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055 B000700 N
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<PAGE> PAGE 21
059 000700 Y
060 A000700 Y
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062 R000700 0.0
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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 Y
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
<PAGE> PAGE 22
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
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<PAGE> PAGE 23
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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
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008 D021102 CA
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<PAGE> PAGE 24
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<PAGE> PAGE 25
048 C021100 0.000
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050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
053 B001100 Y
053 C001100 N
055 A001100 N
055 B001100 N
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057 001100 N
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059 001100 Y
060 A001100 Y
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<PAGE> PAGE 26
063 A001100 0
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070 B021100 N
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070 C021100 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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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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<S> <C>
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<SERIES>
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<NAME> Blanchard Funds
Blanchard Flexible Income Fund
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 06
<NAME> Blanchard Funds
Blanchard Short-Term Flexible Income Fund
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<S> <C>
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<SERIES>
<NUMBER> 07
<NAME> Blanchard Funds
Blanchard Flexible Tax Free Bond Fund
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<FISCAL-YEAR-END> Sep-30-1998
<PERIOD-END> Mar-1-1998
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 518,044
<OTHER-INCOME> 0
<EXPENSES-NET> 150,370
<NET-INVESTMENT-INCOME> 367,674
<REALIZED-GAINS-CURRENT> (1,068)
<APPREC-INCREASE-CURRENT> (1,326,109)
<NET-CHANGE-FROM-OPS> (959,503)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 308,353
<NUMBER-OF-SHARES-REDEEMED> 4,700,925
<SHARES-REINVESTED> 64,228
<NET-CHANGE-IN-ASSETS> (24,065,592)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (354,461)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 11
<NAME> Blanchard Funds
Blanchard Asset Allocation Fund
<PERIOD-TYPE> 3-mos
<FISCAL-YEAR-END> Sep-30-1998
<PERIOD-END> Dec-10-1997
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</TABLE>
