FIRST PRIORITY FUNDS
First Priority Equity Fund--Investment Shares
First Priority Fixed Income Fund--Investment Shares
First Priority Limited Maturity Government Fund
Supplement to the Prospectuses dated January 31, 1994 and December 7, 1993
Federated Securities Corp., distributor of First Priority Funds (the Funds),
will, periodically offer to pay cash or promotional incentives in the form
of trips to sales seminars at resorts, tickets or other items to all
dealers selling shares of the Funds. Such payments will be predicated upon
the amount of shares of the Funds that are sold by the dealer.
Please insert the following at the end of the section entitled "Purchases
with Proceeds from Redemptions of Unaffiliated Mutual Fund Shares" :
"The Adviser will offer to pay broker/dealers an amount equal to .50 of 1%
of the net asset value of Shares purchased by their clients or customers in
this manner. This offer is not available for the redemption of mutual fund
shares that were or would be subject to a contingent deferred sales charge
upon redemption."
May 4, 1994
FEDERATED SECURITIES CORP.
Distributor
4033103 (5/94)
