The Tax-Free Money Market Fund
(A Portfolio of The Medalist Funds)
Supplement to Prospectus dated June 20, 1994
Please replace the first sentence of the section entitled
"Ratings" on page 3 of the prospectus with the following:
"The municipal securities in which the Fund invests
must be rated in one of the two highest short-term
rating categories by one or more nationally recognized
statistical rating organizations("NRSROs") or be of
comparable quality to securities having such ratings."
November 14, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated
Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
25-1736586
G00564-03
