File Nos. 33-3165
811-4579
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 32
and
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 33
BLANCHARD FUNDS
(Exact Name of Registrant as Specified in Charter)
41 Madison Avenue, 24th Floor
New York, N.Y. 10010
(Address of Principal Executive Office) (Zip Code)
Registrant's Telephone Number, including Area Code: (212) 779-7979
Michael I. Freedman
President
Blanchard Funds
41 Madison Avenue, 24th Floor
New York, N.Y. 10010
(Name and Address of Agent for Service)
Copy to:
Carl Frischling, Esq. and
Susan Penry-Williams, Esq.
Kramer, Levin, Naftalis, Nessen, Kamin & Frankel
919 Third Avenue
New York, N.Y. 10022
It is proposed that this filing will become effective:
Immediately upon filing on pursuant
- - -
pursuant to paragraph (b) to paragraph (b)
X 60 days after filing pursuant on (date) pursuant to
-
to paragraph (a)(1) paragraph (a)(1)
75 days after filing pursuant on (date) pursuant to
- - -
to paragraph (a)(2) of paragraph (a)(2) rule 485.
Indefinite number of Shares registered under Rule 24f-2 by filing of
initial registration statement, effective May 29, 1986. Pursuant to paragraph
(b)(1) of Rule 24f-2, Registrant filed on June 27, 1995, a Rule 24f-2 Notice for
the fiscal year ended April 30, 1995.
CROSS REFERENCE SHEET
This Amendment to the Registration Statement of Blanchard Funds, which consists
of eleven investment portfolios: (1) Blanchard Global Growth Fund; (2) Blanchard
100% Treasury Money Market Fund; (3) Blanchard Short-Term Global Income Fund;
(4) Blanchard American Equity Fund; (5) Blanchard Flexible Income Fund; (6)
Blanchard Short-Term Flexible Income Fund; (7) Blanchard Flexible Tax-Free Bond
Fund; (8) Blanchard Worldwide Emerging Markets Fund; (9) Blanchard Growth &
Income Fund; (10) Blanchard Capital Growth Fund; and (11) Blanchard Asset
Allocation Fund, relates to Blanchard Growth & Income Fund and is comprised of
the following:
Part A. INFORMATION REQUIRED IN A PROSPECTUS.
Prospectus Heading
(Rule 404(c) Cross Reference)
Item 1. (1-11)Cover Page.
Item 2. (1-10)Fee Table, (11) Summary of Fund Expenses.
Item 3. (1-10)Highlights.
Item 4. (1-10)Investment Objectives and Policies; Additional
Information about the Funds and Portfolios; Additional
Information on Investment Policies and Techniques;
(11) General Information; Investment Information; Investment
Objective; Investment Policies; Additional Risk
Considerations; Investment Risks Associated with Investment in
Equity and Debt Securities.
Item 5. (1-10)Management of the Funds; Portfolio Advisory Services.
(11) Blanchard Funds Information; Management of the Fund;
Distribution of Fund Shares; Administration of the Fund.
(1-10)Transfer Agent and Dividend Disbursing Agent
Item 5 A. (1-10)Performance of the Portfolio Adviser; Performance
Computation Information.
(11) Not Applicable
Item 6. (1-10)Additional Information about the Funds and the
Portfolios; Other Information; Cover Page; Shareholder
Inquiries; Tax Matters.
(11) Expenses of the Fund; General Information; Shareholder
Information; Voting Rights; Massachusetts Partnership Law; Tax
Information; Federal Income Tax.
Item 7. (1-10)How to Invest; Investor Services; How to Invest;
Distribution of Shares of the Funds.
(11) Net Asset Value; How to Invest; Purchases by Mail;
Investors Services; Automatic Withdrawal Plan.
Item 8. (1-11)How to Redeem; (11) By Telephone; (11) By Mail.
Item 9. (1-11)Not Applicable
Part B. INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION
Item 10. (1-11)Cover Page.
Item 11. (1-11)Table of Contents.
Item 12. (1-11)Not Applicable
Item 13. (1-10)Investment Objective; Policies and Restrictions;
Portfolio Transactions.
(11) General Information About the Fund; Investment Objectives
and Policies; Investment Limitations.
Item 14. (1-10)The Management of the Fund.
(11) Blanchard Asset Allocation Fund Management; Trustee
Compensation.
Item 15. (1-10)Not Applicable
(11) Share Ownership.
Item 16. (1-10)Investment Advisory Services; Investment Advisory
Services; Cover Page; See Prospectus.
(11) Investment Advisory Services; Administrative Services;
Custodian.
Item 17. (1-10)Portfolio Transactions.
(11) Brokerage Transactions.
Item 18. (1-11)See Prospectus.
Item 19. (1-10)See Prospectus; Computation of Net Asset Value.
(11) Purchasing Shares; Determining Net Asset Value; Redeeming
Shares; Redemption in Kind.
Item 20. (1-10)Tax Matters.
(11) Tax Status.
Item 21. (1-11)Not Applicable
Item 22. (1-10)Performance Information.
(11) Total Return; Yield; Performance Comparisons.
Item 23. (1-11)Not Applicable
Incorporate by reference pursuant to Rule 411 under the
Securities Act of 1933, Parts A and B of Post-Effective Amendment
No. 29, filed August 7, 1995, in their entirety.
BLANCHARD GROUP OF FUNDS
BLANCHARD GROWTH & INCOME FUND
SUPPLEMENT TO PROSPECTUS DATED AUGUST 7, 1995
Please insert the following sub-section entitled "Special Offering" immediately
following the sub-section entitled "General Information" on page 15:
"SPECIAL OFFERING
During the period beginning January 1, 1996 and ending not later than
June 30, 1996, the Growth & Income Fund's Distributor will offer to
pay $100 to the account of each person who becomes a first time
shareholder of the Growth & Income Fund and maintains at least a
$3,000 balance ($2,000 for IRAs) in his account for at least 90 days.
(A shareholder will not be disqualified if his balance falls below the
required minimum due to changes in the Growth & Income Fund's net
asset value.) The payment will be made by the purchase of $100 in
shares of Growth & Income Fund for the shareholder's account and will
be made at the end of the 90-day holding period.
The offer is subject to the following conditions: (i) it is limited to
one payment per household , and to one payment in the case of a joint
account; (ii) employees of Signet Financial Services, Inc. ("SFSI")
will not be eligible to participate in the offer; (iii) broker/dealers
through which persons purchase shares pursuant to the offer must
furnish to SFSI the names, addresses and social security numbers of
all such purchasers, must certify to SFSI that such purchasers hold no
shares of Growth & Income Fund in their brokerage accounts at the date
of the offer and must, with respect to each such purchaser, from time
to time during the term of the offer furnish to SFSI the date and
amount of any purchase or redemption of shares of Growth & Income Fund
during the period of the offer; and (iv) the offer may be terminated
at any time by the Distributor without prior notice."
1995
----
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of FEDERATED INVESTORS
Federated Investors Tower
PITTSBURGH, PA 15222-3779
Cusip 093265304
G01335-15 (_/95)
PART C. OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements.
In Part A: (1-10) Financial Highlights.
(11)Not applicable.
In Part B: (1-10)Audited Financial Statements for the
fiscal year ended April 30, 1995.
(11) Not applicable.
In Part C: None.
(b) Exhibits
1. (a) Declaration of Trust of Registrant.1
(b) Amendment of Declaration of Trust.7
2. By-laws of Registrant.1
3. None.
4. Specimen certificate for shares of beneficial
interest of Registrant.2
5. (a)(i) Management Agreement between Registrant and
Sheffield Management Company for Global
(formerly Strategic) Growth Fund series.1
(a)(ii) Management Agreement between Registrant and
Sheffield Management Company for Blanchard 100%
Treasury (formerly Government) Money Market
Fund series.4
(a)(iii) Revised Form of Management Agreement between
Registrant and Sheffield Management Company for
Short-Term Global Income Fund series.7
(a)(iv) Form of Management Agreement between Registrant
and Sheffield Management Company for American
Equity (formerly Worldwide Bond) Fund series.9
(a)(v) Form of Management Agreement between Registrant
and Sheffield Management Company for Flexible
Income Fund series.10
(a)(vi) Form of Management Agreement between Registrant
and Sheffield Management Company for Short-Term
Bond Fund series.11
(a)(vii) Form of Management Agreement between Registrant
and Sheffield Management Company for Flexible
Tax-Free Bond Fund series.12
(a)(viii) Form of Management Agreement between Registrant
and Sheffield Management Company for Emerging
Markets Fund series.14
(a)(ix) Form of Management Agreement between Registrant
and Sheffield Management Company for Growth &
Income Fund series.15
(a)(x) Form of Management Agreement between Registrant
and Sheffield Management Company for Capital
Growth Fund series.15
(a)(xi) Form of Management Contract between Registrant,
on behalf of each of the series, and Virtus
Capital Management, Inc.19
(b)(i)(a) Forms of Sub-Advisory Agreements between
Sheffield Management Company and the following:
Calvelti Capital Management Ltd., Shufro, Rose
& Ehrman, Investment Advisors, Inc. and
Fiduciary International, Inc. for Global
(formerly Strategic) Growth Fund series.8
(b)(i)(b) Form of Global Asset Allocation Agreement
between Sheffield Management Company and
Fiduciary International, Inc. for Global
(formerly Strategic) Growth Fund series.8
(b)(ii) Sub-Advisory Agreement between Sheffield
Management Company and Marinvest Inc. for
Blanchard 100% Treasury (formerly Government)
Money Market Fund series.4
(b)(iii) Revised Form of Sub-Advisory Agreement between
Sheffield Management Company and Lombard Odier
International Portfolio Management Limited for
Short-Term Global Income Fund series.7
(b)(iv) Form of Sub-Advisory Agreement between
Sheffield Management Company and Provident
Investment Counsel, Inc. for American Equity
(formerly Worldwide Bond) Fund series.6
(b)(v) Form of Sub-Advisory Agreement between
Sheffield Management Company and OFFITBANK for
Flexible Income Fund series.10
(b)(vi) Form of Sub-Advisory Agreement between
Sheffield Management Company and OFFITBANK for
Short-Term Bond Fund series.11
(b)(vii) Form of Sub-Advisory Agreement between
Sheffield Management Company and U.S. Trust
Company of New York for Flexible Tax-Free Bond
Fund series.12
(b)(viii) Form of Sub-Advisory Agreement between
Sheffield Management Company and Martin Currie
Inc. for Emerging Markets Fund series.14
(b)(ix) Forms of Sub-Advisory Agreements between
Sheffield Management Company and Fiduciary
International, Inc. and Martin Currie Inc. for
Global Growth Fund series.13
(b)(x)(a) The Registrant incorporates the Forms of Sub-
Advisory Agreements for Global (formerly
Strategic) Growth Fund, Worldwide Emerging
Markets Fund, Short-Term Global Income Fund,
American Equity (formerly Worldwide Bond) Fund,
Flexible Income Fund, Short-Term Bond Fund,
Flexible Tax-Free Bond Fund, and Global Growth
Fund between Virtus Capital Management, Inc.,
and Rose & Ehrman, Investment Advisors, Inc.
and Fiduciary International, Inc.; OFFITBANK;
Lombard Odier International Portfolio
Management Limited; Provident Investment
Counsel, Inc.; OFFITBANK; OFFITBANK; U.S. Trust
Company of New York; Martin Currie Inc.; and
Martin Currie Inc. from Item 5(b)(x)(a)-xviii)
of the Blanchard Funds Registration Statement
filed with the Commission on August 7, 1995.
(File Number 33-3165 and 811-4579).
(b)(x)(b) The Registrant incorporates the Form of Global
Asset Allocation Agreement between Virtus
Capital Management, Inc. and Fiduciary
International, Inc. for Global (formerly
Strategic) Growth Fund from Item 5(b)(x)(b) of
the Blanchard Funds Registration Statement
filed with the Commission on August 7, 1995.
(File Number 33-3165 and 811-4579).
(b)(xi) The Registrant incorporates the Form of Sub-
Advisory Agreement between Lombard Odier
International Portfolio Management Limited and
WLO Global Management for Short-Term Global
Income Fund from Item 5(b)(xix) of the
Blanchard Funds Registration Statement filed
with the Commission on August 7, 1995. (File
Number 33-3165 and 811-4579).
6. (a)(i) Distribution Agreement between Registrant, and
Sheffield Investments, Inc.3
(a)(ii) Form of Distribution Agreement between
Registrant and Sheffield Investments, Inc. for
Short-Term Global Income Fund series.6
(a)(iii) Form of Distribution Agreement between
Registrant and Sheffield Investments, Inc.
for American Equity (formerly Worldwide Bond)
Fund series.9
(a)(iv) Form of Distribution Agreement between
Registrant and Sheffield Investments, Inc. for
Flexible Income Fund series.10
(a)(v) Form of Distribution Agreement between
Registrant and Sheffield Investments, Inc. for
Short-Term Bond Fund series.11
(a)(vi) Form of Distribution Agreement between
Registrant and Sheffield Investments, Inc. for
Flexible Tax-Free Bond Fund series.12
(a)(vii) Form of Distribution Agreement between
Registrant and Sheffield Investments, Inc. for
Emerging Markets Fund series.14
(a)(viii) Form of Distribution Agreement between
Registrant and Sheffield Investments, Inc. for
Growth & Income Fund Series.15
(a)(ix) Form of Distribution Agreement between
Registrant and Sheffield Investments, Inc. for
Capital Growth Fund Series.15
(a)(x) Conformed copy of Distributor's Contract
between Registrant, on behalf of each of the
series, and Federated Securities Corp.19
7. None.
8. (a)(i) Custody, Transfer Agency and Fund Accounting
and Pricing Services Agreements between
Registrant and United States Trust Company of
New York for Global (formerly Strategic) Growth
Fund series and for Blanchard 100% Treasury
(formerly Government) Money Market Fund
series.6
(a)(ii) Forms of Custody, Transfer Agency and Fund
Accounting and Pricing Services Agreements
between Registrant and United States Trust
Company of New York for Short-Term Global
Income Fund series.6
(a)(iii) Forms of Custody, Transfer Agency and Fund
Accounting and Pricing Services Agreements
between Registrant and United States Trust
Company of New York for American Equity
(formerly Worldwide Bond) Fund series.6
(a)(iv) Forms of Custody, Transfer Agency and Fund
Accounting and Pricing Services Agreements
between Registrant and United States Trust
Company of New York for Flexible Income Fund
series.10
(a)(v) Forms of Custody, Transfer Agency and Fund
Accounting and Pricing Services Agreements
between Registrant and United States Trust
Company of New York for Short-Term Bond Fund
series.11
(a)(vi) Forms of Custody, Transfer Agency and Fund
Accounting and Pricing Services Agreements
between Registrant and United States Trust
Company of New York for Flexible Tax-Free Bond
Fund series.12
(a)(vii) Forms of Custody, Transfer Agency and Fund
Accounting and Pricing Services Agreements
between Registrant and United States Trust
Company of New York for Emerging Markets Fund
series.14
(a)(viii) Forms of Transfer Agency and Fund
Accounting and Pricing Services Agreements
for Growth & Income Fund.18
(a)(ix) Forms of Transfer Agency and Fund
Accounting and Pricing Services Agreements
for Capital Growth Fund Series.18
(a)(x) Form of Custodian Contract between Registrant,
on behalf of each series and Signet Trust
Company.17
(b)(i) Sub-Custodian Agreements between United States
Trust Company of New York and Citibank,
N.A., and The Bank of Nova Scotia for Global
(formerly Strategic) Growth Fund series.6
(b)(ii) Form of Sub-Custodian Agreement between United
States Trust Company of New York and Citibank,
N.A. for Short-Term Global Income Fund series.6
(b)(iii) Form of Sub-Custodian Agreement between United
States Trust Company of New York and Citibank,
N.A. for American Equity (formerly Worldwide
Bond) Fund series.6
(b)(iv) Form of Sub-Custodian Agreement between United
States Trust Company of New York and Citibank,
N.A. for Flexible Income Fund series.10
(b)(v) Form of Sub-Custodian Agreement between United
States Trust Company of New York and Morgan
Stanley Trust Company for Short-Term Bond Fund
series.11
(b)(vi) Form of Sub-Custodian Agreement between United
States Trust Company of New York and Morgan
Stanley Trust Company for Emerging Markets Fund
series.14
(c) Form of Agreement for Fund Accounting,
Shareholder Recordkeeping and Custody Services
Procurement between Registrant, on behalf of
each series and Federated Services Company.17
9. Conformed copy of Administrative Services
Agreement between Registrant, on behalf of each
series, and Federated Administrative
Services.19
10. None.
11. Conformed copy of consent of Price Waterhouse
LLP. +
12. Not applicable.
13. Agreement re: initial $100,000 capital.3
14. Copies of model tax-sheltered retirement
plans.3
15. (a)(i) Rule 12b-1 Distribution and Marketing Plan for
Global (formerly Strategic) Growth Fund
series.3
(a)(ii) Form of Rule 12b-1 Distribution and Marketing
Plan for Short-Term Global Income Fund series.6
(a)(iii) Form of Rule 12b-1 Distribution and Marketing
Plan for American Equity (formerly Worldwide
Bond) Fund series.9
(a)(iv) Form of Rule 12b-1 Distribution and Marketing
Plan for Flexible Income Fund series.10
(a)(v) Form of Rule 12b- 1 Distribution and Marketing
Plan for Short-Term Bond Fund series.11
(a)(vi) Form of Rule 12b- 1 Distribution and Marketing
Plan for Flexible Tax-Free Bond Fund series.12
(a)(vii) Form of Rule 12b-1 Distribution and Marketing
Plan for Emerging Markets Fund series.14
(a)(viii) Form of Rule 12b-1 Distribution and Marketing
Plan for Growth & Income Fund series.15
(a)(ix) Form of Rule 12b-1 Distribution and Marketing
Plan for Capital Growth Fund series.15
(a)(x) Conformed copy of Distribution Plan.19
(a)(xi) Copy of 12b-1 Agreement.19
16. (a)(i) Schedule of Performance Quotations for Global
(formerly Strategic) Growth Fund series and for
Blanchard 100% Treasury (formerly Government)
Money Market Fund series.5
(a)(ii) Schedule of Performance Quotations for Short-
Term Global Income Fund series.6
(a)(iii) Schedule of Performance Quotations for
American Equity (formerly Worldwide Bond)
Fund series.9
(a)(iv) Schedule of Performance Quotations for Flexible
Income Fund series.10
(a)(v) Schedule of Performance Quotations for Short-
Term Bond Fund series.11
(a)(vi) Schedule of Performance Quotations for Flexible
Tax-Free Bond Fund series.12
(a)(vii) Schedule of Performance Quotations for
Emerging Markets Fund (formerly Blanchard
Asset Manager or Blanchard Asset Allocation
Fund) series.12
17. (a)(viii) Forms of computation of performance quotations
for Growth & Income and Capital Growth
series.18
18. Copy of Financial Data Schedules.+
19. Conformed Copy of Power of Attorney.19
Footnotes
+ All Exhibits Have been filed electronically.
1 Previously filed on February 5, 1986 in the Registrant's Registration
Statement.
2 Previously filed on March 28, 1986 in Pre-Effective Amendment No. I to the
Registrant's Registration Statement.
3 Previously filed on April 23, 1986 in Pre-Effective Amendment No. 2 to the
Registrant's Registration Statement.
4 Previously filed on November 23, 1988 in Post-Effective Amendment No. 4 to
the Registrant's Registration Statement.
5 Previously filed on July 3, 1990 in Post-Effective Amendment No. 6 to the
Registrant's Registration Statement.
6 Previously filed on November 2, 1990 in Post-Effective Amendment No. 7 to
the Registrant's Registration Statement.
7 Previously filed on December 21, 1990 in Post-Effective Amendment No. 8 to
the Registrant's Registration Statement.
8 Previously filed on December 19, 1991 in Post-Effective Amendment No. 11 to
the Registrant's Registration Statement.
9 Previously filed on June 8, 1992 in Post-Effective Amendment No. 13 to the
Registrant's Registration Statement.
10 Previously filed on September 3, 1992 in Post-Effective Amendment No. 15 to
the Registrant's Registration Statement.
11 Previously filed on February 5, 1993 in Post-Effective Amendment No. 16 to
the Registrant's Registration Statement.
12 Previously filed on May 25, 1993 in Post-Effective Amendment No. 17 to the
Registrant's Registration Statement.
13 Previously filed on September 30, 1993 in Post-Effective Amendment No. 22
to the Registrant's Registration Statement.
14 Previously filed on December 8, 1993 in Post-Effective Amendment No. 23 to
the Registrant's Registration Statement.
15 Previously filed on July 7, 1994 in Post-Effective Amendment No. 25 to the
Registrant's Registration Statement.
16 Previously filed on April 25, 1995 in Post-Effective Amendment No. 27 to
the Registrant's Registration Statement.
17 To be filed by amendment.
18 Previously filed on August 7, 1995 in Post-Effective Amendment No. 29 to
the Registrant's Registration Statement.
19 Previously filed on October 17, 1995 in Post-Effective Amendment No. 31 to
the Registrant's Registration Statement.
ITEM 25. Persons Controlled By or Under Common Control with Registrant
See "The Manager and Management Agreement" in the Prospectus and
Statement of Additional Information.
ITEM 26. Number of Holders or Securities
Number of Record Holders
Title of Class as of October 16, 1995
BGGF 9,478
BTMMF 11,194
BSTGIF 20,726
BAEF 1,483
BFIF 19,803
BSTBF 1,839
BFTFBF 1,377
BWEMF 2,118
BAEF (not effective)
ITEM 27. Indemnification
State the general effect of any contract, arrangement or statute under
which any director, officer, underwriter or affiliated person of the Registrant
is insured or indemnified in any manner against any liability which may be
incurred in such capacity, other than insurance provided by any director,
officer, affiliated person or underwriter for their own protection.
Under the terms of the Registrant's Declaration of Trust, the
Registrant may indemnify any person who was or is a Trustee, officer or employee
of the Registrant to the maximum extent permitted by law; provided, however,
that any such indemnification (unless ordered by a court) shall be made by the
Registrant only as authorized in the specific case upon a determination that
indemnification of such persons is proper in the circumstances. Such
determination shall be made (i) by the Trustees, by a majority vote of a quorum
which consists of Trustees who are neither in Section 2(a)(19) of the Investment
Company Act of 1940, nor parties to the proceeding, or (ii) if the required
quorum is not obtainable or, if a quorum of such Trustees so directs, by
independent legal counsel in a written opinion. No indemnification will be
provided by the Registrant to any Trustee or officer of the Registrant for any
liability to the Registrant or shareholders to which he would otherwise be
subject by reason of willful misfeasance, bad faith, gross negligence or
reckless disregard of duty.
Insofar as the conditional advancing of indemnification monies for
actions based upon the Investment Company Act of 1940 may he concerned, such
payments will be made only on the following conditions: (i) the advances must be
limited to amounts used, or to be used, for the preparation or presentation of a
defense to the action, including costs connected with the preparation of a
settlement; (ii) advances may be made only upon receipt of a written promise by,
or on behalf of, the recipient to repay that amount of the advance which exceeds
that amount to which it is ultimately determined that he is entitled to receive
from the Registrant by reason of indemnification; and (iii) (a) such promise
must be secured by a surety bond, other suitable insurance or an equivalent form
of security which assures that any repayments may be obtained by the Registrant
without delay or litigation, which bond, insurance or other form of security
must be provided by the recipient of the advance, or (b) a majority of a quorum
of the Registrant's disinterested, non-party Trustees, or an independent legal
counsel in a written opinion, shall determine, based upon a review of readily
available facts, that the recipient of the advance ultimately will be found
entitled to indemnification.
Insofar as indemnification for liability arising under the Securities
Act of 1933 may be permitted to trustees, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a trustee, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
trustee, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.
ITEM 28. Business and Other Connections or Investment Adviser
Describe any other business, profession, vocation or employment of a
substantial nature in which each investment adviser of the Registrant, and each
director, officer or partner of any such investment adviser, is or has been, at
any time during the past two fiscal years, engaged for his own account or in the
capacity of director, officer, employee, partner, or trustee.
For a description of the other business of Virtus Capital Management,
Inc. see "Management of the Funds" in Part A. The officers of Virtus Capital
Management, Inc. are:
Gary M. Allen President and Chief Investment Officer,
Director VCM, since March 1995; Senior Vice
President STC (March 1994 to
March 1995);
Managing Director of U.S. Equities
(November 1990 to March 1994) and
Director, Internal Asset Management
(June
1985 to November 1990) of the Virginia
Retirement System.
E. Christian Goetz Senior Vice President Director of Fixed Income,
and Director VCM, since March 1995; Portfolio
Manager
STC (November 1990 to March 1995).
Tanya Orr Bird Vice President and Director of Client Services,
Director VCM, since March 1995; Vice
President of
Client Services, STC (October 1994 to
March 1995); Consultant, William M.
Mercer
Asset Planning Inc., 1989 to
October 1994.
Kevin M. Lewis Vice President and Senior Equity Manager, VCM,
Director since March 1995; Equity Manager, STC,
from 1987 to March 1995.
ITEM 29. Principal Underwriters
(a) Federated Securities Corp., the Distributor for shares of the
Registrant, also acts as principal underwriter for the following open-
end investment companies: Alexander Hamilton Funds; American Leaders
Fund, Inc.; Annuity Management Series; Arrow Funds; Automated
Government Money Trust; BayFunds; The Biltmore Funds; The Biltmore
Municipal Funds; Blanchard Funds; Blanchard Precious Metals, Inc.;
Cash Trust Series, Inc.; Cash Trust Series II; DG Investor Series;
Edward D. Jones & Co. Daily Passport Cash Trust; Federated ARMs Fund;
Federated Equity Funds; Federated Exchange Fund, Ltd.; Federated GNMA
Trust; Federated Government Trust; Federated High Yield Trust;
Federated Income Securities Trust; Federated Income Trust; Federated
Index Trust; Federated Institutional Trust; Federated Master Trust;
Federated Municipal Trust; Federated Short-Term Municipal Trust;
Federated Short-Term U.S. Government Trust; Federated Stock Trust;
Federated Tax-Free Trust; Federated Total Return Series, Inc.;
Federated U.S. Government Bond Fund; Federated U.S. Government
Securities Fund: 1-3 Years; Federated U.S. Government Securities Fund:
3-5 Years;First Priority Funds; First Union Funds; Fixed Income
Securities, Inc.; Fortress Adjustable Rate U.S. Government Fund, Inc.;
Fortress Municipal Income Fund, Inc.; Fortress Utility Fund, Inc.;
Fountain Square Funds; Fund for U.S. Government Securities, Inc.;
Government Income Securities, Inc.; High Yield Cash Trust;
Independence One Mutual Funds; Insurance Management Series;
Intermediate Municipal Trust; International Series Inc.; Investment
Series Funds, Inc.; Investment Series Trust; Liberty Equity Income
Fund, Inc.; Liberty High Income Bond Fund, Inc.; Liberty Municipal
Securities Fund, Inc.; Liberty U.S. Government Money Market Trust;
Liberty Utility Fund, Inc.; Liquid Cash Trust; Managed Series Trust;
Marshall Funds, Inc.; Money Market Management, Inc.; Money Market
Obligations Trust; Money Market Trust; The Monitor Funds; Municipal
Securities Income Trust; Newpoint Funds; 111 Corcoran Funds; Peachtree
Funds; The Planters Funds; RIMCO Monument Funds; The Shawmut Funds;
SouthTrust Vulcan Funds; Star Funds; The Starburst Funds; The
Starburst Funds II; Stock and Bond Fund, Inc.; Sunburst Funds;
Targeted Duration Trust; Tax-Free Instruments Trust; Tower Mutual
Funds; Trademark Funds; Trust for Financial Institutions; Trust for
Government Cash Reserves; Trust for Short-Term U.S. Government
Securities; Trust for U.S. Treasury Obligations; The Virtus Funds;
Vision Fiduciary Funds, Inc.; Vision Group of Funds, Inc.; and World
Investment Series, Inc.
Federated Securities Corp. also acts as principal underwriter for the
following closed-end investment company: Liberty Term Trust, Inc.-
1999.
(b)
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
Business Address With Underwriter With Registrant
Richard B. Fisher Director, Chairman, Chief Vice President
Federated Investors Tower Executive Officer, Chief
Pittsburgh, PA 15222-3779 Operating Officer, Asst.
Secretary, and Asst.
Treasurer, Federated
Securities Corp.
Edward C. Gonzales Director, Executive VicePresident, Treasurer
Federated Investors Tower President, Federated, and Trustee
Pittsburgh, PA 15222-3779 Securities Corp.
John W. McGonigle Director, Federated Executive Vice
Federated Investors Tower Securities Corp. President and
Pittsburgh, PA 15222-3779 Secretary
John B. Fisher President-Institutional Sales, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
James F. Getz President-Broker/Dealer, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Mark R. Gensheimer Executive Vice President of --
Federated Investors Tower Bank/Trust, Federated
Pittsburgh, PA 15222-3779 Securities Corp.
Mark W. Bloss Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Richard W. Boyd Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Theodore Fadool, Jr. Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Bryant R. Fisher Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Christopher T. Fives Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
Business Address With Underwriter With Registrant
James S. Hamilton Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
James M. Heaton Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Keith Nixon Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Solon A. Person, IV Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Timothy C. Pillion Senior Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Thomas E. Territ Senior Vice President, --
Federated Investors Tower Federated Securities Corp
Pittsburgh, PA 15222-3779
John B. Bohnet Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Byron F. Bowman Vice President, Secretary, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Jane E. Broeren-Lambesis Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Mary J. Combs Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
R. Edmond Connell, Jr. Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Kevin J. Crenny Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Daniel T. Culbertson Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
G. Michael Cullen Vice President, --
Federated Investors Tower Federated Securites Corp.
Pittsburgh, PA 15222-3779
Laura M. Deger Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
Business Address With Underwriter With Registrant
Jill Ehrenfeld Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Mark D. Fisher Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Michael D. Fitzherald Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Joseph D. Gibbons Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Craig S. Gonzales Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Richard C. Gonzales Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Scott A. Hutton Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
H. Joeseph Kenedy Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
William E. Kugler Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Steven A. La Versa Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Mark J. Miehl Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Richard C. Mihm Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
J. Michael Miller Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Michael P. O'Brien Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Robert D. Oehlschlager Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
Business Address With Underwriter With Registrant
Robert F. Phillips Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Eugene B. Reed Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Paul V. Riordan Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
John C. Shelar, Jr. Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
David W. Spears Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Jeffrey A. Stewart Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Jamie M. Teschner Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
William C. Tustin Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Paul A. Uhlman Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Richard B. Watts Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Michael P. Wolff Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Charlene H. Jennings Assistant Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
J. Timothy Radcliff Assistant Vice President, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Denis McAuley Treasurer, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
Thomas R. Donahue Asst. Secretary, Asst. --
Federated Investors Tower Treasurer, Federated
Pittsburgh, PA 15222-3779 Securities Corp.
(1) (2) (3)
Name and Principal Positions and Offices Positions and Offices
Business Address With Underwriter With Registrant
Joseph M. Huber Assistant Secretary, --
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
David M. Taylor Assistant Secretary, Treasurer
Federated Investors Tower Federated Securities Corp.
Pittsburgh, PA 15222-3779
(c) not applicable
ITEM 30. Location of Accounts and Records
The accounts and records required to be maintained by Section 31(a) of
the Investment Company Act of 1940 and Rules
31a-1 through 31a-3 promulgated thereunder are maintained at one of the
following locations:
The Virtus Funds Federated Investors Tower
Pittsburgh, PA
Federated Services Company Federated Investors Tower
(Transfer Agent,Dividend Pittsburgh, PA
Disbursing Agent and
Portfolio Recordkeeper)
Federated Administrative Federated Investors Tower
Services (Administrator) Pittsburgh, PA
Virtus Capital Management, Inc. 707 East Main Street
(Adviser) Suite 1300
Richmond, VA
Signet Trust Company 7 North Eighth Street
(Custodian) Richmond, VA
ITEM 31. Management Services
Not applicable.
ITEM 32. Undertakings
Registrant hereby undertakes to comply with the provisions of
Section 16(c) of the 1940 Act with respect to the removal of Trustees and the
calling of special shareholder meetings by shareholders.
Registrant undertakes to furnish each person to whom a prospectus is
delivered a copy of the latest annual report to shareholders, upon request and
without charge.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant, BLANCHARD FUNDS, has duly caused
this Amendment to its Registration Statement to be signed on its behalf by the
undersigned, thereto duly authorized, in the City of Pittsburgh and Commonwealth
of Pennsylvania, on the 30th day of October, 1995.
BLANCHARD FUNDS
BY: /s/C. Grant Anderson
C. Grant Anderson, Assistant Secretary
Attorney in Fact for John F. Donahue
October 30, 1995
Pursuant to the requirements of the Securities Act of 1933, this Amendment
to its Registration Statement has been signed below by the following person in
the capacity and on the date indicated:
NAME TITLE DATE
By:/s/C. Grant Anderson
C. Grant Anderson Attorney In Fact October 30, 1995
ASSISTANT SECRETARY For the Persons
Listed Below
NAME TITLE DATE
John F. Donahue* Chairman and Trustee
(Chief Executive Officer)
Edward C. Gonzales* President, Treasurer and
Trustee
(Principal Financial and
Accounting Officer)
Thomas G. Bigley* Trustee
John T. Conroy, Jr.* Trustee
William J. Copeland* Trustee
James E. Dowd* Trustee
Lawrence D. Ellis, M.D.* Trustee
Edward L. Flaherty, Jr.* Trustee
Peter E. Madden* Trustee
Gregor F. Meyer* Trustee
John E. Murray, Jr.* Trustee
Wesley W. Posvar* Trustee
Marjorie P. Smuts* Trustee
Exhibit 11 under Form N-
1A Exhibit 23 under Item
601/Reg. S-K
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the use in the Statements of Additional Information
constituting part of Post-Effective Amendment No. 29 to the registration
statement of Form N-1A (the "Registration Statement), which are incorporated
by reference into this Post-Effective Amendment No. 32, of our reports dated
June 20, 1995, relating to the financial statements and financial highlights
of the Blanchard American Equity Fund, Blanchard Global Growth Fund, Blanchard
ShortTerm Global Income Fund, Blanchard Short-Term Bond Fund, Blanchard
Flexible TaxFree Bond Fund, Blanchard Worldwide Emerging Markets Fund,
Blanchard 100% Treasury Money market Fund, and Blanchard Flexible Income Fund,
eight of the portfolios of The Blanchard Group of Funds, which appear in such
Statements of Additional Information, and to the incorporation by reference of
our reports into the Prospectus which constitutes part of the Registration
Statement. We also consent to the references to us under the headings
"Financial Highlights" and "Independent Accountants" in such Prospectus.
/s/Price Waterhouse LLP
Price Waterhouse LLP
1177 Avenue of the Americas
New York, New York
October 26, 1995
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Blanchard Growth & Income Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 3,807,351
<INVESTMENTS-AT-VALUE> 4,001,984
<RECEIVABLES> 0
<ASSETS-OTHER> 81,715
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,083,699
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113,615
<TOTAL-LIABILITIES> 113,615
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,763,343
<SHARES-COMMON-STOCK> 538,628
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (13,733)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,841
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 194,633
<NET-ASSETS> 3,970,084
<DIVIDEND-INCOME> 11,975
<INTEREST-INCOME> 19,602
<OTHER-INCOME> 0
<EXPENSES-NET> 43,191
<NET-INVESTMENT-INCOME> (11,614)
<REALIZED-GAINS-CURRENT> 25,841
<APPREC-INCREASE-CURRENT> 194,633
<NET-CHANGE-FROM-OPS> 208,860
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,119
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 872,955
<NUMBER-OF-SHARES-REDEEMED> 334,625
<SHARES-REINVESTED> 298
<NET-CHANGE-IN-ASSETS> 3,970,084
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,310
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,267
<AVERAGE-NET-ASSETS> 1,340,105
<PER-SHARE-NAV-BEGIN> 7.000
<PER-SHARE-NII> (0.020)
<PER-SHARE-GAIN-APPREC> 0.400
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.370
<EXPENSE-RATIO> 410
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Blanchard Capital Growth Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 1,478,450
<INVESTMENTS-AT-VALUE> 1,555,296
<RECEIVABLES> 4,213
<ASSETS-OTHER> 79,615
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,639,124
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106,095
<TOTAL-LIABILITIES> 106,095
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,462,120
<SHARES-COMMON-STOCK> 212,388
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (23,760)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,822
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 76,846
<NET-ASSETS> 1,533,028
<DIVIDEND-INCOME> 3,914
<INTEREST-INCOME> 4,227
<OTHER-INCOME> 0
<EXPENSES-NET> 31,901
<NET-INVESTMENT-INCOME> (23,760)
<REALIZED-GAINS-CURRENT> 17,822
<APPREC-INCREASE-CURRENT> 76,846
<NET-CHANGE-FROM-OPS> 70,908
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 290,896
<NUMBER-OF-SHARES-REDEEMED> 78,508
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,533,028
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,431
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32,771
<AVERAGE-NET-ASSETS> 628,988
<PER-SHARE-NAV-BEGIN> 7.000
<PER-SHARE-NII> (0.110)
<PER-SHARE-GAIN-APPREC> 0.330
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.220
<EXPENSE-RATIO> 645
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Blanchard Global Growth Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 85,030,348
<INVESTMENTS-AT-VALUE> 87,327,076
<RECEIVABLES> 2,407,266
<ASSETS-OTHER> 1,516,999
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 91,251,341
<PAYABLE-FOR-SECURITIES> 3,746,085
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 417,379
<TOTAL-LIABILITIES> 4,163,464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 87,241,249
<SHARES-COMMON-STOCK> 8,972,356
<SHARES-COMMON-PRIOR> 10,937,349
<ACCUMULATED-NII-CURRENT> 1,644,700
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,098,048)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,299,976
<NET-ASSETS> 87,087,877
<DIVIDEND-INCOME> 1,011,758
<INTEREST-INCOME> 2,203,012
<OTHER-INCOME> 0
<EXPENSES-NET> 2,469,377
<NET-INVESTMENT-INCOME> 745,393
<REALIZED-GAINS-CURRENT> (3,163,377)
<APPREC-INCREASE-CURRENT> 786,906
<NET-CHANGE-FROM-OPS> (1,631,078)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 2,156,307
<NUMBER-OF-SHARES-SOLD> 1,720,511
<NUMBER-OF-SHARES-REDEEMED> 3,905,396
<SHARES-REINVESTED> 219,892
<NET-CHANGE-IN-ASSETS> (22,717,565)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (153,066)
<OVERDISTRIB-NII-PRIOR> 334,578
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 983,753
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,469,377
<AVERAGE-NET-ASSETS> 98,375,300
<PER-SHARE-NAV-BEGIN> 10.040
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> (0.190)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.220
<PER-SHARE-NAV-END> 9.710
<EXPENSE-RATIO> 251
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Blanchard 100% Treasury Money Market
Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 160,428,893
<INVESTMENTS-AT-VALUE> 160,428,893
<RECEIVABLES> 5,160,067
<ASSETS-OTHER> 223,138
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 165,812,098
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 657,539
<TOTAL-LIABILITIES> 657,539
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165,154,559
<SHARES-COMMON-STOCK> 165,260,846
<SHARES-COMMON-PRIOR> 230,897,250
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 165,154,559
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,612,788
<OTHER-INCOME> 0
<EXPENSES-NET> 1,973,239
<NET-INVESTMENT-INCOME> 7,639,549
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,639,549
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,639,549
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 212,621,088
<NUMBER-OF-SHARES-REDEEMED> 285,432,758
<SHARES-REINVESTED> 7,175,266
<NET-CHANGE-IN-ASSETS> (65,636,404)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,005,077
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,139,934
<AVERAGE-NET-ASSETS> 201,015,400
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> Blanchard Short-Term Global Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 228,441,795
<INVESTMENTS-AT-VALUE> 229,015,120
<RECEIVABLES> 58,303,925
<ASSETS-OTHER> 5,744,281
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 293,063,326
<PAYABLE-FOR-SECURITIES> 50,456,095
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,737,783
<TOTAL-LIABILITIES> 59,193,878
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 259,231,663
<SHARES-COMMON-STOCK> 141,135,916
<SHARES-COMMON-PRIOR> 298,791,806
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 12,018,933
<ACCUMULATED-NET-GAINS> (10,744,046)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,599,236)
<NET-ASSETS> 233,869,448
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 27,791,428
<OTHER-INCOME> 0
<EXPENSES-NET> 5,615,182
<NET-INVESTMENT-INCOME> 22,176,246
<REALIZED-GAINS-CURRENT> (44,398,143)
<APPREC-INCREASE-CURRENT> 15,576,577
<NET-CHANGE-FROM-OPS> (6,645,320)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 22,509,967
<NUMBER-OF-SHARES-SOLD> 46,167,838
<NUMBER-OF-SHARES-REDEEMED> 214,657,986
<SHARES-REINVESTED> 10,834,258
<NET-CHANGE-IN-ASSETS> (301,271,643)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 123,131
<OVERDISTRIB-NII-PRIOR> 18,495,810
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,811,067
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,797,267
<AVERAGE-NET-ASSETS> 374,808,933
<PER-SHARE-NAV-BEGIN> 1.790
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> (0.130)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.100
<PER-SHARE-NAV-END> 1.660
<EXPENSE-RATIO> 151
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> Blanchard American Equity Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 7,973,450
<INVESTMENTS-AT-VALUE> 9,354,161
<RECEIVABLES> 336,145
<ASSETS-OTHER> 94,748
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<TOTAL-ASSETS> 9,785,054
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<OTHER-ITEMS-LIABILITIES> 108,944
<TOTAL-LIABILITIES> 156,711
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<PAID-IN-CAPITAL-COMMON> 9,219,364
<SHARES-COMMON-STOCK> 1,000,269
<SHARES-COMMON-PRIOR> 1,483,066
<ACCUMULATED-NII-CURRENT> (11,865)
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,380,711
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<DIVIDEND-INCOME> 107,980
<INTEREST-INCOME> 30,332
<OTHER-INCOME> 0
<EXPENSES-NET> 357,166
<NET-INVESTMENT-INCOME> (218,854)
<REALIZED-GAINS-CURRENT> (304,036)
<APPREC-INCREASE-CURRENT> 1,056,341
<NET-CHANGE-FROM-OPS> 533,451
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<SHARES-REINVESTED> 27,994
<NET-CHANGE-IN-ASSETS> (4,341,999)
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<GROSS-EXPENSE> 449,690
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<PER-SHARE-NAV-BEGIN> 9.420
<PER-SHARE-NII> (0.010)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Blanchard Flexible Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 264,137,677
<INVESTMENTS-AT-VALUE> 257,883,046
<RECEIVABLES> 5,875,827
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 264,137,548
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<OTHER-ITEMS-LIABILITIES> 1,714,464
<TOTAL-LIABILITIES> 1,714,464
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 55,757,152
<SHARES-COMMON-PRIOR> 113,566,753
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (742,594)
<ACCUMULATED-NET-GAINS> (18,559,663)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,239,332)
<NET-ASSETS> 262,423,084
<DIVIDEND-INCOME> 235,141
<INTEREST-INCOME> 29,159,495
<OTHER-INCOME> 0
<EXPENSES-NET> 5,727,543
<NET-INVESTMENT-INCOME> 23,667,093
<REALIZED-GAINS-CURRENT> (25,650,427)
<APPREC-INCREASE-CURRENT> 9,037,357
<NET-CHANGE-FROM-OPS> 7,054,023
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 23,736,224
<NUMBER-OF-SHARES-SOLD> 22,941,483
<NUMBER-OF-SHARES-REDEEMED> 84,785,272
<SHARES-REINVESTED> 4,034,188
<NET-CHANGE-IN-ASSETS> (287,831,041)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 15,868,184
<OVERDISTRIB-NII-PRIOR> 15,600,252
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,723,672
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,770,965
<AVERAGE-NET-ASSETS> 363,156,267
<PER-SHARE-NAV-BEGIN> 4.850
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> (0.130)
<PER-SHARE-DIVIDEND> 0.000
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<RETURNS-OF-CAPITAL> 0.310
<PER-SHARE-NAV-END> 4.710
<EXPENSE-RATIO> 158
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> Blanchard Short-Term Bond Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 23,141,680
<INVESTMENTS-AT-VALUE> 22,952,464
<RECEIVABLES> 543,554
<ASSETS-OTHER> 96,200
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,592,218
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 147,711
<TOTAL-LIABILITIES> 147,711
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,355,402
<SHARES-COMMON-STOCK> 7,985,358
<SHARES-COMMON-PRIOR> 14,460,795
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (58,696)
<ACCUMULATED-NET-GAINS> (662,983)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (189,216)
<NET-ASSETS> 23,444,507
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,934,317
<OTHER-INCOME> 0
<EXPENSES-NET> 431,437
<NET-INVESTMENT-INCOME> 1,502,880
<REALIZED-GAINS-CURRENT> (572,264)
<APPREC-INCREASE-CURRENT> 443,090
<NET-CHANGE-FROM-OPS> 1,373,706
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,502,880
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 18,912
<NUMBER-OF-SHARES-SOLD> 7,207,260
<NUMBER-OF-SHARES-REDEEMED> 14,143,317
<SHARES-REINVESTED> 460,620
<NET-CHANGE-IN-ASSETS> (18,936,653)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (128,863)
<OVERDISTRIB-NII-PRIOR> (189,258)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 235,737
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 666,100
<AVERAGE-NET-ASSETS> 31,431,600
<PER-SHARE-NAV-BEGIN> 2.930
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.140
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 2.940
<EXPENSE-RATIO> 138
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Blanchard Flexible Tax-Free Bond Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 16,902,792
<INVESTMENTS-AT-VALUE> 17,256,175
<RECEIVABLES> 2,226,458
<ASSETS-OTHER> 61,211
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,543,844
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,282
<TOTAL-LIABILITIES> 48,282
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,737,821
<SHARES-COMMON-STOCK> 3,877,709
<SHARES-COMMON-PRIOR> 4,873,296
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (12,275)
<ACCUMULATED-NET-GAINS> (1,583,367)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 353,383
<NET-ASSETS> 19,495,562
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,244,175
<OTHER-INCOME> 0
<EXPENSES-NET> 211,741
<NET-INVESTMENT-INCOME> 1,032,434
<REALIZED-GAINS-CURRENT> (1,143,934)
<APPREC-INCREASE-CURRENT> 1,890,650
<NET-CHANGE-FROM-OPS> 1,779,150
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,032,434
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 12,875
<NUMBER-OF-SHARES-SOLD> 2,686,852
<NUMBER-OF-SHARES-REDEEMED> 3,854,437
<SHARES-REINVESTED> 171,998
<NET-CHANGE-IN-ASSETS> (3,771,497)
<ACCUMULATED-NII-PRIOR> 600
<ACCUMULATED-GAINS-PRIOR> (439,433)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 151,593
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 459,760
<AVERAGE-NET-ASSETS> 20,212,400
<PER-SHARE-NAV-BEGIN> 4.770
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 0.260
<PER-SHARE-DIVIDEND> 0.230
<PER-SHARE-DISTRIBUTIONS> 0.010
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 5.030
<EXPENSE-RATIO> 100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> Blanchard Worldwide Emerging Markets
Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1995
<PERIOD-END> Apr-30-1995
<INVESTMENTS-AT-COST> 12,946,228
<INVESTMENTS-AT-VALUE> 11,555,008
<RECEIVABLES> 640,230
<ASSETS-OTHER> 750,166
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,945,404
<PAYABLE-FOR-SECURITIES> 762,573
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,779
<TOTAL-LIABILITIES> 807,352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,198,715
<SHARES-COMMON-STOCK> 1,895,181
<SHARES-COMMON-PRIOR> 1,007,868
<ACCUMULATED-NII-CURRENT> (115,247)
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<ACCUMULATED-NET-GAINS> (2,552,372)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,393,044)
<NET-ASSETS> 12,138,052
<DIVIDEND-INCOME> 122,193
<INTEREST-INCOME> 187,123
<OTHER-INCOME> 0
<EXPENSES-NET> 516,016
<NET-INVESTMENT-INCOME> (206,700)
<REALIZED-GAINS-CURRENT> (2,459,682)
<APPREC-INCREASE-CURRENT> (1,382,453)
<NET-CHANGE-FROM-OPS> (4,048,835)
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<NUMBER-OF-SHARES-SOLD> 2,641,403
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,095,483
<ACCUMULATED-NII-PRIOR> (707)
<ACCUMULATED-GAINS-PRIOR> (184,850)
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 606,313
<AVERAGE-NET-ASSETS> 13,977,600
<PER-SHARE-NAV-BEGIN> 7.980
<PER-SHARE-NII> (0.110)
<PER-SHARE-GAIN-APPREC> (1.470)
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<EXPENSE-RATIO> 359
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<AVG-DEBT-PER-SHARE> 0.000
