<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000858496
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 THE SHEFFIELD FUNDS, INC.
001 B000000 811-5886
001 C000000 7709531597
002 A000000 900 CIRCLE 75 PARKWAY, SUITE 750
002 B000000 ATLANTA
002 C000000 GA
002 D010000 30339
002 D020000 3082
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 SHEFFIELD TOTAL RETURN FUND
007 C030100 N
007 C010200 2
007 C020200 SHEFFIELD INTERMEDIATE TERM BOND FUND
007 C030200 N
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007 C010600 6
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008 A00AA01 SHEFFIELD INVESTMENT MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-14812
008 D01AA01 ATLANTA
008 D02AA01 GA
008 D03AA01 30339
008 D04AA01 3082
010 A00AA01 SHEFFIELD INVESTMENT MANAGEMENT, INC.
010 B00AA01 14812
010 C01AA01 ATLANTA
010 C02AA01 GA
010 C03AA01 30339
010 C04AA01 3082
011 A00AA01 ALPHA-LINE INVESTMENTS, INC.
<PAGE> PAGE 2
011 B00AA01 8-8-36294
011 C01AA01 ATLANTA
011 C02AA01 GA
011 C03AA01 30339
011 C04AA01 3082
012 A00AA01 SHEFFIELD INVESTMENT MANAGEMENT, INC.
012 B00AA01 85-0000000
012 C01AA01 ATLANTA
012 C02AA01 GA
012 C03AA01 30339
012 C04AA01 3082
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 ATLANTA
013 B02AA01 GA
013 B03AA01 30309
013 B04AA01 3630
014 A00AA01 ALPHA-LINE INVESTMENTS,INC.
014 B00AA01 8-8-36294
015 A00AA01 UMB BANK, N.A.
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64141
015 C04AA01 6226
015 E01AA01 X
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020 A000001 INSTINET
020 B000001 13-2596491
020 C000001 27
020 A000002 PAINEWEBBER
020 B000002 13-2638166
020 C000002 26
020 A000003 BROADCORT, INC.
020 B000003 13-3144415
020 C000003 3
020 C000004 0
020 C000005 0
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022 A000001 GRUNTAL & CO., INC.
022 B000001 13-3179859
022 C000001 2835
022 D000001 1667
022 A000002 SPEAR LEEDS
022 B000002 13-5515160
<PAGE> PAGE 3
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022 D000002 650
022 A000003 SMITH BARNEY, INC.
022 B000003 13-2518466
022 C000003 148
022 D000003 554
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE CAROLINE L. SCOTT
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> SHEFFIELD TOTAL RETURN FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 18,518,155
<INVESTMENTS-AT-VALUE> 29,144,240
<RECEIVABLES> 1,472,919
<ASSETS-OTHER> 3,916
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,621,075
<PAYABLE-FOR-SECURITIES> 1,644,393
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 350,606
<TOTAL-LIABILITIES> 1,994,999
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,808,873
<SHARES-COMMON-STOCK> 1,549,488
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,188,379
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,628,824
<NET-ASSETS> 28,626,076
<DIVIDEND-INCOME> 438,773
<INTEREST-INCOME> 2,323
<OTHER-INCOME> 0
<EXPENSES-NET> 390,647
<NET-INVESTMENT-INCOME> 50,449
<REALIZED-GAINS-CURRENT> 3,188,379
<APPREC-INCREASE-CURRENT> 4,138,787
<NET-CHANGE-FROM-OPS> 7,377,615
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (140,480)
<DISTRIBUTIONS-OF-GAINS> (1,393,921)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 260,451
<NUMBER-OF-SHARES-REDEEMED> (493,330)
<SHARES-REINVESTED> 101,281
<NET-CHANGE-IN-ASSETS> 3,368,705
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 281,798
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<GROSS-EXPENSE> 390,647
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<PER-SHARE-NAV-BEGIN> 15.02
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 4.38
<PER-SHARE-DIVIDEND> (.09)
<PER-SHARE-DISTRIBUTIONS> (.87)
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<PER-SHARE-NAV-END> 18.47
<EXPENSE-RATIO> 1.39
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> SHEFFIELD INTERMEDIATE TERM BOND FUND
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DISTRIBUTIONS-OF-GAINS> (246,509)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 368,166
<SHARES-REINVESTED> 64,672
<NET-CHANGE-IN-ASSETS> 916,347
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<PER-SHARE-NII> .45
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<PER-SHARE-DIVIDEND> (.47)
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</TABLE>
To the Board of Directors
The Sheffield Funds, Inc.:
In planning and performing our audit of the financial statements of
The Sheffield Funds, Inc. for the year ended October 31, 1997, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of The Sheffield Funds, Inc. is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from unauthorized use or
disposition and transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weakness under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by the employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of October 31, 1997.
This report is intended solely for the information and use of management and
the Board of Directors of The Sheffield Funds, Inc. and the Securities and
Exchange Commission.
/s/ Coopers & Lybrand L.L.P.
Atlanta, Georgia
December 9, 1997
