FEDERATED ASIA PACIFIC GROWTH FUND
FEDERATED EMERGING MARKETS FUND
FEDERATED EUROPEAN GROWTH FUND
FEDERATED INTERNATIONAL SMALL COMPANY FUND
FEDERATED LATIN AMERICAN GROWTH FUND
(Portfolios of World Investment Series, Inc.)
Class A Shares
Class B Shares
Class C Shares
SUPPLEMENT TO THE STATEMENTS OF ADDITIONAL INFORMATION DATED JANUARY 31, 1996
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:
"in the absence of recorded sales for equity securities, according to
the last reported bid price;"
FEDERATED INVESTORS May 8, 1996
Federated Investors Tower
Pittsburgh, PA 15222-3779
Federated Securities Corp.
is the distributor of the
funds and is a subsidiary of
Federated Investors.
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