accountants
To the Board of Trustees and Shareholders
of 1838 Investment Advisors Funds
In planning and performing our audit of the financial statements of 1838
Investment Advisors Funds (the "Fund") for the year ended October 31, 1999, 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 the 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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 misstatements caused by error 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 controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
<PAGE>
To the Board of Trustees and Shareholders
of 1838 Investment Advisors Funds
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
New York, New York
December 10, 1999
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> 1838 International Equity Fund
<NUMBER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 66,962,031
<INVESTMENTS-AT-VALUE> 86,164,545
<RECEIVABLES> 3,796,455
<ASSETS-OTHER> 20,302
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89,981,302
<PAYABLE-FOR-SECURITIES> 3,314,283
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,993
<TOTAL-LIABILITIES> 3,434,276
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,673,759
<SHARES-COMMON-STOCK> 5,938,529
<SHARES-COMMON-PRIOR> 4,789,497
<ACCUMULATED-NII-CURRENT> 7,585
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,661,312
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,204,370
<NET-ASSETS> 86,547,026
<DIVIDEND-INCOME> 873,988
<INTEREST-INCOME> 105,409
<OTHER-INCOME> 0
<EXPENSES-NET> 809,439
<NET-INVESTMENT-INCOME> 169,958
<REALIZED-GAINS-CURRENT> 4,496,142
<APPREC-INCREASE-CURRENT> 13,866,854
<NET-CHANGE-FROM-OPS> 18,532,954
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 4,289,722
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,088,189
<NUMBER-OF-SHARES-REDEEMED> 254,808
<SHARES-REINVESTED> 315,651
<NET-CHANGE-IN-ASSETS> 28,672,121
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,286,753
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 554,632
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 809,439
<AVERAGE-NET-ASSETS> 73,989,446
<PER-SHARE-NAV-BEGIN> 12.08
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 3.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.88)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.57
<EXPENSE-RATIO> 1.09
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> 1838 Small Cap Equity Fund
<NUMBER> 2
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 43,553,814
<INVESTMENTS-AT-VALUE> 41,459,483
<RECEIVABLES> 1,403,678
<ASSETS-OTHER> 996
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,864,157
<PAYABLE-FOR-SECURITIES> 752,631
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,700
<TOTAL-LIABILITIES> 818,331
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,898,351
<SHARES-COMMON-STOCK> 4,280,597
<SHARES-COMMON-PRIOR> 3,766,748
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,758,194)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,094,331)
<NET-ASSETS> 42,045,826
<DIVIDEND-INCOME> 374,403
<INTEREST-INCOME> 69,186
<OTHER-INCOME> 0
<EXPENSES-NET> 489,548
<NET-INVESTMENT-INCOME> (45,959)
<REALIZED-GAINS-CURRENT> (3,154,069)
<APPREC-INCREASE-CURRENT> 797,122
<NET-CHANGE-FROM-OPS> (2,402,906)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,040,098
<NUMBER-OF-SHARES-REDEEMED> 526,249
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,412,926
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (604,125)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 352,199
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 489,548
<AVERAGE-NET-ASSETS> 47,066,994
<PER-SHARE-NAV-BEGIN> 10.26
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (0.43)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.82
<EXPENSE-RATIO> 1.04
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> 1838 Fixed Income Fund
<NUMBER> 3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 94,487,237
<INVESTMENTS-AT-VALUE> 92,996,153
<RECEIVABLES> 10,657,314
<ASSETS-OTHER> 617
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 103,654,084
<PAYABLE-FOR-SECURITIES> 9,374,705
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58,653
<TOTAL-LIABILITIES> 9,433,358
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,156,009
<SHARES-COMMON-STOCK> 9,604,582
<SHARES-COMMON-PRIOR> 7,004,447
<ACCUMULATED-NII-CURRENT> 220,204
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,664,403)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,491,084)
<NET-ASSETS> 94,220,726
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,016,642
<OTHER-INCOME> 0
<EXPENSES-NET> 513,704
<NET-INVESTMENT-INCOME> 4,502,938
<REALIZED-GAINS-CURRENT> (1,593,120)
<APPREC-INCREASE-CURRENT> (2,308,516)
<NET-CHANGE-FROM-OPS> 601,302
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,282,734
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,618,322
<NUMBER-OF-SHARES-REDEEMED> 405,513
<SHARES-REINVESTED> 387,326
<NET-CHANGE-IN-ASSETS> 22,497,432
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (71,283)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 418,704
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 613,591
<AVERAGE-NET-ASSETS> 84,227,275
<PER-SHARE-NAV-BEGIN> 10.24
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> (0.45)
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.81
<EXPENSE-RATIO> 0.61
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NAME> 1838 Large Cap Equity Fund
<NUMBER> 4
<S> <C>
<PERIOD-TYPE> 1-MO
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> SEP-29-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 4,607,150
<INVESTMENTS-AT-VALUE> 4,851,001
<RECEIVABLES> 83,316
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,933,317
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,022
<TOTAL-LIABILITIES> 10,022
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,660,926
<SHARES-COMMON-STOCK> 463,944
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 3,799
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,719
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 243,851
<NET-ASSETS> 4,923,295
<DIVIDEND-INCOME> 2,232
<INTEREST-INCOME> 3,390
<OTHER-INCOME> 0
<EXPENSES-NET> 1,823
<NET-INVESTMENT-INCOME> 3,799
<REALIZED-GAINS-CURRENT> 14,719
<APPREC-INCREASE-CURRENT> 243,851
<NET-CHANGE-FROM-OPS> 262,369
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 471,281
<NUMBER-OF-SHARES-REDEEMED> 7,337
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,923,295
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,580
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,162
<AVERAGE-NET-ASSETS> 2,703,554
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.60
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.61
<EXPENSE-RATIO> 0.75
</TABLE>
