FEDERATED HIGH YIELD TRUST
Supplement to Prospectus and Statement of Additional Information dated April 30,
1998
At the March 23, 1999 shareholder meeting, shareholders approved the following
changes:
1. Elected nine Trustees.
2. Ratified the selection of the Trust's independent auditors.
3. Made changes to the Trust's fundamental investment policies:
(a) Amended the Trust's fundamental investment policy regarding borrowing
to read as follows:
"The Trust may borrow money, directly or indirectly, and issue senior
securities to the maximum extent permitted under the 1940 Act."
(b) Made non-fundamental the Trust's fundamental investment policy
requiring that it invest primarily in lower-rated fixed income
securities.
4. Eliminated the Trust's fundamental investment policy prohibiting investment
in oil, gas, and minerals.
5. Approved amendments and restatements of the Trust's Declaration of Trust:
(a) To require the approval of a majority of the outstanding voting shares
in the event of the sale and conveyance of the assets of the Trust to
another trust or corporation; and
(b) To permit the Board of Trustees to liquidate assets of the Trust
without seeking shareholder approval.
March 23, 1999
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Federated Investors
Federated Securities Corp., Distributor
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
www.federatedinvestors.com
Cusip 314197104
G02547-03 (3/99)
