MANAGED SERIES TRUST
Federated Managed Aggressive Growth Fund
Federated Managed Growth Fund
Federated Managed Growth and Income Fund
Federated Managed Income Fund
SUPPLEMENT TO PROSPECTUSES DATED JANUARY 31, 1996
FEDERATED INVESTORS
Federated Investors Tower
Pittsburgh, PA 15222-3779
Federated Securities Corp. is the distributor of the Funds
and is a subsidiary of Federated Investors.
Cusip 56166K701 56166K800
Cusip 56166K503 56166K602
Cusip 56166K305 56166K404
Cusip 56166K107 56166K206
G00250-06 (7/96)
The following revisions should be made to the section entitled "Portfolio
Managers' Background" of the above-mentioned prospectuses:
I. Effective July 1, 1996, please remove Aash Shah as a portfolio manager
for the domestic large company stocks asset category. Peter R. Anderson
remains as a portfolio manager for this category. Effective July 1, 1996,
Scott B. Schermerhorn should be added as a portfolio manager under the
domestic large company stocks asset category. His biography is as follows:
"Scott B. Schermerhorn has been the Fund's portfolio manager since
July 1, 1996.
Mr. Schermerhorn joined Federated Investors in 1996 as a Vice
President of the Fund's Adviser. From 1990 through 1996, Mr.
Schermerhorn was a Senior Vice President and Senior Investment Officer
at J W Seligman & Co., Inc. Mr. Schermerhorn received his M.B.A. in
Finance and International Business from Seton Hall University."
II. Effective July 1, 1996, Aash Shah should be added as a portfolio
manager under the domestic small company stocks asset category. James
Grefenstette remains a portfolio manager for this category.
III. Effective July 1, 1996, please remove James D. Roberge as a portfolio
manager for the mortgage-backed securities asset category. Kathleen Foody-
Malus remains as a portfolio manager for this category.
July 30, 1996
