<PAGE> PAGE 1
000 A000000 12/31/98
000 C000000 0001036373
000 D000000 N
000 E000000 NF
000 F000000 Y
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001 A000000 THE DRESHER FAMILY OF FUNDS
001 B000000 811-08177
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002 B000000 DRESHER
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007 C020100 THE DRESHER CLASSIC RETIREMENT FUND
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007 C020200 THE DRESHER COMPREHENSIVE GROWTH FUND
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<PAGE> PAGE 2
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008 A00AA01 NATIONAL FINANCIAL ADVISORS, INC.
008 B00AA01 A
008 C00AA01 801-408-09
008 D01AA01 DRESHER
008 D02AA01 PA
008 D03AA01 19025
010 A00AA01 NATIONAL SHAREHOLDER SERVICES, INC.
010 C01AA01 DRESHER
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012 A00AA01 NATIONAL SHAREHOLDER SERVICES, INC.
012 B00AA01 84-5712
012 C01AA01 DRESHER
012 C02AA01 PA
012 C03AA01 19025
013 A00AA01 SANVILLE & COMPANY
<PAGE> PAGE 3
013 B01AA01 ABINGTON
013 B02AA01 PA
013 B03AA01 19001
013 A00AA09 SANVILLE & COMPANY
013 B01AA09 ABINGTON
013 B02AA09 PA
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014 A00AA01 NFA BROKERAGE SERVICES, INC.
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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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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SIGNATURE JEFFREY C. BROWN
TITLE PORTFOLIO MANAGER
To the Board of Trustees of the
The Dresher Family of Funds -
The Dresher Classic Retirement Fund
The Dresher Comprehensive Growth Fund
In planning and performing our audit of the financial
statements of The Dresher Family of Funds - The Dresher Classic
Retirement Fund and the Dresher Comprehensive Growth Fund for
the year ended December 31, 1998, we considered its internal
control structure, including procedures 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 the internal control structure.
The management of The Dresher Family of Funds is
responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would
not necessarily disclose all matters in the internal control
structure 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 the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities 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 the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
Abington, Pennsylvania Sanville & Company
February 12, 1999 Certified Public Accountants
