FEDERATED HIGH INCOME BOND FUND II
A Portfolio of Federated Insurance Series
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 20, 1999
Please replace the paragraph entitled "INVESTING IN SECURITIES OF OTHER
INVESTMENT COMPANIES" on Page 3 of your Statement of Additional Information with
the following:
"The Fund will limit its investment in other investment companies to no
more than 3% of the total outstanding voting stock of any investment
company, will not invest more than 5% of its total assets in any one
investment company, or invest more than 10% of its total assets in
investment companies in general. However, these limitations are not
applicable if the securities are acquired in a merger, consolidation, or
acquisision of assets."
March 31, 2000
Federated Securities Corp., Distributor
G01298-03 (3/00)
