FEDERATED MANAGED AGGRESSIVE GROWTH FUND
FEDERATED MANAGED GROWTH FUND
FEDERATED MANAGED GROWTH AND INCOME FUND
FEDERATED MANAGED INCOME FUND
(Portfolios of Managed Series Trust)
Select Shares
Institutional Shares
SUPPLEMENT TO PROSPECTUSES DATED JANUARY 31, 1995
On November 14, 1995, the Board of Trustees approved a sub-advisory
agreement between Federated Management and Federated Global Research
Corp. on behalf of each portfolio, effective November 20, 1995.
Accordingly, please delete the section entitled "Advisers Background" of
your respective prospectus and replace it with the following:
"ADVISER'S BACKGROUND. Federated Management (the "Adviser"), a
Delaware business trust organized on April 11, 1989, is a
registered investment adviser under the Investment Advisers Act
of 1940.
SUB-ADVISER. Under the terms of the Sub-Advisory Agreement between
the Adviser and Federated Global Research Corp. (the "Sub-Adviser"),
the Sub-Adviser will provide the Adviser such investment advice,
statistical and other factual information as may, from time to time,
be reasonably requested by the Adviser.
SUB-ADVISORY FEES. For its services under the Sub-Advisory
Agreement, the Sub-Adviser receives an allocable portion of the
Fund's advisory fee. Such allocation is based on the amount of
foreign securities which the Sub-Adviser manages for the Fund.
This fee is paid by the Adviser out of its resources and is not
an incremental Fund expense.
SUB-ADVISER'S BACKGROUND. Federated Global Research Corp.,
incorporated in Delaware on May 12, 1995, is a registered
investment adviser under the Investment Advisers Act of 1940.
The Adviser and Sub-Adviser are subsidiaries of Federated
Investors. All of the Class A (voting) shares of Federated
Investors are owned by a trust, the trustees of which are John F.
Donahue, Chairman and Trustee of Federated Investors, Mr.
Donahue's wife, and Mr. Donahue's son, J. Christopher Donahue,
who is President and Trustee of Federated Investors.
Federated Management, Federated Global Research Corp. and other
subsidiaries of Federated Investors serve as investment advisers
to a number of investment companies and private accounts. Certain
other subsidiaries also provide administrative services to a
number of investment companies. With over $72 billion invested
across more than 260 funds under management and/or administration
by its subsidiaries, as of December 31, 1994, Federated Investors
is one of the largest mutual fund investment managers in the
United States. With more than 1,750 employees, Federated
continues to be led by the management who founded the company in
1955. Federated funds are presently at work in and through 4,000
financial institutions nationwide. More than 100,000 investment
professionals have selected Federated funds for their clients.
The Trust, the Adviser, and the Sub-Adviser have adopted strict
codes of ethics governing the conduct of all employees who manage
the Fund and its portfolio securities. These codes recognize that
such persons owe a fiduciary duty to the Fund's shareholders and
must place the interests of shareholders ahead of the employees'
own interest. Among other things, the codes: require preclearance
and periodic reporting of personal securities transactions;
prohibit personal transactions in securities being purchased or
sold, or being considered for purchase or sale, by the Fund;
prohibit purchasing securities in initial public offerings; and
prohibit taking profits on securities held for less than sixty
days. Violations of these codes are subject to review by the
Trustees, and could result in severe penalties.
PORTFOLIO MANAGERS' BACKGROUNDS.
Charles A. Ritter is the portfolio manager for the Fund and
performs the overall allocation of the assets of the Fund among
the various asset categories. He has performed these duties since
the Fund's inception. In allocating the Fund's assets, Mr. Ritter
evaluates the market environment and economic outlook, utilizing
the services of the Adviser 's economist and strategist. Mr.
Ritter joined Federated Investors in 1983 and has been a Vice
President of the Fund's Adviser since 1992. From 1988 until 1991,
Mr. Ritter acted as an Assistant Vice President. Mr. Ritter is a
Chartered Financial Analyst and received his M.B.A. in Finance
from the University of Chicago and his M.S. in Economics from
Carnegie Mellon University.
The portfolio managers for each of the individual asset
categories are as follows:
Peter R. Anderson and Aash Shah are the co-portfolio managers for
the domestic large company stocks asset category. Mr. Anderson
has performed this duty since the Fund's inception. Mr. Shah
assumed his responsibilities in December, 1995. Mr. Anderson
joined Federated Investors in 1972 and is presently a Senior Vice
President of the Fund's Adviser. Mr. Anderson is a Chartered
Financial Analyst and received his M.B.A. in Finance from the
University of Wisconsin. Mr. Shah joined Federated Investors in
1993 as an Investment Analyst and has been an Assistant Vice
President of the Fund's Adviser since 1995. Mr. Shah was employed
at Westinghouse Credit Corp. from 1990 to 1993 as an Investment
Analyst. Mr. Shah received his M.S.I.A. from Carnegie Mellon
University with a concentration in finance and accounting. Mr.
Shah is a Chartered Financial Analyst.
James Grefenstette is the 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 Adviser since 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. Mr.
Grefenstette received his M.S.I.A. from Carnegie Mellon
University.
Christopher H. Wiles is the portfolio manager for the utility
stocks asset category of all the portfolios of Managed Series
Trust except for Federated Managed Aggressive Growth Fund, and
has been one of the Fund's portfolio managers since its
inception. Mr. Wiles joined Federated Investors in 1990 and has
been a Vice President of the Fund's Adviser since 1992. Mr. Wiles
served as Assistant Vice President of the Fund's Adviser from
1990 until 1992. Mr. Wiles is a Chartered Financial Analyst and
received his M.B.A. in Finance from Cleveland State University.
Henry Frantzen, Drew Collins, Mark Kopinski, Frank Semack, and
Alexandre de Bethman are co-portfolio managers for the foreign
stocks asset category.
Henry A. Frantzen has been the Fund's portfolio manager since
November, 1995. Mr. Frantzen joined Federated Investors in 1995
as an Executive Vice President of the Fund's Sub-Adviser. Mr.
Frantzen served as Chief Investment Officer of international
equities at Brown Brothers Harriman & Co. from 1992 to 1995. He
was the Executive Vice President and Director of Equities at
Oppenheimer Management Corporation from 1989 to 1991. Mr.
Frantzen received his B.S. in finance and marketing from the
University of North Dakota.
Drew J. Collins has been the Fund's portfolio manager since
November, 1995. Mr. Collins joined Federated Investors in 1995 as
a Senior Vice President of the Fund's Sub-Adviser. Mr. Collins
served as a Vice President/Portfolio Manager of international
equity portfolios at Arnhold and S. Bleichroeder, Inc. from 1994
to 1995. He served as an Assistant Vice President/Portfolio
Manager for international equities at the College Retirement
Equities Fund from 1986 to 1994. Mr. Collins is a Chartered
Financial Analyst and received his M.B.A. in finance from the
University of Pennsylvania.
Mark S. Kopinski has been the Fund's portfolio manager since
November, 1995. Mr. Kopinski joined Federated Investors in 1995
as a Vice President of the Fund's Sub-Adviser. Mr. Kopinski
served as Vice President/Portfolio Manager of international
equity funds at Twentieth Century Mutual Funds from 1990 to 1995.
Mr. Kopinski received his M.B.A. in Asian Studies from the
University of Illinois.
Frank Semack has been the Fund's portfolio manager since
November, 1995. Mr. Semack joined Federated Investors in 1995 as
a Vice President of the Fund's Sub-Adviser. Mr. Semack served as
an Investment Analyst at Omega Advisers, Inc. from 1993 to 1994.
He served as an Associate Director/Portfolio Manager of Wardley
Investment Services, Ltd. from 1980 to 1993. Mr. Semack received
his M.Sc. in economics from the London School of Economics.
Alexandre de Bethmann has been the Fund's portfolio manager since
November, 1995. Mr. de Bethmann joined Federated Investors in
1995 as a Vice President of the Fund's Sub-Adviser. Mr. de
Bethmann served as Assistant Vice President/Portfolio Manager for
Japanese and Korean equities at the College Retirement Equities
Fund from 1994 to 1995. He served as an International Equities
Analyst and then as an Assistant Portfolio Manager at the College
Retirement Equities Fund between 1987 and 1994. Mr. de Bethmann
received his M.B.A. in Finance from Duke University.
Henry Frantzen, Drew Collins, and Robert Kowit are portfolio
managers for the foreign bonds asset category. They have
performed these duties since November, 1995.
Robert M. Kowit joined Federated Investors in 1995 as a Vice
President of the Fund's Sub-Adviser. Mr. Kowit served as a
Managing Partner of Copernicus Global Asset Management from
January 1995 through October 1995. From 1990 to 1994, he served
as Senior Vice President of International Fixed Income and
Foreign Exchange for John Hancock Advisers. Mr. Kowit received
his M.B.A. from Iona College with a concentration in finance.
Susan M. Nason and Joseph M. Balestrino are 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 Adviser since 1993. Ms. Nason served as an Assistant Vice
President of the Adviser from 1990 until 1992. Ms. Nason is a
Chartered Financial Analyst and received her M.S.I.A. in Finance
from Carnegie Mellon University. Mr. Balestrino joined Federated
Investors in 1986 and has been Vice President of the Fund's
Adviser since 1995. Mr. Balestrino served as an Assistant Vice
President from 1991 until 1995, and as an investment analyst of
the Adviser from 1989 until 1991. Mr. Balestrino is a Chartered
Financial Analyst and received his M.A. in Urban and Regional
Planning from the University of Pittsburgh.
Thomas M. Franks is the portfolio manager for the equity reserves
asset category. He has performed these duties since the Fund's
inception. Mr. Franks joined Federated Investors in 1985 and has
been a Vice President of the Fund's Adviser since 1990. Mr.
Franks is a Chartered Financial Analyst and received his M.S.I.A.
in Business Administration from Carnegie Mellon University.
Kathleen M. Foody-Malus and James D. Roberge are 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 Adviser since 1993. Ms. Foody-Malus
served as an Assistant Vice President of the Adviser from 1990
until 1992. 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 Adviser since October, 1994. Prior to this, Mr.
Roberge served as an Assistant Vice President of the Fund's
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 the University of
Pennsylvania.
Joseph M. Balestrino and Susan M. Nason are portfolio managers
for the investment-grade corporate bonds asset category. They
have performed these duties since the Fund's inception.
Mark E. Durbiano is the portfolio manager for the high yield
corporate bonds asset category. He has performed these duties
since the Fund's inception. Mr. Durbiano joined Federated
Investors in 1982 and has been a Vice President of the Fund's
Adviser since 1988. Mr. Durbiano is a Chartered Financial Analyst
and received his M.B.A. in Finance from the University of
Pittsburgh."
December 20, 1995
PA
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of FEDERATED
INVESTORS
Federated Investors Tower
PITTSBURGH, PA 15222-3779
Cusip 56166K 800
Cusip 56166K 701
Cusip 56166K 404
Cusip 56166K 305
Cusip 56166K 602
Cusip 56166K 503
Cusip 56166K 206
Cusip 56166K 107
