FEDERATED INTERNATIONAL INCOME FUND
(Formerly, International Income Fund)
A Portfolio of International Series, Inc.
CLASS A SHARES, CLASS B SHARES AND CLASS C SHARES
Supplement to Prospectuses dated January 31, 1995
1. Effective September 1, 1995, the name of "International
Income Fund" will change to "Federated International Income
Fund." Accordingly, as of that date, all current references
to "International Income Fund" will be deemed to refer
instead to "Federated International Income Fund."
2. On August 22, 1995, the Board of Directors (the "Board") of
International Income
Fund (the "Fund") approved the assignment of the advisory
contract between the Fund and Federated Management to
Federated Global Research Corp., a sister corporation under
the common control of Federated Investors. The assignment
of the Fund's advisory contract will be effective September
1, 1995.
The Board also approved the assignment of the sub-advisory
contract between the Fund's adviser and Fiduciary Trust
Company International to Federated Global Research Corp.,
effective September 1, 1995. The Board waived the notice of
intent to resign required under a sub-advisory agreement so
that Fiduciary Trust Company International, the Fund's sub-
adviser, can render its resignation at a time agreed upon
between it and the adviser, but expected to be on or about
December 1, 1995.
Federated Global Research Corp. is committed to providing
high quality professional services to the Fund and does not
anticipate that these events will result in any disruption
to the Fund and its shareholders.
3. Please delete the second sentence of the third paragraph
under the sub-heading "Adviser's Background" on page 28 of
the Class A Shares prospectus, page 27 of the Class B
Shares prospectus, and page 25 of the Class C Shares
prospectus and replace with the following:
"Mr. Bauer has contributed toward the management of the
Fund's portfolio of investments since its inception on May
15, 1991 and continues to serve in that capacity with
Federated Global Research Corp., effective September 1,
1995."
September 1, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated
Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
46031P100
46031P506
46031P209
G01230-01 (9/95)
FEDERATED INTERNATIONAL EQUITY FUND
(Formerly, International Equity Fund)
A Portfolio of International Series, Inc.
CLASS A SHARES, CLASS B SHARES AND CLASS C SHARES
Supplement to Prospectuses dated January 31, 1995
1. Effective September 1, 1995, the name of "International
Equity Fund" will change to "Federated International Equity
Fund." Accordingly, as of that date, all current references
to "International Equity Fund" will be deemed to refer
instead to "Federated International Equity Fund."
2. On August 22, 1995, the Board of Directors (the "Board") of
International Equity
Fund (the "Fund") approved the assignment of the advisory
contract between the Fund and Federated Management to
Federated Global Research Corp., a sister corporation under
the common control of Federated Investors. The assignment
of the Fund's advisory contract will be effective September
1, 1995.
The Board approved the assignment of the sub-advisory
contract between the Fund's adviser and Fiduciary
International, Inc. to Federated Global Research Corp.,
effective September 1, 1995. The Board also waived the
notice of intent required under a sub-advisory agreement,
so that the Fund's sub-adviser, Fiduciary International,
Inc., can render its resignation at a time agreed upon
between it and the adviser, but expected to be on or about
September 1, 1995.
Federated Global Research Corp. is committed to providing
high quality professional services to the Fund and does not
anticipate that these events will result in any disruption
to the Fund and its shareholders.
3. The following is a description of Federated Global Research
Corp. and the backgrounds of the Fund's new portfolio
managers:
Federated Global Research Corp., a Delaware business trust
organized on May 12, 1995, is a registered investment
adviser under the Investment Advisers Act of 1940. It is a
subsidiary of Federated Investors.
Henry A. Frantzen has been the Fund's portfolio manager
since September, 1995. Mr. Frantzen joined Federated
Investors in 1995 as an Executive Vice President of the
Fund's investment adviser. Mr. Frantzen served as Chief
Investment Officer of international equities at Brown
Brothers Harriman & Co. from 1992 to 1995. He was the
Executive Vice President and Director of Equities at
Oppenheimer Management Corporation from 1989 to 1991. Mr.
Frantzen received his B.S. in finance and marketing from
the University of North Dakota.
Drew J. Collins has been the Fund's portfolio manager since
September, 1995. Mr. Collins joined Federated Investors in
1995 as a Senior Vice President of the Fund's investment
adviser. Mr. Collins served as Vice President/Portfolio
Manager of international equity portfolios at Arnhold and
Bleichroeder, Inc. from 1994 to 1995. He served as an
Assistant Vice President/Portfolio Manager for
international equities at the College Retirement Equities
Fund from 1986 to 1994. Mr. Collins is a Chartered
Financial Analyst and received his M.B.A. in finance from
the University of Pennsylvania.
Mark S. Kopinski has been the Fund's portfolio manager
since September, 1995. Mr. Kopinski joined Federated
Investors in 1995 as a Vice President of the Fund's
investment adviser. Mr. Kopinski served as Vice
President/Portfolio Manager of international equity funds
at Twentieth Century Mutual Funds from 1990 to 1995. Mr.
Kopinski received his M.A. in Asian Studies from the
University of Illinois.
Frank Semack has been the Fund's portfolio manager since
September, 1995. Mr. Semack joined Federated Investors in
1995 as a Vice President of the Fund's investment adviser.
Mr. Semack served as an Investment Analyst at Omega
Advisers, Inc. from 1993 to 1994. He served as an Associate
Director/Portfolio Manager of Wardley Investment Services,
Ltd. from 1980 to 1993. Mr. Semack received his M.Sc. in
economics from the London School of Economics.
September 1, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated
Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
46031P308
46031P605
46031P407
G01199-02 (9/95)
