FEDERATED HIGH YIELD TRUST
SUPPLEMENT TO THE PROSPECTUS DATED APRIL 30, 1997
Please be advised that William F. Stotz was named as an additional
portfolio manager of the Fund as of October, 1997. Mark E. Durbiano
will continue to serve as a portfolio manager of the Fund.
Accordingly, please insert the following biographical information for
William F. Stotz as the fourth paragraph of the sub-section entitled
"Adviser's Background" on page 8:
"William F. Stotz has been a portfolio manager of the Fund since
October, 1997. Mr. Stotz joined Federated Investors in 1993
as an Investment Analyst. He served as an Assistant Vice
President in 1994 and 1995; in October 1995 he was named a
Vice President of the Fund's adviser. Prior to joining
Federated, from 1986 to 1993, Mr. Stotz served as a Research
Analyst for Prudential Securities, Inc. Mr. Stotz earned his
M.B.A., concentrating in Finance, from the University of
Massachusetts."
October 30, 1997
FEDERATED INVESTORS
Federated Securities Corp., Distributor
Cusip 314197104
G00660-05 (10/97)
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