ITEM 77M
MERGERS
Pursuant to the Securities Act of 1933, as amended, and the General Rules and
Regulations thereunder, a Registration Statement on Form N-14 (SEC File No.
333-91407) was filed on November 22, 1999 and amended on December 20, 1999.
This filing relates to an Agreement and Plan of Reorganization between
Federated Latin American Growth Fund (FLAGF), a portfolio of Federated World
Investment Series, Inc. and Federated Emerging Markets Fund (FEMF), also a
portfolio of Federated World Investment Series, Inc., whereby FEMF acquired
all of the assets of FLAGF in exchange for Class A, B and C Shares to be
distributed pro rata by FLAGF to its shareholders in complete liquidation and
termination of FLAGF. As a result, effective February 25, 2000, each
shareholder of FLAGF became the owner of FEMF Shares having a total net asset
value equal to the total net asset value of his or her holdings in FLAGF.
The Agreement and Plan of Reorganization providing for the transfer of the
assets of FLAGF to FEMF was approved by the Board of Directors at their
Meeting held on November 16, 1999 and was also approved by shareholders at a
Special Meeting of Shareholders of FLAGF held on February 11, 2000.
The Agreement and Plan or Reorganization concerning this acquisition is hereby
incorporated by reference from the definitive Prospectus/Proxy Statement filed
on November 22, 1999.
