STAR FUNDS:
STAR PRIME OBLIGATIONS FUND
STAR RELATIVE VALUE FUND
STAR TAX-FREE MONEY MARKET FUND
STAR TREASURY FUND
STAR U.S. GOVERNMENT INCOME FUND
Supplement to Prospectuses dated January 31, 1994
THE STELLAR FUND
Supplement to Investment Shares Prospectus dated April 5, 1994
Supplement to Trust Shares Prospectus dated April 5, 1994
STAR CAPITAL APPRECIATION FUND
Supplement to Prospectus dated May 16, 1994
1) Please revise the first sentence of the first paragraph under
the section "Exchange Privilege" of the above-mentioned
prospectuses to add the Star Growth Equity Fund and the Star
Strategic Income Fund to the list of Star Funds.
2) Please revise the second sentence of the of the first
paragraph under the section "Exchange Privilege" of the above-
mentioned prospectuses to read as follows:
"Until further notice, through a telephone exchange
program, shareholders invested in the money market
funds can exchange only among the other money market
funds of the Trust, and shareholders invested in the
non-money market funds can exchange only among certain
other non-money market funds of the Trust."
3) Please revise the first sentence of the sub-section entitled
"Exchanging Shares" under the section "Exchange Privilege" of all
of the non-money market funds' prospectuses to read as follows:
"Shareholders of the Fund may exchange shares of the
Fund for shares of those other non-money market funds
in the Star Funds which impose a front-end sales
charge."
November 14, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated
Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
854911203
854911401
854911302
854911104
854911500
854911609
854911708
854911807
006907(11/94)
