STOCK AND BOND FUND, INC.
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 31, 1994
Please add the following as the last paragraph under the subsection entitled
"Adviser's Background" which begins on page 8 of the Prospectus:
"Susan M. Nason has been the Fund's co-portfolio manager since March 1,
1995. Ms. Nason joined Federated Investors in 1987 and has been a Vice
President of the Fund's investment adviser since 1993. Ms. Nason served as
an Assistant Vice President of the investment adviser from 1990 until 1992,
and from 1987 until 1990 she acted as an investment analyst. Ms. Nason is a
Chartered Financial Analyst and received her M.B.A. in Finance from Carnegie
Mellon University."
Finally, please note that Joseph M. Balestrino and Frederick L. Plautz will
remain as the Fund's co-portfolio managers.
March 8, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
86101A104
G00631-03 (3/95)
