IMPORTANT NOTICE
Dear Shareholder:
The Star Funds are pleased to note the appointment of Fred
Brink to the position of Fund Manager for the Star Capital
Appreciation Fund. Mr. Brink replaces Scott N. Dooley as the
investment manager of the Star Capital Appreciation Fund. The
following provides an update to page 27 of the prospectus,
under the sub-heading entitled "Adviser's Background."
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RETAIN THIS PORTION AND ATTACH TO YOUR CURRENT PROSPECTUS
STAR FUNDS
STOCK AND BOND FUNDS
Supplement to Combined Prospectus dated March 31, 1995
A. On page 27 of the prospectus, under the sub-heading entitled
"Adviser's Background," please delete the bio for Fred A. Brink
and replace it with the following:
Fred A. Brink joined Star Bank in 1991 and is a Fund Manager and Trust
Investment Officer for the Capital Management Division. In July
1995, Mr. Brink assumed sole management responsibility for
the Star Capital Appreciation Fund. In addition, Mr. Brink
has managed the Real Estate Investment (REIT) component of
The Stellar Fund (since January 1994) and of the Star
Strategic Income Fund (since inception). Previously, he
managed the cash equivalent securities component of The
Stellar Fund, Star Relative Value Fund and Star U.S. Government Income
Fund. Mr. Brink holds a Bachelor of Business
Administration degree in Finance from the University of Cincinnati
and is enrolled in Level 2 of the Chartered Financial
Analyst program.
B. On page 27 of the prospectus, under the sub-heading entitled
"Adviser's Background," please delete the bio for Scott H. Dooley
in its entirety.
September 27, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated
Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
CUSIP 854911500CUSIP 854911401
CUSIP 854911880 CUSIP
854911864
CUSIP 854911609 CUSIP
854911807
G00900-02 (9/95)
