SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
Filed by the Registrant [ ]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ X] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12
FEDERATED WORLD INVESTMENT SERIES, INC.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
1. Title of each class of securities to which transaction applies:
2. Aggregate number of securities to which transaction applies:
3. Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):
4. Proposed maximum aggregate value of transaction:
5. Total fee paid:
[ ] Fee paid previously with preliminary proxy materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
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2) Form, Schedule or Registration Statement No.:
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3) Filing Party:
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4) Date Filed:
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i
FEDERATED WORLD INVESTMENT SERIES, INC.
FEDERATED GLOBAL EQUITY INCOME FUND
PROXY STATEMENT - PLEASE VOTE!
TIME IS OF THE ESSENCE...VOTING ONLY TAKES A FEW MINUTES AND YOUR PARTICIPATION
IS IMPORTANT! ACT NOW TO HELP THE FUND AVOID ADDITIONAL EXPENSE.
Federated World Investment Series, Inc. will hold a special meeting of
shareholders of Federated Global Equity Income Fund on August 17, 2000. It is
important for you to vote on the issue described in this Proxy Statement. We
recommend that you read the Proxy Statement in its entirety; the explanations
will help you to decide on the issue.
Following is an introduction to the proposal and the process.
WHY AM I BEING ASKED TO VOTE?
Mutual funds are required to obtain shareholders' votes for certain types of
changes, like those included in this Proxy Statement. You have a right to vote
on these changes.
WHAT IS THE ISSUE I AM BEING ASKED TO VOTE ON?
The proposal is to change the Fund's fundamental investment objective from
providing capital appreciation and above-average income to obtaining a total
return on its assets.
HOW DO I VOTE MY SHARES?
You may vote in person at the special meeting of shareholders or complete and
return the enclosed Proxy Card. IF YOU SIGN AND RETURN THE PROXY CARD WITHOUT
INDICATING A PREFERENCE, YOUR VOTE WILL BE CAST "FOR" THE PROPOSAL.
You may also vote by telephone at 1-800-690-6903, or through the Internet at
WWW.PROXYVOTE.COM. If you choose to help save the Fund time and postage costs by
voting through the Internet or by telephone, please don't return your Proxy
Card. If you do not respond at all, we may contact you by telephone to request
that you cast your vote.
WHO DO I CALL IF I HAVE QUESTIONS ABOUT THE PROXY STATEMENT? Call your
Investment Professional or a Federated Client Service Representative.
Federated's toll-free number is 1-800-341-7400.
After careful consideration, the Board of Directors has unanimously
approved this proposal. The Board recommends that you read the enclosed
materials
carefully and vote FOR the proposal.
7
PRELIMINARY
FEDERATED WORLD INVESTMENT SERIES, INC.
FEDERATED GLOBAL EQUITY INCOME FUND
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD JULY 31, 2000
A Special Meeting of the shareholders of Federated Global Equity Income Fund
(the "Fund"), a portfolio of Federated World Investment Series, Inc. (the
"Company"), will be held at 5800 Corporate Drive, Pittsburgh, Pennsylvania
15237-7000, at 2:00 p.m. (Eastern time), on August 17, 2000, for the following
purposes:
1. To approve changing the Fund's fundamental investment
objective from providing capital appreciation and
above-average income to obtaining a total return on its
assets.
2. To transact such other business as may properly come before the
meeting or any adjournment thereof.
The Board of Directors has fixed June 15, 2000 as the record date for
determination of shareholders entitled to vote at the meeting.
By Order of the Board of Directors,
John W. McGonigle
Secretary
June 15, 2000
YOU CAN HELP THE FUND AVOID THE NECESSITY AND EXPENSE OF SENDING FOLLOW-UP
LETTERS TO ENSURE A QUORUM BY PROMPTLY SIGNING AND RETURNING THE ENCLOSED PROXY.
IF YOU ARE UNABLE TO ATTEND THE MEETING, PLEASE MARK, SIGN, DATE AND RETURN THE
ENCLOSED PROXY SO THAT THE NECESSARY QUORUM MAY BE REPRESENTED AT THE SPECIAL
MEETING. THE ENCLOSED ENVELOPE REQUIRES NO POSTAGE IF MAILED IN THE UNITED
STATES.
2
PRELIMINARY
PROXY STATEMENT
FEDERATED WORLD INVESTMENT SERIES, INC.
FEDERATED GLOBAL EQUITY INCOME FUND
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
ABOUT THE PROXY SOLICITATION AND THE MEETING
The enclosed proxy is solicited on behalf of the Board of Directors of the
Fund (the "Board" or "Directors"). The proxies will be voted at the special
meeting of shareholders of the Fund to be held on August 17, 2000, at 5800
Corporate Drive, Pittsburgh, Pennsylvania 15237-7000, at 2:00 p.m. (such special
meeting and any adjournment or postponement thereof are referred to as the
"Special Meeting").
The cost of the solicitation, including the printing and mailing of proxy
materials, will be borne by the Fund. In addition to solicitations through the
mails, proxies may be solicited by officers, employees, and agents of the Fund
or, if necessary, a communications firm retained for this purpose. Such
solicitations may be by telephone, telegraph, through the Internet or otherwise.
Any telephonic solicitations will follow procedures designed to ensure accuracy
and prevent fraud, including requiring identifying shareholder information,
recording the shareholder's instructions, and confirming to the shareholder
after the fact. Shareholders who communicate proxies by telephone or by other
electronic means have the same power and authority to issue, revoke, or
otherwise change their voting instruction as shareholders submitting proxies in
written form. The Fund may reimburse custodians, nominees, and fiduciaries for
the reasonable costs incurred by them in connection with forwarding solicitation
materials to the beneficial owners of shares held of record by such persons.
The purpose of the Special Meeting is set forth in the accompanying
Notice. The Directors know of no business other than that mentioned in the
Notice that will be presented for consideration at the Special Meeting. Should
other business properly be brought before the Special Meeting, proxies will be
voted in accordance with the best judgment of the persons named as proxies. This
proxy statement and the enclosed proxy card are expected to be mailed on or
about June 27, 2000, to shareholders of record at the close of business on June
15, 2000 (the "Record Date"). On the Record Date, the Fund had outstanding
________________ shares of capital stock.
The Fund's annual report, which includes audited financial statements for
the fiscal year ended November 30, 1999, was previously mailed to shareholders.
The Fund's semi-annual report, which contains unaudited financial statements for
the period ended May 31, 1999, was also previously mailed to shareholders. The
Company's principal executive offices are located at Federated Investors Funds,
5800 Corporate Drive, Pittsburgh, Pennsylvania 15237-7000. The Company's
toll-free telephone number is 1-800-341-7400.
PROPOSAL: APPROVAL OR DISAPPROVAL OF CHANGING THE FUND'S FUNDAMENTAL
INVESTMENT OBJECTIVE FROM PROVIDING CAPITAL APPRECIATION AND
ABOVE-AVERAGE INCOME TO OBTAINING A TOTAL RETURN ON ITS ASSETS
The Fund's investment objective is to provide capital appreciation and
above-average income. This investment objective cannot be changed without
shareholder approval.
At its meeting on May 17, 2000, the Directors unanimously approved
changing the Fund's investment objective. The Directors have determined that it
would be in the best interest of the Fund to change the investment objective to
read as follows:
"The investment objective of the Fund is to obtain a total return on its
assets."
This change is being submitted for shareholder approval at this Special
Meeting.
Changing the Fund's investment objective will provide the Fund's
investment adviser with greater flexibility in managing the Fund's portfolio by
removing the restriction that the Fund seek above-average income. The change
will enable the adviser to implement the Fund's investment strategy in the
manner it believes may be most advantageous in light of market conditions. As
with any mutual fund, there is no guarantee that the investment objective will
be achieved.
The Fund presently references the dividend yield of the Morgan Stanley
Capital World Index ("Index") in seeking "above-average" income. The weighted
average dividend yield of the securities in the Index for 1999 was 1.25%. Thus,
dividend income has become a small component of the potential total return,
meaning return from both capital appreciation and income, of investing in equity
securities. Even if the Fund achieves above-average income compared to the
Index, that income may not be significant compared to changes in the market
value of the Fund's portfolio.
The Directors believe that requiring the adviser to seek a minimum level
of income may, under some market conditions, result in the Fund sacrificing
total return without the income otherwise significantly benefiting shareholders.
Changing the investment objective will enable the investment adviser to focus on
searching for companies with sound economic fundamentals that have the potential
for appreciation in stock price. While a company's dividend may continue to be a
factor in the adviser's investment process, the adviser will not be required to
emphasize it.
If the change in the Fund's investment objective is approved, the
Directors have voted to change the Fund's name to "Federated Global Equity
Fund."
Approval requires the affirmative vote of the lesser of: (a) 67% or more
of the Shares of the Fund present at the Special Meeting, if the holders of more
than 50% of the outstanding Shares of the Fund are present or represented by
proxy; or (b) more than 50% of the outstanding Shares of the Fund.
THE BOARD OF DIRECTORS OF THE FUND UNANIMOUSLY RECOMMENDS APPROVAL OF CHANGING
THE FUND'S FUNDAMENTAL INVESTMENT OBJECTIVE FROM CAPITAL APPRECIATION AND
ABOVE-AVERAGE INCOME TO TOTAL RETURN
INFORMATION ABOUT THE FUND
PROXIES, QUORUM AND VOTING AT THE SPECIAL MEETING
Only shareholders of record on the Record Date will be entitled to vote
at the Special Meeting. Each share of the Fund is entitled to one vote.
Fractional shares are entitled to proportionate shares of one vote.
Any person giving a proxy has the power to revoke it any time prior to its
exercise by executing a superseding proxy or by submitting a written notice of
revocation to the Secretary of the Fund. In addition, although mere attendance
at the Special Meeting will not revoke a proxy, a shareholder present at the
Special Meeting may withdraw his or her proxy and vote in person. All properly
executed and unrevoked proxies received in time for the Special Meeting will be
voted in accordance with the instructions contained in the proxies. IF NO
INSTRUCTION IS GIVEN ON THE PROXY, THE PERSONS NAMED AS PROXIES WILL VOTE THE
SHARES REPRESENTED THEREBY IN FAVOR OF THE MATTER SET FORTH IN THE ATTACHED
NOTICE.
In order to hold the Special Meeting, a "quorum" of shareholders must be
present. Holders of one-third of the total number of outstanding shares of the
Fund, present in person or by proxy, shall be required to constitute a quorum
for the purpose of voting on the proposal.
For purposes of determining a quorum for transacting business at the
Special Meeting, abstentions and broker "non-votes" (that is, proxies from
brokers or nominees indicating that such persons have not received instructions
from the beneficial owner or other persons entitled to vote shares on a
particular matter with respect to which the brokers or nominees do not have
discretionary power) will be treated as shares that are PRESENT but which have
not been VOTED. For this reason, abstentions and broker non-votes will have the
effect of a "no" vote for purposes of obtaining the requisite approval of the
proposal.
If a quorum is not present, the persons named as proxies may vote those
proxies that have been received to adjourn the Special Meeting to a later date.
In the event that a quorum is present but sufficient votes in favor of the
proposal have not been received, the persons named as proxies may propose one or
more adjournments of the Special Meeting to permit further solicitations of
proxies with respect to the proposal. All such adjournments will require the
affirmative vote of a majority of the shares present in person or by proxy at
the session of the Special Meeting to be adjourned. The persons named as proxies
will vote AGAINST an adjournment those proxies that they are required to vote
against the proposal, and will vote in FAVOR of such an adjournment all other
proxies that they are authorized to vote. A shareholder vote may be taken on the
proposal in this proxy statement prior to any such adjournment if sufficient
votes have been received for approval.
SHARE OWNERSHIP OF THE FUND
Officers and Directors of the Fund own less than 1% of the Fund's outstanding
shares.
At the close of business on the Record Date, the following person(s) owned, to
the knowledge of management, more than 5% of the outstanding shares of the Fund:
OTHER MATTERS AND DISCRETION OF ATTORNEYS NAMED IN THE PROXY
The Fund is not required, and does not intend, to hold regular annual
meetings of shareholders. Shareholders wishing to submit proposals for
consideration for inclusion in a proxy statement for the next meeting of
shareholders should send their written proposals to Federated World Investment
Series, Inc., Federated Investors Funds, 5800 Corporate Drive, Pittsburgh,
Pennsylvania 15237-7000, so that they are received within a reasonable time
before any such meeting.
No business other than the matters described above is expected to come
before the Special Meeting, but should any other matter requiring a vote of
shareholders arise, including any question as to an adjournment or postponement
of the Special Meeting, the persons named on the enclosed proxy card will vote
on such matters according to their best judgment in the interests of the Fund.
SHAREHOLDERS ARE REQUESTED TO COMPLETE, DATE AND SIGN THE ENCLOSED PROXY CARD
AND RETURN IT IN THE ENCLOSED ENVELOPE, WHICH NEEDS NO POSTAGE IF MAILED IN THE
UNITED STATES.
By Order of the Board of Directors,
John W. McGonigle
Secretary
June 15, 2000
FEDERATED WORLD INVESTMENT SERIES, INC.
FEDERATED GLOBAL EQUITY INCOME FUND
INVESTMENT ADVISER
FEDERATED GLOBAL INVESTMENT MANAGEMENT CORP.
175 Water Street
New York, NY 10038-4965
DISTRIBUTOR
FEDERATED SECURITIES CORP.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
ADMINISTRATOR
FEDERATED SERVICES COMPANY
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
KNOW ALL PERSONS BY THESE PRESENTS that the undersigned shareholders of
Federated Global Equity Income Fund (the "Fund"), a portfolio of Federated World
Investment Series, Inc. (the "Company"), hereby appoint Heather M. Aland,
Maureen Ferguson, Alecia A. Allison, G. Andrew Bonnewell and William Haas or any
one of them, true and lawful attorneys, with the power of substitution of each,
to vote all shares of the Fund which the undersigned is entitled to vote at the
Special Meeting of Shareholders (the "Special Meeting") to be held on August 17,
2000, at 5800 Corporate Drive, Pittsburgh, Pennsylvania, at 2:00 p.m., and at
any adjournment thereof. The attorneys named will vote the shares represented by
this proxy in accordance with the choices made on this ballot. If no choice is
indicated as to the item, this proxy will be voted affirmatively on the matter.
Discretionary authority is hereby conferred as to all other matters as may
properly come before the Special Meeting or any adjournment thereof.
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF FEDERATED WORLD
INVESTMENT SERIES, INC. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE
MANNER DIRECTED BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS
PROXY WILL BE VOTED "FOR" THE PROPOSAL.
TO APPROVE OR DISAPPROVE CHANGING THE FUND'S FUNDAMENTAL
INVESTMENT OBJECTIVE FROM CAPITAL APPRECIATION AND
ABOVE-AVERAGE INCOME TO TOTAL RETURN.
FOR [ ]
AGAINST [ ]
ABSTAIN [ ]
YOUR VOTE IS IMPORTANT Please
complete, sign and return this
card as soon as possible.
Dated
Signature
Signature (Joint Owners)
Please sign this proxy exactly as your name appears on the books of the Company.
Joint owners should each sign personally. Directors and other fiduciaries should
indicate the capacity in which they sign, and where more than one name appears,
a majority must sign. If a corporation, this signature should be that of an
authorized officer who should state his or her title.
YOU MAY ALSO VOTE YOUR SHARES BY TOUCHTONE PHONE BY CALLING
1-800-690-6903, OR THROUGH THE INTERNET AT
WWW.PROXYVOTE.COM.
