NVESTMENT SHARES
TRUST SHARES
Supplement to Prospectus dated January 31, 1995 as supplemented on February 15,
1995
1. Please delete the section entitled "Investing in Securities of Other
Investment Companies" on page 16 of the prospectus, and replace it with the
following: "Investing in Securities of Other Investment Companies
The Funds 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
general. The Funds will invest in other investment companies primarily for
the purpose of investing short-term cash which has not yet been invested in
other portfolio instruments. It should be noted that investment company
would be subject to certain duplicate expenses, particularly transfer agent
and custodian fees. The adviser will waive its investment advisory fee on
assets invested in securities of open-end investment companies."
2. Please delete the last sentence of the third paragraph under the heading
entitled "Synopsis" on page 1, and replace it with the following:
"The Funds are advised by Virtus Capital Management, Inc."
3. Effective March 6, 1995, a new portfolio of the Trust, The Strategic Stock
Fund, will offer a single class of shares. The Fund is designed for
institutional and retail customers of Signet Bank and its affiliates as a
convenient means of accumulating an interest in a professionally managed,
diversified portfolio investing primarily in common stocks of large, medium
and small capitalization companies. The shares will be offered pursuant to a
separate prospectus.
March 15, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
G00564-09 (3/95)
TRUST SHARES
Supplement to Prospectus dated January 31, 1995 as supplemented on February 1995
