-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qy0dM+pzY6qNBa3xfv6eiWmAQc8PGT46Ra6ZAcnuScVkKepuFcSqqg0liWkX9YB0 DP8UXdIrT5m+0egmGj5tHQ== 0001056288-03-000152.txt : 20030226 0001056288-03-000152.hdr.sgml : 20030226 20030226094720 ACCESSION NUMBER: 0001056288-03-000152 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20030226 EFFECTIVENESS DATE: 20030226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED HIGH INCOME BOND FUND INC CENTRAL INDEX KEY: 0000225318 IRS NUMBER: 251327974 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-60103 FILM NUMBER: 03580019 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED HIGH INCOME FUND INC DATE OF NAME CHANGE: 19790122 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED HIGH INCOME SECURITIES INC DATE OF NAME CHANGE: 19901107 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY HIGH INCOME BOND FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED EQUITY INCOME FUND INC CENTRAL INDEX KEY: 0000799704 IRS NUMBER: 251540492 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-06901 FILM NUMBER: 03580022 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: CONVERTIBLE SECURITIES & INCOME INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY EQUITY INCOME FUND INC DATE OF NAME CHANGE: 19930608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED AMERICAN LEADERS FUND INC CENTRAL INDEX KEY: 0000005352 IRS NUMBER: 256109007 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-29786 FILM NUMBER: 03580010 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURG STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: PENSION CAPITAL GROWTH INC DATE OF NAME CHANGE: 19701130 FORMER COMPANY: FORMER CONFORMED NAME: PENSION CAPITAL GROWTH FUND INC DATE OF NAME CHANGE: 19701120 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN LEADERS FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED WORLD INVESTMENT SERIES INC CENTRAL INDEX KEY: 0000918199 IRS NUMBER: 251726922 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-52149 FILM NUMBER: 03580011 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTMENT TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTERS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: WORLD INVESTMENT SERIES INC DATE OF NAME CHANGE: 19940127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED TOTAL RETURN SERIES INC CENTRAL INDEX KEY: 0000912763 IRS NUMBER: 256429335 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-50773 FILM NUMBER: 03580012 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: INSTITUTIONAL SERIES INC DATE OF NAME CHANGE: 19930929 FORMER COMPANY: FORMER CONFORMED NAME: STRATEGIC INVESTMENT SERIES INC DATE OF NAME CHANGE: 19931019 FORMER COMPANY: FORMER CONFORMED NAME: INSIGHT INSTITUTIONAL SERIES INC DATE OF NAME CHANGE: 19940118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED STOCK & BOND FUND INC /MD/ CENTRAL INDEX KEY: 0000013386 IRS NUMBER: 042221910 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-10415 FILM NUMBER: 03580013 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURG STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: BOSTON FOUNDATION FUND INC DATE OF NAME CHANGE: 19850227 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED STOCK & BOND FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: STOCK & BOND FUND INC DATE OF NAME CHANGE: 19950814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED MUNICIPAL SECURITIES FUND INC CENTRAL INDEX KEY: 0000201801 IRS NUMBER: 251304971 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-57181 FILM NUMBER: 03580014 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY MUNICIPAL SECURITIES FUND INC DATE OF NAME CHANGE: 19930517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED MUNICIPAL OPPORTUNITIES FUND INC CENTRAL INDEX KEY: 0000807607 IRS NUMBER: 251542736 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-11410 FILM NUMBER: 03580015 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWERS CITY: PITTSBURG STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: FORTRESS HIGH YIELD TAX FREE FUND INC DATE OF NAME CHANGE: 19881024 FORMER COMPANY: FORMER CONFORMED NAME: FORTRESS HIGH YIELD MUNICIPAL FUND INC DATE OF NAME CHANGE: 19900814 FORMER COMPANY: FORMER CONFORMED NAME: FORTRESS MUNICIPAL INCOME FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED INVESTMENT SERIES FUNDS INC CENTRAL INDEX KEY: 0000889388 IRS NUMBER: 256287987 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-48847 FILM NUMBER: 03580016 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: INVESTMENT SERRIES FUNDS INC DATE OF NAME CHANGE: 19920710 FORMER COMPANY: FORMER CONFORMED NAME: INVESTMENT SERIES FUNDS INC DATE OF NAME CHANGE: 19920710 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED INTERNATIONAL SERIES INC CENTRAL INDEX KEY: 0000742286 IRS NUMBER: 236784800 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-91776 FILM NUMBER: 03580017 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: FT SERIES INC/PA/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FT INTERNATIONAL TRUST DATE OF NAME CHANGE: 19910218 FORMER COMPANY: FORMER CONFORMED NAME: INTERNATIONAL SERIES INC DATE OF NAME CHANGE: 19940404 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED INCOME SECURITIES TRUST CENTRAL INDEX KEY: 0000789281 IRS NUMBER: 251412886 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-03164 FILM NUMBER: 03580018 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED FLOATING RATE TRUST DATE OF NAME CHANGE: 19920205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED GOVERNMENT INCOME SECURITIES INC CENTRAL INDEX KEY: 0000355691 IRS NUMBER: 251414481 STATE OF INCORPORATION: MD FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-74191 FILM NUMBER: 03580020 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: MONEY MARKET INSTRUMENTS TRUST DATE OF NAME CHANGE: 19860204 FORMER COMPANY: FORMER CONFORMED NAME: GOVERNMENT INCOME SECURITIES INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED FIXED INCOME SECURITIES INC CENTRAL INDEX KEY: 0000879569 IRS NUMBER: 251668690 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-43472 FILM NUMBER: 03580021 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURG STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: FIXED INCOME SECURITIES INC DATE OF NAME CHANGE: 19920717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED EQUITY FUNDS CENTRAL INDEX KEY: 0000745968 IRS NUMBER: 251470423 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-91090 FILM NUMBER: 03580023 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURG STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED GROWTH TRUST/CGF/FED ADV/FEDMGT/FED INV DATE OF NAME CHANGE: 19930708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED CAPITAL INCOME FUND INC CENTRAL INDEX KEY: 0000812219 IRS NUMBER: 251548378 STATE OF INCORPORATION: MD FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-13388 FILM NUMBER: 03580024 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: PROGRESS INCOME EQUITY TRUST DATE OF NAME CHANGE: 19870412 FORMER COMPANY: FORMER CONFORMED NAME: PROGRESSIVE INCOME EQUITY FUND INC DATE OF NAME CHANGE: 19900125 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY UTILITY FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED UTILITY FUND INC DATE OF NAME CHANGE: 19960229 497 1 form.txt Federated American Leaders Fund, Inc. Federated Bond Fund Federated Capital Appreciation Fund Federated Capital Income Fund, Inc. Federated Communications Technology Fund Federated Equity Income Fund, Inc. Federated European Growth Fund Federated Fund for U.S. Government Securities Federated Global Equity Fund Federated Global Financial Services Fund Federated Global Value Fund Federated Government Income Securities, Inc. Federated Growth Strategies Fund Federated High Income Bond Fund, Inc. Federated International Bond Fund Federated International Capital Appreciation Fund Federated International Equity Fund Federated International High Income Fund Federated International Small Company Fund Federated Kaufmann Fund Federated Kaufmann Small Cap Fund Federated Large Cap Growth Fund Federated Market Opportunity Fund Federated Municipal Opportunities Fund, Inc. Federated Municipal Securities Fund, Inc. Federated Stock and Bond Fund, Inc. Federated Strategic Income Fund Federated Total Return Bond Fund Supplement to current Prospectus The following information, which relates to Class C Shares of the above referenced Funds, is effective April 1, 2003. Summary The Class C Shares of the Funds are currently sold without an initial sales load. Effective April 1, 2003, investors will pay an initial sales load of 1.00% of the public offering price on the purchase of Class C Shares. Further information regarding this change is set forth in this Supplement. 1. Under the sub-heading entitled "Average Annual Total Return Table," please delete the Class C Shares line items in the Table for each respective Fund, and replace with the following (all applicable footnotes in the current Prospectus are incorporated herein): Class C Shares: 1 Year 5 Years 10 Years Start of Performance Federated American Leaders Fund, Inc. Return Before Taxes (7.16)% 8.92% NA 11.66% Federated Bond Fund Return Before Taxes 4.02% 3.38% NA 5.10% Federated Capital Appreciation Fund Return Before Taxes (8.76)% 14.13% NA 14.61% Federated Capital Income Fund, Inc. Return Before Taxes (16.59) 1.55% NA 4.43% Return After Taxes (17.61) (1.24)% NA 1.71% on Distribution2 Return After Taxes (10.06) 0.76% NA 2.76% on Distributions and Sale of FundShares2 Federated Communications Technology Fund Return Before Taxes (47.99) NA NA (24.11)% Federated Equity Income Fund, Inc. Return Before Taxes (13.60) 5.15% NA 9.41% Federated European Growth Fund Return Before Taxes (23.38) (5.71)% NA 0.73% Federated Fund For U.S.Government Securities Return Before Taxes 6.46% 5.71% NA 4.98% Federated Global Equity Fund Return Before Taxes (22.89) NA NA (2.77)% Federated Global Financial Services Fund Return Before Taxes (21.86) NA NA 5.47% Federated Global Value Fund Return Before Taxes (23.47) (2.51)% NA 4.02% Federated Government Income Securities, Inc. Return Before Taxes 5.51% 5.74% NA 5.84% Federated Growth Strategies Fund Return Before Taxes (24.67) 8.58% NA 11.56% Federated High Income Bond Fund, Inc. Return Before Taxes (2.58)% 0.42% NA 4.28% Federated International Bond Fund Return Before Taxes 19.49% 1.67% NA 4.66% Class C Shares 1 Year 5 Years 10 Years Start of continued: Performance Federated International Capital Appreciation Fund Return Before Taxes (18.35) (6.35)% NA (8.13)% Federated International Equity Fund Return Before Taxes (25.63) (3.16)% NA 2.03% Federated International High Income Fund Return Before Taxes 7.22% 4.94% NA 4.89% Federated International Small Company Fund Return Before Taxes (17.99) 1.98% NA 6.79% Federated Kaufmann Fund Return Before Taxes 5.32% 10.29% 14.06% NA Federated Large Cap Growth Fund Return Before Taxes (28.27) NA NA (5.20)% Federated Market Opportunity Fund Return Before Taxes 12.59% NA NA 16.93% Federated Municipal Opportunities Fund, Inc. Return Before Taxes 1.77% 2.70% NA 2.95% Federated Municipal Securities Fund, Inc. Return Before Taxes 0.63% 3.32% NA 3.21% Federated Stock and Bond Fund, Inc. Return Before Taxes (2.06)% 7.24% NA 8.44% Federated Strategic Income Fund Return Before Taxes 2.02% 2.17% NA 5.20% Federated Total Return Bond Fund Return Before Taxes 5.93% NA NA 6.32% 2. Under the heading entitled "What are the Fund's Fees and Expenses?" in the table captioned "Shareholder Fees," please revise the Class C Shares sales charge information as follows: Shareholder Fees Class C Fees Paid Directly From Your Investment Maximum Sales Charge (Load) imposed on 1.00% Purchases (as a percentage of the offering price) 3. Under the heading entitled "What Are the Fund's Fees and Expenses?" in the table captioned "Example," please delete the Class C Shares line items and replace them with the following: Class C Shares: 1 Year 3 Years 5 Years 10 Years Federated American Leaders Fund, Inc. Expenses assuming $388 $682 $1,101 $2,268 redemption Expenses assuming no $288 $682 $1,101 $2,268 redemption Federated Bond Fund Expenses assuming $398 $712 $1,152 $2,373 redemption Expenses assuming no $298 $712 $1,152 $2,373 redemption Federated Capital Appreciation Fund Expenses assuming $399 $712 $1,152 $2,373 redemption Expenses assuming no $299 $712 $1,152 $2,373 redemption Federated Capital Income Fund, Inc. Expenses assuming $403 $727 $1,177 $2,425 redemption Expenses assuming no $303 $727 $1,177 $2,425 redemption Federated Communications Technology Fund Expenses assuming $491 $992 $1,618 $3,301 redemption Expenses assuming no $391 $992 $1,618 $3,301 redemption Federated Equity Income Fund, Inc. Expenses assuming $386 $676 $1,091 $2,247 redemption Expenses assuming no $286 $676 $1,091 $2,247 redemption Federated European Growth Fund Expenses assuming $541 $1,140 $1,861 $3,766 redemption Expenses assuming no $441 $1,140 $1,861 $3,766 redemption Federated Fund for U.S.Government Securities Expenses assuming $372 $633 $1,019 $2,099 redemption Expenses assuming no $272 $633 $1,019 $2,099 redemption Federated Global Equity Fund Expenses assuming $552 $1,172 $1,913 $3,863 redemption Expenses assuming no $452 $1,172 $1,913 $3,863 redemption Federated Global Financial Services Fund Expenses assuming $529 $1,105 $1,804 $3,659 redemption Expenses assuming no $429 $1,105 $1,804 $3,659 redemption Federated Global Value Fund Expenses assuming $493 $998 $1,627 $3,319 redemption Expenses assuming no $393 $998 $1,627 $3,319 redemption Class C Shares 1 Year 3 Years 5 Years 10 Years continued: Federated Government Income Securities, Inc. Expenses assuming $397 $709 $1,147 $2,362 redemption Expenses assuming no $297 $709 $1,147 $2,362 redemption Federated Growth Strategies Fund Expenses assuming $410 $748 $1,212 $2,497 redemption Expenses assuming no $310 $748 $1,212 $2,497 redemption Federated High Income Bond Fund, Inc. Expenses assuming $399 $715 $1,157 $2,383 redemption Expenses assuming no $299 $715 $1,157 $2,383 redemption Federated International Bond Fund Expenses assuming $478 $953 $1,555 $3,178 redemption Expenses assuming no $378 $953 $1,555 $3,178 redemption Federated International Capital Appreciation Fund Expenses assuming $551 $1,169 $1,908 $3,854 redemption Expenses assuming no $451 $1,169 $1,908 $3,854 redemption Federated International Equity Fund Expenses assuming $448 $862 $1,402 $2,878 redemption Expenses assuming no $348 $862 $1,402 $2,878 redemption Federated International High Income Fund Expenses assuming $436 $826 $1,343 $2,759 redemption Expenses assuming no $336 $826 $1,343 $2,759 redemption Federated International Small Company Fund Expenses assuming $482 $965 $1,574 $3,216 redemption Expenses assuming no $382 $965 $1,574 $3,216 redemption Federated Kaufmann Fund Expenses assuming $463 $908 $1,479 $3,029 redemption Expenses assuming no $363 $908 $1,479 $3,029 redemption Federated Large Cap Growth Fund Expenses assuming $432 $814 $1,323 $2,719 redemption Expenses assuming no $332 $814 $1,323 $2,719 redemption Federated Market Opportunity Fund Expenses assuming $407 $739 $1,197 $2,466 redemption Expenses assuming no $307 $739 $1,197 $2,466 redemption Class C Shares 1 Year 3 Years 5 Years 10 Years continued: Federated Municipal Opportunities Fund, Inc. Expenses assuming $384 $670 $1,080 $2,226 redemption Expenses assuming no $284 $670 $1,080 $2,226 redemption Federated Municipal Securities Fund, Inc. Expenses assuming $376 $646 $1,039 $2,142 redemption Expenses assuming no $276 $646 $1,039 $2,142 redemption Federated Stock and Bond Fund, Inc. Expenses assuming $402 $724 $1,172 $2,414 redemption Expenses assuming no $302 $724 $1,172 $2,414 redemption Federated Strategic Income Fund Expenses assuming $409 $745 $1,207 $2,486 redemption Expenses assuming no $309 $745 $1,207 $2,486 redemption Federated Total Return Bond Fund Expenses assuming $489 $984 $1,606 $3,277 redemption Expenses assuming no $389 $984 $1,606 $3,277 redemption 4. Under the heading entitled, "What Do Shares Cost?" in the table captioned "Shares Offered," please delete the Class C Shares information and replace with the following: Maximum Sales Charge Shares Offered Minimum Front-End Contingent Initial/ Sales Deferred Subsequent Charge Sales Investment Charge Amounts Class C $1,500/$100 1.00% 1.00% 5. Under the heading entitled "What Do Shares Cost?" in the table captioned "Sales Charge When You Purchase," please insert the following after the table footnote: Class C Shares Purchase Amount Sales Sales Charge as a Charge as Percentage a of Public Percentage Offering of NAV Price All Purchases 1.00% 1.01% 6. Under the heading entitled "What Do Shares Cost?," remove the line in bold type that reads "The sales charge at purchase may be reduced or eliminated by:" and replace it with the following: "The sales charge at purchase of Class A Shares [and Class F Shares] only, may be reduced or eliminated by:" February 28, 2003 Cusips: 313914301 31420F301 314172883 314286303 314172784 313915308 31428U888 31420C886 31428U854 31428U821 31428U656 313912404 314172305 314195306 31420G606 31428U789 31420G309 31428U755 31428U722 314172651 314172610 314172826 314172727 313910408 313913303 313911307 31417P700 31428Q796 28226 (2/03) Federated American Leaders Fund, Inc. Federated Bond Fund Federated Capital Appreciation Fund Federated Capital Income Fund, Inc. Federated Communications Technology Fund Federated Equity Income Fund, Inc. Federated European Growth Fund Federated Fund for U.S. Government Securities Federated Global Equity Fund Federated Global Financial Services Fund Federated Global Value Fund Federated Government Income Securities, Inc. Federated Growth Strategies Fund Federated High Income Bond Fund, Inc. Federated International Bond Fund Federated International Capital Appreciation Fund Federated International Equity Fund Federated International High Income Fund Federated International Small Company Fund Federated Kaufmann Fund Federated Kaufmann Small Cap Fund Federated Large Cap Growth Fund Federated Market Opportunity Fund Federated Municipal Opportunities Fund, Inc. Federated Municipal Securities Fund, Inc. Federated Stock and Bond Fund, Inc. Federated Strategic Income Fund Federated Total Return Bond Fund Supplement to Statement of Additional Information Summary The Class C Shares of the Funds are currently sold without an initial sales load. Effective April 1, 2003, investors will pay an initial sales load of 1.00% of the public offering price on the purchase of Class C Shares. Further information regarding this change is set forth in this Supplement. Detailed Description of Changes The following description provides detailed information on the changes to the Funds and their respective Statement of Additional Information that will be effective on April 1, 2003. Accordingly, the following changes are hereby incorporated, as of April 1, 2003, into each Fund's current Statement of Additional Information: 1. Under the heading "What Do Shares Cost?" and the sub-heading "Reducing or Eliminating the Front-End Sales Charge," only the methods described following the captions "Reinvestment Privilege" and "Purchases by Affiliates of the Fund" are applicable to Class C Shares. 2. Under the same heading and subheading, insert the following: "Purchases through Omnibus Accounts (Class C Shares only) Class C Shares may be purchased without an initial sales charge by any investor who buys Class C Shares through an omnibus account with a financial intermediary, such as a broker or a bank, that does not accept or charge the initial sales charge." 3. Under the heading "How Does the Fund Measure Performance?" and the sub-heading "Average Annual Total Returns and Yield," delete the information relating to Class C Shares and replace with the following:
Class C Shares: 30-Day Start of Period 1 Year 5 Years 10 Years Performance Federated American Leaders Fund, Inc. Total Return: Before Taxes NA (2.34)% 8.31% NA 11.38% After Taxes on Distributions NA (2.56)% 6.59% NA 9.69% After Taxes on Distributions and Sale of Shares NA (1.28)% 6.36% NA 9.01% Yield 0.09% NA NA NA NA Federated Bond Fund Total Return: Before Taxes NA 1.68% 3.18% NA 4.90% After Taxes on Distributions NA (0.74)% 0.54% NA 2.21% After Taxes on Distributions and Sale of Shares NA 0.99% 1.21% NA 2.56% Yield 5.93% NA NA NA NA Federated Capital Appreciation Fund Total Return: Before Taxes NA (15.44)% 4.45% NA 9.20% After Taxes on Distributions NA (15.48)% 3.12% NA 7.83% After Taxes on Distributions and Sale of Shares NA (9.47)% 3.44% NA 7.36% Yield NA NA NA NA NA Federated Capital Income Fund, Inc. Total Return: Before Taxes NA (19.81)% (0.46)% NA 3.52% After Taxes on Distributions NA (20.83)% (3.21)% NA 0.84% After Taxes on Distributions and Sale of Shares NA (12.10)% (0.72)% NA 2.11% Yield 3.53% NA NA NA NA Federated Communications Technology Fund Total Return: Before Taxes NA (31.98)% NA NA (30.51)% After Taxes on Distributions NA (31.98)% NA NA (30.53)% After Taxes on Distributions and Sale of Shares NA (19.63)% NA NA (22.20)% Yield NA NA NA NA NA Federated Equity Income Fund, Inc. Total Return: Before Taxes NA (2.78)% 4.86% NA 9.24% After Taxes on Distributions NA (3.15)% 3.67% NA 7.75% After Taxes on Distributions and Sale of Shares NA (1.71)% (0.88)% NA 7.06% Yield 0.26% NA NA NA NA Federated European Growth Fund Total Return: Before Taxes NA (18.69)% (4.25)% NA 1.42% After Taxes on Distributions NA (18.69)% (5.20)% NA 0.47% After Taxes on Distributions and Sale of Shares NA (11.47)% (3.22)% NA 1.15% Yield NA NA NA NA NA Federated Fund For U.S.Government Securities Total Return: Before Taxes NA 2.69% 5.54% NA 4.72% After Taxes on Distributions NA 0.59% 3.27% NA 2.31% After Taxes on Distributions and Sale of Shares NA 1.61% 3.29% NA 2.52% Yield 4.04% NA NA NA NA Class C Shares: 30-Day Start of continued Period 1 Year 5 Years 10 Years Performance Federated Global Equity Fund Total Return: Before Taxes NA (17.12)% NA NA (1.72)% After Taxes on Distributions NA (17.12)% NA NA (3.16)% After Taxes on Distributions and Sale of Shares NA (10.51)% NA NA (1.73)% Yield NA NA NA NA NA Federated Global Financial Services Fund Total Return: Before Taxes NA (12.24)% NA NA 7.45% After Taxes on Distributions NA (12.87)% NA NA 7.03% After Taxes on Distributions and Sale of Shares NA (6.86)% NA NA 6.01% Yield NA NA NA NA NA Federated Global Value Fund Total Return: Before Taxes NA (14.93)% (0.36)% NA 5.13% After Taxes on Distributions NA (14.93)% (1.82)% NA 3.66% After Taxes on Distributions and Sale of Shares NA (9.17)% (0.44)% NA 3.90% Yield NA NA NA NA NA Federated Government Income Securities, Inc. Total Return: Before Taxes NA 3.31% 5.70% NA 5.67% After Taxes on Distributions NA 1.30% 3.47% NA 3.41% After Taxes on Distributions and Sale of Shares NA 1.98% 3.44% NA 3.39% Yield 2.76% NA NA NA NA Federated Growth Strategies Fund Total Return: Before Taxes NA (20.71)% (2.84)% NA 5.56% After Taxes on Distributions NA (20.71)% (4.70)% NA 2.74% After Taxes on Distributions and Sale of Shares NA (12.72)% (2.04)% NA 4.04% Yield NA NA NA NA NA Federated High Income Bond Fund, Inc. Total Return: Before Taxes NA (3.68)% 0.87% NA 4.47% After Taxes on Distributions NA (7.33)% (2.56)% NA 0.95% After Taxes on Distributions and Sale of Shares NA (2.33)% (0.89)% NA 1.88% Yield 7.99% NA NA NA NA Federated International Bond Fund Total Return: Before Taxes NA 9.18% (0.10)% NA 3.96% After Taxes on Distributions NA 9.18% (0.81)% NA 2.15% After Taxes on Distributions and Sale of Shares NA 5.64% (0.43)% NA 2.30% Yield 1.78% NA NA NA NA Federated International Capital Appreciation Fund Total Return: Before Taxes NA (15.08)% (5.96)% NA (7.86)% After Taxes on Distributions NA (15.08)% (6.27)% NA (8.15)% After Taxes on Distributions and Sale of Shares NA (9.26)% (4.70)% NA (6.09)% Yield NA NA NA NA NA Federated International Equity Fund Total Return: Before Taxes NA (20.89)% (1.77)% NA (2.61)% After Taxes on Distributions NA (20.89)% (3.67)% NA 1.09% After Taxes on Distributions and Sale of Shares NA (12.82)% (1.32)% NA 2.06% Yield NA NA NA NA NA Federated International High Income Fund Total Return: Before Taxes NA 6.25% 4.10% NA 4.33% After Taxes on Distributions NA 2.29% 0.51% NA 0.68% After Taxes on Distributions and Sale of Shares NA 3.77% 1.40% NA 1.56% Yield 9.30% NA NA NA NA Federated International Small Company Fund Total Return: Before Taxes NA (15.23)% 2.81% NA 7.35% After Taxes on Distributions NA (15.23)% 1.98% NA 6.71% After Taxes on Distributions and Sale of Shares NA (9.35)% 2.26% NA 6.09% Yield NA NA NA NA NA Federated Kaufmann Fund Total Return: Before Taxes NA (10.93)% 3.12% 12.19% NA After Taxes on Distributions NA (12.56)% (0.20)% 10.14% NA After Taxes on Distributions and Sale of Shares NA (5.20)% 2.31% 10.30% NA Yield NA NA NA NA NA Federated Large Cap Growth Fund Total Return: Before Taxes NA (20.93)% NA NA (11.53)% After Taxes on Distributions NA (20.93)% NA NA (11.53)% After Taxes on Distributions and Sale of Shares NA (12.85)% NA NA (8.88)% Yield NA NA NA NA NA Federated Market Opportunity Fund Total Return: Before Taxes NA (2.14)% NA NA 6.88% After Taxes on Distributions NA (3.38)% NA NA 5.44% After Taxes on Distributions and Sale of Shares NA (1.27)% NA NA 4.83% Yield 3.62% NA NA NA NA Federated Municipal Opportunities Fund, Inc. Total Return: Before Taxes NA 1.12% 2.74% NA 3.42% After Taxes on Distributions NA 1.12% 2.74% NA 3.42% After Taxes on Distributions and Sale of Shares NA 2.53% 3.11% NA 3.68% Yield 4.66% NA NA NA NA Tax-Equivalent Yield 7.59% NA NA NA NA Federated Municipal Securities Fund, Inc. Total Return: Before Taxes NA (0.62)% 3.66% NA 3.20% After Taxes on Distributions NA (0.62)% 3.62% NA 3.08% After Taxes on Distributions and Sale of Shares NA 1.02% 3.70% NA 3.35% Yield 3.10% NA NA NA NA Tax-Equivalent Yield 5.05% NA NA NA NA Federated Stock and Bond Fund, Inc. Total Return: Before Taxes NA (9.83)% 1.16% NA 6.29% After Taxes on Distributions NA (10.35)% (0.96)% NA 4.00% After Taxes on Distributions and Sale of Shares NA (6.01)% 0.18% NA 4.20% Yield 1.31% NA NA NA NA Federated Strategic Income Fund Total Return: Before Taxes NA 0.75% 1.77% NA 4.98% After Taxes on Distributions NA (2.41)% (1.48)% NA 1.66% After Taxes on Distributions and Sale of Shares NA 0.43% (0.19)% NA 2.34% Yield 7.54% NA NA NA NA Federated Total Return Bond Fund Total Return: Before Taxes NA 3.00% NA NA 5.14% After Taxes on Distributions NA 0.85% NA NA 3.00% After Taxes on Distributions and Sale of Shares NA 1.83% NA NA 3.07% Yield 4.44% NA NA NA NA
February 28, 2003 Cusips: 313914301 31420F301 314172883 314286303 314172784 313915308 31428U888 31420C886 31428U854 31428U821 31428U656 313912404 314172305 314195306 31420G606 31428U789 31420G309 31428U755 31428U722 314172651 314172610 314172826 314172727 313910408 313913303 313911307 31417P700 31428Q796 28227 (2/03) -----END PRIVACY-ENHANCED MESSAGE-----