<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
070 I020100 N
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
015 A000221 BANQUE PARIBAS
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015 B000226 S
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015 D010226 GERMANY
015 E040226 X
015 A000227 CANADA TRUST COMPANY
015 B000227 S
015 C010227 TORONTO, ONTARIO
015 D010227 CANADA
015 D020227 M5J 2T2
015 E040227 X
015 A000228 GENERALE DE BANQUE
015 B000228 S
015 C010228 BRUSSELS
015 D010228 BELGIUM
015 E040228 X
015 A000229 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASN
015 B000229 S
015 C010229 VIENNA
015 D010229 AUSTRIA
015 E040229 X
015 A000230 WESTPAC CUSTODIAN NOMINEE LTD
015 B000230 S
015 C010230 SIDNEY
015 D010230 AUSTRALIA
015 D020230 2000
<PAGE> PAGE 19
015 E040230 X
015 A000231 DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000231 S
015 C010231 SINGAPORE
015 D010231 SINGAPORE
015 E040231 X
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE STEVE KEANE
TITLE GENERAL COUSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000742286
<NAME> International Series, Inc.
<SERIES>
<NUMBER> 011
<NAME> Federated International Equity Fund - Class A Shares
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000742286
<NAME> International Series, Inc.
<SERIES>
<NUMBER> 012
<NAME> Federated International Equity Fund - Class B Shares
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000742286
<NAME> International Series, Inc.
<SERIES>
<NUMBER> 013
<NAME> Federated International Equity Fund - Class C Shares
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[AVG-DEBT-OUTSTANDING] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000742286
<NAME> International Series, Inc.
<SERIES>
<NUMBER> 021
<NAME> Federated International Income Fund - Class A Shares
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000742286
<NAME> International Series, Inc.
<SERIES>
<NUMBER> 022
<NAME> Federated International Income Fund - Class B Shares
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000742286
<NAME> International Series, Inc.
<SERIES>
<NUMBER> 023
<NAME> Federated International Income Fund - Class C Shares
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<PER-SHARE-NAV-END> 9.670
<EXPENSE-RATIO> 2.18
[AVG-DEBT-OUTSTANDING] 0
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Report of Independent Auditors
To the Shareholders and
Board of Directors of
International Series, Inc.:
In planning and performing our audit of the financial statements of
International Series, Inc. (comprised of Federated International Equity
Fund and Federated International Income Fund) for the year ended
November 30, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of International Series, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that misstatements caused by
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal
control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
at November 30, 1999.
This report is intended solely for the information and use of
management, the Board of Directors of International Series, Inc., and
the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
ERNST & YOUNG LLP
Item 77 C(1) -- Submission of Matters to a Vote of Security Holders
A Special Meeting of shareholders of International Equity Fund (the
"Fund") was held on November 30, 1999. The following items, which
are required to be reported under this Item 77C, were approved as
follows:
AGENDA ITEM 1: To elect Directors:*
1) Thomas G. Bigley
2) Nicholas P. Constantakis
3) John F. Cunningham
4) John E. Murray, Jr., JD, S.J.D.
5) Charles F. Mansfield
6) John S. Walsh
7) J. Christopher Donahue
AGENDA ITEM 2: To amend the Fund's fundamental investment policy
regarding borrowing money and issuing senior securities.
The results of shareholders voting were as follows:
Shares voted affirmatively ................8,025,496
Shares voted negatively .....................243,838
Shares abstaining ...........................217,408
AGENDA ITEM 3: To amend the Fund's fundamental investment policy
regarding diversification.
The results of shareholders voting were as follows:
Shares voted affirmatively ................8,133,552
Shares voted negatively .................... 199,341
Shares abstaining .......................... 153,850
AGENDA ITEM 4: To amend the Fund's fundamental investment policy
regarding investments in real estate.
The results of shareholders voting were as follows:
Shares voted affirmatively ................8,167,870
Shares voted negatively .....................111,029
Shares abstaining ...........................207,843
_________________________
*The following Directors continued their terms: John F. Donahue, John
T. Conroy, Lawrence D. Ellis, M.D., Peter E. Madden, and Marjorie P.
Smuts.
AGENDA ITEM 5: To amend the Fund's fundamental investment policy
regarding investments in commodities.
The results of shareholders voting were as follows:
Shares voted affirmatively ............8,074,929
Shares voted negatively .................249,595
Shares abstaining .......................162,218
AGENDA ITEM 6: To amend the Fund's fundamental investment policy
regarding underwriting securities.
The results of shareholders voting were as follows:
Shares voted affirmatively ............8,161,069
Shares voted negatively .................154,570
Shares abstaining .......................171,103
AGENDA ITEM 7: To amend the Fund's fundamental investment policy
regarding lending by the Funds.
The results of shareholders voting were as follows:
Shares voted affirmatively..............8,110,746
Shares voted negatively ..................199,651
Shares abstaining ........................176,345
AGENDA ITEM 8: To amend the Fund's fundamental investment policy
regarding concentration of the Fund's investments in the securities of
companies in the same industry.
The results of shareholders voting were as follows:
Shares voted affirmatively ..............8,152,318
Shares voted negatively ...................121,108
Shares abstaining .........................213,316
AGENDA ITEM 9: To amend, and to make non-fundamental, the Fund's
fundamental investment policy regarding buying securities on margin.
The results of shareholders voting were as follows:
Shares voted affirmatively ...............8,034,665
Shares voted negatively ....................263,850
Shares abstaining ..........................188,227
AGENDA ITEM 10: To amend, and to make non-fundamental, the Fund's
fundamental investment policy regarding pledging assets.
The results of shareholders voting were as follows:
Shares voted affirmatively .................8,051,365
Shares voted negatively ......................252,560
Shares abstaining ............................182,817
AGENDA ITEM 11: To remove the Fund's fundamental investment policy
regarding selling securities short.
The results of shareholders voting were as follows:
Shares voted affirmatively ................8,058,346
Shares voted negatively .................... 260,885
Shares abstaining ...........................167,511
AGENDA ITEM 12: To remove the Fund's fundamental investment policy
regarding investing in oil, gas and minerals.
The results of shareholders voting were as follows:
Shares voted affirmatively ............8,062,979
Shares voted negatively .................189,517
Shares abstaining .......................234,246
AGENDA ITEM 13: To remove the Fund's fundamental investment policy
regarding purchasing securities of Fiduciary Trust Company
International.
The results of shareholders voting were as follows:
Shares voted affirmatively ..............8,156,402
Shares voted negatively ...................152,969
Shares abstaining .........................234,246
AGENDA ITEM 14: To approve an amendment to the Corporation's Articles of
Incorporation.
The results of shareholders voting were as follows:
Shares voted affirmatively ..............8,048,629
Shares voted negatively ...................260,162
Shares abstaining .........................177,951
The Definitive Proxy Statement for the Special Meeting held on November
30, 1999, was filed with the Securities and Exchange Commission on
September 23, 1999, and is incorporated by reference. (File No. 811-
3984)
Item 77 C(2) -- Submission of Matters to a Vote of Security Holders
A Special Meeting of shareholders of International Income Fund (the
"Fund") was held on November 30, 1999. The following items, which
are required to be reported under this Item 77C, were approved as
follows:
AGENDA ITEM 1: To elect Directors:*
1) Thomas G. Bigley
2) Nicholas P. Constantakis
3) John F. Cunningham
4) John E. Murray, Jr., JD, S.J.D.
5) Charles F. Mansfield
6) John S. Walsh
7) J. Christopher Donahue
AGENDA ITEM 2: To amend the Fund's fundamental investment policy
regarding borrowing money and issuing senior securities.
The results of shareholders voting were as follows:
Shares voted affirmatively ...............7,572,358
Shares voted negatively .....................94,346
Shares abstaining ...........................94,409
AGENDA ITEM 3: To amend the Fund's fundamental investment policy
regarding investments in real estate.
The results of shareholders voting were as follows:
Shares voted affirmatively ................7,572,701
Shares voted negatively ......................71,337
Shares abstaining ...........................117,075
_________________________
*The following Directors continued their terms: John F. Donahue, John
T. Conroy, Lawrence D. Ellis, M.D., Peter E. Madden, and Marjorie P.
Smuts.
AGENDA ITEM 4: To amend the Fund's fundamental investment policy
regarding investments in commodities.
The results of shareholders voting were as follows:
Shares voted affirmatively ..................7,541,206
Shares voted negatively .......................129,641
Shares abstaining ..............................90,266
AGENDA ITEM 5: To amend the Fund's fundamental investment policy
regarding underwriting securities.
The results of shareholders voting were as follows:
Shares voted affirmatively .................7,583,954
Shares voted negatively .......................86,884
Shares abstaining .............................90,275
AGENDA ITEM 6: To amend the Fund's fundamental investment policy
regarding lending by the Funds.
The results of shareholders voting were as follows:
Shares voted affirmatively ..................7,577,571
Shares voted negatively ........................93,918
Shares abstaining ..............................89,624
AGENDA ITEM 7: To amend the Fund's fundamental investment policy
regarding concentration of the Fund's investments in the securities of
companies in the same industry.
The results of shareholders voting were as follows:
Shares voted affirmatively ................7,581,943
Shares voted negatively ......................54,162
Shares abstaining ...........................125,008
AGENDA ITEM 8: To amend, and to make non-fundamental, the Fund's
fundamental investment policy regarding buying securities on margin.
The results of shareholders voting were as follows:
Shares voted affirmatively ................7,517,700
Shares voted negatively .....................129,420
Shares abstaining ...........................113,993
AGENDA ITEM 9: To amend, and to make non-fundamental, the Fund's
fundamental investment policy regarding pledging assets.
The results of shareholders voting were as follows:
Shares voted affirmatively ................7,515,298
Shares voted negatively .....................134,397
Shares abstaining ...........................111,418
AGENDA ITEM 10: To remove the Fund's fundamental investment policy
regarding selling securities short.
The results of shareholders voting were as follows:
Shares voted affirmatively ................7,519,432
Shares voted negatively .................... 132,204
Shares abstaining ...........................109,477
AGENDA ITEM 11: To remove the Fund's fundamental investment policy
regarding investing in oil, gas and minerals.
The results of shareholders voting were as follows:
Shares voted affirmatively ................7,536,695
Shares voted negatively ......................72,620
Shares abstaining ...........................152,190
AGENDA ITEM 12: To remove the Fund's fundamental investment policy
regarding purchasing securities of Fiduciary Trust Company
International..
The results of shareholders voting were as follows:
Shares voted affirmatively .............7,567,695
Shares voted negatively ...................83,088
Shares abstaining ........................110,330
AGENDA ITEM 13: To remove the Fund's fundamental investment policy
regarding purchasing and selling options.
The results of shareholders voting were as follows:
Shares voted affirmatively ...............7,537,217
Shares voted negatively ....................112,836
Shares abstaining ..........................111,060
AGENDA ITEM 14: To approve an amendment to the Corporation's Articles of
Incorporation.
The results of shareholders voting were as follows:
Shares voted affirmatively ................7,532,931
Shares voted negatively .....................121,248
Shares abstaining ...........................106,934
The Definitive Proxy Statement for the Special Meeting held on November
30, 1999, was filed with the Securities and Exchange Commission on
September 23, 1999, and is incorporated by reference. (File No. 811-
3984)
EXHIBIT - SUB-ITEM 77K
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On May 19, 1999, the Fund's Trustees, upon recommendation of its Audit
Committee, requested and subsequently accepted the resignation of Arthur
Andersen LLP ("AA") as the Fund's independent auditors. AA's reports on the
Fund's financial statements for the fiscal years ended November 30, 1997 and
November 30, 1998 contained no adverse opinion or disclaimer of opinion nor
were they qualified or modified as to uncertainty, audit scope or accounting
principles. During the Fund's fiscal years ended November 30, 1997 and
November 30, 1998: (i) there were no disagreements with AA on any matter of
accounting principles or practices, financial statement disclosure or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction
of AA, would have caused it to make reference to the subject matter of the
disagreements in connection with its reports on the financial statements for
such years; and (ii) there were no reportable events of the kind described in
Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934,
as amended.
The Fund, by action of its Trustees, upon the recommendation of the Audit
Committee, has engaged Ernst & Young LLP ("E&Y") as the independent auditors
to audit the Fund's financial statements for the fiscal year ended November
30, 1999. During the Fund's fiscal years ended November 30, 1997 and November
30, 1998, neither the Fund nor anyone on its behalf has consulted E&Y on items
which (i) concerned the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Fund's financial statements, or (ii) concerned the
subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 or
Regulation S-K) of reportable events (as described in paragraph (a)(1)(v) of
said Item 304).
January 27, 2000
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sir:
We have read and agree with the statements contained in Sub-Item 77k of Form
N-SAR of the International Series, Inc.
Very truly yours,
Arthur Andersen LLP
Mr. Sean Fitzsimons
Page 2
September 30, 1999
