Federated International Equity Fund II
(A Portfolio of Federated Insurance Series)
Supplement to Prospectus dated April 20, 1999 and Combined Prospectus dated
April 20, 1999 (Revised June 1, 1999)
1. As of October 1999, Drew J. Collins no longer co-manages FEDERATED
INTERNATIONAL EQUITY FUND II (the "Fund"). Please remove reference to him under
the section "Who Manages the Fund(s)?" in your prospectuses and replace with the
following:
"ALEXANDRE DE BETHMANN
Alexandre de Bethmann has been the Fund's portfolio manager since October
1999. Mr. de Bethmann joined Federated in 1995 as a Senior Portfolio Manager and
a Vice President of the Fund's 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. Mr. de Bethmann received his M.B.A.
in Finance from Duke University."
Henry A. Frantzen will remain as a co-portfolio manager of the Fund.
2. Effective immediately, please add the following person as a Senior
Investment Analyst within the section "Who Manages the Fund(s)?" in your
prospectuses:
"JOHN QUARTAROLO
John Quartarolo is a Senior Investment Analyst who assists the portfolio
managers in selecting and monitoring the securities in which the Fund invests.
Mr. Quartarolo joined Federated in December 1998. He was an Industry Analyst and
later became an Assistant Vice President/Industry Analyst, Global Securities
Research with Merrill Lynch & Co., Inc. from January 1996 through November 1998.
From July 1993 to January 1996, Mr. Quartarolo was a ratings analyst for
Standard & Poors. Mr. Quartarolo is a Chartered Financial Analyst. He earned his
B.B.A. from Hofstra University."
November 30, 1999
Cusip 313916603
G01305-21 (11/99)
Federated Utility Fund II
(A Portfolio of Federated Insurance Series)
Supplement to Prospectus dated April 20, 1999, Combined Prospectus dated April
20, 1999, and Combined Prospectus dated April 20, 1999 (Revised June 1,
1999)
As of October 1999, Drew J. Collins no longer co-manages FEDERATED UTILITY
FUND II (the "Fund"). Please remove reference to him under the section "Who
Manages the Fund(s)?" in your prospectuses.
Steven J. Lehman, Linda A. Duessel, and Richard J. Lazarchic will remain as
co-portfolio managers of the Fund.
November 30, 1999
Cusip 313916108
G01305-20 (11/99)
