Federated Capital Income Fund II
A Portfolio of Federated Insurance Series
SUPPLEMENT TO statutory and summary PROSPECTUSES DATED April 30, 2011
The Federated Capital Income Fund II (“Fund”) is entering into an Agreement and Plan of Reorganization (“Agreement”) pursuant to which the Fund would acquire substantially all of the assets of Managed Portfolio, a portfolio of EquiTrust Variable Insurance Series Fund, in exchange for shares of the Fund, which will be distributed pro rata by Managed Portfolio to its holders of its Initial Class and Service Class Shares (“Acquired Fund Shareholders”) in complete liquidation and termination of Managed Portfolio. The Agreement is subject to the approval of the Acquired Fund Shareholders at a special meeting of shareholders currently scheduled for July 14, 2011. If the Agreement, and related reorganization transaction, is approved by the Acquired Fund Shareholders, the May 1, 2012, date in the definition of “Termination Date” in the footnote to the Table in the section entitled “Risk/Return Summary: Fees and Expenses” shall be deemed changed to June 1, 2012, with respect to the shares of the Fund.
May 16, 2011
Federated
Capital Income Fund II
Federated Investors Funds
4000
Ericsson Drive
Warrendale, PA
15086-7561
Contact us at
FederatedInvestors.com
or call
1-800-341-7400.
Federated Securities Corp., Distributor
Q450863 (5/11)