Supplement to Prospectus dated September 30, 1993
Please delete the first paragraph under the section entitled "Telephone
Redemption" on page 8 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). The proceeds will be wired the same day to the
Shareholder's account at a domestic commercial bank that is a member of
the Federal Reserve System. The minimum amount for telephone redemption
is $1,000. 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 are not 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 dividend."
July 12, 1994
FEDERATED SECURITIES CORP.
Distributor
052831104
G00411-01 (7/94)
