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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
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 43
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008 A001001 VIRTUS CAPITAL MANAGEMENT, INC.
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008 A001002 THE CHASE MANHATTAN BANK, N.A.
008 B001002 S
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015 A001001 THE CHASE MANHATTAN BANK, N.A.
015 B001001 C
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Blanchard Funds
Blanchard Global Growth Fund
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<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Blanchard Funds
Blanchard Short-Term Global Income Fund
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<PERIOD-END> Feb-12-1996
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,151,765
<OTHER-INCOME> 0
<EXPENSES-NET> 2,833,235
<NET-INVESTMENT-INCOME> 13,318,530
<REALIZED-GAINS-CURRENT> (2,659,604)
<APPREC-INCREASE-CURRENT> (2,779,335)
<NET-CHANGE-FROM-OPS> 7,879,591
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<DISTRIBUTIONS-OF-INCOME> 9,941,284
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<NUMBER-OF-SHARES-SOLD> 14,328,814
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<SHARES-REINVESTED> 4,708,768
<NET-CHANGE-IN-ASSETS> (239,407,209)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10,744,046)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,199,557
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</TABLE>
<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 04
<NAME> Blanchard Funds
Blanchard American Equity Fund
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<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 7,202,706
<INVESTMENTS-AT-VALUE> 9,520,797
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<SENIOR-EQUITY> 0
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<EXPENSES-NET> 315,714
<NET-INVESTMENT-INCOME> (245,063)
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<NET-CHANGE-IN-ASSETS> (150,772)
<ACCUMULATED-NII-PRIOR> (11,865)
<ACCUMULATED-GAINS-PRIOR> (959,867)
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<OVERDIST-NET-GAINS-PRIOR> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Blanchard Funds
Blanchard Flexible Income Fund
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<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 212,541,896
<INVESTMENTS-AT-VALUE> 210,922,450
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<ASSETS-OTHER> (909,350)
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 265,873,232
<PAYABLE-FOR-SECURITIES> 6,815,764
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<OVERDISTRIBUTION-NII> (281,300)
<ACCUMULATED-NET-GAINS> (19,361,198)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Blanchard Funds
Blanchard Short-Term Flexible Income Fund
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<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Apr-30-1996
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<PER-SHARE-NAV-END> 2.990
<EXPENSE-RATIO> 1.44
<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> 12-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 22,587,329
<INVESTMENTS-AT-VALUE> 22,534,419
<RECEIVABLES> 450,239
<ASSETS-OTHER> 41,742
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,026,400
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 303,880
<TOTAL-LIABILITIES> 303,880
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,488,346
<SHARES-COMMON-STOCK> 4,404,467
<SHARES-COMMON-PRIOR> 3,877,709
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (20,979)
<ACCUMULATED-NET-GAINS> (691,935)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (52,910)
<NET-ASSETS> 22,722,520
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,188,980
<OTHER-INCOME> 0
<EXPENSES-NET> 228,638
<NET-INVESTMENT-INCOME> 960,342
<REALIZED-GAINS-CURRENT> 891,432
<APPREC-INCREASE-CURRENT> (406,293)
<NET-CHANGE-FROM-OPS> 1,445,481
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 960,342
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 8,706
<NUMBER-OF-SHARES-SOLD> 5,015,985
<NUMBER-OF-SHARES-REDEEMED> 4,631,991
<SHARES-REINVESTED> 142,764
<NET-CHANGE-IN-ASSETS> 3,226,958
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,583,367)
<OVERDISTRIB-NII-PRIOR> (12,875)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 162,655
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 499,911
<AVERAGE-NET-ASSETS> 21,448,504
<PER-SHARE-NAV-BEGIN> 5.030
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 0.130
<PER-SHARE-DIVIDEND> 0.220
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 5.160
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> Blanchard Funds
Blanchard Worldwide Emerging Markets Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 8,285,142
<INVESTMENTS-AT-VALUE> 7,890,979
<RECEIVABLES> 234,341
<ASSETS-OTHER> 90,548
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,215,868
<PAYABLE-FOR-SECURITIES> 4,317
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 274,123
<TOTAL-LIABILITIES> 278,440
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,076,082
<SHARES-COMMON-STOCK> 1,213,145
<SHARES-COMMON-PRIOR> 1,895,181
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (555,728)
<ACCUMULATED-NET-GAINS> (3,188,028)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (394,898)
<NET-ASSETS> 7,937,428
<DIVIDEND-INCOME> 98,386
<INTEREST-INCOME> 8,877
<OTHER-INCOME> 0
<EXPENSES-NET> 352,162
<NET-INVESTMENT-INCOME> (244,899)
<REALIZED-GAINS-CURRENT> (619,467)
<APPREC-INCREASE-CURRENT> 998,146
<NET-CHANGE-FROM-OPS> 133,780
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 57,171
<NUMBER-OF-SHARES-SOLD> 970,744
<NUMBER-OF-SHARES-REDEEMED> 1,662,092
<SHARES-REINVESTED> 9,312
<NET-CHANGE-IN-ASSETS> (4,200,624)
<ACCUMULATED-NII-PRIOR> (115,247)
<ACCUMULATED-GAINS-PRIOR> (2,552,372)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 122,549
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 522,207
<AVERAGE-NET-ASSETS> 10,391,958
<PER-SHARE-NAV-BEGIN> 6.400
<PER-SHARE-NII> (0.280)
<PER-SHARE-GAIN-APPREC> 0.460
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 6.540
<EXPENSE-RATIO> 3.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> Blanchard Funds
Blanchard Growth and Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 11,749,851
<INVESTMENTS-AT-VALUE> 12,813,980
<RECEIVABLES> 83,558
<ASSETS-OTHER> 64,368
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,961,906
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 112,912
<TOTAL-LIABILITIES> 112,912
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,321,888
<SHARES-COMMON-STOCK> 1,438,145
<SHARES-COMMON-PRIOR> 794,485
<ACCUMULATED-NII-CURRENT> 30,221
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 432,756
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,064,129
<NET-ASSETS> 12,848,994
<DIVIDEND-INCOME> 64,724
<INTEREST-INCOME> 42,546
<OTHER-INCOME> 0
<EXPENSES-NET> 77,049
<NET-INVESTMENT-INCOME> 30,221
<REALIZED-GAINS-CURRENT> 445,960
<APPREC-INCREASE-CURRENT> 577,889
<NET-CHANGE-FROM-OPS> 1,054,070
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 153,889
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 855,372
<NUMBER-OF-SHARES-REDEEMED> 221,829
<SHARES-REINVESTED> 10,117
<NET-CHANGE-IN-ASSETS> 6,405,709
<ACCUMULATED-NII-PRIOR> (23,610)
<ACCUMULATED-GAINS-PRIOR> 140,685
<OVERDISTRIB-NII-PRIOR> (2,119)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32,879
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135,327
<AVERAGE-NET-ASSETS> 9,483,364
<PER-SHARE-NAV-BEGIN> 8.110
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.950
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.160
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.930
<EXPENSE-RATIO> 1.63
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Blanchard Funds
Blanchard Capital Growth Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 1,294,577
<INVESTMENTS-AT-VALUE> 1,630,958
<RECEIVABLES> 73,461
<ASSETS-OTHER> 62,192
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,766,611
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65,434
<TOTAL-LIABILITIES> 65,434
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,325,215
<SHARES-COMMON-STOCK> 200,702
<SHARES-COMMON-PRIOR> 223,270
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (51,230)
<ACCUMULATED-NET-GAINS> 90,811
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 336,381
<NET-ASSETS> 1,701,177
<DIVIDEND-INCOME> 5,578
<INTEREST-INCOME> 5,117
<OTHER-INCOME> 0
<EXPENSES-NET> 61,925
<NET-INVESTMENT-INCOME> (51,230)
<REALIZED-GAINS-CURRENT> 90,811
<APPREC-INCREASE-CURRENT> 144,230
<NET-CHANGE-FROM-OPS> 183,811
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 161,172
<NUMBER-OF-SHARES-REDEEMED> 183,740
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (9,828)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,228
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 87,515
<AVERAGE-NET-ASSETS> 1,787,191
<PER-SHARE-NAV-BEGIN> 7.660
<PER-SHARE-NII> (0.260)
<PER-SHARE-GAIN-APPREC> 1.080
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.480
<EXPENSE-RATIO> 6.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
