FEDERATED MANAGED AGGRESSIVE GROWTH FUND
(A Portfolio of Managed Series Trust)
Select Shares
Institutional Service Shares
Supplement to Prospectuses dated January 31, 1995
A.Please delete the sixth paragraph of "Adviser's Background," a
sub-section of "Investment Adviser," which
begins on page 15 and replace it with the following:
"James E. Grefenstette
is the co-portfolio manager for the domestic small company stocks
asset category. He has served in this capacity since August 1994. Mr.
Grefenstette joined Federated Investors in 1992 and has been an
Assistant Vice President of the Fund's investment adviser since
October 1994. From 1992 until 1994, Mr. Grefenstette acted as an
investment analyst. Mr. Grefenstette was a credit analyst at
Westinghouse Credit Corp. from 1990 until 1992, and an investment
officer at Pittsburgh National Bank from 1987 until 1990. Mr.
Grefenstette received his M.S.I.A. from Carnegie Mellon University."
B. Please delete the eighth paragraph of "Adviser's Background" and
replace it with the following:
"Susan M. Nason and
Joseph M. Balestrino are co-portfolio managers for the U.S. Treasury
securities asset category. Ms. Nason has performed this duty since
the Fund's inception. Mr. Balestrino assumed his responsibilities on
March 1, 1995. Ms. Nason joined Federated Investors in 1987 and has
been a Vice President of the Fund's investment adviser since 1993.
Ms. Nason served as an Assistant Vice President of the investment
adviser from 1990 until 1992, and from 1987 until 1990 she acted as an
investment analyst. Ms. Nason is a Chartered Financial Analyst and
received her M.B.A. in Finance from Carnegie Mellon University. Mr.
Balestrino joined Federated Investors in 1986 and has been an
Assistant Vice President of the Fund's investment adviser since 1991.
Mr. Balestrino served as an Investment Analyst of the investment
adviser from 1989 until 1991, and from 1986 until 1989 he acted as
Project Manager in the Product Development Department. Mr. Balestrino
is a Chartered Financial Analyst and received his M.A. in Urban and
Regional Planning from the University of Pittsburgh."
C. Please delete the tenth paragraph of "Adviser's Background" and
replace it with the following:
"Kathleen M. Foody-Malus
and James D. Roberge are co-portfolio managers for the mortgage-
backed securities asset category. Ms. Foody-Malus has performed this
duty since the Fund's inception. Mr. Roberge assumed his
responsibilities on March 1, 1995. Ms. Foody-Malus joined Federated
Investors in 1983 and has been a Vice President of the Fund's
investment adviser since 1993. Ms. Foody-Malus served as an Assistant
Vice President of the investment adviser from 1990 until 1992, and
from 1986 until 1989 she acted as an investment analyst. Ms. Foody-
Malus received her M.B.A. in Accounting/Finance from the University of
Pittsburgh. Mr. Roberge joined Federated Investors in 1990 and has
been a Vice President of the Fund's investment adviser since October
1994. Prior to this, Mr. Roberge served as an Assistant Vice
President of the Fund's investment adviser. From 1990 until 1992,
Mr. Roberge acted as an investment analyst. Mr. Roberge is a
Chartered Financial Analyst and received his M.B.A. in Finance from
Wharton Business School in 1990."
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
56166K800
56166K701
G00250-03(3/95)
FEDERATED MANAGED GROWTH FUND
(A Portfolio of Managed Series Trust)
Select Shares
Institutional Service Shares
Supplement to Prospectuses dated January 31, 1995
A. Please delete the
sixth paragraph of "Adviser's Background," a sub-section of
"Investment Adviser," which begins on pages 16 and 15, respectively,
and replace it with the following:
"James E. Grefenstette
is the co-portfolio manager for the domestic small company stocks
asset category. He has served in this capacity since August 1994. Mr.
Grefenstette joined Federated Investors in 1992 and has been an
Assistant Vice President of the Fund's investment adviser since
October 1994. From 1992 until 1994, Mr. Grefenstette acted as an
investment analyst. Mr. Grefenstette was a credit analyst at
Westinghouse Credit Corp. from 1990 until 1992, and an investment
officer at Pittsburgh National Bank from 1987 until 1990. Mr.
Grefenstette received his M.S.I.A. from Carnegie Mellon University."
B. Please delete the
ninth paragraph of "Adviser's Background " and replace it with the
following:
"Susan M. Nason and
Joseph M. Balestrino are co-portfolio managers for the U.S. Treasury
securities asset category. Ms. Nason has performed this duty since
the Fund's inception. Mr. Balestrino assumed his responsibilities on
March 1, 1995. Ms. Nason joined Federated Investors in 1987 and has
been a Vice President of the Fund's investment adviser since 1993.
Ms. Nason served as an Assistant Vice President of the investment
adviser from 1990 until 1992, and from 1987 until 1990 she acted as an
investment analyst. Ms. Nason is a Chartered Financial Analyst and
received her M.B.A. in Finance from Carnegie Mellon University. Mr.
Balestrino joined Federated Investors in 1986 and has been an
Assistant Vice President of the Fund's investment adviser since 1991.
Mr. Balestrino served as an Investment Analyst of the investment
adviser from 1989 until 1991, and from 1986 until 1989 he acted as
Project Manager in the Product Development Department. Mr. Balestrino
is a Chartered Financial Analyst and received his M.A. in Urban and
Regional Planning from the University of Pittsburgh."
C. Please delete the
eleventh paragraph of "Adviser's Background" and replace it with the
following:
"Kathleen M. Foody-
Malus and James D. Roberge are co-portfolio managers for the mortgage-
backed securities asset category. Ms. Foody-Malus has performed this
duty since the Fund's inception. Mr. Roberge assumed his
responsibilities on March 1, 1995. Ms. Foody-Malus joined Federated
Investors in 1983 and has been a Vice President of the Fund's
investment adviser since 1993. Ms. Foody-Malus served as an Assistant
Vice President of the investment adviser from 1990 until 1992, and
from 1986 until 1989 she acted as an investment analyst. Ms. Foody-
Malus received her M.B.A. in Accounting/Finance from the University of
Pittsburgh. Mr. Roberge joined Federated Investors in 1990 and has
been a Vice President of the Fund's investment adviser since October
1994. Prior to this, Mr. Roberge served as an Assistant Vice
President of the Fund's investment adviser. From 1990 until 1992,
Mr. Roberge acted as an investment analyst. Mr. Roberge is a
Chartered Financial Analyst and received his M.B.A. in Finance from
Wharton Business School in 1990."
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
56166K602
56166K503
G00251-03(3/95)
FEDERATED MANAGED GROWTH AND INCOME FUND
(A Portfolio of Managed Series Trust)
Select Shares
Institutional Service Shares
Supplement to Prospectuses dated January 31, 1995
A.Please delete the fourth paragraph of "Adviser's Background,"
a sub-section of "Investment Adviser,"
which begins on page 15 and replace it with the following:
"Susan M. Nason and
Joseph M. Balestrino are co-portfolio managers for the U.S. Treasury
securities asset category. Ms. Nason has performed this duty since
the Fund's inception. Mr. Balestrino assumed his responsibilities on
March 1, 1995. Ms. Nason joined Federated Investors in 1987 and has
been a Vice President of the Fund's investment adviser since 1993.
Ms. Nason served as an Assistant Vice President of the investment
adviser from 1990 until 1992, and from 1987 until 1990 she acted as an
investment analyst. Ms. Nason is a Chartered Financial Analyst and
received her M.B.A. in Finance from Carnegie Mellon University. Mr.
Balestrino joined Federated Investors in 1986 and has been an
Assistant Vice President of the Fund's investment adviser since 1991.
Mr. Balestrino served as an Investment Analyst of the investment
adviser from 1989 until 1991, and from 1986 until 1989 he acted as
Project Manager in the Product Development Department. Mr. Balestrino
is a Chartered Financial Analyst and received his M.A. in Urban and
Regional Planning from the University of Pittsburgh."
B. Please delete the fifth paragraph of "Adviser's Background" and
replace it with the following:
"Kathleen M. Foody-Malus
and James D. Roberge are co-portfolio managers for the mortgage-
backed securities asset category. Ms. Foody-Malus has performed this
duty since the Fund's inception. Mr. Roberge assumed his
responsibilities on March 1, 1995. Ms. Foody-Malus joined Federated
Investors in 1983 and has been a Vice President of the Fund's
investment adviser since 1993. Ms. Foody-Malus served as an Assistant
Vice President of the investment adviser from 1990 until 1992, and
from 1986 until 1989 she acted as an investment analyst. Ms. Foody-
Malus received her M.B.A. in Accounting/Finance from the University of
Pittsburgh. Mr. Roberge joined Federated Investors in 1990 and has
been a Vice President of the Fund's investment adviser since October
1994. Prior to this, Mr. Roberge served as an Assistant Vice
President of the Fund's investment adviser. From 1990 until 1992,
Mr. Roberge acted as an investment analyst. Mr. Roberge is a
Chartered Financial Analyst and received his M.B.A. in Finance from
Wharton Business School in 1990."
C. Please delete the eleventh paragraph of "Adviser's Background"
and replace it with the following:
"James E. Grefenstette
is the co-portfolio manager for the domestic small company stocks
asset category. He has served in this capacity since August 1994. Mr.
Grefenstette joined Federated Investors in 1992 and has been an
Assistant Vice President of the Fund's investment adviser since
October 1994. From 1992 until 1994, Mr. Grefenstette acted as an
investment analyst. Mr. Grefenstette was a credit analyst at
Westinghouse Credit Corp. from 1990 until 1992, and an investment
officer at Pittsburgh National Bank from 1987 until 1990. Mr.
Grefenstette received his M.S.I.A. from Carnegie Mellon University."
March 10, 1995
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
56166K404
56166K305
G00252-03
FEDERATED MANAGED INCOME FUND
(A Portfolio of Managed Series Trust)
Select Shares
Institutional Service Shares
Supplement to Prospectuses dated January 31, 1995
A.Please delete the fourth paragraph of "Adviser's Background,"
a sub-section of "Investment Adviser,"
which begins on page 15 and replace it with the following:
"Susan M. Nason and
Joseph M. Balestrino are co-portfolio managers for the U.S. Treasury
securities asset category. Ms. Nason has performed this duty since
the Fund's inception. Mr. Balestrino assumed his responsibilities on
March 1, 1995. Ms. Nason joined Federated Investors in 1987 and has
been a Vice President of the Fund's investment adviser since 1993.
Ms. Nason served as an Assistant Vice President of the investment
adviser from 1990 until 1992, and from 1987 until 1990 she acted as an
investment analyst. Ms. Nason is a Chartered Financial Analyst and
received her M.B.A. in Finance from Carnegie Mellon University. Mr.
Balestrino joined Federated Investors in 1986 and has been an
Assistant Vice President of the Fund's investment adviser since 1991.
Mr. Balestrino served as an Investment Analyst of the investment
adviser from 1989 until 1991, and from 1986 until 1989 he acted as
Project Manager in the Product Development Department. Mr. Balestrino
is a Chartered Financial Analyst and received his M.A. in Urban and
Regional Planning from the University of Pittsburgh."
B. Please delete the fifth paragraph of "Adviser's Background" and
replace it with the following:
"Kathleen M. Foody-Malus
and James D. Roberge are co-portfolio managers for the mortgage-
backed securities asset category. Ms. Foody-Malus has performed this
duty since the Fund's inception. Mr. Roberge assumed his
responsibilities on March 1, 1995. Ms. Foody-Malus joined Federated
Investors in 1983 and has been a Vice President of the Fund's
investment adviser since 1993. Ms. Foody-Malus served as an Assistant
Vice President of the investment adviser from 1990 until 1992, and
from 1986 until 1989 she acted as an investment analyst. Ms. Foody-
Malus received her M.B.A. in Accounting/Finance from the University of
Pittsburgh. Mr. Roberge joined Federated Investors in 1990 and has
been a Vice President of the Fund's investment adviser since October
1994. Prior to this, Mr. Roberge served as an Assistant Vice
President of the Fund's investment adviser. From 1990 until 1992,
Mr. Roberge acted as an investment analyst. Mr. Roberge is a
Chartered Financial Analyst and received his M.B.A. in Finance from
Wharton Business School in 1990."
C. Please delete the eleventh paragraph of "Adviser's Background" and
replace it with the following:
"James E. Grefenstette
is the co-portfolio manager for the domestic small company stocks
asset category. He has served in this capacity since August 1994. Mr.
Grefenstette joined Federated Investors in 1992 and has been an
Assistant Vice President of the Fund's investment adviser since
October 1994. From 1992 until 1994, Mr. Grefenstette acted as an
investment analyst. Mr. Grefenstette was a credit analyst at
Westinghouse Credit Corp. from 1990 until 1992, and an investment
officer at Pittsburgh National Bank from 1987 until 1990. Mr.
Grefenstette received his M.S.I.A. from Carnegie Mellon University."
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
56166K206
56166K107
G00253-03(3/95)
