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028 C040700 1227
028 D010700 529
028 D020700 84
028 D030700 0
028 D040700 1113
028 E010700 746
028 E020700 81
028 E030700 0
028 E040700 934
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028 F020700 0
028 F030700 0
028 F040700 0
028 G010700 6937
028 G020700 411
028 G030700 0
028 G040700 8150
028 H000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
041 000700 N
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042 B000700 0
<PAGE> PAGE 21
042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 0
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.750
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
055 A000700 Y
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 N
060 B000700 N
061 000700 3000
062 A000700 Y
<PAGE> PAGE 22
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 2.0
062 M000700 0.0
062 N000700 0.0
062 O000700 96.8
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 12.6
064 A000700 Y
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 N
070 M010700 N
<PAGE> PAGE 23
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 5578
071 B000700 6504
071 C000700 21877
071 D000700 25
072 A000700 5
072 B000700 539
072 C000700 0
072 D000700 0
072 E000700 0
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072 J000700 7
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072 M000700 1
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072 S000700 2
072 T000700 24
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072 Y000700 118
072 Z000700 443
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072BB000700 47
072CC010700 594
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072EE000700 0
073 A010700 0.1100
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073 B000700 0.0000
<PAGE> PAGE 24
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 21839
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074 J000700 975
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074 M000700 34
074 N000700 23705
074 O000700 978
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074 R030700 0
074 R040700 157
074 S000700 0
074 T000700 22570
074 U010700 4253
074 U020700 0
074 V010700 5.31
074 V020700 0.00
074 W000700 0.0000
074 X000700 877
074 Y000700 0
075 A000700 0
075 B000700 22625
076 000700 0.00
008 A001101 VIRTUS CAPITAL MANAGEMENT, INC.
008 B001101 A
008 C001101 801-0000
008 D011101 RICHMOND
008 D021101 VA
008 D031101 23219
008 A001102 MELLON CAPITAL MANAGEMENT CORPORATION
008 B001102 S
008 C001102 801-0000
008 D011102 SAN FRANCISCO
008 D021102 CA
008 D031102 94105
015 A001101 SIGNET TRUST COMPANY
015 B001101 C
015 C011101 RICHMOND
015 C021101 VA
015 C031101 23219
<PAGE> PAGE 25
015 E011101 X
028 A011100 0
028 A021100 0
028 A031100 0
028 A041100 0
028 B011100 3000
028 B021100 0
028 B031100 0
028 B041100 0
028 C011100 0
028 C021100 0
028 C031100 0
028 C041100 0
028 D011100 200
028 D021100 0
028 D031100 0
028 D041100 0
028 E011100 0
028 E021100 0
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028 F021100 0
028 F031100 0
028 F041100 0
028 G011100 3200
028 G021100 0
028 G031100 0
028 G041100 0
028 H001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 Y
041 001100 N
042 A001100 0
042 B001100 0
042 C001100 0
042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
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044 001100 0
045 001100 Y
046 001100 Y
047 001100 Y
048 001100 1.000
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048 A021100 0.000
<PAGE> PAGE 26
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
049 001100 N
050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
053 B001100 Y
053 C001100 N
055 A001100 N
055 B001100 N
056 001100 Y
057 001100 N
058 A001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 3000
062 A001100 Y
062 B001100 0.0
062 C001100 0.0
062 D001100 9.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 17.6
062 J001100 0.0
062 K001100 7.8
062 L001100 0.0
062 M001100 64.1
062 N001100 0.0
062 O001100 0.0
<PAGE> PAGE 27
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 14.7
064 A001100 N
064 B001100 N
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 Y
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 Y
070 G011100 Y
070 G021100 N
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070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 Y
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 Y
070 Q021100 Y
070 R011100 Y
070 R021100 Y
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<PAGE> PAGE 28
071 D001100 33
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<PAGE> PAGE 29
074 N001100 3379
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Blanchard Funds
Blanchard Global Growth Fund
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<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 64,768,352
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<OTHER-ITEMS-ASSETS> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,118,123
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 67,907,129
<DIVIDEND-INCOME> 229,762
<INTEREST-INCOME> 969,295
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 465,544
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<APPREC-INCREASE-CURRENT> (5,394,534)
<NET-CHANGE-FROM-OPS> 1,219,217
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 748,872
<NUMBER-OF-SHARES-REDEEMED> 1,137,138
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,274,442)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5,518,509
<OVERDISTRIB-NII-PRIOR> (100,682)
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 733,513
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<PER-SHARE-NII> 0.080
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<PER-SHARE-NAV-END> 11.740
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Blanchard Funds
Blanchard Flexible Income Fund
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 183,991,740
<INVESTMENTS-AT-VALUE> 184,863,720
<RECEIVABLES> 3,669,958
<ASSETS-OTHER> 32,809
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 188,566,487
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,213,946
<TOTAL-LIABILITIES> 1,213,946
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 205,992,222
<SHARES-COMMON-STOCK> 38,739,927
<SHARES-COMMON-PRIOR> 43,152,970
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (896,148)
<ACCUMULATED-NET-GAINS> (18,563,270)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 819,737
<NET-ASSETS> 187,352,541
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,352,116
<OTHER-INCOME> 0
<EXPENSES-NET> 1,292,387
<NET-INVESTMENT-INCOME> 5,059,729
<REALIZED-GAINS-CURRENT> 175,174
<APPREC-INCREASE-CURRENT> 2,016,909
<NET-CHANGE-FROM-OPS> 7,251,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,012,727
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 48,762
<NUMBER-OF-SHARES-SOLD> 2,777,685
<NUMBER-OF-SHARES-REDEEMED> 8,034,939
<SHARES-REINVESTED> 844,211
<NET-CHANGE-IN-ASSETS> (18,882,599)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (18,282,572)
<OVERDISTRIB-NII-PRIOR> (1,359,926)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 610,104
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,300,568
<AVERAGE-NET-ASSETS> 194,172,194
<PER-SHARE-NAV-BEGIN> 4.780
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> 0.040
<PER-SHARE-DIVIDEND> 0.130
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 4.840
<EXPENSE-RATIO> 1.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Blanchard Funds
Blanchard Short-Term Flexible Income Fund
<PERIOD-TYPE> 5-Mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 155,182,635
<INVESTMENTS-AT-VALUE> 156,286,460
<RECEIVABLES> 2,858,489
<ASSETS-OTHER> 25,564
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 159,170,513
<PAYABLE-FOR-SECURITIES> 513,490
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 623,505
<TOTAL-LIABILITIES> 1,136,995
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 166,583,491
<SHARES-COMMON-STOCK> 52,752,033
<SHARES-COMMON-PRIOR> 59,529,291
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 82,254
<ACCUMULATED-NET-GAINS> (9,572,174)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,104,455
<NET-ASSETS> 158,033,518
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,601,600
<OTHER-INCOME> 0
<EXPENSES-NET> 961,124
<NET-INVESTMENT-INCOME> 3,640,476
<REALIZED-GAINS-CURRENT> (42,344)
<APPREC-INCREASE-CURRENT> 526,658
<NET-CHANGE-FROM-OPS> 4,124,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,150,985
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 529,561
<NUMBER-OF-SHARES-SOLD> 4,248,564
<NUMBER-OF-SHARES-REDEEMED> 12,096,346
<SHARES-REINVESTED> 1,070,524
<NET-CHANGE-IN-ASSETS> (19,732,951)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,659,884)
<OVERDISTRIB-NII-PRIOR> 441,691
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 519,300
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,134,224
<AVERAGE-NET-ASSETS> 165,277,689
<PER-SHARE-NAV-BEGIN> 2.990
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> 0.060
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.010
<PER-SHARE-NAV-END> 3.000
<EXPENSE-RATIO> 1.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Blanchard Funds
Blanchard Flexible Tax-Free Bond Fund
<PERIOD-TYPE> 5-Mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 21,753,004
<INVESTMENTS-AT-VALUE> 22,294,385
<RECEIVABLES> 1,376,673
<ASSETS-OTHER> 34,288
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,705,346
<PAYABLE-FOR-SECURITIES> 978,478
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 156,734
<TOTAL-LIABILITIES> 1,135,212
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,686,216
<SHARES-COMMON-STOCK> 4,253,272
<SHARES-COMMON-PRIOR> 4,404,467
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 24,190
<ACCUMULATED-NET-GAINS> (633,273)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 541,381
<NET-ASSETS> 22,570,134
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 539,224
<OTHER-INCOME> 0
<EXPENSES-NET> 96,485
<NET-INVESTMENT-INCOME> 442,739
<REALIZED-GAINS-CURRENT> 58,662
<APPREC-INCREASE-CURRENT> 594,290
<NET-CHANGE-FROM-OPS> 1,095,691
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 445,952
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,341,280
<NUMBER-OF-SHARES-REDEEMED> 1,571,250
<SHARES-REINVESTED> 78,775
<NET-CHANGE-IN-ASSETS> (152,386)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (691,935)
<OVERDISTRIB-NII-PRIOR> 20,981
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 71,788
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 214,492
<AVERAGE-NET-ASSETS> 22,624,768
<PER-SHARE-NAV-BEGIN> 5.160
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> 0.150
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 5.310
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Blanchard Funds
Blanchard Asset Allocation Fund
<PERIOD-TYPE> 4-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 3,130,132
<INVESTMENTS-AT-VALUE> 3,319,575
<RECEIVABLES> 60,033
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,379,608
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,279
<TOTAL-LIABILITIES> 11,279
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,200,150
<SHARES-COMMON-STOCK> 320,633
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 53,879
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (98,943)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 213,243
<NET-ASSETS> 3,368,329
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 63,878
<OTHER-INCOME> 0
<EXPENSES-NET> 9,999
<NET-INVESTMENT-INCOME> 53,879
<REALIZED-GAINS-CURRENT> (98,943)
<APPREC-INCREASE-CURRENT> 213,243
<NET-CHANGE-FROM-OPS> 168,179
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 320,643
<NUMBER-OF-SHARES-REDEEMED> 10
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,368,329
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,999
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 72,439
<AVERAGE-NET-ASSETS> 3,149,990
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.170
<PER-SHARE-GAIN-APPREC> 0.340
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<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.510
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
