The Medalist Funds
The U.S. Government Securities Fund
The Stock Fund
The Virginia Municipal Bond Fund
The Maryland Municipal Bond Fund
The Treasury Money Market Fund
The Money Market Fund
Investment Shares
Supplement to Combined Prospectus dated August 15, 1994
1. E. Christian Goetz has assumed responsibility for the management of The
Maryland Municipal Bond Fund and The Virginia Municipal Bond Fund. As a
result, the following changes should be made to the section entitled
"Adviser's Background", which begins on page 19 and continues on page 20
of your prospectus.
a. Replace the first sentence of the second paragraph of the section
with the following:
"E. Christian Goetz has managed The U.S. Government
Securities Fund since August 1991, and The Maryland
Municipal Bond Fund and The Virginia Municipal Bond Fund
since November 1994."
b. Delete the final paragraph of the section.
2. Please change the third paragraph of the section entitled "Redemption
Fee - The U.S. Government Securities Fund, The Stock Fund, The Virginia
Municipal Bond Fund and The Maryland Municipal Bond Fund", which begins
on page 25 and continues on page 26, to read as follows:
"The redemption fee will not be imposed on redemption of
Shares (i) following the death or disability (as defined in
the Internal Revenue Code) of a shareholder; (ii) to the
extent that the redemption represents a minimum required
distribution from an IRA or other retirement plan to a
shareholder who has attained the age of 70 1/2; (iii) owned
by the Trust Division of Signet Trust Company or other
affiliates of Signet Banking Corporation representing funds
which are held in a fiduciary, agency, custodial, or similar
capacity, or owned by directors and employees of the Fund,
Signet Banking Corporation or Federated Securities Corp. or
their affiliates, or any bank or investment dealer who has a
sales agreement with Federated Securities Corp. with regard
to the Fund, and their spouses and children under 21, or
owned by non-trust customers ("Customers") of fee-based
planners, investment advisers or banking institutions
(collectively "Institutions") where such Institutions have
an agreement with, and such Customers have a brokerage
account with, Signet Financial Services, Inc.; (iv)
purchased throughout the Imprint program sponsored by Signet
Financial Services, Inc.; or (v) if the proceeds from the
redemption are used to purchase a Signet Select variable
annuity within 10 days of the redemption."
November 28, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
826685307
826685109
826685869
826685505
826685851
826685703
G00564-05 (11/94)
The Medalist Funds
The U.S. Government Securities Fund
The Stock Fund
The Virginia Municipal Bond Fund
The Maryland Municipal Bond Fund
The Treasury Money Market Fund
The Money Market Fund
Trust Shares
Supplement to Combined Prospectus dated August 15, 1994
1. E. Christian Goetz has assumed responsibility for the management of The
Maryland Municipal Bond Fund and The Virginia Municipal Bond Fund. As a
result, the following changes should be made to the section entitled
"Adviser's Background", which begins on page 19 and continues on page 20
of your prospectus.
a. Replace the first sentence of the second paragraph of the section
with the following:
"E. Christian Goetz has managed The U.S. Government
Securities Fund since August 1991, and The Maryland
Municipal Bond Fund and The Virginia Municipal Bond Fund
since November 1994."
b. Delete the final paragraph of the section.
November 28, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
826685406
826685208
826685877
826685604
826685885
826685802
G00564-04 (11/94)
