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THE MEDALIST FUNDS INVESTMENT SHARES TRUST SHARES Effective February 15, 1995, the name of "The Medalist Funds" has been changed to "The Virtus Funds." Accordingly, all references to The Medalist Funds in the prospectus and Statement of Additional Information should reflect this change. February 15, 1995 FEDERATED SECURITIES CORP. Distributor A subsidiary of Federated Investors Federated Investors Tower Pittsburgh, PA 15222-3779 G00564-06-A(2/95)
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