RULE 24f-2 NOTICE
BLANCHARD FUNDS
Reg. No. 33-3165 June 27, 1995
The fiscal year for which this Notice is being filed ended
April 30, 1995.
There are no securities registered during such fiscal year
other than pursuant to section 270.24f-2. There were no
securities of the same class or series which had been registered
under the Securities Act of 1933 other than pursuant to Section
270.24f-2 which remained unsold at the beginning of such fiscal
year.
There were 296,404,260 shares sold during such fiscal year.
There were 296,404,260 shares sold during this fiscal year in
reliance upon registration pursuant to section 270.24f-2. The
aggregate sale price of these shares was $477,258,060. There
were 609,461,872 shares repurchased or redeemed during such
fiscal year. The aggregate redemption price of these shares was
$1,173,895,948.
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Calculation of the required fee is as follows (pursuant to
Section 6(b) of the Securities Act of 1933):
$4,77,258,060 Aggregate sale price of shares
sold during fiscal year
$1,173,895,948 Aggregate redemption price of
shares repurchased or redeemed
during fiscal year
($696,637,888.) /.0029
$ None No fee due with this Notice
No redeemed or repurchased shares have been previously
applied by the issuer pursuant to Section 270.24e-2(a) in filings
made pursuant to section 279.24e-1 of the Investment Company Act
for such period.
This Rule 24f-2 Notice represents the Blanchard Global
Growthh Fund, the Blanchard 100% Treasury Money Market Fund,
Blanchard Short-Term Global Income Fund, Blanchard Flkexible
Income Fund, Blanchard American Equity Fund, Blanchard Short-Term
Bond Fund, Blanchard Flexible Tax-Free Bond Fund and Blanchard
WorldWide Emerging Markets Fund series of the Blanchard Funds and
is accompanied by the required opinion of counsel furnished by
Kramer, Levin, Naftalis, Nessen, Kamin & Frankel, legal counsel
to issuer.
/s/ Robert Anderson
Vice President
-2-
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9100
June 27, 1995
Blanchard Funds
41 Madison Avenue
24th Floor
New York, New York 10010
Re: Blanchrd Funds
Registration No. 33-3165
Gentlemen:
We have acted as counsel to Blanchard Funds, a
Massachusetts business trust (the "Trust"), in connection with
the public offering of the Trust's shares of beneficial interest,
par value $.01, and on various other securities and general
matters. We understand that, pursuant to Rule 24f-2 under the
Investment Company Act of 1940, the Trust has registered an
indefinite number of shares of beneficial interest under the
Securities Act of 1933. We further understand that, pursuant to
the provisions of Rule 24f-2, the Trust is filing with the
Securities and Exchange Commission the Notice attached hereto
making definite the registration of shares of beneficial interest
(the "Shares) sold in reliance upon Rule 24f-2 during the fiscal
year ended April 30, 1995.
We have reviewed, insofar as it relates or pertains to
the Trust, the Trust's Registration Statement on Form N-1A filed
with the Securities and Exchange Commission under the Securities
Act of 1933 and the Investment Company Act of 1940, as amended to
the date hereof, pursuant to which Shares were sold (the
"Registration Statement"). We have also examined originals or
copies certified or otherwise identified to our satisfaction of
such documents, trust records and other instruments we have
deemed necessary or appropriate for the purpose of this opinion.
For purposes of such examination, we have assumed the genuineness
of all signatures and original documents and the conformity to
the original documents of all copies submitted.
We are members only of the New York Bar and do not
purport to be experts on the laws of any other state. Our
opinion herein as to Massachusetts law is based upon a limited
inquiry thereof which we have deemed appropriate under the
circumstances.<PAGE>
Blanchard Funds
June 27, 1995
Page 2
Based upon the foregoing, we are of the opinion that the
Shares have been duly and validly authorized and, assuming that
the Shares have been issued and sold in accordance with the
Trust's Agreement and Declaration of Trust and Registration
Statement, the Shares which the Rule 24f-2 Notice attached hereto
makes definite in number were legally issued, fully paid and non
assessable.
We consent to the filing of this opinion with the Rule
24f-2 Notice attached hereto.
Very truly yours,
/s/ Kramer, Levin, Naftalis,
Nessen, Kamin & Frankel
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