BAYFUNDS
INVESTMENT SHARES
BAYFUNDS EQUITY PORTFOLIO
Supplement to Prospectus dated April 22, 1994
Under the section "Adviser's Background" on page 9, please delete the fourth
paragraph and replace it with the following:
Effective January 6, 1995, investment decisions for the BayFunds
Equity Portfolio will be made by an investment committee of the
Adviser.
January 20, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
072782881
G00508-04 (1/95)
BAYFUNDS
INCOME FUNDS
INVESTMENT SHARES
BAYFUNDS SHORT TERM YIELD PORTFOLIO
BAYFUNDS BOND PORTFOLIO
Supplement to Combined Prospectus dated April 22, 1994
Under the section "Adviser's Background" on pages 14-15, please delete the
fourth and fifth paragraphs beginning on page 14, and replace them with the
following:
Effective January 6, 1995, investment decisions for the BayFunds
Short Term Yield Portfolio and the BayFunds Bond Portfolio will
be made by an investment committee of the Adviser.
January 20, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
072782808
072782873
G00508-03 (1/95)
BAYFUNDS
INCOME FUNDS AND EQUITY FUND
INSTITUTIONAL SHARES
BAYFUNDS BOND PORTFOLIO
BAYFUNDS SHORT TERM YIELD PORTFOLIO
BAYFUNDS EQUITY PORTFOLIO
Supplement to Combined Prospectus dated April 22, 1994
Under the section "Adviser's Background" on pages 13-14, please delete the
first three full paragraphs on page 14, and replace them with the following:
Effective January 6, 1995, investment decisions for the BayFunds
Bond Portfolio, BayFunds Short Term Yield Portfolio, and
BayFunds Equity Portfolio will be made by an investment
committee of the Adviser.
January 20, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
072782501
072782303
072782402
G00508-05 (1/95)
