Fortress Utility Fund, Inc.
Supplement to Prospectus dated July 31, 1994
Please replace the last paragraph under the section entitled "Adviser's
Background" beginning on page 15 and continuing to page 16 with the
following:
"Christopher H. Wiles has been the Fund's portfolio manager
since May 1990, and the Fund's co-portfolio manager since
January 1, 1995. Mr. Wiles joined Federated Investors in 1990
and has been a Vice President of the Fund's investment adviser
since 1992. Mr. Wiles served as Assistant Vice President of the
Fund's investment adviser from 1990 until 1992. Mr. Wiles was a
portfolio manager at Mellon Bank from 1986 until 1990. Mr.
Wiles is a Chartered Financial Analyst and received his M.B.A.
in Finance from Cleveland State University.
Linda A. Duessel has been the Fund's co-portfolio manager since
January 1, 1995. Ms. Duessel joined Federated Investors in 1991
as an Assistant Vice President of the Fund's investment adviser.
Ms. Duessel was employed at Westinghouse Credit Corporation from
1983 to 1991, serving in a variety of positions which culminated
in her being named Vice President/Portfolio Manager in the
Merchant Banking Group in 1990. Ms. Duessel served as a Senior
Staff Accountant at Arthur Young & Company from 1979 to 1982.
Ms. Duessel received her M.S.I.A. from Carnegie Mellon
University. Ms. Duessel is a Certified Public Accountant and a
Chartered Financial Analyst."
January 25, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
349561100
G00303-01 (1/95)
