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 Prospectuses dated January 31, 1998
On page 16 of the Class A Shares, Class B Shares, and Class C Shares prospectus,
and page 13 of the Class F Shares prospectus, please add the following as the
fifth paragraph under the section entitled Adviser's Background:
"Richard J. Lazarchic is the Fund's portfolio manager effective March 1998. Mr.
Lazarchic joined Federated Investors in March 1998 as a Vice President. From May
1979 through October 1997, Mr. Lazarchic was employed with American Express
Financial Corp., initially as an Analyst and then as a Vice President/Senior
Portfolio Manager. Mr. Lazarchic is a Chartered Financial Analyst. He received
his M.B.A. from Kent State University."
March 30, 1998
[GRAPHIC OMITTED]
Cusip 981487101
Cusip 981487309
Cusip 981487408
Cusip 981487200
G01174-06(3/98)
[GRAPHIC OMITTED]
CMR803104
