BLANCHARD GROUP OF FUNDS
Blanchard Global Growth Fund
Blanchard Precious Metals Fund, Inc.
Blanchard Flexible Income Fund
Blanchard Short-Term Flexible Income Fund
Blanchard Flexible Tax-Free Bond Fund
Blanchard Worldwide Emerging Markets Fund
SUPPLEMENT TO PROSPECTUS DATED AUGUST 7, 1995
On June 21, 1996, shareholders of Blanchard American Equity Fund approved
an agreement and plan of reorganization pursuant to which The Style
Manager: Large Cap Fund, a portfolio of The Virtus Funds, acquired all of
Blanchard American Equity Fund's assets in exchange for Investment Shares
of The Style Manager: Large Cap Fund. Accordingly, all references to
Blanchard American Equity Fund should be deleted.
July 19, 1996
Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
Federated Securities Corp. is the distributor of the Funds
and is a subsidiary of Federated Investors.
(2056)
Cusip 093265106
Cusip 093254100
Cusip 093212306
Cusip 093212405
Cusip 093212603
Cusip 093212702
G01687-10 (7/96)
