FEDERATED ASIA PACIFIC GROWTH FUND FEDERATED EMERGING MARKETS FUND
FEDERATED EUROPEAN GROWTH FUND FEDERATED INTERNATIONAL HIGH INCOME
FUND FEDERATED INTERNATIONAL SMALL COMPANY FUND FEDERATED LATIN
AMERICAN GROWTH FUND FEDERATED WORLD UTILITY FUND
(Portfolios of World Investment Series, Inc.)
Class A Shares
SUPPLEMENT TO THE PROSPECTUSES DATED JANUARY 31, 1997
Effective August 1, 1997, the program allowing an exemption from the
front-end sales charge for purchases of Class A Shares of the Funds
with proceeds from redemptions of unaffiliated investment companies
(the "NAV Exchange Program") will be discontinued. Please delete all
references to the NAV Exchange Program where they appear in the Funds'
prospectuses. Of course, other exemptions from the sales charge may
apply. See the section entitled "Reducing or Eliminating the Sales
Charge."
July 30, 1997
FEDERATED INVESTORS
Federated Securities Corp., Distributor
Cusip 981487507 Cusip 981487804 Cusip 981487861 Cusip
981487762 Cusip 981487838 Cusip 981487796 Cusip 981487101
016688 (7/97)
