FEDERATED AMERICAN LEADERS FUND II
(a portfolio of Federated Insurance Series)
SUPPLEMENT TO PROSPECTUS DATED APRIL 23, 1998
Scott B. Schermerhorn is no longer a portfolio manager for Federated American
Leaders Fund II. In the subsection of the prospectus entitled "Adviser's
Background," please delete the biography of Scott B. Schermerhorn in its
entirety. Michael P. Donnelly remains as portfolio manager of the Fund.
Following the section containing Mr. Donnelly's biography please add the
following:
"Arthur J. Barry has been the Fund's portfolio manager since October 1998.
Mr. Barry joined Federated Investors, Inc. in 1994 as an Investment
Analyst. He served as an Assistant Vice President of the Fund's investment
adviser from 1997 through June 1998 and has been a Vice President of the
adviser since July 1998. Mr. Barry is a Chartered Financial Analyst. He
earned his M.S.I.A. with concentrations in finance and accounting from
Carnegie Mellon University."
October 29, 1998
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Cusip 313916405
G01083-15 (10/98) 502900
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