VIRTUS FUNDS
497, 1995-02-15
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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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