BLANCHARD GLOBAL GROWTH FUNDy
BLANCHARD PRECIOUS METALS FUND, INC.
BLANCHARD FLEXIBLE INCOME FUND
BLANCHARD SHORT-TERM FLEXIBLE INCOME FUND
BLANCHARD FLEXIBLE TAX-FREE BOND FUND
 (COLLECTIVELY, THE "FUNDS")
(Portfolios of The Blanchard Group of Funds)

SUPPLEMENT TO PROSPECTUSES DATED NOVEMBER 30, 1997



NOTICE TO SHAREHOLDERS:

1. In connection with the previously announced, proposed reorganization of the
above mentioned Funds and certain similarly managed funds that are advised by
affiliates of First Union Corporation, scheduled for February 27, 1998, you are
being advised of the following changes:

    It is expected that prior to the above-mentioned reorganization, Signet
Trust Company will merge with and into First Union National Bank ("FUNB"),
Charlotte, North Carolina, and FUNB will, therefore, replace Signet Trust
Company as custodian for the securities and cash of the Funds. Any reference in
your prospectus to Signet Trust Company or Signet Bank should be deleted and
replaced with "First Union National Bank."

    Effective February 9, 1998, all references in your prospectus to Signet
Financial Services, Inc. ("SFSI") and Federated Shareholder Services Company
should be deleted and replaced with "Evergreen Service Company." Accordingly,
all references to SFSI's and Federated Shareholder Services Company's mailing
addresses should be deleted and replaced with "Evergreen Service Company, PO Box
2121, Boston, MA 02106-2121." Additionally, all references to phone numbers
should be deleted and replaced with "1-800-343-2898." With respect to the "How
to Invest," "Investor Services" and "How to Redeem" sections of your prospectus,
special care should be taken to incorporate this new address and phone number
where appropriate.






2. Effective November 28, 1997, all existing subsidiaries of Signet Banking
Corporation, including Virtus Capital Management, Inc. ("VCM") became
subsidiaries of First Union Corporation. Please delete all references to Signet
Banking Corporation and replace them with "First Union Corporation."





                                              December 31, 1997







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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
 (COLLECTIVELY, THE "FUNDS")
(Portfolios of The Blanchard Group of Funds)

SUPPLEMENT TO STATEMENTS OF ADDITIONAL INFORMATION DATED NOVEMBER 30, 1997



NOTICE TO SHAREHOLDERS:

It is expected that prior to the reorganization of the above mentioned Funds,
Signet Trust Company will merge with and into First Union
National Bank ("FUNB"), Charlotte, North Carolina, and FUNB will, therefore,
replace Signet Trust Company as Custodian for the securities and cash of the
Funds. Accordingly, please delete all references to Signet Trust Company as
Custodian and replace them with "First Union National Bank."

Effective November 28, 1997, all existing subsidiaries of Signet Banking
Corporation, includng Virtus Capital Management, Inc. ("VCM"), became
subsidiaries of First Union Corporation. Please delete all references to Signet
Banking Corporation and replace them with "First Union Corporation."

Effective February 9, 1998, please delete the second sentence of the second
paragraph of the section entitled "Shareholder Reports" in your Statement of
Additional Information and replace it with the following:

     "A copy of the FUND'S Annual Report may be obtained without charge by
contacting Evergreen Service Company at 1-800-343-2898."





                                              December 31, 1997


















BLANCHARD GROWTH & INCOME FUND
(A portfolio of The Blanchard Group of Funds)

SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 28, 1997

NOTICE TO SHAREHOLDERS:

1.    The Board of Trustees of the Fund has approved an Agreement and Plan of
      Reorganization, on behalf of the Fund, pursuant to which, on or about
      February 27, 1998, all of the assets and certain liabilities of the Fund
      would be acquired in exchange for shares of a similarly managed fund (the
      "Acquiring Fund") that is advised by affiliates of First Union
      Corporation. The reorganization would result in the liquidation and
      termination of the Fund. Pursuant to the reorganization, holders of shares
      of the Fund would receive, tax-free, that number of shares of the
      Acquiring Fund having a value equal to that of the shareholders' shares
      immediately prior to the reorganization. Consummation of the
      reorganization is subject to approval of the shareholders of the Fund at a
      meeting scheduled to be held on February 20, 1998. In that connection,
      please be advised of the following changes:

      It is expected that prior to the above-mentioned reorganization, Signet
      Trust Company will merge with and into First Union National Bank ("FUNB"),
      Charlotte, North Carolina, and FUNB will, therefore, replace Signet Trust
      Company as custodian for the securities and cash of the Fund. Any
      reference in your prospectus to Signet Trust Company or Signet Bank should
      be deleted and replaced with "First Union National Bank."

      Effective February 9, 1998, all references in your prospectus to Signet
      Financial Services, Inc. ("SFSI") and Federated Shareholder Services
      Company should be deleted and replaced with "Evergreen Service Company."
      Accordingly, all references to SFSI or Federated Shareholder Services
      Company's mailing address should be deleted and replaced with "Evergreen
      Service Company, PO Box 2121, Boston, MA 02106-2121." Additionally, all
      references to phone numbers should be deleted and replaced with
      "1-800-343-2898." With respect to the "How to Invest," "Investor Services"
      and "How to Redeem" sections of your prospectus, special care should be
      taken to incorporate this new address and phone number where appropriate.








2.    Effective November 28, 1997, all existing subsidiaries of Signet Banking
      Corporation, includng Virtus Capital Management, Inc. ("VCM"), became
      subsidiaries of First Union Corporation. Please delete all references to
      Signet Banking Corporation and replace them with "First Union
      Corporation."

3. Please delete all references to Blanchard Capital Growth Fund from your
prospectus.

                                                               December 31, 1997



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BLANCHARD GROWTH & INCOME FUND
(A portfolio of The Blanchard Group of Funds)

SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 28, 1997

It is expected that prior to the reorganization of the above-mentioned Fund,
Signet Trust Company will merge with and into First Union National Bank
("FUNB"), Charlotte, North Carolina, and FUNB will, therefore, replace Signet
Trust Company as custodian for the securities and cash of the Funds.
Accordingly, please delete all references to Signet Trust Company and replace
them with "First Union National Bank."

Effective February 9, 1998, Evergreen Service Company, Boston, Massachusetts,
will replace Federated Shareholder Services Company as Transfer Agent and
Dividend Disbursing Agent for the Funds. Accordingly, please delete all
references to Federated Shareholder Services Company and replace them with
"Evergreen Service Company."

Effective November 28, 1997, all existing subsidiaries of Signet Banking
Corporation, includng Virtus Capital Management, Inc. ("VCM"), became
subsidiaries of First Union Corporation. Please delete all references to Signet
Banking Corporation and replace them with "First Union Corporation."

Effective February 9, 1998, please delete the last sentence of the section
entitled "Shareholder Reports" in your Statement of Additional Information and
replace it with the following:

     "A copy of the Annual Report may be obtained without charge by contacting
Evergreen Service Company at 1-800-343-2898."

                                                               December 31, 1997