24F-2NT

                               Rule 24f-2 Notice

                                TRADEMARK FUNDS

                                  (Fund Name)


                           Federated Investors Tower
                      Pittsburgh, Pennsylvania 15222-3779

                             1933 Act No. 33-49201


  (i)   fiscal period for which notice is filed January 31, 1994

 (ii)   The number or amount of securities of the
        same class or series, if any, which had
        been registered under the Securities Act
        of 1933, other than pursuant to Rule 24f-2
        but which remained unsold at February 1, 1993,
        the beginning of the Registrant's fiscal
        period                                                 0

(iii)   The number or amount of securities, if
        any, registered during the fiscal period
        of this notice other than pursuant to
        Rule 24f-2                                             0               0

  (iv)  The number or amount of securities
        sold during the fiscal period of this
        notice                                                        36,503,042

   (v)  The number or amount of securities sold
        during the fiscal period of this notice
        in reliance upon registration pursuant
        to Rule 24f-2 (see attached Computation
        of Fee)                                                       36,503,042



     WITNESS the due execution hereof this 15th day of March, 1994.



                                        By: /s/C. Grant Anderson
                                            C. Grant Anderson
                                            Assistant Secretary

                               COMPUTATION OF FEE


1. Actual aggregate sale price of Registrant's
   securities sold pursuant to Rule 24f-2 during
   the fiscal period for which the 24f-2 notice
   is filed (see Section v)................................... $369,673,237

2. Reduced by the difference between:

   (a)  actual aggregate redemption price
        of such securities redeemed by the
        issuer during the fiscal period for
        which the 24f-2 notice is filed........ $40,957,535

   (b)  actual aggregate redemption price
        of such redeemed securities
        previously applied by the issuer
        pursuant to Section 24e(2)(a) for
        the fiscal period for which the
        24f-2 notice is filed..................           0      40,957,535


Total amount upon which the fee calculation specified
in Section 6(b) of the Securities Act of 1933 is
based......................................................... $328,715,702


     FEE SUBMITTED (1/29 of 1% of Total amount)............... $    113,351

EX-99.OPINION

                                  HOUSTON, HOUSTON & DONNELLY
                                  ATTORNEYS AT LAW
                                      2510 CENTRE CITY TOWER
WILLIAM McC. HOUSTON        PITTSBURGH, PA.  15222 
FRED CHALMERS HOUSTON, JR.            __________
THOMAS J. DONNELLY
JOHN F. MECK                (412) 471-5828            FRED CHALMERS HOUSTON
                          FAX (412) 471-0736             (1914 - 1971)
         

MARIO SANTILLI, JR.
THEODORE M. HAMMER


                               March 15, 1994
                                            
                                            
                                            
Trademark Funds
Federated Investors Tower
Pittsburgh, PA  15222-3779

Gentlemen:

 You have  requested our  opinion for  use in  conjunction with  a Rule  24f-2 
Notice for Trademark Funds ("Trust") to be filed in respect of shares of the 
Trust ("Shares") sold for the fiscal year ended January 31, 1994, pursuant to 
the Trust's registration  statement filed  with the  Securities and Exchange  
Commission ("SEC")  under the  Securities  Act of  1933  (File No. 33-49201)  
("Registration Statement").

  In   its  Registration   Statement,  the   Trust  elected to  register an   
indefinite number of Shares pursuant to the provisions of SEC Rule 24f-2.

 We  have  reviewed  the  amended  Registration  Statement  of  the Trust  and  
such other  documents  and records  deemed  relevant.  On the  basis  of the  
foregoing, it is our opinion that the  Shares sold for the fiscal year ended  
January 31, 1994, registration of which the Rule 24f-2 Notice makes definite 
in number, were legally issued, fully paid and non-assessable.

 We  consent to  your filing  this opinion  as an  Exhibit to  the Rule  24f-2 
Notice referred to above, the Registration Statement of the Trust and to any  
application or registration statement filed under the Securities Laws of any  
of the States of the United States.



                                          Very truly yours,

                                          Houston, Houston & Donnelly



                                          By:  /s/Thomas J. Donnelly

TJD:smg