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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 15
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
008 A000801 SHEFFIELD MANAGEMENT COMPANY
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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070 A010800 Y
070 A020800 N
070 B010800 Y
070 B020800 N
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070 C020800 N
070 D010800 Y
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070 E010800 Y
070 E020800 N
070 F010800 Y
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<PAGE> PAGE 41
070 J010800 Y
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070 L010800 Y
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071 A000800 29005
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<PAGE> PAGE 42
072CC020800 1382
072DD010800 0
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074 U010800 1895
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074 X000800 1659
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008 A000901 SHEFFIELD MANAGEMENT CO.
008 B000901 A
008 C000901 801-26537
008 D010901 NEW YORK
008 D020901 NY
008 D030901 10010
008 A000902 THE CHASE MANHATTAN CORPORATION
008 B000902 S
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<PAGE> PAGE 43
008 D020902 NY
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015 A000901 U. S. TRUST COMPANY OF NEW YORK
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028 A010900 1109
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038 000900 0
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040 000900 Y
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<PAGE> PAGE 44
044 000900 516
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048 I020900 0.000
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048 J020900 0.000
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048 K020900 0.000
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 N
060 B000900 N
061 000900 3000
062 A000900 N
062 B000900 0.0
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062 E000900 0.0
062 F000900 0.0
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062 H000900 0.0
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<PAGE> PAGE 45
062 P000900 0.0
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066 A000900 Y
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067 000900 N
068 A000900 N
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069 000900 N
070 A010900 Y
070 A020900 N
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070 C020900 N
070 D010900 Y
070 D020900 Y
070 E010900 Y
070 E020900 Y
070 F010900 Y
070 F020900 Y
070 G010900 Y
070 G020900 N
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070 H020900 N
070 I010900 Y
070 I020900 Y
070 J010900 Y
070 J020900 Y
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070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 Y
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070 N020900 N
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070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
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070 R020900 N
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072 A000900 6
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<PAGE> PAGE 46
072 C000900 0
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072 J000900 0
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073 A010900 0.0100
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074 A000900 0
074 B000900 0
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<PAGE> PAGE 47
074 Q000900 0
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008 A001001 SHEFFIELD MANAGEMENT COMPANY
008 B001001 A
008 C001001 801-26537
008 D011001 NEW YORK
008 D021001 NY
008 D031001 10010
008 A001002 THE CHASE MANHATTAN BANK
008 B001002 S
008 C001002 801-299999
008 D011002 NEW YORK
008 D021002 NY
008 D031002 10036
015 A001001 U. S. TRUST COMPANY OF NEW YORK
015 B001001 C
015 C011001 NEW YORK
015 C021001 NY
015 C031001 10003
015 E011001 X
028 A011000 516
028 A021000 0
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028 B011000 382
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028 B041000 54
028 C011000 423
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<PAGE> PAGE 48
028 E011000 257
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028 G011000 2003
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037 001000 N
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040 001000 Y
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047 001000 Y
048 001000 0.700
048 A011000 0
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<PAGE> PAGE 49
048 J021000 0.000
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055 A001000 N
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056 001000 N
057 001000 N
058 A001000 N
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060 A001000 N
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061 001000 3000
062 A001000 N
062 B001000 0.0
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066 A001000 Y
066 C001000 Y
067 001000 N
068 A001000 N
068 B001000 Y
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 Y
070 B021000 N
070 C011000 Y
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070 D011000 Y
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070 E011000 Y
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070 F011000 Y
070 F021000 N
070 G011000 Y
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<PAGE> PAGE 50
070 H021000 N
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070 I021000 N
070 J011000 Y
070 J021000 Y
070 K011000 Y
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070 L011000 Y
070 L021000 Y
070 M011000 Y
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070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
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070 R011000 N
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071 A001000 99999999
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<PAGE> PAGE 51
072AA001000 18
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SIGNATURE YOLONDA REYNOLDS
TITLE ASST. TREASURER
June 20, 1995
To the Board of Trustees of
Blanchard 100% Treasury Money Market Fund
In planning and performing our audit of the financial statements of
Blanchard 100% Treasury Money Market Fund (the "Fund") for the
year ended April 30, 1995, we considered its internal control
structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, and not to provide assurance
on the internal control structure.
The management of the Fund 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 appropriately 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 may 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 April 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
June 20, 1995
To the Board of Trustees of
Blanchard American Equity Fund
In planning and performing our audit of the financial statements of
Blanchard American Equity Fund (the "Fund") for the year ended
April 30, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Fund 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 appropriately 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 may 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 April 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
June 20, 1995
To the Board of Trustees of
Blanchard Worldwide Emerging Markets Fund
In planning and performing our audit of the financial statements of
Blanchard Emerging Worldwide Markets Fund (the "Fund") for the year
ended April 30, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purposes of expressing our opinion on
the financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control structure.
The management of the Fund 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 appropriately 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 may 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 April 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
June 20, 1995
To the Board of Trustees of
Blanchard Flexible Income Fund
In planning and performing our audit of the financial statements of
Blanchard Flexible Income Fund (the "Fund") for the year ended
April 30, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Fund 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 appropriately 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 may 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 April 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
June 20, 1995
To the Board of Trustees of
Blanchard Global Growth Fund
In planning and performing our audit of the financial statements of
Blanchard Global Growth Fund (the "Fund") for the year ended April
30, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinion
on the financial statements and to comply with the requirements
of Form N-SAR, and not to provide assurance on the internal
control structure.
The management of the Fund 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 appropriately 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 may 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 April 30, 1995.
This report is intended solely for the information and
use of management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
June 20, 1995
To the Board of Trustees of
Blanchard Short-Term Global Income Fund
In planning and performing our audit of the financial statements of
Blanchard Short-Term Global Income Fund (the "Fund") for the year
ended April 30, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine
our auditing procedures for the purposes of expressing our opinion on
the financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control structure.
The management of the Fund 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 appropriately 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 may 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 April 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
June 20, 1995
To the Board of Trustees of
Blanchard Short-Term Bond Fund
In planning and performing our audit of the financial statements of
Blanchard Short-Term Bond Fund (the "Fund") for the year ended
April 30, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund 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 appropriately 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 may 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 April 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
June 20, 1995
To the Board of Trustees of
Blanchard Flexible Tax-Free Bond Fund
In planning and performing our audit of the financial statements of
Blanchard Flexible Tax-Free Bond Fund (the "Fund") for the year ended
April 30, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinion
on the financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on the internal control
structure.
The management of the Fund 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 appropriately 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 may 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
April 30, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
