INTERNATIONAL STOCK FUND
(A Portfolio of Insurance Management Series)
SUPPLEMENT TO INTERNATIONAL STOCK FUND PROSPECTUS DATED APRIL 30, 1995, AND THE
COMBINED INSURANCE MANAGEMENT SERIES PROSPECTUS DATED OCTOBER 12, 1995
On November 14, 1995, the Board of Trustees approved an advisory
contract between Federated Global Research Corp. and Insurance
Management Series on behalf of International Stock Fund. Federated
Global Research Corp. will replace Federated Advisers as adviser to
the International Stock Fund. No change in the investment advisory
fee payable by International Stock Fund will occur as a result of
Federated Global Research Corp.'s assumption of investment advisory
duties. Federated Global Research Corp. and Federated Advisers are
sister corporations under common control of Federated Investors, Inc.
The new advisory arrangement was effective November 20, 1995.
Accordingly, pursuant to investment advisory contracts with the Trust,
investment decisions for the International Stock Fund are made by
Federated Global Research Corp. and investment decisions for the
remaining Funds are made by Federated Advisers, subject to direction
by the Trustees. The advisers continually conduct investment research
and supervision for the Funds and are responsible for the purchase or
sale of portfolio instruments, for which they receive an annual fee
from the Trust.
Both Federated Global Research Corp., incorporated in Delaware on May
12, 1995, and Federated Advisers, a Delaware business trust organized
on April 11, 1989, are registered investment advisers under the
Investment Advisers Act of 1940. They are both subsidiaries of
Federated Investors. All of the Class A (voting) shares of Federated
Investors are owned by a trust, the trustees of which are John F.
Donahue, Chairman and Trustee of Federated Investors, Mr. Donahue's
wife, and Mr. Donahue's son, J. Christopher Donahue, who is President
and Trustee of Federated Investors.
The following is a description of the backgrounds of the new International
Stock Fund portfolio managers:
"Henry A. Frantzen has been the Fund's portfolio manager since
November, 1995. Mr. Frantzen joined Federated Investors in 1995 as an
Executive Vice President of the Fund's investment adviser. Mr.
Frantzen served as Chief Investment Officer of international equities
at Brown Brothers Harriman & Co. from 1992 to 1995. He was the
Executive Vice President and Director of Equities at Oppenheimer
Management Corporation from 1989 to 1991. Mr. Frantzen received his
B.S. in finance and marketing from the University of North Dakota.
Drew J. Collins has been the Fund's portfolio manager since
November, 1995. Mr. Collins joined Federated Investors in 1995 as
a Senior Vice President of the Fund's investment adviser. Mr.
Collins served as a Vice President/Portfolio Manager of
international equity portfolios at Arnhold and S. Bleichroeder,
Inc. from 1994 to 1995. He served as an Assistant Vice
President/Portfolio Manager for international equities at the
College Retirement Equities Fund from 1986 to 1994. Mr. Collins
is a Chartered Financial Analyst and received his M.B.A. in
finance from the University of Pennsylvania.
Mark S. Kopinski has been the Fund's portfolio manager since
November, 1995. Mr. Kopinski joined Federated Investors in 1995
as a Vice President of the Fund's investment adviser. Mr.
Kopinski served as Vice President/Portfolio Manager of
international equity funds at Twentieth Century Mutual Funds from
1990 to 1995. Mr. Kopinski received his M.B.A. in Asian Studies
from the University of Illinois.
Frank Semack has been the Fund's portfolio manager since
November, 1995. Mr. Semack joined Federated Investors in 1995 as
a Vice President of the Fund's investment adviser. Mr. Semack
served as an Investment Analyst at Omega Advisers, Inc. from 1993
to 1994. He served as an Associate Director/Portfolio Manager of
Wardley Investment Services, Ltd. from 1980 to 1993. Mr. Semack
received his M.Sc. in economics from the London School of
Economics.
Alexandre de Bethmann has been the Fund's portfolio manager since
November, 1995. Mr. de Bethmann joined Federated Investors in
1995 as a Vice President of the Fund's investment adviser. Mr. de
Bethmann served as Assistant Vice President/Portfolio Manager for
Japanese and Korean equities at the College Retirement Equities
Fund from 1994 to 1995. He served as an International Equities
Analyst and then as an Assistant Portfolio Manager at the College
Retirement Equities Fund between 1987 and 1994. Mr. de Bethmann
received his M.B.A. in Finance from Duke University."
December 20, 1995
FEDERATED SECURITIES CORP.
Distributor RA
A subsidiary of FEDERATED
INVESTORS
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PITTSBURGH, PA 15222-3779
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