FEDERATED EMERGING MARKETS FUND
Class A Shares
Class B Shares
Class C Shares
FEDERATED EUROPEAN GROWTH FUND
Class A Shares
Class B Shares
Class C Shares
FEDERATED GLOBAL EQUITY INCOME FUND
Class A Shares
Class B Shares
Class C Shares
FEDERATED INTERNATIONAL GROWTH FUND
Class A Shares
Class B Shares
Class C Shares
FEDERATED INTERNATIONAL HIGH INCOME FUND
Class A Shares
Class B Shares
Class C Shares
FEDERATED INTERNATIONAL SMALL COMPANY FUND
Class A Shares
Class B Shares
Class C Shares
FEDERATED WORLD UTILITY FUND
Class A Shares
Class B Shares
Class C Shares
Class F Shares
(Portfolios of World Investment Series, Inc.)
Supplement to Current Prospectuses
Please add the following before the section entitled "Foreign Companies" in the
current prospectuses:
"EURO
On January 1, 1999, the European Monetary Union (EMU) plans to introduce a new
single currency, the Euro, which will replace the national currency for
participating member countries. The countries participating in the EMU are
Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the
Netherlands, Portugal and Spain. If the Fund holds investments in countries with
currencies replaced by the Euro, the investment process, including trading,
foreign exchange, payments, settlements, cash accounts, custody and accounting
will be impacted.
<PAGE>
The process to establish the Euro may result in market volatility. The possible
impact of the Euro on the business or financial condition of European issuers or
on the Fund cannot be determined with certainty at this time. The transition and
the elimination of currency risk among EMU countries may change the economic
environment and behavior of investors, particularly in European markets. To the
extent the Fund holds non-U.S. dollar (Euro or other) denominated securities, it
will still be exposed to currency risk due to fluctuations in those currencies
versus the U.S. dollar.
The Fund's Adviser and Administrator are taking measures that they believe are
reasonably designed to:
address all Euro-related changes to enable the Fund to process
transactions accurately and completely with minimal disruption to business
activities and
obtain reasonable assurances that comparable steps are being taken by
each of the Fund's other service providers.
At this time, however, there can be no assurance that these steps will be
sufficient to avoid any adverse impact to the Fund."
November 25, 1998
[Graphic]
Federated Investors
Federated Securities Corp., Distributor
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
www.federatedinvestors.com
Cusip 981487804 Cusip 981487713
Cusip 981487887 Cusip 981487762
Cusip 981487879 Cusip 981487754
Cusip 981487861 Cusip 981487747
Cusip 981487853 Cusip 981487838
Cusip 981487846 Cusip 981487820
Cusip 981487697 Cusip 981487812
Cusip 981487689 Cusip 981487101
Cusip 981487671 Cusip 981487309
Cusip 981487739 Cusip 981487408
Cusip 981487721 Cusip 981487200
020311 (11/98)
