FINANCIAL RESERVES FUND
Supplement to Prospectus dated December 31, 1993
At a Special Meeting of Shareholders of the Fund held on February 24,
1994, shareholders approved a new investment advisory contract between
the Fund and its current investment adviser, Society Asset Management,
Inc. (the "Adviser"). Approval of a new contract was sought in
connection with the merger of the Adviser's parent, Society
Corporation, with KeyCorp, which took place on March 1, 1994. The
Adviser is now an indirect, wholly-owned subsidiary of the resulting
holding company, KeyCorp, which will be headquartered in the Society
Center complex in Cleveland, Ohio.
March 3, 1994
FEDERATED SECURITIES CORP.
Distributor
4020908A (2/94)
