FEDERATED ASIA PACIFIC GROWTH FUND FEDERATED EMERGING MARKETS FUND FEDERATED
EUROPEAN GROWTH FUND FEDERATED GLOBAL EQUITY INCOME FUND FEDERATED GLOBAL
FINANCIAL SERVICES FUND FEDERATED INTERNATIONAL HIGH INCOME FUND FEDERATED
INTERNATIONAL SMALL COMPANY FUND FEDERATED LATIN AMERICA GROWTH FUND FEDERATED
WORLD UTILITY FUND
CLASS A SHARES
CLASS B SHARES
CLASS C SHARES
(PORTFOLIOS OF WORLD INVESTMENT SERIES, INC.)
SUPPLEMENT TO STATEMENTS OF ADDITIONAL INFORMATION DATED MARCH 31, 1999
In the "Investment Risks" section of the Statements of Additional Information of
FEDERATED GLOBAL EQUITY INCOME FUND, FEDERATED INTERNATIONAL HIGH INCOME FUND
and FEDERATED INTERNATIONAL SMALL COMPANY FUND, please add the following as the
third bullet point paragraph to the sub-section entitled "Emerging Market
Risks."
"The Adviser is seeking information regarding the year 2000 readiness of
countries, issuers, and Fund service providers located in emerging markets. The
Year 2000 problem is the potential for computer errors or failures because
certain computer systems may be unable to interpret dates after December 31,
1999, or experience other date related problems. However, this information may
be incomplete, inaccurate or difficult to obtain. As a result, the Adviser may
not be able to assess accurately the potential effects of the Year 2000 problem
on these countries and companies, and these problems could result in material
losses to the Fund."
In the "Investment Risks" section of the Statement of Additional Information of
FEDERATED EUROPEAN GROWTH FUND, please delete the third bullet point paragraph
under the sub-section entitled "Risks of Investing in Emerging Market Countries"
and replace it with the following:
"The Adviser is seeking information regarding the Year 2000 readiness of
countries, issuers, and Fund service providers located in emerging markets. The
Year 2000 problem is the potential for computer errors or failures because
certain computer systems may be unable to interpret dates after December 31,
1999, or experience other date related problems. However, this information may
be incomplete, inaccurate or difficult to obtain. As a result, the Adviser may
not be able to assess accurately the potential effects of the Year 2000 problem
on these countries and companies, and these problems could result in material
losses to the Fund."
Please insert the following after the sub-section entitled "Asset Coverage" in
the Statements of Additional Information of FEDERATED ASIA PACIFIC GROWTH FUND,
FEDERATED EMERGING MARKETS FUND, FEDERATED EUROPEAN GROWTH FUND, FEDERATED
GLOBAL EQUITY INCOME FUND, FEDERATED GLOBAL FINANCIAL SERVICES FUND, FEDERATED
INTERNATIONAL HIGH INCOME FUND, FEDERATED LATIN AMERICA GROWTH FUND, AND
FEDERATED WORLD UTILITY FUND.
"INVESTING IN SECURITIES OF OTHER INVESTMENT COMPANIES
The Fund may invest its assets in securities of other investment
companies, including the securities of affiliated money market funds, as
an efficient means of carrying out its investment policies and managing
its uninvested cash."
July 31, 1999
[Graphic]
Federated Investors
Federated Securities Corp., Distributor
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
www.federatedinvestors.com
Cusip 981487507 Cusip 981487648
Cusip 981487606 Cusip 981487762
Cusip 981487705 Cusip 981487754
Cusip 981487861 Cusip 981487747
Cusip 981487853 Cusip 981487838
Cusip 981487846 Cusip 981487820
Cusip 981487804 Cusip 981487812
Cusip 981487887 Cusip 981487796
Cusip 981487879 Cusip 981487788
Cusip 981487697 Cusip 981487770
Cusip 981487689 Cusip 981487101
Cusip 981487671 Cusip 981487309
Cusip 981487663 Cusip 981487408
Cusip 981487655
021734 (7/99)
