% Crop Marks
.5 setlinewidth
/markl 9 def
/whitel 4 def
/top 72 def
/bottom 122 def
/left 45 def
/right 45 def
%horizontals
left markl sub whitel sub wp$y wp$top sub moveto markl 0 rlineto
wp$x right sub left sub whitel 2 mul add 0 rmoveto markl 0 rlineto
left markl sub whitel sub bottom moveto markl 0 rlineto
wp$x right sub left sub whitel 2 mul add 0 rmoveto markl 0 rlineto
%verticals
left bottom markl sub whitel sub moveto 0 markl rlineto
0 wp$y wp$top sub bottom sub whitel 2 mul add rmoveto 0 markl rlineto
wp$x right sub bottom markl sub whitel sub moveto 0 markl rlineto
0 wp$y wp$top sub bottom sub whitel 2 mul add rmoveto 0 markl rlineto
stroke
FEDERATED MASTER TRUST
Supplement to Prospectus dated January 31, 1994
1. Please delete the first sentence of the first paragraph under the
section entitled "Telephone Redemption" on page 10 of the prospectus,
and replace it with the following:
"Shareholders may redeem their shares by telephoning the Trust before
3:00 p.m. (Eastern time)."
2. Please delete the second paragraph under the section entitled
"Telephone Redemption" on page 10 of the prospectus, and replace it
with the following:
"A daily dividend will be paid on shares redeemed if the redemption
request is received after 3:00 p.m. (Eastern time). However, the
proceeds will not be wired until the following business day.
Redemption requests received before 3:00 p.m. (Eastern time) will be
paid the same day but will not be entitled to that day's dividends."
July 25, 1994
FEDERATED SECURITIES CORP.
Distributor
314214107
G00465-01-A(7/94)
