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
A. Please delete the section entitled "INVESTMENT ADVISER " which begins on
page 27 of Class A Shares prospectus, page 26 of Class B Shares
prospectus, and page 24 of Class C Shares prospectus, and replace it with
the following:
"INVESTMENT ADVISER. Investment decisions for the Fund are made by
Federated Global Research Corp., the Fund's investment adviser, subject to
direction by the Board of Directors. The Adviser continually conducts
investment research and supervision for the Fund and is responsible for
the purchase or sale of portfolio instruments, for which it receives an
annual fee from the Fund."
B. Please delete the sub-section entitled "ADVISER'S BACKGROUND " which
begins on page 28 of Class A Shares prospectus, page 26 of Class B Shares
prospectus, and page 25 of Class C Shares prospectus, and replace it with
the following:
"ADVISERS BACKGROUND. Federated Global Research Corp., incorporated in
Delaware on May 12, 1995, is a registered investment adviser under the
Investment Advisers Act of 1940. It is a subsidiary of Federated
Investors. All of the Class A (voting) shares of Federated Investors are
owned by a trust, the trustees of which are John F. Donahue, Chairman and
Trustee of Federated Investors, Mr. Donahue's wife, and Mr. Donahue's son,
J. Christopher Donahue, who is President and Trustee of Federated
Investors.
Federated Global Research Corp. and other subsidiaries of Federated
Investors serve as investment advisers to a number of investment companies
and private accounts. Certain other subsidiaries also provide
administrative services to a number of investment companies. With over
$72 billion invested across more than 260 funds under management and/or
administration by its subsidiaries, as of December 31, 1994, Federated
Investors is one of the largest mutual fund investment managers in the
United States. With more than 1,750 employees, Federated continues to be
led by the management who founded the company in 1955. Federated funds
are presently at work in and through 4,000 financial institutions
nationwide. More than 100,000 investment professionals have selected
Federated funds for their clients.
Henry A. Frantzen has been the Fund's portfolio manager since December 1,
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 December 1,
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 S. 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.
Robert M. Kowit has been the Fund's portfolio manager since December 1,
1995. Mr. Kowit joined Federated Investors in 1995 as a Vice President of
the Fund's investment adviser. Mr. Kowit served as a Managing Partner of
Copernicus Global Asset Management from January 1995 through October 1995.
From 1990 to 1994, he served as Senior Vice President of International
Fixed Income and Foreign Exchange for John Hancock Advisers. Mr. Kowit
received his M.B.A. from Iona College with a concentration in finance."
C. Please delete the section entitled "SUB-ADVISER" which begins on page 28 of
Class A Shares prospectus, page 27 of Class B Shares prospectus, and page
25 of Class C Shares prospectus.
December 22, 1995
PA
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of FEDERATED
INVESTORS
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
46031P100
46031P506
46031P209
