SIGNET SELECT FUNDS
TRUST SHARES
Supplement to Combined Statement of Additional Information dated
November 30, 1993
1. Effective August 15, 1994, the name of the "Signet Select
Funds" has been changed to "The Medalist Funds."
2. Effective August 15, 1994, the names of the "U.S. Government
Income Fund" and the "Value Equity Fund" have been changed
to "The U.S. Government Securities Fund" and "The Stock
Fund, "respectively. In addition, the names of "Virginia
Municipal Bond Fund," "Maryland Municipal Bond Fund,"
"Treasury Money Market Fund," and "Money Market Fund" have
been changed to "The Virginia Municipal Bond Fund," "The
Maryland Municipal Bond Fund," "The Treasury Money Market
Fund," and "The Money Market Fund," respectively.
August 15, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated
Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
2102608B-1(8/94)
SIGNET SELECT FUNDS
INVESTMENT SHARES
Supplement to Combined Statement of Additional Information dated
November 30, 1993
1. Effective August 15, 1994, the name of the "Signet Select
Funds" has been changed to "The Medalist Funds."
2. Effective August 15, 1994, the names of the "U.S. Government
Income Fund" and the "Value Equity Fund" have been changed
to "The U.S. Government Securities Fund" and "The Stock
Fund," respectively. In addition, the names of "Virginia
Municipal Bond Fund," "Maryland Municipal Bond Fund,"
"Treasury Money Market Fund," and "Money Market Fund" have
been changed to "The Virginia Municipal Bond Fund," "The
Maryland Municipal Bond Fund," "The Treasury Money Market
Fund," and "The Money Market Fund," respectively.
August 15, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated
Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
3042108B-R(8/94)
TAX-FREE MONEY MARKET FUND
(A PORTFOLIO OF SIGNET SELECT FUNDS)
Supplement to Prospectus dated June 20, 1994
1. Effective August 15, 1994, the name of the "Signet Select
Funds" has been changed to "The Medalist Funds."
2. Please add the following section entitled "Investing in
Securities of Other Investment Companies" after the
section entitled "When-Issued and Delayed Delivery Transactions"
on page 4 of the prospectus:
"Investing in Securities of Other Investment Companies. The
Fund may invest in the securities of other investment
companies, but will not own more than 3% of the total outstanding
voting stock of any investment company, invest more than
5% of total assets in any one investment company, or
invest more than 10% of total assets in investment companies in
the aggregate. The Fund will invest only in other
investment companies that are money market funds having
investment objectives and policies similar to those of the Fund
and primarily for the purpose of investing short-term cash
which has not yet been invested in other portfolio instruments.
The adviser will waive its investment advisory fee on
assets invested in securities of open-end investment
companies.
The Fund may also hold cash in such proportions as the
Fund's adviser may determine."
August 15, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated
Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
G00538-01(8/94)
TAX-FREE MONEY MARKET FUND
(A PORTFOLIO OF SIGNET SELECT FUNDS)
Supplement to the Statement of Additional Information dated June
20, 1994
1. Effective August 15, 1994, the name of the "Signet Select
Funds" will be changed to "The Medalist Funds. "
2. Please add the following section entitled "Investing in
Securities of Other Investment Companies" after the section
entitled "Investing in Illiquid Securities" on page 3 of the
Statement of Additional Information, and add the title
"Investing in Securities of Other Investment Companies" to
the Table of Contents:
"Investing in Securities of Other Investment Companies
The Fund will limit its investment in other investment
companies to no more than 3% of the total outstanding
voting stock of any investment company, will invest no
more than 5% of total assets in any one investment
company, and will invest no more than 10% of total
assets in investment companies in the aggregate.
However, these limitations are not applicable if the
securities are acquired in a merger, consolidation,
reorganization, or acquisition of assets."
August 15, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated
Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
G00538-02(8/94)
