<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0000858496
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE SHEFFIELD FUNDS, INC
001 B000000 811-5886
001 C000000 7709531597
002 A000000 900 CIRCLE 75 PKWY 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
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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 801-14812
010 C01AA01 ATLANTA
010 C02AA01 GA
010 C03AA01 30339
010 C04AA01 3082
011 A00AA01 ALPHA-LINE INVESTMENTS, INC
<PAGE> PAGE 2
011 B00AA01 8-36294
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 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
013 B04AA01 2962
015 A00AA01 UMB BANK, NA
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64141
015 C04AA01 6226
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 INSTINET
020 B000001 13-2596491
020 C000001 33
020 A000002 PAINEWEBBER
020 B000002 13-2638166
020 C000002 16
020 A000003 BROADCORT, INC
020 B000003 13-3144415
020 C000003 3
020 A000004 PARAGON FINANCIAL GROUP INC
020 B000004 58-2127290
020 C000004 2
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 54
022 A000001 SPEAR LEEDS
022 B000001 13-5515160
022 C000001 2682
022 D000001 1828
022 A000002 GRUNTAL & CO, INC.
022 B000002 13-3179859
<PAGE> PAGE 3
022 C000002 1252
022 D000002 662
022 A000003 UMB BANK NA
022 B000003 44-0201230
022 C000003 178
022 D000003 212
022 A000004 NATIONSBANK NA
022 B000004 57-0236115
022 C000004 0
022 D000004 202
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 4112
023 D000000 2904
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 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
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
<PAGE> PAGE 4
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 50000
048 A02AA00 1.000
048 B01AA00 50000
048 B02AA00 0.750
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
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 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
<PAGE> PAGE 5
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 5000
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE CO
080 C00AA00 2850
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 5
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
028 A010100 29
028 A020100 0
028 A030100 0
028 A040100 981
028 B010100 261
028 B020100 0
028 B030100 0
028 B040100 141
028 C010100 117
028 C020100 0
028 C030100 0
028 C040100 656
<PAGE> PAGE 6
028 D010100 469
028 D020100 0
028 D030100 0
028 D040100 566
028 E010100 586
028 E020100 0
028 E030100 0
028 E040100 327
028 F010100 453
028 F020100 0
028 F030100 0
028 F040100 24
028 G010100 1915
028 G020100 0
028 G030100 0
028 G040100 2695
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 100
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 7
044 000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
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 N
066 D000100 N
<PAGE> PAGE 7
066 E000100 Y
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 Y
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 Y
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 13866
071 B000100 19064
071 C000100 27944
071 D000100 50
072 A000100 12
072 B000100 54
072 C000100 374
072 D000100 0
<PAGE> PAGE 8
072 E000100 0
072 F000100 282
072 G000100 48
072 H000100 0
072 I000100 10
072 J000100 15
072 K000100 0
072 L000100 2
072 M000100 5
072 N000100 2
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 23
072 S000100 2
072 T000100 7
072 U000100 0
072 V000100 0
072 W000100 12
072 X000100 408
072 Y000100 0
072 Z000100 20
072AA000100 3025
072BB000100 0
072CC010100 0
072CC020100 1521
072DD010100 0
072DD020100 0
072EE000100 3222
073 A010100 0.0000
073 A020100 0.0000
073 B000100 2.1020
073 C000100 0.0000
074 A000100 136
074 B000100 0
074 C000100 0
074 D000100 1248
074 E000100 0
074 F000100 24101
074 G000100 48
074 H000100 0
074 I000100 0
074 J000100 1130
074 K000100 0
074 L000100 37
074 M000100 4
074 N000100 26704
074 O000100 518
074 P000100 0
074 Q000100 0
074 R010100 0
<PAGE> PAGE 9
074 R020100 0
074 R030100 0
074 R040100 45
074 S000100 0
074 T000100 26141
074 U010100 1543
074 U020100 0
074 V010100 16.95
074 V020100 0.00
074 W000100 0.0000
074 X000100 157
074 Y000100 0
075 A000100 0
075 B000100 28094
076 000100 0.00
024 000200 N
028 A010200 53
028 A020200 0
028 A030200 0
028 A040200 103
028 B010200 86
028 B020200 0
028 B030200 0
028 B040200 71
028 C010200 99
028 C020200 83
028 C030200 0
028 C040200 566
028 D010200 116
028 D020200 0
028 D030200 0
028 D040200 159
028 E010200 488
028 E020200 0
028 E030200 0
028 E040200 489
028 F010200 44
028 F020200 88
028 F030200 0
028 F040200 62
028 G010200 886
028 G020200 171
028 G030200 0
028 G040200 1450
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 100
042 E000200 0
042 F000200 0
<PAGE> PAGE 10
042 G000200 0
042 H000200 0
043 000200 7
044 000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 81.2
062 Q000200 5.7
062 R000200 12.0
063 A000200 0
063 B000200 6.5
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
<PAGE> PAGE 11
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 2726
071 B000200 2836
071 C000200 7720
071 D000200 35
072 A000200 12
072 B000200 456
072 C000200 25
072 D000200 0
072 E000200 0
072 F000200 58
072 G000200 23
072 H000200 0
072 I000200 10
072 J000200 5
072 K000200 0
072 L000200 3
072 M000200 5
072 N000200 2
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 6
072 S000200 2
072 T000200 7
072 U000200 0
072 V000200 0
072 W000200 3
072 X000200 124
072 Y000200 0
072 Z000200 357
072AA000200 150
072BB000200 0
072CC010200 0
072CC020200 66
072DD010200 346
<PAGE> PAGE 12
072DD020200 0
072EE000200 171
073 A010200 0.4332
073 A020200 0.0000
073 B000200 0.2044
073 C000200 0.0000
074 A000200 74
074 B000200 0
074 C000200 0
074 D000200 6790
074 E000200 0
074 F000200 869
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 99
074 M000200 1
074 N000200 7833
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 16
074 S000200 0
074 T000200 7817
074 U010200 816
074 U020200 0
074 V010200 9.58
074 V020200 0.00
074 W000200 0.0000
074 X000200 97
074 Y000200 0
075 A000200 0
075 B000200 7815
076 000200 0.00
SIGNATURE CAROLINE SCOTT
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> SHEFFIELD TOTAL RETURN FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 16,424,694
<INVESTMENTS-AT-VALUE> 25,532,816
<RECEIVABLES> 1,167,217
<ASSETS-OTHER> 3,864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,703,897
<PAYABLE-FOR-SECURITIES> 518,040
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,904
<TOTAL-LIABILITIES> 562,944
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,021,548
<SHARES-COMMON-STOCK> 1,542,627
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 20,075
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,991,208
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,108,122
<NET-ASSETS> 26,140,953
<DIVIDEND-INCOME> 373,699
<INTEREST-INCOME> 54,472
<OTHER-INCOME> 0
<EXPENSES-NET> 408,096
<NET-INVESTMENT-INCOME> 20,075
<REALIZED-GAINS-CURRENT> 3,024,936
<APPREC-INCREASE-CURRENT> (1,520,702)
<NET-CHANGE-FROM-OPS> 1,524,309
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,222,107
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 241,853
<NUMBER-OF-SHARES-REDEEMED> 415,916
<SHARES-REINVESTED> 167,202
<NET-CHANGE-IN-ASSETS> (2,485,123)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 281,552
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 408,096
<AVERAGE-NET-ASSETS> 28,220,002
<PER-SHARE-NAV-BEGIN> 18.47
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .57
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.10
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.95
<EXPENSE-RATIO> 1.45
<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>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 7,259,359
<INVESTMENTS-AT-VALUE> 7,732,989
<RECEIVABLES> 99,102
<ASSETS-OTHER> 856
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,832,947
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,107
<TOTAL-LIABILITIES> 16,107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,155,193
<SHARES-COMMON-STOCK> 815,744
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 38,444
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 149,573
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 473,630
<NET-ASSETS> 7,816,840
<DIVIDEND-INCOME> 25,200
<INTEREST-INCOME> 456,332
<OTHER-INCOME> 0
<EXPENSES-NET> 123,985
<NET-INVESTMENT-INCOME> 357,547
<REALIZED-GAINS-CURRENT> 149,564
<APPREC-INCREASE-CURRENT> (65,990)
<NET-CHANGE-FROM-OPS> 441,121
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 346,210
<DISTRIBUTIONS-OF-GAINS> 171,108
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 364,251
<NUMBER-OF-SHARES-REDEEMED> 406,347
<SHARES-REINVESTED> 54,282
<NET-CHANGE-IN-ASSETS> 40,505
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77,897
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 168,498
<AVERAGE-NET-ASSETS> 7,789,671
<PER-SHARE-NAV-BEGIN> 9.68
<PER-SHARE-NII> .44
<PER-SHARE-GAIN-APPREC> .10
<PER-SHARE-DIVIDEND> .43
<PER-SHARE-DISTRIBUTIONS> .21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.58
<EXPENSE-RATIO> 1.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Board of Directors of
The Sheffield Funds, Inc.:
In planning and performing our audit of the financial statements and financial
highlights of The Sheffield Funds, Inc. for the year ended October 31, 1998,
we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of The Sheffield Funds, Inc. is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing financial
statements and financial highlights for external purposes that are fairly
presented in conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
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 internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control and its operation,
including controls over safeguarding securities that we consider to be
material weaknesses as defined above as of October 31, 1998.
This report is intended solely for the information and use of management, the
Board of Directors/Trustees of The Sheffield Funds, Inc., and the Securities
and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
Atlanta, Georgia
December 7, 1998
