FEDERATED CAPITAL APPRECIATION FUND
FEDERATED GROWTH STRATEGIES FUND
FEDERATED KAUFMANN FUND
FEDERATED KAUFMANN SMALL CAP FUND
FEDERATED LARGE CAP GROWTH FUND
FEDERATED MARKET OPPORTUNITY FUND
FEDERATED TECHNOLOGY FUND
  (PORTFOLIOS OF FEDERATED EQUITY FUNDS)

FEDERATED EQUITY INCOME FUND, INC.

FEDERATED STRATEGIC INCOME FUND
  (A PORTFOLIO OF FEDERATED FIXED INCOME SECURITIES, INC.)

FEDERATED GOVERNMENT INCOME SECURITIES, INC.

FEDERATED CAPITAL INCOME FUND
FEDERATED MUNI AND STOCK ADVANTAGE FUND
  (PORTFOLIOS OF FEDERATED INCOME SECURITIES TRUST)

FEDERATED INTERNATIONAL BOND FUND
FEDERATED INTERNATIONAL EQUITY FUND
  (PORTFOLIOS OF FEDERATED INTERNATIONAL SERIES, INC.)

FEDERATED BOND FUND
  (A PORTFOLIO OF FEDERATED INVESTMENT SERIES FUNDS, INC.)

FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC.

FEDERATED STOCK AND BOND FUND, INC.

FEDERATED TOTAL RETURN BOND FUND
  (A PORTFOLIO OF FEDERATED TOTAL RETURN SERIES, INC.)

FEDERATED EUROPEAN EQUITY FUND
FEDERATED GLOBAL EQUITY FUND
FEDERATED GLOBAL VALUE FUND
FEDERATED INTERNATIONAL CAPITAL APPRECIATION FUND
FEDERATED INTERNATIONAL HIGH INCOME FUND
FEDERATED INTERNATIONAL SMALL COMPANY FUND
FEDERATED INTERNATIONAL VALUE FUND
  (PORTFOLIOS OF FEDERATED WORLD INVESTMENT SERIES, INC.)



CLASS B AND CLASS C SHARES

- ----------------------------------------------------------------------------
Supplement to current Prospectuses.

Previously, the Distributor instituted a provision that orders for
$250,000 or more of Class B Shares be invested in Class A Shares instead
of Class B Shares.  The Distributor has informed the Funds that effective
April 5, 2004, it intends to place all orders for $100,000 or more of
Class B Shares in Class A Shares instead of Class B Shares.  In addition,
with respect to Class C Shares, the Distributor has informed the Funds
that effective June 14, 2004 all orders of Class C Shares of $1 million or
more will be invested in Class A Shares instead of Class C Shares.


In the section entitled "What Do Shares Cost?" please delete the sentences
regarding the conversion of Class B Shares or Class C Shares into Class A
Shares in footnote number 1 of the investment amount/sales charge table
and replace with the following:

Orders  for  $100,000  or more of Class B Shares  or $1  million  or more of
Class C  Shares  will be  invested  in  Class A  Shares  instead  of Class B
Shares or Class C Shares to  maximize  your  return and  minimize  the sales
charges  and  marketing  fees.  Accounts  held in the name of an  investment
professional  may be treated  differently.  After  Class B Shares  have been
held for eight  years  from the date of  purchase,  they will  automatically
convert  to  Class A  Shares  on or  about  the  last  day of the  following
month.  This conversion is a non-taxable event.


Please add the following immediately after the investment amount/sales
charge table in the section entitled "What Do Shares Cost?"

As shown in the table above, each Class of Shares has a different sales
charge structure.  In addition, the ongoing annual operating expenses
("expense ratios"), as well as the compensation payable to investment
professionals, also vary among the Classes.  Before you decide which Class
to purchase, you should review the different charges and expenses of each
Class carefully, in light of your personal circumstances, and consult with
your investment professional.

Among the important factors to consider are the amount you plan to invest,
and the length of time you expect to hold your investment.  You should
consider, for example, that it may be possible to reduce the front-end
sales charges imposed on purchases of Class A Shares.  Among other ways,
Class A Shares have a series of "breakpoints," which means that the
front-end sales charges decrease (and can be eliminated entirely) as the
amount invested increases.  (The breakpoint schedule is set out below
under "Sales Charge When You Purchase.")  On the other hand, Class B
Shares do not have front-end sales charges, but the deferred sales charges
imposed on redemptions of Class B Shares do not vary at all in relation to
the amounts invested.  Rather, these charges decrease with the passage of
time (ultimately going to zero after seven years).  Finally, Class C
Shares bear a relatively low front-end sales load and a contingent
deferred sales charge only if redeemed within one year after purchase;
however, the asset-based 12b-1 fees charged to Class C Shares are greater
than those charged to Class A Shares and comparable to those charged to
Class B Shares.

You should also consider that the expense ratio for Class A Shares will be
lower than that for Class B (or Class C) Shares.  Thus, the fact that no
front-end charges are ever imposed on purchases of Class B Shares (or that
a relatively low front-end charge is imposed on purchases of Class C
Shares) does not always make them preferable to Class A Shares.




                                                      May 28, 2004



Federated Securities Corp., Distributor



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Cusip 31428U821

30427 (5/04)