Federated Managed Pool Series

                        Federated Managed Pool Series
                                   BY-LAWS

                                  ARTICLE I
                         OFFICERS AND THEIR ELECTION

Section 1.  Officers. The Officers of the Trust shall be a President, one or
more Vice Presidents, a Treasurer, and a Secretary.  The Board of Trustees,
in its discretion, may also elect or appoint a Chairman of the Board of
Trustees (who must be a Trustee), one or more Vice Chairmen of the Board of
Trustees (who need not be a Trustee), and other Officers or agents, including
one or more  . . .