Exhibit 6 under Form N-1A
                        Exhibit 1 under Item 601/Reg. SK


                             DISTRIBUTOR'S CONTRACT

         AGREEMENT made this 24th day of October, 1997, by and between those
      Investment Companies on behalf of the Portfolios and Classes of Shares
      listed on Schedule A to Exhibit 1, as may be amended from time to time,
      having their principal place of business at Federated Investors Tower,
      Pittsburgh, Pennsylvania 15222-3779, and who have approved this form of
      Agreement, and FEDERATED SECURITIES CORP. ("FSC"), a Pennsylvania
      Corporation. Each of the Exhibits hereto is incorporated herein in its
      entirety and made a part hereof. In the event of any inconsistency between
      the terms of this Agreement and the terms of any applicable Exhibit, the
      terms of the applicable Exhibit shall govern.

         In consideration of the mutual covenants hereinafter contained, it is
hereby agreed by and between the parties hereto as follows:

   1.   Each of the Investment Companies hereby appoint FSC as agent to sell and
        distribute shares of the Investment Companies which may be offered in
        one or more series (the "Funds") consisting of one or more classes (the
        "Classes") of shares (the "Shares"), as described and set forth on one
        or more exhibits to this Agreement, at the current offering price
        thereof as described and set forth in the current Prospectuses of the
        Funds. FSC hereby accepts such appointment and agrees to provide such
        other services for the Investment Companies, if any, and accept such
        compensation from the Investment Companies, if any, as set forth in the
        applicable exhibits to this Agreement.

   2.   The sale of any Shares may be suspended without prior notice whenever in
        the judgment of the applicable Investment Company it is in its best
        interest to do so.

     3.   Neither FSC nor any other person is authorized by the Investment
          Companies to give any information or to make any representation
          relative to any Shares other than those contained in the Registration
          Statement, Prospectuses, or Statements of Additional Information
          ("SAIs") filed with the Securities and Exchange Commission, as the
          same may be amended from time to time, or in any supplemental
          information to said Prospectuses or SAIs approved by the Investment
          Companies. FSC agrees that any other information or representations
          other than those specified above which it or any dealer or other
          person who purchases Shares through FSC may make in connection with
          the offer or sale of Shares, shall be made entirely without liability
          on the part of the Investment Companies. No person or dealer, other
          than FSC, is authorized to act as agent for the Investment Companies
          for any purpose. FSC agrees that in offering or selling Shares as
          agent of the Investment Companies, it will, in all respects, duly
          conform to all applicable state and federal laws and the rules and
          regulations of the National Association of Securities Dealers, Inc.,
          including its Rules of Fair Practice. FSC will submit to the
          Investment Companies copies of all sales literature before using the
          same and will not use such sales literature if disapproved by the
          Investment Companies.

     4.   This Agreement is effective with respect to each Class as of the date
          of execution of the applicable exhibit and shall continue in effect
          with respect to each Class presently set forth on an exhibit and any
          subsequent Classes added pursuant to an exhibit during the initial
          term of this Agreement for one year from the date set forth above, and
          thereafter for successive periods of one year if such continuance is
          approved at least annually by the Trustees/Directors of the Investment
          Companies including a majority of the members of the Board of
          Trustees/Directors of the Investment Companies who are not interested
          persons of the Investment Companies and have no direct or indirect
          financial interest in the operation of any Distribution Plan relating
          to the Investment Companies or in any related documents to such Plan
          ("Disinterested Trustees/Directors") cast in person at a meeting
          called for that purpose. If a Class is added after the first annual
          approval by the Trustees/Directors as described above, this Agreement
          will be effective as to that Class upon execution of the applicable
          exhibit and will continue in effect until the next annual approval of
          this Agreement by the Trustees/Directors and thereafter for successive
          periods of one year, subject to approval as described above.

   5.   This Agreement may be terminated with regard to a particular Fund or
        Class at any time, without the payment of any penalty, by the vote of a
        majority of the Disinterested Trustees/Directors or by a majority of the
        outstanding voting securities of the particular Fund or Class on not
        more than sixty (60) days' written notice to any other party to this
        Agreement.

   6.   This Agreement may not be assigned by FSC and shall automatically
        terminate in the event of an assignment by FSC as defined in the
        Investment Company Act of 1940, as amended, provided, however, that FSC
        may employ such other person, persons, corporation or corporations as it
        shall determine in order to assist it in carrying out its duties under
        this Agreement.

   7.   FSC shall not be liable to the Investment Companies for anything done or
        omitted by it, except acts or omissions involving willful misfeasance,
        bad faith, gross negligence, or reckless disregard of the duties imposed
        by this Agreement.

   8.   This Agreement may be amended at any time by mutual agreement in writing
        of all the parties hereto, provided that such amendment is approved by
        the Trustees/Directors of the Investment Companies including a majority
        of the Disinterested Trustees/Directors of the Investment Companies cast
        in person at a meeting called for that purpose.

   9. This Agreement shall be construed in accordance with and governed by the
laws of the Commonwealth of Pennsylvania.

     10.  (a) Subject to the conditions set forth below, the Investment
          Companies agree to indemnify and hold harmless FSC and each person, if
          any, who controls FSC within the meaning of Section 15 of the
          Securities Act of 1933 and Section 20 of the Securities Act of 1934,
          as amended, against any and all loss, liability, claim, damage and
          expense whatsoever (including but not limited to any and all expenses
          whatsoever reasonably incurred in investigating, preparing or
          defending against any litigation, commenced or threatened, or any
          claim whatsoever) arising out of or based upon any untrue statement or
          alleged untrue statement of a material fact contained in the
          Registration Statement, any Prospectuses or SAIs (as from time to time
          amended and supplemented) or the omission or alleged omission
          therefrom of a material fact required to be stated therein or
          necessary to make the statements therein not misleading, unless such
          statement or omission was made in reliance upon and in conformity with
          written information furnished to the Investment Companies about FSC by
          or on behalf of FSC expressly for use in the Registration Statement,
          any Prospectuses and SAIs or any amendment or supplement thereof.

              If any action is brought against FSC or any controlling person
              thereof with respect to which indemnity may be sought against any
              Investment Company pursuant to the foregoing paragraph, FSC shall
              promptly notify the Investment Company in writing of the
              institution of such action and the Investment Company shall assume
              the defense of such action, including the employment of counsel
              selected by the Investment Company and payment of expenses. FSC or
              any such controlling person thereof shall have the right to employ
              separate counsel in any such case, but the fees and expenses of
              such counsel shall be at the expense of FSC or such controlling
              person unless the employment of such counsel shall have been
              authorized in writing by the Investment Company in connection with
              the defense of such action or the Investment Company shall not
              have employed counsel to have charge of the defense of such
              action, in any of which events such fees and expenses shall be
              borne by the Investment Company. Anything in this paragraph to the
              contrary notwithstanding, the Investment Companies shall not be
              liable for any settlement of any such claim of action effected
              without their written consent. The Investment Companies agree
              promptly to notify FSC of the commencement of any litigation or
              proceedings against the Investment Companies or any of their
              officers or Trustees/Directors or controlling persons in
              connection with the issue and sale of Shares or in connection with
              the Registration Statement, Prospectuses, or SAIs.

     (b)  FSC agrees to indemnify and hold harmless the Investment Companies,
          each of its Trustees/Directors, each of its officers who have signed
          the Registration Statement and each other person, if any, who controls
          the Investment Companies within the meaning of Section 15 of the
          Securities Act of 1933, but only with respect to statements or
          omissions, if any, made in the Registration Statement or any
          Prospectus, SAI, or any amendment or supplement thereof in reliance
          upon, and in conformity with, information furnished to the Investment
          Companies about FSC by or on behalf of FSC expressly for use in the
          Registration Statement or any Prospectus, SAI, or any amendment or
          supplement thereof. In case any action shall be brought against any
          Investment Company or any other person so indemnified based on the
          Registration Statement or any Prospectus, SAI, or any amendment or
          supplement thereof, and with respect to which indemnity may be sought
          against FSC, FSC shall have the rights and duties given to the
          Investment Companies, and the Investment Companies and each other
          person so indemnified shall have the rights and duties given to FSC by
          the provisions of subsection (a) above.

        (c)   Nothing herein contained shall be deemed to protect any person
              against liability to the Investment Companies or their
              shareholders to which such person would otherwise be subject by
              reason of willful misfeasance, bad faith or gross negligence in
              the performance of the duties of such person or by reason of the
              reckless disregard by such person of the obligations and duties of
              such person under this Agreement.

     (d)  Insofar as indemnification for liabilities may be permitted pursuant
          to Section 17 of the Investment Company Act of 1940, as amended, for
          Trustees/Directors, officers, FSC and controlling persons of the
          Investment Companies by the Trustees/Directors pursuant to this
          Agreement, the Investment Companies are aware of the position of the
          Securities and Exchange Commission as set forth in the Investment
          Company Act Release No. IC-11330. Therefore, the Investment Companies
          undertakes that in addition to complying with the applicable
          provisions of this Agreement, in the absence of a final decision on
          the merits by a court or other body before which the proceeding was
          brought, that an indemnification payment will not be made unless in
          the absence of such a decision, a reasonable determination based upon
          factual review has been made (i) by a majority vote of a quorum of
          non-party Disinterested Trustees/Directors, or (ii) by independent
          legal counsel in a written opinion that the indemnitee was not liable
          for an act of willful misfeasance, bad faith, gross negligence or
          reckless disregard of duties. The Investment Companies further
          undertakes that advancement of expenses incurred in the defense of a
          proceeding (upon undertaking for repayment unless it is ultimately
          determined that indemnification is appropriate) against an officer,
          Trustees/Directors, FSC or controlling person of the Investment
          Companies will not be made absent the fulfillment of at least one of
          the following conditions: (i) the indemnitee provides security for his
          undertaking; (ii) the Investment Companies is insured against losses
          arising by reason of any lawful advances; or (iii) a majority of a
          quorum of non-party Disinterested Trustees/Directors or independent
          legal counsel in a written opinion makes a factual determination that
          there is reason to believe the indemnitee will be entitled to
          indemnification.


        
   11.  If at any time the Shares of any Fund are offered in two or more
        Classes, FSC agrees to adopt compliance standards as to when a class of
        shares may be sold to particular investors.

   12. This Agreement will become binding on the parties hereto upon the
execution of the attached exhibits to the Agreement.





<PAGE>


                                    Exhibit 1
                                     to the
                             Distributor's Contract

      The following provisions are hereby incorporated and made part of the
Distributor's Contract (the "Distributor's Contract") dated October 24, 1997,
between the Investment Companies and Federated Securities Corp. as principal
distributor (the "Principal Distributor") with respect to the Class B Shares of
the portfolios (the "Funds") set forth on the attached Schedule A. References
herein to this Distributor's Contract refer to the Distributor's Contract as
supplemented hereby and made applicable hereby to the Class B Shares of the
Funds. In the event of any inconsistency between the terms of this Exhibit and
the terms of the Distributor's Contract, the terms of this Exhibit will govern.
Once effective in respect of the Class of Shares of any Fund set forth above,
the Distributors Contract as amended by this Exhibit shall be effective in
respect of all shares of such class outstanding whether issued prior to or after
such effectiveness.

   1. The Investment Companies hereby appoints the Principal Distributor to
      engage in activities principally intended to result in the sale of Class B
      Shares ("Class B Shares") of each Fund. Pursuant to this appointment, the
      Principal Distributor is authorized to select a group of financial
      institutions ("Financial Institutions") to sell Class B Shares of a Fund
      at the current offering price thereof as described and set forth in the
      respective prospectuses of the Fund.

   2.    (a) In consideration of the Principal Distributor's services under this
         Distributor's Contract in respect of each Fund the Investment Companies
         on behalf of the Fund agree: (I) to pay the Principal Distributor or at
         its direction its "Allocable Portion" (as hereinafter defined) of a fee
         (the "Distribution Fee") equal to 0.75 of 1% per annum of the average
         daily net asset value of the Class B Shares of the Fund outstanding
         from time to time, and (II) to withhold from redemption proceeds in
         respect of Class B Shares of the Fund such Principal Distributor's
         Allocable Portion of the Contingent Deferred Sales Charges ("CDSCs")
         payable in respect of such redemption as provided in the Prospectus for
         the Fund and to pay the same over to such Principal Distributor or at
         its direction at the time the redemption proceeds in respect of such
         redemption are payable to the holder of the Class B Shares redeemed.

      (b)The Principal Distributor will be deemed to have performed all
         services required to be performed in order to be entitled to receive
         its Allocable Portion of the Distribution Fee payable in respect of the
         Class B Shares of a Fund upon the settlement of each sale of a
         "Commission Share" (as defined in the Allocation Schedule attached
         hereto as Schedule B) of the Fund taken into account in determining
         such Principal Distributor's Allocable Portion of such Distribution
         Fees.

      (c)Notwithstanding anything to the contrary set forth in this Exhibit,
         the Distributor's Contract or (to the extent waiver thereof is
         permitted thereby) applicable law, the Investment Companies' obligation
         to pay the Principal Distributor's Allocable Portion of the
         Distribution Fees payable in respect of the Class B Shares of a Fund
         shall not be terminated or modified for any reason (including a
         termination of this Distributor's Contract as it relates to Class B
         Shares of a Fund) except to the extent required by a change in the
         Investment Company Act of 1940 (the "Act") or the Conduct Rules of the
         National Association of Securities Dealers, Inc., in either case
         enacted or promulgated after May 1, 1997, or in connection with a
         "Complete Termination" (as hereinafter defined) of the Distribution
         Plan in respect of the Class B Shares of a Fund.

      (d)The Investment Companies will not take any action to waive or change
         any CDSC in respect of the Class B Shares of a Fund, except as provided
         in the Investment Companies' prospectus or statement of additional
         information as in effect as of the date hereof without the consent of
         the Principal Distributor and the permitted assigns of all or any
         portion of its right to its Allocable Portion of the CDSCs.

      (e)Notwithstanding anything to the contrary set forth in this Exhibit,
         the Distributor's Contract, or (to the extent waiver thereof is
         permitted thereby) applicable law, neither the termination of the
         Principal Distributor's role as principal distributor of the Class B
         Shares of a Fund, nor the termination of this Distributor's Contract
         nor the termination of the Distribution Plan will terminate such
         Principal Distributor's right to its Allocable Portion of the CDSCs in
         respect of the Class B Shares of a Fund.

      (f)Notwithstanding anything to the contrary in this Exhibit, the
         Distributor's Contract, or (to the extent waiver thereof is permitted
         thereby) applicable law, the Principal Distributor may assign, sell or
         pledge (collectively, a "Transfer") its rights to its Allocable Portion
         of the Distribution Fees and CDSCs earned by it (but not its
         obligations to the Investment Companies under this Distributor's
         Contract) in respect of the Class B Shares of a Fund to raise funds to
         make the expenditures related to the distribution of Class B Shares of
         the Fund and in connection therewith upon receipt of notice of such
         Transfer, the Investment Companies shall pay, or cause to be paid to
         the assignee, purchaser or pledgee (collectively with their subsequent
         transferees, "Transferees") such portion of the Principal Distributor's
         Allocable Portion of the Distribution Fees and CDSCs in respect of the
         Class B Shares of the Fund so Transferred. Except as provided in (c)
         above and notwithstanding anything to the contrary set forth elsewhere
         in this Exhibit, the Distributor's Contract, or (to the extent waiver
         thereof is permitted thereby) applicable law, to the extent the
         Principal Distributor has Transferred its rights thereto to raise funds
         as aforesaid, the Investment Companies' obligation to pay to the
         Principal Distributor's Transferees the Principal Distributor's
         Allocable Portion of the Distribution Fees payable in respect of the
         Class B Shares of each Fund shall be absolute and unconditional and
         shall not be subject to dispute, offset, counterclaim or any defense
         whatsoever, including without limitation, any of the foregoing based on
         the insolvency or bankruptcy of the Principal Distributor (it being
         understood that such provision is not a waiver of the Investment
         Companies' right to pursue such Principal Distributor and enforce such
         claims against the assets of such Principal Distributor other than the
         Distributor's right to the Distribution Fees, CDSCs and servicing fees,
         in respect of the Class B Shares of any Fund which have been so
         transferred in connection with such Transfer). The Fund agrees that
         each such Transferee is a third party beneficiary of the provisions of
         this clause (f) but only insofar as those provisions relate to
         Distribution Fees and CDSCs transferred to such Transferee.

      (g)For purposes of this Distributor's Contract, the term Allocable
         Portion of Distribution Fees payable in respect of the Class B Shares
         of any Fund shall mean the portion of such Distribution Fees allocated
         to such Principal Distributor in accordance with the Allocation
         Schedule attached hereto as Schedule B.

      (h)For purposes of this Distributor's Contract, the term "Complete
         Termination" of the Plan in respect of any Fund means a termination of
         the Plan involving the complete cessation of the payment of
         Distribution Fees in respect of all Class B Shares of such Fund, and
         the termination of the distribution plans and the complete cessation of
         the payment of distribution fees pursuant to every other Distribution
         Plan pursuant to rule 12b-1 of the Investment Companies in respect of
         such Fund and any successor Fund or any Fund acquiring a substantial
         portion of the assets of such Fund and for every future class of shares
         which has substantially similar characteristics to the Class B Shares
         of such Fund including the manner of payment and amount of sales
         charge, contingent deferred sales charge or other similar charges borne
         directly or indirectly by the holders of such shares.

   3. The Principal Distributor may enter into separate written agreements with
      various firms to provide certain of the services set forth in Paragraph 1
      herein. The Principal Distributor, in its sole discretion, may pay
      Financial Institutions a lump sum fee on the settlement date for the sale
      of each Class B Share of the Fund to their clients or customers for
      distribution of such share. The schedules of fees to be paid such firms or
      Financial Institutions and the basis upon which such fees will be paid
      shall be determined from time to time by the Principal Distributor in its
      sole discretion.

   4. The Principal Distributor will prepare reports to the Board of
      Trustees/Directors of the Investment Companies on a quarterly basis
      showing amounts expended hereunder including amounts paid to Financial
      Institutions and the purpose for such expenditures.

      In consideration of the mutual covenants set forth in the Distributor's
Contract between the Investment Companies and the Principal Distributor, the
Principal Distributor and the Investment Companies hereby execute and deliver
this Exhibit with respect to the Class B Shares of the Fund.



<PAGE>


      Witness the due execution hereof this 24th day of October, 1997.


ATTEST:                          INVESTMENT COMPANIES (listed on Schedule A)

By: /s/ S. Elliott Cohan         By: /s/ John W. McGonigle
Title: Assistant Secretary`      Title: Executive Vice President


ATTEST:                          FEDERATED SECURITIES CORP.


By:  /s/ Leslie K. Platt         By: /s/ Byron F. Bowman
Title: Assistant Secretary       Title: Vice President


<PAGE>


                                                                   Schedule A

Date:  10/24/97      DISTRIBUTOR'S CONTRACT



                     Federated American Leaders Fund, Inc.
                        Class B Shares

                     Federated Equity Funds
                        Federated Aggressive Growth Fund
                        Class B Shares

                        Federated Growth Strategies Fund
                        Class B Shares

                        Federated Small Cap Strategies Fund
                        Class B Shares

                        Federated Capital Appreciation Fund
                        Class B Shares

                     Federated Equity Income Fund, Inc.
                        Class B Shares

                     Federated Fund for U.S. Government Securities, Inc.
                        Class B Shares

                     Federated Government Income Securities, Inc.
                        Class B Shares

                     Federated High Income Bond Fund, Inc.
                        Class B Shares

                     Federated Municipal Opportunities Fund, Inc.
                        Class B Shares

                     Federated Municipal Securities Fund, Inc.
                        Class B Shares

                     Federated Stock and Bond Fund, Inc.
                        Class B Shares

                     Federated Utility Fund, Inc.
                        Class B Shares

                     Fixed Income Securities, Inc.
                        Federated Strategic Income Fund
                        Class B Shares

                     International Series, Inc.
                        Federated International Equity Fund
                        Class B Shares

                        Federated International Income Fund
                        Class B Shares



<PAGE>


                     Investment Series Funds, Inc.
                        Federated Bond Fund
                        Class B Shares

                     Liberty U.S. Government Money Market Trust
                        Class B Shares

                     Municipal Securities Income Trust
                        Federated Pennsylvania Municipal Income Fund
                        Class B Shares

                     World Investment Series, Inc.
                        Federated World Utility Fund
                        Class B Shares

                        Federated Asia Pacific Growth Fund
                        Class B Shares

                        Federated Emerging Markets Fund
                        Class B Shares

                        Federated European Growth Fund
                        Class B Shares

                        Federated International Small Company Fund
                        Class B Shares

                        Federated Latin American Growth Fund
                        Class B Shares

                        Federated International High Income Fund
                        Class B Shares

                        Federated International Growth Fund
                        Class B Shares


The following Funds were added as of December 1, 1997:

                     Municipal Securities Income Trust
                        Federated California Municipal Income Fund
                        Class B Shares

                     World Investment Series, Inc.
                        Federated Global Equity Income Fund
                        Class B Shares


The following Funds were added as of March 1, 1998:

                     Federated Stock Trust
                        Class B Shares