THE VIRTUS FUNDS
SUPPLEMENT TO INVESTMENT SHARES COMBINED PROSPECTUS DATED MARCH 1, 1995
A. Please delete the last sentence of the third paragraph under the
subsection entitled Share Purchases on page 24 of the prospectus, and
replace it with the following:
"Payment must be received by Signet Financial Services, Inc. within three
days of placing the order."
May 31, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
G00564-12 (5/95)
