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<PAGE> PAGE 7
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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 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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015 A000801 SIGNET TRUST CO.
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015 A000802 THE BANK OF NEW YORK
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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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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080 A000900 THE AETNA CASUALTY AND SURETY COMPANY
080 B000900 ICI MUTUAL INSURANCE COMPANY
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008 A001001 VIRTUS CAPITAL MANAGEMENT, INC.
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015 A001001 THE CHASE MANHATTAN BANK, N.A.
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<NAME> Blanchard Funds
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<PER-SHARE-NAV-END> 1.680
<EXPENSE-RATIO> 1.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Blanchard Funds
Blanchard American Equity Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 7,540,455
<INVESTMENTS-AT-VALUE> 10,546,499
<RECEIVABLES> 4,176
<ASSETS-OTHER> 188,893
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,739,568
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61,996
<TOTAL-LIABILITIES> 61,996
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,327,392
<SHARES-COMMON-STOCK> 913,204
<SHARES-COMMON-PRIOR> 1,000,269
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (135,262)
<ACCUMULATED-NET-GAINS> (520,602)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,006,044
<NET-ASSETS> 10,677,572
<DIVIDEND-INCOME> 30,801
<INTEREST-INCOME> 3,263
<OTHER-INCOME> 0
<EXPENSES-NET> 157,461
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 439,265
<APPREC-INCREASE-CURRENT> 1,625,333
<NET-CHANGE-FROM-OPS> 1,941,201
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 285,509
<NUMBER-OF-SHARES-REDEEMED> 372,574
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,049,229
<ACCUMULATED-NII-PRIOR> (11,865)
<ACCUMULATED-GAINS-PRIOR> (959,867)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 56,625
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 220,086
<AVERAGE-NET-ASSETS> 10,299,364
<PER-SHARE-NAV-BEGIN> 9.630
<PER-SHARE-NII> (0.140)
<PER-SHARE-GAIN-APPREC> 2.200
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.690
<EXPENSE-RATIO> 3.05
<AVG-DEBT-OUTSTANDING> 0
<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> 6-MOS
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 230,500,469
<INVESTMENTS-AT-VALUE> 231,615,872
<RECEIVABLES> 25,817,383
<ASSETS-OTHER> 104,136
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 257,537,391
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,984,658
<TOTAL-LIABILITIES> 21,984,658
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252,016,334
<SHARES-COMMON-STOCK> 48,324,102
<SHARES-COMMON-PRIOR> 55,757,152
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (890,711)
<ACCUMULATED-NET-GAINS> (16,794,674)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,221,784
<NET-ASSETS> 235,552,733
<DIVIDEND-INCOME> 2,977
<INTEREST-INCOME> 9,795,829
<OTHER-INCOME> 0
<EXPENSES-NET> 2,089,462
<NET-INVESTMENT-INCOME> 7,709,344
<REALIZED-GAINS-CURRENT> 1,764,989
<APPREC-INCREASE-CURRENT> 7,355,814
<NET-CHANGE-FROM-OPS> 16,830,147
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,857,461
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,053,513
<NUMBER-OF-SHARES-REDEEMED> 14,550,483
<SHARES-REINVESTED> 1,063,919
<NET-CHANGE-IN-ASSETS> (26,870,351)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (18,559,663)
<OVERDISTRIB-NII-PRIOR> (742,594)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 950,594
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,089,462
<AVERAGE-NET-ASSETS> 250,884,313
<PER-SHARE-NAV-BEGIN> 4.710
<PER-SHARE-NII> 0.140
<PER-SHARE-GAIN-APPREC> 0.170
<PER-SHARE-DIVIDEND> 0.150
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 4.870
<EXPENSE-RATIO> 1.65
<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> 6-mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 19,845,621
<INVESTMENTS-AT-VALUE> 19,900,840
<RECEIVABLES> 526,152
<ASSETS-OTHER> 197,856
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,624,848
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145,307
<TOTAL-LIABILITIES> 145,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,116,891
<SHARES-COMMON-STOCK> 6,894,317
<SHARES-COMMON-PRIOR> 7,985,358
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (70,597)
<ACCUMULATED-NET-GAINS> (621,973)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 55,220
<NET-ASSETS> 20,479,541
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 788,767
<OTHER-INCOME> 0
<EXPENSES-NET> 205,366
<NET-INVESTMENT-INCOME> 583,401
<REALIZED-GAINS-CURRENT> 41,829
<APPREC-INCREASE-CURRENT> 244,436
<NET-CHANGE-FROM-OPS> 869,666
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 583,401
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 12,719
<NUMBER-OF-SHARES-SOLD> 1,068,552
<NUMBER-OF-SHARES-REDEEMED> 2,311,622
<SHARES-REINVESTED> 152,029
<NET-CHANGE-IN-ASSETS> 2,964,966
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (662,983)
<OVERDISTRIB-NII-PRIOR> (58,696)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 82,538
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 264,724
<AVERAGE-NET-ASSETS> 21,681,743
<PER-SHARE-NAV-BEGIN> 2.940
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 2.970
<EXPENSE-RATIO> 1.87
<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> 6-MOS
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 19,972,171
<INVESTMENTS-AT-VALUE> 20,613,200
<RECEIVABLES> 1,208,053
<ASSETS-OTHER> 50,687
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,871,940
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,925
<TOTAL-LIABILITIES> 107,925
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,958,805
<SHARES-COMMON-STOCK> 4,122,647
<SHARES-COMMON-PRIOR> 3,877,709
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (20,981)
<ACCUMULATED-NET-GAINS> (814,838)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 641,029
<NET-ASSETS> 21,764,015
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 567,628
<OTHER-INCOME> 0
<EXPENSES-NET> 157,086
<NET-INVESTMENT-INCOME> 410,542
<REALIZED-GAINS-CURRENT> 768,529
<APPREC-INCREASE-CURRENT> 287,646
<NET-CHANGE-FROM-OPS> 1,466,717
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 398,267
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 20,981
<NUMBER-OF-SHARES-SOLD> 2,257,308
<NUMBER-OF-SHARES-REDEEMED> 2,070,226
<SHARES-REINVESTED> 57,856
<NET-CHANGE-IN-ASSETS> 2,268,453
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,583,367)
<OVERDISTRIB-NII-PRIOR> (12,275)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77,234
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 260,065
<AVERAGE-NET-ASSETS> 20,483,769
<PER-SHARE-NAV-BEGIN> 5.030
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> 0.250
<PER-SHARE-DIVIDEND> 0.100
<PER-SHARE-DISTRIBUTIONS> 0.010
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 5.280
<EXPENSE-RATIO> 1.52
<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> 6-Mos
<FISCAL-YEAR-END> Apr-30-1996
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 10,486,574
<INVESTMENTS-AT-VALUE> 9,078,086
<RECEIVABLES> 549,163
<ASSETS-OTHER> 157,946
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,785,195
<PAYABLE-FOR-SECURITIES> 142,190
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 836,603
<TOTAL-LIABILITIES> 978,793
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,389,265
<SHARES-COMMON-STOCK> 1,458,991
<SHARES-COMMON-PRIOR> 1,895,181
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 298,849
<ACCUMULATED-NET-GAINS> (2,874,907)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,409,107)
<NET-ASSETS> 8,806,402
<DIVIDEND-INCOME> 17,274
<INTEREST-INCOME> 1,794
<OTHER-INCOME> 0
<EXPENSES-NET> 202,672
<NET-INVESTMENT-INCOME> (183,604)
<REALIZED-GAINS-CURRENT> (322,535)
<APPREC-INCREASE-CURRENT> (16,063)
<NET-CHANGE-FROM-OPS> (522,202)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 332,777
<NUMBER-OF-SHARES-REDEEMED> 768,967
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,331,650)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,552,372)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70,426
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 273,098
<AVERAGE-NET-ASSETS> 10,994,065
<PER-SHARE-NAV-BEGIN> 6.400
<PER-SHARE-NII> (0.140)
<PER-SHARE-GAIN-APPREC> (0.220)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 6.040
<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> 12-mos
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 5,843,483
<INVESTMENTS-AT-VALUE> 6,329,723
<RECEIVABLES> 76,640
<ASSETS-OTHER> 85,624
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,491,987
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,702
<TOTAL-LIABILITIES> 48,702
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,816,360
<SHARES-COMMON-STOCK> 794,485
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (23,610)
<OVERDISTRIBUTION-NII> (2,119)
<ACCUMULATED-NET-GAINS> 140,685
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 486,240
<NET-ASSETS> 6,443,285
<DIVIDEND-INCOME> 64,278
<INTEREST-INCOME> 52,969
<OTHER-INCOME> 0
<EXPENSES-NET> 140,857
<NET-INVESTMENT-INCOME> (23,610)
<REALIZED-GAINS-CURRENT> 170,017
<APPREC-INCREASE-CURRENT> 486,240
<NET-CHANGE-FROM-OPS> 632,647
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,119
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,584,617
<NUMBER-OF-SHARES-REDEEMED> 790,430
<SHARES-REINVESTED> 298
<NET-CHANGE-IN-ASSETS> 6,443,285
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21,099
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 152,070
<AVERAGE-NET-ASSETS> 3,662,805
<PER-SHARE-NAV-BEGIN> 7.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 1.150
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.010
<PER-SHARE-NAV-END> 8.110
<EXPENSE-RATIO> 3.81
<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> 12-mos
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 1,630,900
<INVESTMENTS-AT-VALUE> 1,823,051
<RECEIVABLES> 26,783
<ASSETS-OTHER> 85,879
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,935,713
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 224,708
<TOTAL-LIABILITIES> 224,708
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,518,854
<SHARES-COMMON-STOCK> 223,270
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 192,151
<NET-ASSETS> 1,711,005
<DIVIDEND-INCOME> 16,716
<INTEREST-INCOME> 11,066
<OTHER-INCOME> 0
<EXPENSES-NET> 86,408
<NET-INVESTMENT-INCOME> (58,626)
<REALIZED-GAINS-CURRENT> 54,854
<APPREC-INCREASE-CURRENT> 192,151
<NET-CHANGE-FROM-OPS> 188,379
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 808,463
<NUMBER-OF-SHARES-REDEEMED> 585,193
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,711,005
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,941
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 107,272
<AVERAGE-NET-ASSETS> 1,395,315
<PER-SHARE-NAV-BEGIN> 7.000
<PER-SHARE-NII> (0.260)
<PER-SHARE-GAIN-APPREC> 0.920
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.660
<EXPENSE-RATIO> 6.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
