Stock and Bond Fund, Inc.
Class A Shares
Supplement to the Prospectus dated December 31, 1993
Please be advised that Robert J. Ostrowski resigned from his
position as a co-portfolio manager of Stock and Bond Fund, Inc.
on October 1, 1994. Accordingly, please delete the next to the
last paragraph, referring to Mr. Ostrowski, under the subsection
entitled "Advisor's Background" on page 8 of the prospectus. In
addition, please add the following as the last paragraph of the
section in the prospectus:
"Joseph M. Balestrino has been the Fund's co-portfolio manager
since October 1, 1994. Mr. Balestrino joined Federated
Investors in 1986 and has been an Assistant Vice President of
the Fund's investment adviser since 1991. Mr. Balestrino served
as an Investment Analyst of the investment adviser from 1989
until 1991, and from 1986 until 1989 he acted as Project Manager
in the Product Development Department. Mr. Balestrino is a
Chartered Financial Analyst and received his M.A. in Urban and
Regional Planning from the University of Pittsburgh."
Finally, please note that Michael P. Donnelly will remain as
the Fund's co-portfolio manager.
October 31, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
86101A104
G00631-02 (10/94)
