FEDERATED INTERNATIONAL INCOME FUND
(A Portfolio of Federated International Series, Inc.)
CLASS A SHARES
CLASS B SHARES
CLASS C SHARES
SUPPLEMENT TO PROSPECTUS DATED MARCH 31, 2000
1. A Special Meeting of shareholders of Federated International Income Fund
(the "Fund), a portfolio of Federated International Series, Inc., will be
held at 5800 Corporate Drive, Pittsburgh, Pennsylvania 15237-7000, at 2:00
p.m. (Eastern time), on September 18, 2000. Investors who were shareholders
of the Fund on July 6, 2000, will be asked to vote on the proposal
described below. If approved by shareholders, this change will take effect
as of September 18, 2000 and the Fund will then change its name to
"Federated International Bond Fund." Shareholders will be notified if this
change is not approved. Please keep this supplement for your records.
TO APPROVE CHANGING THE FUND'S FUNDAMENTAL INVESTMENT OBJECTIVE FROM
SEEKING A HIGH LEVEL OF CURRENT INCOME IN U.S. DOLLARS CONSISTENT WITH
PRUDENT INVESTMENT RISKS, AND SECONDARILY, CAPITAL APPRECIATION, TO
OBTAINING A TOTAL RETURN ON ITS ASSETS.
2. On page 8 of the prospectus under the section entitled "What Do Shares
Cost?" please delete the last sentence of the first paragraph and replace
it with the following:
"Foreign government securities and listed foreign corporate bonds are
valued according to the last reported sale price on a recognized securities
exchange, if available. If no sale on a recognized exchange is reported or
if the security is traded over-the-counter, a security is valued according
to the last reported bid price. Short-term securities are valued at the
prices provided by an independent pricing service. However, short-term
securities with remaining maturities of 60 days or less at the time of
purchase may be valued at amortized cost, which approximates fair market
value."
July 6, 2000
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Federated International Income Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15222-7000
1-800-341-7400
WWW.FEDERATEDINVESTORS.COM
Federated Securities Corp., Distributor
Cusip 31420G408
Cusip 31420G507
Cusip 31420G606
25613 (7/00)
