BLANCHARD GROUP OF FUNDS
BLANCHARD GROWTH & INCOME FUND
SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 29, 1996
Please insert the following sub-section entitled "Special Offering"
immediately following the sub-section entitled "General Information" on page
15:
"SPECIAL OFFERING
During the period beginning January 1, 1996 and ending not later than
July 31, 1996, Signet Financial Services, Inc. ("SFSI") will offer to pay
$100 to the account of each person who becomes a first time shareholder
of the Growth & Income Fund and maintains at least a $3,000 balance
($2,000 for IRAs) in his account for at least 90 days from the initial
purchase. (A shareholder will not be disqualified if his balance falls
below the required minimum due to changes in the Growth & Income Fund's
net asset value.) The payment will be made by the purchase of $100 in
shares of Growth & Income Fund for the shareholder's account (or, in
certain instances involving IRA accounts, in cash) and will be made at
the end of the 90-day holding period at the Growth & Income Fund's net
asset value as of the 90th day after the investment is made.
The offer is subject to the following additional conditions: (i) it is
limited to one payment per household , and to one payment in the case of
a joint account; (ii) employees of SFSI and its affiliates and Federated
Securities Corporation and its affiliates and members of their immediate
families will not be eligible to participate in the offer; (iii)
broker/dealers through which persons purchase shares pursuant to the
offer must furnish to SFSI the names, addresses and social security
numbers of all such purchasers, must certify to SFSI that such purchasers
hold no shares of Growth & Income Fund in their brokerage accounts at the
date of the offer and must, with respect to each such purchaser, from
time to time during the term of the offer furnish to SFSI the date and
amount of any purchase or redemption of shares of Growth & Income Fund
during the period of the offer; and (iv) the offer may be terminated (as
to persons that have not yet purchased shares at the time of termination)
at any time by SFSI without prior notice. SFSI will not be reimbursed by
the Growth & Income Fund for any payments made pursuant to this offer.
June 7, 1996
Cusip 093265304
