<PAGE> PAGE 1
000 A000000 03/31/97
000 C000000 0000789289
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 BLANCHARD FUNDS
001 B000000 811-4579
001 C000000 4122888160
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 7
007 C010100 1
007 C020100 BLANCHARD GLOBAL GROWTH FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C020500 BLANCHARD FLEXIBLE INCOME FUND
007 C030500 N
007 C010600 6
007 C020600 BLANCHARD SHORT-TERM FLEXIBLE INCOME FUND
007 C030600 N
007 C010700 7
007 C020700 BLANCHARD FLEXIBLE TAX-FREE BOND FUND
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C021100 BLANCHARD ASSET ALLOCATION FUND
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
<PAGE> PAGE 2
007 C011900 19
007 C012000 20
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15222
013 B04AA01 5401
015 A00AA01 SIGNET TRUST CO.
015 B00AA01 C
015 C01AA01 RICHMOND
015 C02AA01 VA
015 C03AA01 23285
015 C04AA01 5043
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 8
019 C00AA00 BLANCHARDF
020 A000001 MORGAN STANLEY & CO., INC.
020 B000001 13-2655998
020 C000001 15
020 A000002 A.G. BECKER, INC.
020 B000002 36-2809551
020 C000002 0
020 A000003 A.G. EDWARDS & SONS, INC.
020 B000003 43-0895447
020 C000003 0
020 A000004 A.H. WILLIAMS & CO., INC.
020 B000004 23-2177819
020 C000004 0
020 A000005 A.I.G. FINANCIAL SECURITIES CORP.
020 C000005 0
020 A000006 A. WEBSTER DOUGHERTY & CO., INC.
020 B000006 23-1700583
<PAGE> PAGE 3
020 C000006 0
020 A000007 A.T. OHIO
020 B000007 25-1476464
020 C000007 0
020 A000008 ABN AMRO SECURITIES (USA), INC.
020 C000008 0
020 A000009 ABRAHAM AND SONS, INC.
020 B000009 13-3301922
020 C000009 0
020 A000010 ALEX BROWN & SONS, INC.
020 C000010 0
021 000000 15
022 A000001 CS FIRST BOSTON CORP.
022 B000001 13-5659485
022 C000001 2163793
022 D000001 149
022 A000002 DLJ CAPITAL MARKETS
022 C000002 60859
022 D000002 45024
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 85848
022 D000003 7362
022 A000004 SMITH BARNEY, INC.
022 B000004 13-1912900
022 C000004 28637
022 D000004 5980
022 A000005 LEHMAN BROTHERS, INC.
022 B000005 13-2518466
022 C000005 0
022 D000005 31148
022 A000006 NATIONSBANK
022 B000006 75-0520130
022 C000006 10115
022 D000006 19736
022 A000007 SMITH BARNEY/SHEARSON
022 C000007 7613
022 D000007 21936
022 A000008 GOLDMAN, SACHS & CO.
022 B000008 13-5108880
022 C000008 26819
022 D000008 682
022 A000009 BEAR, STEARNS & CO., INC.
022 B000009 13-3299429
022 C000009 906
022 D000009 15049
022 A000010 BARCLAYS DEZOETE WEDD SECURITIES
022 B000010 13-4942190
022 C000010 14912
022 D000010 0
023 C000000 2439455
<PAGE> PAGE 4
023 D000000 193634
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
077 A000000 N
<PAGE> PAGE 5
078 000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
008 A000101 VIRTUS CAPITAL MANAGEMENT, INC.
008 B000101 A
008 C000101 801-0000
008 D010101 RICHMOND
008 D020101 VA
008 D030101 23219
008 A000102 MELLON CAPITAL MANAGEMENT CORPORATION
008 B000102 S
008 C000102 801-0000
008 D010102 SAN FRANCISCO
008 D020102 CA
008 D030102 94105
028 A010100 199
028 A020100 0
028 A030100 0
028 A040100 1163
028 B010100 417
028 B020100 0
028 B030100 0
028 B040100 1107
028 C010100 114
028 C020100 13095
028 C030100 0
028 C040100 1546
028 D010100 397
028 D020100 1
028 D030100 0
028 D040100 2013
028 E010100 290
028 E020100 0
028 E030100 0
028 E040100 1640
028 F010100 124
028 F020100 0
028 F030100 0
028 F040100 1051
028 G010100 1541
028 G020100 13096
028 G030100 0
028 G040100 8520
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
<PAGE> PAGE 6
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 246
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 150000
048 A020100 1.000
048 B010100 150000
048 B020100 0.875
048 C010100 300000
048 C020100 0.750
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
058 A000100 N
059 000100 Y
060 A000100 N
060 B000100 N
061 000100 3000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
<PAGE> PAGE 7
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 Y
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
<PAGE> PAGE 8
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 6025
071 B000100 10075
071 C000100 36160
071 D000100 17
072 A000100 6
072 B000100 1225
072 C000100 144
072 D000100 0
072 E000100 0
072 F000100 328
072 G000100 38
072 H000100 0
072 I000100 61
072 J000100 36
072 K000100 0
072 L000100 24
072 M000100 0
072 N000100 6
072 O000100 0
072 P000100 0
072 Q000100 32
072 R000100 10
072 S000100 5
072 T000100 246
072 U000100 0
072 V000100 0
072 W000100 3
072 X000100 789
072 Y000100 0
072 Z000100 580
072AA000100 3676
072BB000100 103
072CC010100 0
072CC020100 2653
072DD010100 1170
072DD020100 0
072EE000100 12603
073 A010100 0.2100
073 A020100 0.0000
073 B000100 2.2600
073 C000100 0.0000
<PAGE> PAGE 9
074 A000100 53
074 B000100 4230
074 C000100 22610
074 D000100 10128
074 E000100 0
074 F000100 24920
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 136
074 K000100 0
074 L000100 378
074 M000100 0
074 N000100 62455
074 O000100 163
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 542
074 S000100 0
074 T000100 61750
074 U010100 6487
074 U020100 0
074 V010100 9.52
074 V020100 0.00
074 W000100 0.0000
074 X000100 5183
074 Y000100 0
075 A000100 0
075 B000100 65669
076 000100 0.00
008 A000501 VIRTUS CAPITAL MANAGEMENT, INC.
008 B000501 A
008 C000501 801-0000
008 D010501 RICHMOND
008 D020501 VA
008 D030501 23219
008 A000502 OFFITBANK
008 B000502 S
008 C000502 801-0000
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10022
028 A010500 3139
028 A020500 777
028 A030500 0
028 A040500 7696
028 B010500 2781
028 B020500 749
<PAGE> PAGE 10
028 B030500 0
028 B040500 5670
028 C010500 2844
028 C020500 758
028 C030500 0
028 C040500 10096
028 D010500 3146
028 D020500 738
028 D030500 0
028 D040500 7993
028 E010500 2721
028 E020500 685
028 E030500 0
028 E040500 5888
028 F010500 3393
028 F020500 0
028 F030500 0
028 F040500 4926
028 G010500 18024
028 G020500 3707
028 G030500 0
028 G040500 42269
028 H000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 222
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.750
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
<PAGE> PAGE 11
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 3000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 3.4
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 29.8
062 N000500 32.3
062 O000500 0.0
062 P000500 33.6
062 Q000500 0.9
062 R000500 0.0
063 A000500 0
063 B000500 4.2
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
<PAGE> PAGE 12
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 111366
071 B000500 133163
071 C000500 170898
071 D000500 65
072 A000500 6
072 B000500 6895
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 666
072 G000500 86
072 H000500 0
072 I000500 221
072 J000500 40
072 K000500 0
072 L000500 33
<PAGE> PAGE 13
072 M000500 2
072 N000500 6
072 O000500 0
072 P000500 0
072 Q000500 34
072 R000500 8
072 S000500 2
072 T000500 222
072 U000500 0
072 V000500 0
072 W000500 18
072 X000500 1338
072 Y000500 0
072 Z000500 5557
072AA000500 2419
072BB000500 989
072CC010500 0
072CC020500 1479
072DD010500 5558
072DD020500 0
072EE000500 0
073 A010500 0.1500
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 5752
074 C000500 0
074 D000500 159808
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 2716
074 M000500 15
074 N000500 168291
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 1528
074 S000500 0
074 T000500 166763
074 U010500 34548
074 U020500 0
074 V010500 4.83
<PAGE> PAGE 14
074 V020500 0.00
074 W000500 0.0000
074 X000500 10583
074 Y000500 0
075 A000500 0
075 B000500 177607
076 000500 0.00
008 A000601 VIRTUS CAPITAL MANAGEMENT, INC.
008 B000601 A
008 C000601 801-0000
008 D010601 RICHMOND
008 D020601 VA
008 D030601 23219
008 A000602 OFFITBANK
008 B000602 S
008 C000602 801-0000
008 D010602 NEW YORK
008 D020602 NY
008 D030602 10022
008 D040602 4213
028 A010600 2712
028 A020600 629
028 A030600 0
028 A040600 5772
028 B010600 2775
028 B020600 661
028 B030600 0
028 B040600 5480
028 C010600 2883
028 C020600 625
028 C030600 0
028 C040600 5870
028 D010600 3989
028 D020600 610
028 D030600 0
028 D040600 7270
028 E010600 2609
028 E020600 557
028 E030600 0
028 E040600 5462
028 F010600 2410
028 F020600 0
028 F030600 0
028 F040600 3842
028 G010600 17378
028 G020600 3082
028 G030600 0
028 G040600 33696
028 H000600 0
037 000600 N
038 000600 0
<PAGE> PAGE 15
039 000600 N
040 000600 Y
041 000600 Y
042 A000600 0
042 B000600 0
042 C000600 100
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 189
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.750
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
058 A000600 N
059 000600 Y
060 A000600 N
060 B000600 N
061 000600 3000
<PAGE> PAGE 16
062 A000600 Y
062 B000600 0.0
062 C000600 0.0
062 D000600 6.6
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 56.6
062 N000600 0.0
062 O000600 0.0
062 P000600 28.8
062 Q000600 7.3
062 R000600 0.0
063 A000600 0
063 B000600 1.5
064 A000600 N
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
<PAGE> PAGE 17
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 43969
071 B000600 55406
071 C000600 138060
071 D000600 32
072 A000600 6
072 B000600 5245
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 567
072 G000600 73
072 H000600 0
072 I000600 211
072 J000600 30
072 K000600 0
072 L000600 28
072 M000600 2
072 N000600 9
072 O000600 1
072 P000600 0
072 Q000600 33
072 R000600 19
072 S000600 2
072 T000600 189
072 U000600 0
072 V000600 0
072 W000600 9
072 X000600 1173
072 Y000600 129
072 Z000600 4201
072AA000600 315
072BB000600 128
072CC010600 0
072CC020600 191
072DD010600 4199
072DD020600 0
072EE000600 45
073 A010600 0.0800
073 A020600 0.0000
<PAGE> PAGE 18
073 B000600 0.0000
073 C000600 0.0000
074 A000600 7
074 B000600 9602
074 C000600 0
074 D000600 134184
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 2073
074 M000600 17
074 N000600 145883
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 1134
074 S000600 0
074 T000600 144749
074 U010600 48358
074 U020600 0
074 V010600 2.99
074 V020600 0.00
074 W000600 0.0000
074 X000600 10634
074 Y000600 0
075 A000600 0
075 B000600 151419
076 000600 0.00
008 A000701 VIRTUS CAPITAL MANAGEMENT, INC.
008 B000701 A
008 C000701 801-0000
008 D010701 RICHMOND
008 D020701 VA
008 D030701 23219
008 A000702 UNITED STATES TRUST COMPANY OF NEW YORK
008 B000702 S
008 C000702 801-0000
008 D010702 NEW YORK
008 D020702 NY
008 D030702 10036
028 A010700 812
028 A020700 78
028 A030700 0
028 A040700 1430
<PAGE> PAGE 19
028 B010700 498
028 B020700 95
028 B030700 0
028 B040700 652
028 C010700 664
028 C020700 76
028 C030700 0
028 C040700 552
028 D010700 767
028 D020700 78
028 D030700 0
028 D040700 1026
028 E010700 476
028 E020700 69
028 E030700 0
028 E040700 972
028 F010700 1171
028 F020700 0
028 F030700 0
028 F040700 700
028 G010700 4388
028 G020700 396
028 G030700 0
028 G040700 5332
028 H000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 Y
041 000700 N
042 A000700 0
042 B000700 0
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
<PAGE> PAGE 20
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
058 A000700 N
059 000700 Y
060 A000700 N
060 B000700 N
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 4.4
062 M000700 0.0
062 N000700 0.0
062 O000700 94.6
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 11.5
064 A000700 Y
064 B000700 N
066 A000700 N
067 000700 N
<PAGE> PAGE 21
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 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 8210
071 B000700 9210
071 C000700 21301
071 D000700 39
072 A000700 6
072 B000700 601
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 83
072 G000700 37
072 H000700 0
<PAGE> PAGE 22
072 I000700 22
072 J000700 11
072 K000700 0
072 L000700 14
072 M000700 2
072 N000700 6
072 O000700 0
072 P000700 0
072 Q000700 27
072 R000700 7
072 S000700 1
072 T000700 28
072 U000700 0
072 V000700 0
072 W000700 11
072 X000700 249
072 Y000700 138
072 Z000700 490
072AA000700 278
072BB000700 1
072CC010700 0
072CC020700 438
072DD010700 490
072DD020700 0
072EE000700 0
073 A010700 0.1200
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 20684
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 955
074 J000700 0
074 K000700 0
074 L000700 345
074 M000700 25
074 N000700 22009
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 149
074 S000700 0
<PAGE> PAGE 23
074 T000700 21860
074 U010700 4152
074 U020700 0
074 V010700 5.26
074 V020700 0.00
074 W000700 0.0000
074 X000700 808
074 Y000700 0
075 A000700 0
075 B000700 22232
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
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 238
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 238
028 G031100 0
028 G041100 0
<PAGE> PAGE 24
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
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
058 A001100 N
059 001100 Y
<PAGE> PAGE 25
060 A001100 Y
060 B001100 Y
061 001100 3000
062 A001100 Y
062 B001100 1.3
062 C001100 0.0
062 D001100 11.3
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 3.7
062 L001100 12.1
062 M001100 69.3
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 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
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
<PAGE> PAGE 26
070 K021100 N
070 L011100 Y
070 L021100 N
070 M011100 Y
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 Y
070 Q021100 Y
070 R011100 Y
070 R021100 N
071 A001100 2880
071 B001100 3026
071 C001100 3109
071 D001100 93
072 A001100 6
072 B001100 113
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 19
072 G001100 37
072 H001100 0
072 I001100 11
072 J001100 5
072 K001100 0
072 L001100 1
072 M001100 1
072 N001100 0
072 O001100 0
072 P001100 0
072 Q001100 36
072 R001100 7
072 S001100 1
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 3
072 X001100 121
072 Y001100 102
072 Z001100 94
072AA001100 632
072BB001100 146
072CC011100 0
072CC021100 260
072DD011100 99
072DD021100 0
<PAGE> PAGE 27
072EE001100 143
073 A011100 0.3100
073 A021100 0.0000
073 B001100 0.4500
073 C001100 0.0000
074 A001100 1
074 B001100 418
074 C001100 495
074 D001100 2551
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 136
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 73
074 M001100 20
074 N001100 3694
074 O001100 0
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 9
074 S001100 0
074 T001100 3685
074 U011100 342
074 U021100 0
074 V011100 10.76
074 V021100 0.00
074 W001100 0.0000
074 X001100 11
074 Y001100 0
075 A001100 0
075 B001100 3700
076 001100 0.00
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> 6-mos
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 61,307,007
<INVESTMENTS-AT-VALUE> 61,889,180
<RECEIVABLES> 513,549
<ASSETS-OTHER> 52,632
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,455,361
<PAYABLE-FOR-SECURITIES> 163,351
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541,930
<TOTAL-LIABILITIES> 1,436,205
<SENIOR-EQUITY> 705,281
<PAID-IN-CAPITAL-COMMON> 59,378,544
<SHARES-COMMON-STOCK> 6,487,405
<SHARES-COMMON-PRIOR> 5,782,950
<ACCUMULATED-NII-CURRENT> 227,515
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,254,782
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (110,761)
<NET-ASSETS> 61,750,080
<DIVIDEND-INCOME> 143,725
<INTEREST-INCOME> 1,225,379
<OTHER-INCOME> 0
<EXPENSES-NET> 789,200
<NET-INVESTMENT-INCOME> 579,904
<REALIZED-GAINS-CURRENT> 3,572,824
<APPREC-INCREASE-CURRENT> (2,653,119)
<NET-CHANGE-FROM-OPS> 1,499,609
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,170,525
<DISTRIBUTIONS-OF-GAINS> 12,602,965
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 146,455
<NUMBER-OF-SHARES-REDEEMED> 823,403
<SHARES-REINVESTED> 1,381,403
<NET-CHANGE-IN-ASSETS> (6,157,049)
<ACCUMULATED-NII-PRIOR> 581,934
<ACCUMULATED-GAINS-PRIOR> 12,118,123
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 327,866
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 789,200
<AVERAGE-NET-ASSETS> 65,669,505
<PER-SHARE-NAV-BEGIN> 11.740
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> 0.150
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 2.260
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.520
<EXPENSE-RATIO> 2.41
<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> Sep-30-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 166,365,885
<INVESTMENTS-AT-VALUE> 165,560,276
<RECEIVABLES> 2,715,310
<ASSETS-OTHER> 15,094
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 168,290,680
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,527,583
<TOTAL-LIABILITIES> 1,527,583
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 185,453,404
<SHARES-COMMON-STOCK> 34,548,505
<SHARES-COMMON-PRIOR> 38,739,927
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (898,083)
<ACCUMULATED-NET-GAINS> (17,132,822)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (659,402)
<NET-ASSETS> 166,763,097
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,895,039
<OTHER-INCOME> 0
<EXPENSES-NET> 1,338,460
<NET-INVESTMENT-INCOME> 5,556,579
<REALIZED-GAINS-CURRENT> 1,430,448
<APPREC-INCREASE-CURRENT> (1,479,139)
<NET-CHANGE-FROM-OPS> 5,507,888
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,558,514
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,682,883
<NUMBER-OF-SHARES-REDEEMED> 8,629,826
<SHARES-REINVESTED> 755,521
<NET-CHANGE-IN-ASSETS> (20,589,444)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (18,563,270)
<OVERDISTRIB-NII-PRIOR> (896,148)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 665,703
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,338,460
<AVERAGE-NET-ASSETS> 177,607,179
<PER-SHARE-NAV-BEGIN> 4.840
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> (0.010)
<PER-SHARE-DIVIDEND> 0.150
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 4.830
<EXPENSE-RATIO> 1.51
<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> Sep-30-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 142,874,684
<INVESTMENTS-AT-VALUE> 143,785,672
<RECEIVABLES> 2,072,692
<ASSETS-OTHER> 24,813
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 145,883,177
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,134,028
<TOTAL-LIABILITIES> 1,134,028
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 153,424,503
<SHARES-COMMON-STOCK> 48,357,640
<SHARES-COMMON-PRIOR> 52,752,033
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (119,935)
<ACCUMULATED-NET-GAINS> (9,468,527)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 913,108
<NET-ASSETS> 144,749,149
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,244,504
<OTHER-INCOME> 0
<EXPENSES-NET> 1,043,810
<NET-INVESTMENT-INCOME> 4,200,694
<REALIZED-GAINS-CURRENT> 186,667
<APPREC-INCREASE-CURRENT> (191,347)
<NET-CHANGE-FROM-OPS> (4,196,014)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,198,617
<DISTRIBUTIONS-OF-GAINS> 45,361
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,765,904
<NUMBER-OF-SHARES-REDEEMED> 11,182,141
<SHARES-REINVESTED> 1,021,844
<NET-CHANGE-IN-ASSETS> 13,284,369
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,572,174)
<OVERDISTRIB-NII-PRIOR> 82,254
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 567,288
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,173,338
<AVERAGE-NET-ASSETS> 151,419,248
<PER-SHARE-NAV-BEGIN> 3.000
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> (0.010)
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 2.990
<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> 6-mos
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 21,535,766
<INVESTMENTS-AT-VALUE> 21,639,037
<RECEIVABLES> 344,347
<ASSETS-OTHER> 25,419
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,008,803
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 148,556
<TOTAL-LIABILITIES> 148,556
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,139,126
<SHARES-COMMON-STOCK> 4,151,995
<SHARES-COMMON-PRIOR> 4,253,272
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (19,479)
<ACCUMULATED-NET-GAINS> (362,671)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 103,271
<NET-ASSETS> 21,860,247
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 601,246
<OTHER-INCOME> 0
<EXPENSES-NET> 110,983
<NET-INVESTMENT-INCOME> 490,263
<REALIZED-GAINS-CURRENT> 277,088
<APPREC-INCREASE-CURRENT> (438,110)
<NET-CHANGE-FROM-OPS> 329,241
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 490,263
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 817,834
<NUMBER-OF-SHARES-REDEEMED> 992,498
<SHARES-REINVESTED> 73,387
<NET-CHANGE-IN-ASSETS> (709,887)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (633,273)
<OVERDISTRIB-NII-PRIOR> 24,190
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 83,238
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 248,612
<AVERAGE-NET-ASSETS> 22,232,210
<PER-SHARE-NAV-BEGIN> 5.310
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.120
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 5.260
<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> 6-mos
<FISCAL-YEAR-END> Sep-30-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 3,616,323
<INVESTMENTS-AT-VALUE> 3,599,806
<RECEIVABLES> 72,927
<ASSETS-OTHER> 21,446
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,694,179
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,800
<TOTAL-LIABILITIES> 8,800
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,438,579
<SHARES-COMMON-STOCK> 342,488
<SHARES-COMMON-PRIOR> 320,633
<ACCUMULATED-NII-CURRENT> 49,616
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 244,126
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (46,942)
<NET-ASSETS> 3,685,379
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 113,115
<OTHER-INCOME> 0
<EXPENSES-NET> 18,623
<NET-INVESTMENT-INCOME> 94,492
<REALIZED-GAINS-CURRENT> 485,847
<APPREC-INCREASE-CURRENT> (260,185)
<NET-CHANGE-FROM-OPS> 320,154
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 98,755
<DISTRIBUTIONS-OF-GAINS> 142,778
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 21,855
<NET-CHANGE-IN-ASSETS> 317,050
<ACCUMULATED-NII-PRIOR> 53,879
<ACCUMULATED-GAINS-PRIOR> (98,943)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,623
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 120,814
<AVERAGE-NET-ASSETS> 3,700,381
<PER-SHARE-NAV-BEGIN> 10.510
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> 0.720
<PER-SHARE-DIVIDEND> 0.310
<PER-SHARE-DISTRIBUTIONS> 0.450
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.760
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
