FEDERATED ASIA PACIFIC GROWTH FUND
(A Portfolio of World Investment Series, Inc.)
Class B Shares
FEDERATED EMERGING MARKETS FUND
(A Portfolio of World Investment Series, Inc.)
Class B Shares
FEDERATED EUROPEAN GROWTH FUND
(A Portfolio of World Investment Series, Inc.)
Class B Shares
FEDERATED INTERNATIONAL SMALL COMPANY FUND
(A Portfolio of World Investment Series, Inc.)
Class B Shares
FEDERATED LATIN AMERICAN GROWTH FUND
(A Portfolio of World Investment Series, Inc.)
Class B Shares
FEDERATED WORLD UTILITY FUND
(formerly, World Utility Fund)
(A Portfolio of World Investment Series, Inc.)
Class B Shares
SUPPLEMENT TO PROSPECTUSES DATED JANUARY 31, 1996
1.Please delete in its entirety the section entitled ``ELIMINATION OF
CONTINGENT DEFERRED SALES CHARGE''on page 27 of the Federated Asia
Pacific Growth Fund prospectus, page 28 of the Federated Emerging Markets
Fund prospectus, page 28 of the Federated European Growth Fund prospectus,
page 28 of the Federated International Small Company Fund prospectus,
page 28 of the Federated Latin American Growth Fund prospectus and page 25
of the Federated World Utility Fund prospectus, respectively, and replace
with the following:
`ELIMINATION OF CONTINGENT DEFERRED SALES CHARGE
The contingent deferred sales charge will be eliminated with respect
to the following redemptions: (1) redemptions following the death or
disability, as defined in Section 72(m)(7) of the Internal Revenue
Code of 1986, of the last surviving shareholder; (2) redemptions
representing minimum required distributions from an Individual
Retirement Account or other retirement plan to a shareholder who has
attained the age of 70 1/2; (3) involuntary redemptions by the Fund
of Shares in shareholder accounts that do not comply with the minimum
balance requirements; and (4) qualifying redemptions of Class B
Shares under a Systematic Withdrawal Program. To qualify for
elimination of the contingent deferred sales charge through a
Systematic Withdrawal Program, the redemptions of Class B Shares must
be from an account: that is at least 12
months old, has all Fund distributions reinvested in Fund Shares, and
has a value of at least $10,000 when the Systematic Withdrawal
Program is established. Qualifying redemptions may not exceed 1.00%
monthly of the account value as periodically determined by the Fund.
For more information regarding the elimination of the contingent
deferred sales charge through a Systematic Withdrawal Program contact
your financial intermediary or the Fund. No contingent deferred
sales charge will be imposed on redemptions of Shares held by
Directors, employees and sales representatives of the Fund, the
distributor, or affiliates of the Fund or distributor, and their
immediate family members; employees of any financial institution that
sells Shares of the Fund pursuant to a sales agreement with the
distributor; and spouses and children under the age of 21 of the
aforementioned persons. Finally, no contingent deferred sales charge
will be imposed on the redemption of Shares originally purchased
through a bank trust department, an investment adviser registered
under the Investment Advisers Act of 1940 or retirement plans where
the third party administrator has entered into certain arrangements
with Federated Securities Corp. or its affiliates, or any other
financial institution, to the extent that no payments were advanced
for purchases made through such entities. The Fund reserves the
right to discontinue or modify the elimination of the contingent
deferred sales charge. Shareholders will be notified of a
discontinuation. Any Shares purchased prior to the termination of
such waiver would have the contingent deferred sales charge
eliminated as provided in the Fund's prospectus at the time of the
purchase of the Shares. If a shareholder making a redemption
qualifies for an elimination of the contingent deferred sales charge,
the shareholder must notify Federated Securities Corp. or the
transfer agent in writing that the shareholder is entitled to such
elimination.''
October 1, 1996
FEDERATED INVESTORS
Federated Investors Tower
Pittsburgh, PA 15222-3779
Federated Securities Corp. is the distributor of the Funds
and is a subsidiary of Federated Investors.
Cusip 981487606
Cusip 981487887
Cusip 981487853
Cusip 981487820
Cusip 981487788
Cusip 981487309
G01739-04 (10/96)
FEDERATED ASIA PACIFIC GROWTH FUND
(A Portfolio of World Investment Series, Inc.)
Class B Shares
FEDERATED EMERGING MARKETS FUND
(A Portfolio of World Investment Series, Inc.)
Class B Shares
FEDERATED EUROPEAN GROWTH FUND
(A Portfolio of World Investment Series, Inc.)
Class B Shares
FEDERATED INTERNATIONAL SMALL COMPANY FUND
(A Portfolio of World Investment Series, Inc.)
Class B Shares
FEDERATED LATIN AMERICAN GROWTH FUND
(A Portfolio of World Investment Series, Inc.)
Class B Shares
FEDERATED WORLD UTILITY FUND
(formerly, World Utility Fund)
(A Portfolio of World Investment Series, Inc.)
Class B Shares
SUPPLEMENT TO STATEMENTS OF ADDITIONAL INFORMATION DATED JANUARY 31, 1996
Please insert the following directly after the section entitled
`REDEEMING SHARES'' on page 21 of the Federated Asia Pacific Growth Fund
Statement of Additional Information (`SAI''), page 22 of the Federated
Emerging Markets Fund SAI, page 21 of the Federated European Growth Fund
SAI, page 21 of the Federated International Small Company Fund SAI, page
22 of the Federated Latin American Growth Fund SAI and page 15 of the
Federated World Utility Fund SAI:
`ELIMINATION OF THE CONTINGENT DEFERRED SALES CHARGE
The amounts that a shareholder may withdraw under a Systematic
Withdrawal Program that qualify for elimination of the Contingent
Deferred Sales Charge may not exceed 12% annually with reference
initially to the value of the Class B Shares upon establishment of
the Systematic Withdrawal Program and then as calculated at the
annual valuation date. Redemptions on a qualifying Systematic
Withdrawal Program can be made at a rate of 1.00% monthly, 3.00%
quarterly, or 6.00% semi-annually with reference to the applicable
account valuation amount. Amounts that exceed the 12.00% annual
limit for redemption, as described, may be subject to the Contingent
Deferred Sales Charge. To the extent that a shareholder exchanges
Shares for Class B Shares of other Federated Funds, the time for
which the exchanged-for Shares are to be held will be added to the
time for which exchanged-from Shares were held for purposes of
satisfying the 12 month holding requirement. However, for purposes
of meeting the $10,000 minimum account value requirement, Class B
Share accounts will not be aggregated.''
October 1, 1996
FEDERATED INVESTORS
Federated Investors Tower
Pittsburgh, PA 15222-3779
Federated Securities Corp. is the distributor of the Funds
and is a subsidiary of Federated Investors.
Cusip 981487606
Cusip 981487887
Cusip 981487853
Cusip 981487820
Cusip 981487788
Cusip 981487309
G01739-05 (10/96)
