FEDERATED MANAGED ALLOCATION PORTFOLIOS
(FORMERLY, MANAGED SERIES TRUST)
FEDERATED MANAGED INCOME PORTFOLIO (FORMERLY, FEDERATED MANAGED INCOME FUND)
FEDERATED MANAGED CONSERVATIVE GROWTH PORTFOLIO
(FORMERLY, FEDERATED MANAGED GROWTH AND INCOME FUND)
FEDERATED MANAGED MODERATE GROWTH PORTFOLIO
(FORMERLY, FEDERATED MANAGED GROWTH FUND)
FEDERATED MANAGED GROWTH PORTFOLIO
(FORMERLY, FEDERATED MANAGED AGGRESSIVE GROWTH FUND)
<TABLE>
<CAPTION>
INSTITUTIONAL SHARES
SELECT SHARES
-------------------------------------------------------------------------------
SUPPLEMENT TO PROSPECTUSES DATED JANUARY 31, 2000
On page 26 of each prospectus please add the following under the heading
"Portfolio Managers" and on page 27, delete the biography of John T.
Gentry in its entirety.
<S> <C> <C>
NAME ASSET CATEGORY
(Portfolio Manager since) MANAGED BIOGRAPHY
-------------------------------------------------------------------------------
STEPHEN F. AUTH Foreign Bonds and Stephen F. Auth has been the Fund's
(May 2000) Foreign Stocks Portfolio Manager since May 2000. Mr.
Auth joined Federated in May 2000 as Senior
Vice President and Director of Global
Portfolio Management of the Fund's
Sub-Adviser. From 1985 through March,
2000, Mr. Auth was employed with Prudential
Investments, a unit of Prudential Insurance
Company of America, where he served as a
Portfolio Manager since September 1991 and
also as Senior Managing Director. Mr. Auth
is a Chartered Financial Analyst. He
earned a Bachelors Degree from Princeton
University and an M.B.A. from Harvard
University.
-----------------------------------------------------------------------------------
HENRY A. Foreign Bonds and Henry A. Frantzen is the Chief Investment Officer for
FRANTZEN Foreign Stocks global and international
(November 1995) investments. Mr. Frantzen joined Federated in 1995 as a
Executive Vice
President of the Fund's Sub-Adviser and has overseen
the operations of the
Sub-Adviser since its formation. In 1999, Mr. Frantzen
became a Director of
the Fund's Sub-Adviser. Mr. Frantzen served as Chief
Investment Officer of
of international equities at Brown Brothers Harriman &
Co. from 1992 until
1995. Mr. Frantzen earned his bachelors degree in
Business Administration
from the University of North Dakota.
</TABLE>
June 30, 2000
Cusip 314212804
Cusip 314212408
Cusip 314212606
Cusip 314212200
Cusip 314212705
Cusip 314212309
Cusip 314212507
Cusip 314212101
25544 (6/00)
514050
