FEDERATED GROWTH TRUST
SUPPLEMENT TO PROSPECTUS DATED DECEMBER 31, 1994
1. Under the section entitled "Adviser's Background" on page 7, please
delete the second, third and fourth paragraphs and replace them with the
following information:
"Peter R. Anderson has been the Fund's co-portfolio manager since August,
1994. Mr. Anderson joined Federated Investors in 1972 as, and is
presently, a Senior
Vice President of the Fund's investment adviser. Mr. Anderson
is a Chartered Financial Analyst and received his M.B.A. in
Finance from the University of Wisconsin.
James E. Grefenstette has been the Fund's co-portfolio manager
since December, 1994. Mr. Grefenstette joined Federated
Investors in 1992 and has been an Assistant Vice President of
the Fund's investment adviser since October, 1994. Mr.
Grefenstette served as an investment analyst of the Adviser from
1992 to 1994. Mr. Grefenstette served as a credit analyst at
Westinghouse Credit Corporation from 1990 until 1992, and served
as a bond trader and an Investment Officer at Pittsburgh
National Bank from 1987 to 1990. Mr. Grefenstette received his
M.S.I.A. from Carnegie Mellon University."
March 14, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
314190109
G00590-03(3/95)
