FEDERATED INTERNATIONAL EQUITY FUND
(A PORTFOLIO OF INTERNATIONAL SERIES, INC.)
Class A Shares
Class B Shares
Class C Shares
SUPPLEMENT TO PROSPECTUSES DATED JANUARY 31, 1997
FEDERATED INVESTORS
Federated Investors Tower
Pittsburgh, PA 15222-3779
Federated Securities Corp. is the distributor of the fund
and is a subsidiary of Federated Investors.
Cusip 46031P308
Cusip 46031P605
Cusip 46031P407
G01199-04(5/97) CMR703204
In the subsection of the respective prospectuses entitled `Management of
the Corporation -- Adviser's Background,''please delete the biography of
Mark S. Kopinski in its entirety. Henry A. Frantzen, Drew J. Collins, Frank
Semack, and Alexandre de Bethmann remain as the fund's portfolio managers.
May 1, 1997
