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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 16
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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
<PAGE> PAGE 21
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 Y
060 B000700 Y
061 000700 3000
062 A000700 Y
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 4.2
062 M000700 0.0
062 N000700 0.0
062 O000700 94.5
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 11.8
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
<PAGE> PAGE 22
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 Y
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 N
070 M010700 N
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 35259
071 B000700 35461
071 C000700 21647
071 D000700 163
072 A000700 12
072 B000700 1236
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 170
072 G000700 75
072 H000700 0
072 I000700 37
072 J000700 16
072 K000700 0
072 L000700 8
072 M000700 2
072 N000700 12
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<PAGE> PAGE 23
072 U000700 0
072 V000700 0
072 W000700 19
072 X000700 465
072 Y000700 239
072 Z000700 1010
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072BB000700 347
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072CC020700 0
072DD010700 446
072DD020700 0
072EE000700 0
073 A010700 0.2500
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 22746
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 1000
074 J000700 0
074 K000700 0
074 L000700 407
074 M000700 16
074 N000700 24169
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074 P000700 0
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074 R030700 0
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074 S000700 0
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074 X000700 751
074 Y000700 0
075 A000700 0
075 B000700 22650
076 000700 0.00
008 A001101 VIRTUS CAPITAL MANAGEMENT, INC.
<PAGE> PAGE 24
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
028 A011100 0
028 A021100 0
028 A031100 0
028 A041100 0
028 B011100 0
028 B021100 0
028 B031100 0
028 B041100 0
028 C011100 0
028 C021100 0
028 C031100 0
028 C041100 0
028 D011100 0
028 D021100 0
028 D031100 0
028 D041100 0
028 E011100 0
028 E021100 0
028 E031100 0
028 E041100 0
028 F011100 0
028 F021100 0
028 F031100 0
028 F041100 0
028 G011100 0
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
<PAGE> PAGE 25
042 G001100 0
042 H001100 0
043 001100 0
044 001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 1.000
048 A011100 0
048 A021100 0.000
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 Y
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 18.6
062 E001100 0.0
<PAGE> PAGE 26
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 9.6
062 J001100 0.0
062 K001100 8.7
062 L001100 3.2
062 M001100 59.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 16.2
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 Y
070 F011100 Y
070 F021100 Y
070 G011100 Y
070 G021100 Y
070 H011100 Y
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 N
070 O011100 Y
<PAGE> PAGE 27
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 Y
070 Q021100 Y
070 R011100 Y
070 R021100 N
071 A001100 989
071 B001100 1430
071 C001100 2474
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072 B001100 244
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072 D001100 0
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072 J001100 10
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072 L001100 7
072 M001100 2
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072 R001100 13
072 S001100 2
072 T001100 0
072 U001100 0
072 V001100 0
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072 Y001100 183
072 Z001100 204
072AA001100 943
072BB001100 28
072CC011100 186
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072DD021100 0
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073 A011100 0.3100
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074 C001100 597
<PAGE> PAGE 28
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074 K001100 0
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074 M001100 0
074 N001100 4700
074 O001100 0
074 P001100 0
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074 R041100 30
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074 T001100 4670
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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
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Sep-30-1997
<INVESTMENTS-AT-COST> 60,621,797
<INVESTMENTS-AT-VALUE> 61,251,942
<RECEIVABLES> 2,302,774
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,554,716
<PAYABLE-FOR-SECURITIES> 1,024,123
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 333,227
<TOTAL-LIABILITIES> 1,357,350
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,968,473
<SHARES-COMMON-STOCK> 5,899,615
<SHARES-COMMON-PRIOR> 5,782,950
<ACCUMULATED-NII-CURRENT> 906,765
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,100,967
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 821,161
<NET-ASSETS> 62,197,366
<DIVIDEND-INCOME> 376,712
<INTEREST-INCOME> 2,434,670
<OTHER-INCOME> 0
<EXPENSES-NET> 1,540,622
<NET-INVESTMENT-INCOME> 1,270,760
<REALIZED-GAINS-CURRENT> 8,407,403
<APPREC-INCREASE-CURRENT> (1,721,197)
<NET-CHANGE-FROM-OPS> 7,956,966
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,170,525
<DISTRIBUTIONS-OF-GAINS> 12,602,965
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 973,160
<NUMBER-OF-SHARES-REDEEMED> 2,237,898
<SHARES-REINVESTED> 1,381,403
<NET-CHANGE-IN-ASSETS> (5,709,763)
<ACCUMULATED-NII-PRIOR> 581,934
<ACCUMULATED-GAINS-PRIOR> 12,118,123
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 645,955
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,540,622
<AVERAGE-NET-ASSETS> 64,549,088
<PER-SHARE-NAV-BEGIN> 11.740
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> 1.040
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<EXPENSE-RATIO> 2.39
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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> 12-Mos
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Sep-30-1997
<INVESTMENTS-AT-COST> 150,009,998
<INVESTMENTS-AT-VALUE> 153,764,062
<RECEIVABLES> 2,434,785
<ASSETS-OTHER> 15,094
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 156,213,941
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 991,240
<TOTAL-LIABILITIES> 991,240
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 168,418,381
<SHARES-COMMON-STOCK> 31,152,932
<SHARES-COMMON-PRIOR> 38,739,927
<ACCUMULATED-NII-CURRENT> 312,272
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (16,630,125)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,746,717
<NET-ASSETS> 155,222,701
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,043,023
<OTHER-INCOME> 0
<EXPENSES-NET> 2,415,271
<NET-INVESTMENT-INCOME> 10,627,752
<REALIZED-GAINS-CURRENT> 2,191,827
<APPREC-INCREASE-CURRENT> 2,926,980
<NET-CHANGE-FROM-OPS> 15,746,559
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,302,558
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 342,877
<NUMBER-OF-SHARES-SOLD> 6,828,666
<NUMBER-OF-SHARES-REDEEMED> 16,127,237
<SHARES-REINVESTED> 1,711,576
<NET-CHANGE-IN-ASSETS> (32,129,840)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (18,563,270)
<OVERDISTRIB-NII-PRIOR> 896,148
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,273,719
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,415,271
<AVERAGE-NET-ASSETS> 169,656,099
<PER-SHARE-NAV-BEGIN> 4.840
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> 0.150
<PER-SHARE-DIVIDEND> 0.300
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<PER-SHARE-NAV-END> 4.980
<EXPENSE-RATIO> 1.42
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<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> 12-mos
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Sep-30-1997
<INVESTMENTS-AT-COST> 130,034,520
<INVESTMENTS-AT-VALUE> 132,831,593
<RECEIVABLES> 2,526,301
<ASSETS-OTHER> 17,490
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 135,375,384
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,497,849
<TOTAL-LIABILITIES> 1,497,849
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 140,351,915
<SHARES-COMMON-STOCK> 44,036,295
<SHARES-COMMON-PRIOR> 48,357,640
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (101,740)
<ACCUMULATED-NET-GAINS> (9,171,223)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,798,583
<NET-ASSETS> 133,877,535
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,247,264
<OTHER-INCOME> 0
<EXPENSES-NET> 2,016,113
<NET-INVESTMENT-INCOME> 8,231,151
<REALIZED-GAINS-CURRENT> 483,971
<APPREC-INCREASE-CURRENT> 1,694,128
<NET-CHANGE-FROM-OPS> 10,409,250
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,210,879
<DISTRIBUTIONS-OF-GAINS> 45,361
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,452,843
<NUMBER-OF-SHARES-REDEEMED> 22,560,468
<SHARES-REINVESTED> 2,391,887
<NET-CHANGE-IN-ASSETS> 24,155,983
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,468,527)
<OVERDISTRIB-NII-PRIOR> (119,935)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,095,713
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,145,641
<AVERAGE-NET-ASSETS> 145,699,835
<PER-SHARE-NAV-BEGIN> 3.000
<PER-SHARE-NII> 0.170
<PER-SHARE-GAIN-APPREC> 0.040
<PER-SHARE-DIVIDEND> 0.170
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 3.040
<EXPENSE-RATIO> 1.38
<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> Sep-30-1997
<PERIOD-END> Sep-30-1997
<INVESTMENTS-AT-COST> 22,419,979
<INVESTMENTS-AT-VALUE> 23,746,088
<RECEIVABLES> 406,612
<ASSETS-OTHER> 16,471
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,169,171
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 92,485
<TOTAL-LIABILITIES> 92,485
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,120,612
<SHARES-COMMON-STOCK> 4,328,344
<SHARES-COMMON-PRIOR> 4,253,272
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (15,574)
<ACCUMULATED-NET-GAINS> (354,461)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,326,109
<NET-ASSETS> 24,076,686
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,236,154
<OTHER-INCOME> 0
<EXPENSES-NET> 226,334
<NET-INVESTMENT-INCOME> 1,009,820
<REALIZED-GAINS-CURRENT> 285,298
<APPREC-INCREASE-CURRENT> 784,728
<NET-CHANGE-FROM-OPS> 2,079,846
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,005,915
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,901,018
<NUMBER-OF-SHARES-REDEEMED> 1,995,557
<SHARES-REINVESTED> 169,611
<NET-CHANGE-IN-ASSETS> 1,506,552
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (639,759)
<OVERDISTRIB-NII-PRIOR> (19,479)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 169,751
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 464,936
<AVERAGE-NET-ASSETS> 22,649,564
<PER-SHARE-NAV-BEGIN> 5.310
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> 0.250
<PER-SHARE-DIVIDEND> 0.250
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 5.560
<EXPENSE-RATIO> 1.00
<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> 12-Mos
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Sep-30-1997
<INVESTMENTS-AT-COST> 4,234,641
<INVESTMENTS-AT-VALUE> 4,626,731
<RECEIVABLES> 72,858
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,699,589
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,133
<TOTAL-LIABILITIES> 30,133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,438,577
<SHARES-COMMON-STOCK> 342,488
<SHARES-COMMON-PRIOR> 320,633
<ACCUMULATED-NII-CURRENT> 158,835
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 673,129
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 398,915
<NET-ASSETS> 4,669,456
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 243,779
<OTHER-INCOME> 0
<EXPENSES-NET> 40,069
<NET-INVESTMENT-INCOME> 203,710
<REALIZED-GAINS-CURRENT> 914,849
<APPREC-INCREASE-CURRENT> 185,672
<NET-CHANGE-FROM-OPS> 1,304,231
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 98,754
<DISTRIBUTIONS-OF-GAINS> 142,777
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1
<NUMBER-OF-SHARES-REDEEMED> 1
<SHARES-REINVESTED> 21,855
<NET-CHANGE-IN-ASSETS> 1,301,127
<ACCUMULATED-NII-PRIOR> 53,879
<ACCUMULATED-GAINS-PRIOR> (98,943)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,068
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 223,201
<AVERAGE-NET-ASSETS> 4,003,387
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<PER-SHARE-NAV-END> 13.630
<EXPENSE-RATIO> 1.00
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
