FEDERATED HIGH INCOME BOND FUND II
A Portfolio of Federated Insurance Series
PRIMARY SHARES
SERVICE SHARES
SUPPLEMENT TO CURRENT PROSPECTUSES DATED APRIL 30, 2007.
Under the heading entitled “Securities in which the Fund Invests?” sub-heading “Foreign Exchange Contracts” please delete
the definition and replace it with the following:
“In order to convert U.S. dollars into the currency needed to buy a foreign security, or to convert foreign currency received
from the sale of a foreign security into U.S. dollars, or to decrease or eliminate the Fund’s exposure to foreign currencies in
which a portfolio security is denominated, the Fund may enter into spot currency trades. In a spot trade, the Fund agrees to
exchange one currency for another at the current exchange rate. The Fund may also enter into derivative contracts in which a
foreign currency is an underlying asset. The exchange rate for currency derivative contracts may be higher or lower than the
spot exchange rate. Use of these derivative contracts may increase or decrease the Fund’s exposure to currency risks.”
August 10, 2007
ederated
WORLD-CLASS INVESTMENT MANAGER
Federated High Income Bond Fund II
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
Contact us at FederatedInvestors.com
or call 1-800-341-7400.
Federated Securities Corp., Distributor
Cusip 313916306
Cusip 313916843
37096 (8/07)