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Supplement to Prospectuses dated January 31, 1998
Please add the following after the section entitled "Investment Risks" in the
current prospectuses:
"EURO
On January 1, 1999, the European Monetary Union (EMU) plans to introduce a new
single currency, the Euro, which will replace the national currency for
participating member countries. The countries participating in the EMU are
Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the
Netherlands, Portugal and Spain. If the Fund holds investments in countries with
currencies replaced by the Euro, the investment process, including trading,
foreign exchange, payments, settlements, cash accounts, custody and accounting
will be impacted.
The process to establish the Euro may result in market volatility. The possible
impact of the Euro on the business or financial condition of European issuers or
on the Fund cannot be determined with certainty at this time. The transition and
the elimination of currency risk among EMU countries may change the economic
environment and behavior of investors, particularly in European markets. To the
extent the Fund holds non-U.S. dollar (Euro or other) denominated securities, it
will still be exposed to currency risk due to fluctuations in those currencies
versus the U.S. dollar.
<PAGE>
The Fund's Adviser and Administrator are taking measures that they believe are
reasonably designed to:
address all Euro-related changes to enable the Fund to process
transactions accurately and completely with minimal disruption to business
activities and
obtain reasonable assurances that comparable steps are being taken by
each of the Fund's other service providers.
At this time, however, there can be no assurance that these steps will be
sufficient to avoid any adverse impact to the Fund."
November 25, 1998
[Graphic]
Federated Investors
Federated Securities Corp., Distributor
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
www.federatedinvestors.com
Cusip 56166K701 Cusip 56166K800 Cusip 56166K503 Cusip 56166K602 Cusip 56166K305
Cusip 56166K404 Cusip 56166K107 Cusip 56166K206 020313 (11/98)
