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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
015 E010301 X
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<PAGE> PAGE 21
015 D010311 HONG KONG
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
070 H020300 N
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<PAGE> PAGE 26
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015 A000401 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 27
015 A000402 GENERALE DE BANQUE
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<PAGE> PAGE 28
015 E040411 X
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<PAGE> PAGE 29
015 D010421 CANADA
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<TABLE> <S> <C>
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<TOTAL-LIABILITIES> 351,639
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,750,898
<SHARES-COMMON-STOCK> 170,737
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 120,335
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 63,908
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (566,386)
<NET-ASSETS> 1,672,949
<DIVIDEND-INCOME> 71,034
<INTEREST-INCOME> 218,824
<OTHER-INCOME> 0
<EXPENSES-NET> 64,282
<NET-INVESTMENT-INCOME> 225,576
<REALIZED-GAINS-CURRENT> 75,474
<APPREC-INCREASE-CURRENT> (566,386)
<NET-CHANGE-FROM-OPS> (265,336)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,749
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 174,124
<NUMBER-OF-SHARES-REDEEMED> 3,818
<SHARES-REINVESTED> 431
<NET-CHANGE-IN-ASSETS> 17,368,755
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50,507
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 181,303
<AVERAGE-NET-ASSETS> 8,416,933
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.130
<PER-SHARE-GAIN-APPREC> (0.250)
<PER-SHARE-DIVIDEND> 0.080
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.800
<EXPENSE-RATIO> 164
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Managed Series Trust
Federated Managed Growth Fund
Institutional Service Shares
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 32,588,400
<INVESTMENTS-AT-VALUE> 31,805,414
<RECEIVABLES> 521,300
<ASSETS-OTHER> 104,739
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,431,453
<PAYABLE-FOR-SECURITIES> 399,355
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106,935
<TOTAL-LIABILITIES> 506,290
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,610,298
<SHARES-COMMON-STOCK> 2,950,782
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 252,009
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (61,697)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (875,447)
<NET-ASSETS> 28,973,376
<DIVIDEND-INCOME> 115,186
<INTEREST-INCOME> 554,844
<OTHER-INCOME> 0
<EXPENSES-NET> 122,620
<NET-INVESTMENT-INCOME> 547,410
<REALIZED-GAINS-CURRENT> (55,426)
<APPREC-INCREASE-CURRENT> (875,447)
<NET-CHANGE-FROM-OPS> (383,463)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 281,776
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,096,651
<NUMBER-OF-SHARES-REDEEMED> 158,363
<SHARES-REINVESTED> 12,494
<NET-CHANGE-IN-ASSETS> 31,925,163
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 97,226
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 242,053
<AVERAGE-NET-ASSETS> 16,163,824
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> (0.260)
<PER-SHARE-DIVIDEND> 0.120
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.820
<EXPENSE-RATIO> 89
<AVG-DEBT-OUTSTANDING> 145,430
<AVG-DEBT-PER-SHARE> 0.057
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Managed Series Trust
Federated Managed Growth Fund
Select Shares
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 32,588,400
<INVESTMENTS-AT-VALUE> 31,805,414
<RECEIVABLES> 521,300
<ASSETS-OTHER> 104,739
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,431,453
<PAYABLE-FOR-SECURITIES> 399,355
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106,935
<TOTAL-LIABILITIES> 506,290
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,610,298
<SHARES-COMMON-STOCK> 301,010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 252,009
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (61,697)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (875,447)
<NET-ASSETS> 2,951,787
<DIVIDEND-INCOME> 115,186
<INTEREST-INCOME> 554,844
<OTHER-INCOME> 0
<EXPENSES-NET> 122,620
<NET-INVESTMENT-INCOME> 547,410
<REALIZED-GAINS-CURRENT> (55,426)
<APPREC-INCREASE-CURRENT> (875,447)
<NET-CHANGE-FROM-OPS> (383,463)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 281,776
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 311,261
<NUMBER-OF-SHARES-REDEEMED> 11,931
<SHARES-REINVESTED> 1,680
<NET-CHANGE-IN-ASSETS> 31,925,163
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 97,226
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 242,053
<AVERAGE-NET-ASSETS> 16,163,824
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> (0.240)
<PER-SHARE-DIVIDEND> 0.100
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.810
<EXPENSE-RATIO> 170
<AVG-DEBT-OUTSTANDING> 145,430
<AVG-DEBT-PER-SHARE> 0.057
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Managed Series Trust
Federated Managed Growth and Income Fund
Institutional Service Shares
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 47,971,272
<INVESTMENTS-AT-VALUE> 47,127,866
<RECEIVABLES> 526,107
<ASSETS-OTHER> 136,791
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,790,764
<PAYABLE-FOR-SECURITIES> 152,574
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 147,912
<TOTAL-LIABILITIES> 300,486
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,339,334
<SHARES-COMMON-STOCK> 4,447,084
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 455,224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (447,919)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (856,361)
<NET-ASSETS> 43,792,915
<DIVIDEND-INCOME> 207,757
<INTEREST-INCOME> 1,021,238
<OTHER-INCOME> 0
<EXPENSES-NET> 192,194
<NET-INVESTMENT-INCOME> 1,036,801
<REALIZED-GAINS-CURRENT> (416,902)
<APPREC-INCREASE-CURRENT> (856,361)
<NET-CHANGE-FROM-OPS> (236,462)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 576,693
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,831,900
<NUMBER-OF-SHARES-REDEEMED> 408,337
<SHARES-REINVESTED> 23,521
<NET-CHANGE-IN-ASSETS> 47,490,278
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 154,964
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 316,968
<AVERAGE-NET-ASSETS> 25,526,679
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> (0.250)
<PER-SHARE-DIVIDEND> 0.150
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.850
<EXPENSE-RATIO> 88
<AVG-DEBT-OUTSTANDING> 523,550
<AVG-DEBT-PER-SHARE> 0.131
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> Managed Series Trust
Federated Managed Growth and Income Fund
Select Shares
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 47,971,272
<INVESTMENTS-AT-VALUE> 47,127,866
<RECEIVABLES> 526,107
<ASSETS-OTHER> 136,791
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,790,764
<PAYABLE-FOR-SECURITIES> 152,574
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 147,912
<TOTAL-LIABILITIES> 300,486
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,339,334
<SHARES-COMMON-STOCK> 376,032
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 455,224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (447,919)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (856,361)
<NET-ASSETS> 3,697,363
<DIVIDEND-INCOME> 207,757
<INTEREST-INCOME> 1,021,238
<OTHER-INCOME> 0
<EXPENSES-NET> 192,194
<NET-INVESTMENT-INCOME> 1,036,801
<REALIZED-GAINS-CURRENT> (416,902)
<APPREC-INCREASE-CURRENT> (856,361)
<NET-CHANGE-FROM-OPS> (236,462)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 35,879
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 402,183
<NUMBER-OF-SHARES-REDEEMED> 28,241
<SHARES-REINVESTED> 2,090
<NET-CHANGE-IN-ASSETS> 47,490,278
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 154,964
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 316,968
<AVERAGE-NET-ASSETS> 25,526,679
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> (0.250)
<PER-SHARE-DIVIDEND> 0.130
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.830
<EXPENSE-RATIO> 164
<AVG-DEBT-OUTSTANDING> 523,550
<AVG-DEBT-PER-SHARE> 0.131
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> Managed Series Trust
Federated Managed Income Fund
Institutional Service Shares
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 37,933,968
<INVESTMENTS-AT-VALUE> 37,324,828
<RECEIVABLES> 700,226
<ASSETS-OTHER> 88,443
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,113,497
<PAYABLE-FOR-SECURITIES> 18,878
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 204,706
<TOTAL-LIABILITIES> 223,584
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,782,799
<SHARES-COMMON-STOCK> 3,552,816
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 45,969
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (329,392)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (609,463)
<NET-ASSETS> 34,692,299
<DIVIDEND-INCOME> 97,698
<INTEREST-INCOME> 1,027,728
<OTHER-INCOME> 0
<EXPENSES-NET> 125,787
<NET-INVESTMENT-INCOME> 999,639
<REALIZED-GAINS-CURRENT> (311,738)
<APPREC-INCREASE-CURRENT> (609,463)
<NET-CHANGE-FROM-OPS> 78,438
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 883,551
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,801,238
<NUMBER-OF-SHARES-REDEEMED> 280,229
<SHARES-REINVESTED> 21,807
<NET-CHANGE-IN-ASSETS> 37,789,913
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 126,272
<INTEREST-EXPENSE> 18,216
<GROSS-EXPENSE> 300,797
<AVERAGE-NET-ASSETS> 19,121,911
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> (0.250)
<PER-SHARE-DIVIDEND> 0.300
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.760
<EXPENSE-RATIO> 67
<AVG-DEBT-OUTSTANDING> 668,980
<AVG-DEBT-PER-SHARE> 0.203
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> Managed Series Trust
Federated Managed Income Fund
Select Shares
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> Nov-30-1994
<PERIOD-END> Nov-30-1994
<INVESTMENTS-AT-COST> 37,933,968
<INVESTMENTS-AT-VALUE> 37,324,828
<RECEIVABLES> 700,226
<ASSETS-OTHER> 88,443
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,113,497
<PAYABLE-FOR-SECURITIES> 18,878
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 204,706
<TOTAL-LIABILITIES> 223,584
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,782,799
<SHARES-COMMON-STOCK> 327,436
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 45,969
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (329,392)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (609,463)
<NET-ASSETS> 3,197,614
<DIVIDEND-INCOME> 97,698
<INTEREST-INCOME> 1,027,728
<OTHER-INCOME> 0
<EXPENSES-NET> 125,787
<NET-INVESTMENT-INCOME> 999,639
<REALIZED-GAINS-CURRENT> (311,738)
<APPREC-INCREASE-CURRENT> (609,463)
<NET-CHANGE-FROM-OPS> 78,438
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 87,664
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 501,463
<NUMBER-OF-SHARES-REDEEMED> 175,216
<SHARES-REINVESTED> 1,189
<NET-CHANGE-IN-ASSETS> 37,789,913
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 126,272
<INTEREST-EXPENSE> 18,216
<GROSS-EXPENSE> 300,797
<AVERAGE-NET-ASSETS> 19,121,911
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> (0.250)
<PER-SHARE-DIVIDEND> 0.260
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.770
<EXPENSE-RATIO> 142
<AVG-DEBT-OUTSTANDING> 668,980
<AVG-DEBT-PER-SHARE> 0.203
</TABLE>
