FEDERATED INTERNATIONAL EQUITY FUND
(A Portfolio of International Series, Inc.)
Class A Shares
Class B Shares
Class C Shares
FEDERATED INTERNATIONAL EQUITY FUND II
(A Portfolio of Federated Insurance Series)
FEDERATED WORLD UTILITY FUND
(A Portfolio of World Investment Series, Inc.)
Class A Shares
Class B Shares
Class C Shares
Class F Shares
Supplement to the Statements of Additional Information dated January 31,
1996, April 22, 1996, and January 31, 1996, respectively
In the section entitled `Determining Net Asset Value,'' within the sub-
section entitled `Determining Market Value of Securities,'' please delete
the text next to the second bullet-point and replace it with the following:
`according to the mean between the last closing bid and asked prices, if
no sale on the recognized exchange is reported or if the security is traded
over-the-counter;''
November 13, 1996
FEDERATED INVESTORS
Federated Investors Tower
Pittsburgh, PA 155222-3779
Federated Securities Corp. is the distributor of the Funds
and is a subsidiary of Federated Investors.
Cusip 46031P308
Cusip 46031P605
Cusip 46031P407
Cusip 313916603
Cusip 981487101
Cusip 981487309
Cusip 981487408
Cusip 981487200
014477 (11/96)
