Exhibit 9 under Form N-1A
                        Exhibit 10 under Item 601/Reg. SK


                   PRINCIPAL SHAREHOLDER SERVICER'S AGREEMENT


     THIS AGREEMENT, is made as of the 24th day of October, 1997, by and between
those Investment Companies on behalf of the Portfolios (individually referred to
herein as a "Fund" and collectively as "Funds") and Classes of Shares
("Classes") listed on Schedule A to Exhibit 1, as may be amended from time to
time, having their principal office and place of business at Federated Investors
Tower, Pittsburgh, Pennsylvania 15222-3779, and who have approved this form of
Agreement and Federated Securities Corp. as the principal shareholder servicer
(the "Principal Servicer"). 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.   The Investment Companies hereby appoint the Principal Servicer as their
     agent to select, negotiate and contract for the performance of and arrange
     for the rendition of personal services to shareholders and/or the
     maintenance of accounts of shareholders of each Class of the Funds as to
     which this Agreement is made applicable (The Principal Servicer's duties
     hereunder are referred to as "Services"). The Principal Servicer hereby
     accepts such appointment and agrees to perform or cause to be performed the
     Services in respect of the Classes of the Funds to which this Agreement has
     been made applicable by an Exhibit. The Principal Servicer agrees to cause
     to be provided shareholder services which, in its best judgment (subject to
     supervision and control of the Investment Companies' Boards of Trustees or
     Directors, as applicable), are necessary or desirable for shareholders of
     the Funds. The Principal Servicer further agrees to provide the Investment
     Companies, upon request, a written description of the shareholder services
     for which the Principal Servicer is arranging hereunder.

2.    During the term of this Agreement, each Investment Company will pay the
      Principal Servicer and the Principal Servicer agrees to accept as full
      compensation for its services rendered hereunder a fee as set forth on the
      Exhibit applicable to the Class of each Fund subject to this Agreement.

      For the payment period in which this Agreement becomes effective or
      terminates with respect to any Class of a Fund, there shall be an
      appropriate proration of the monthly fee on the basis of the number of
      days that this Agreement is in effect with respect to such Class of the
      Fund during the month.

3.    This Agreement is effective with respect to each Class of a Fund as of the
      date of execution of the applicable Exhibit and shall continue in effect
      for one year from the date of its execution, and thereafter for successive
      periods of one year only if the form of this Agreement is approved at
      least annually by the Board of each Investment Company, including a
      majority of the members of the Board of the Investment Company who are not
      interested persons of the Investment Company ("Independent Board Members")
      cast in person at a meeting called for that purpose.



<PAGE>


4. Notwithstanding paragraph 3, this Agreement may be terminated with regard to
a particular Class of a Fund as follows:

      (a)  at any time, without the payment of any penalty, by the vote of a
           majority of the Independent Board Members of any Investment Company
           or by a vote of a majority of the outstanding voting securities of
           any Fund as defined in the Investment Company Act of 1940 on sixty
           (60) days' written notice to the parties to this Agreement;

      (b) automatically in the event of the Agreement's assignment as defined in
the Investment Company Act of 1940; and

5.    The Principal Servicer agrees to arrange to obtain any taxpayer
      identification number certification from each shareholder of the Funds to
      which it provides Services that is required under Section 3406 of the
      Internal Revenue Code, and any applicable Treasury regulations, and to
      provide each Fund or its designee with timely written notice of any
      failure to obtain such taxpayer identification number certification in
      order to enable the implementation of any required backup withholding.

6.   The Principal Servicer shall not be liable for any error of judgment or
     mistake of law or for any loss suffered by any Investment Company in
     connection with the matters to which this Agreement relates, except a loss
     resulting from willful misfeasance, bad faith or gross negligence on its
     part in the performance of its duties or from reckless disregard by it of
     its obligations and duties under this Agreement. the Principal Servicer
     shall be entitled to rely on and may act upon advice of counsel (who may be
     counsel for such Investment Company) on all matters, and shall be without
     liability for any action reasonably taken or omitted pursuant to such
     advice. Any person, even though also an officer, trustee, partner, employee
     or agent of the Principal Servicer, who may be or become a member of such
     Investment Company's Board, officer, employee or agent of any Fund, shall
     be deemed, when rendering services to such Fund or acting on any business
     of such Fund (other than services or business in connection with the duties
     of the Principal Servicer hereunder) to be rendering such services to or
     acting solely for such Fund and not as an officer, trustee, partner,
     employee or agent or one under the control or direction of the Principal
     Servicer even though paid by the Principal Servicer.

      This Section 6 shall survive termination of this Agreement.

7.    No provision of this Agreement may be changed, waived, discharged or
      terminated orally, but only by an instrument in writing signed by the
      party against which an enforcement of the change, waiver, discharge or
      termination is sought.

8.    The Principal Servicer is expressly put on notice of the limitation of
      liability as set forth in the Declaration of Trust of each Investment
      Company that is a Massachusetts business trust and agrees that the
      obligations assumed by each such Investment Company pursuant to this
      Agreement shall be limited in any case to such Investment Company and its
      assets and that the Principal Servicer shall not seek satisfaction of any
      such obligations from the shareholders of such Investment Company, the
      Trustees, Officers, Employees or Agents of such Investment Company, or any
      of them.

9.    The execution and delivery of this Agreement have been authorized by the
      Directors of the Principal Servicer and signed by an authorized officer of
      the Principal Servicer, acting as such, and neither such authorization by
      such Directors nor such execution and delivery by such officer shall be
      deemed to have been made by any of them individually or to impose any
      liability on any of them personally, and the obligations of this Agreement
      are not binding upon any of the Directors or shareholders of the Principal
      Servicer, but bind only the property of the Principal Servicer as provided
      in the Articles of Incorporation of the Principal Servicer.

10.   Notices of any kind to be given hereunder shall be in writing (including
      facsimile communication) and shall be duly given if delivered to any
      Investment Company at the following address: Federated Investors Tower,
      Pittsburgh, PA 15222-3779, Attention: President and if delivered to the
      Principal Servicer at Federated Investors Tower, Pittsburgh, PA
      15222-3779, Attention: President.

11.   This Agreement constitutes the entire agreement between the parties hereto
      and supersedes any prior agreement with respect to the subject hereof
      whether oral or written. If any provision of this Agreement shall be held
      or made invalid by a court or regulatory agency decision, statute, rule or
      otherwise, the remainder of this Agreement shall not be affected thereby.
      Subject to the provisions of Sections 3 and 4, hereof, this Agreement
      shall be binding upon and shall inure to the benefit of the parties hereto
      and their respective successors and shall be governed by Pennsylvania law;
      provided, however, that nothing herein shall be construed in a manner
      inconsistent with the Investment Company Act of 1940 or any rule or
      regulation promulgated by the Securities and Exchange Commission
      thereunder.

12.   This Agreement may be executed by different parties on separate
      counterparts, each of which, when so executed and delivered, shall be an
      original, and all such counterparts shall together constitute one and the
      same instrument.

13.   This Agreement shall not be assigned by any party without the prior
      written consent of the Principal Servicer in the case of assignment by any
      Investment Company, or of the Investment Companies in the case of
      assignment by the Principal Servicer, except that any party may assign to
      a successor all of or a substantial portion of its business to a party
      controlling, controlled by, or under common control with such party.
      Nothing in this Section 13 shall prevent the Principal Servicer from
      delegating its responsibilities to another entity to the extent provided
      herein.

      IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first above
written.



                                      Investment Companies (listed on Schedule
A)


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


                                      Federated Securities Corp.


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



<PAGE>


                                    Exhibit 1
                                     to the
                   Principal Shareholder Servicer's Agreement
                          Related to Class B Shares of
                                    the Funds

      The following provisions are hereby incorporated and made part of the
Principal Shareholder Servicer's Agreement (the "Principal Shareholder
Servicer's Agreement") as of the 24th day of October, 1997, by and between those
Investment Companies on behalf of the Portfolios (individually referred to
herein as a "Fund" and collectively as "Funds") and Classes of Shares
("Classes") listed on Schedule A to Exhibit 1, as may be amended from time to
time, having their principal office and place of business at Federated Investors
Tower, Pittsburgh, Pennsylvania 15222-3779, and who have approved this form of
Agreement and Federated Securities Corp. as the principal shareholder servicer
(the "Principal Servicer"). 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 Exhibit and the terms of the Principal Shareholder
Servicer's Agreement, the terms of this Exhibit shall govern.

   1. Each Investment Company hereby appoints the Principal Servicer to arrange
      for the rendition of the shareholder services in respect of Class B Shares
      ("Class B Shares") of each Fund. Pursuant to this appointment, the
      Principal Servicer is authorized to select various companies including but
      not limited to Federated Shareholder Services ("Companies or a Company ")
      to provide such services.

   2.    (a) In consideration of the Principal Servicer's Services under this
         Agreement in respect of the Class B Shares each Fund agrees to pay the
         Principal Servicer or at its direction its "Allocable Portion" (as
         hereinafter defined) of a fee (the "Servicing Fee") equal to 0.25 of 1%
         per annum of the average daily net asset value of the Class B Shares of
         the Fund outstanding from time to time, provided however, that in the
         event the Fund operates as a fund of funds (a "FOF Fund") by investing
         the proceeds of the issuance of its Class B Shares in Class A Shares of
         another fund (the "Other Fund") and the Principal Shareholder Servicer
         receives a servicing fee in respect of the Class A Shares of the Other
         Fund so acquired by the FOF Fund, the Servicing Fee payable in respect
         of such Class B Shares of the FOF Fund will be reduced by the amount of
         the servicing fee actually received by the Principal Shareholder
         Servicer or its assign from the Other Fund in respect of the Class A
         Shares of the Other Fund acquired with the proceeds of such Class B
         Shares of the FOF Fund.

      (b)(i) The Principal Servicer will be deemed to have fully earned its
         Allocable Portion (computed as of any date) of the Servicing Fee
         payable in respect of the Class B Shares of a Fund (and to have
         satisfied its obligation to arrange for shareholder services in respect
         of such Class B Shares) on the date it has arranged for shareholder
         services to be performed by Federated Shareholder Services by payment
         of the lump sum contemplated by Alternative A to Exhibit 1 to the
         Shareholder Services Agreement among the Principal Servicer, Federated
         Shareholder Services and the Fund dated as of the date hereof (the
         "Shareholder Services Agreement") to Federated Shareholder Services
         (whose obligations are fully supported by its parent company) in
         respect of each "Commission Share" (as defined in the Allocation
         Schedule attached hereto in Schedule B) of the Fund, taken into account
         in determining such Principal Servicer's Allocable Portion of such
         Servicing Fees as of such date. The Principal Servicer shall not be
         deemed to have any other duties in respect of the Shares and its
         Allocable Portion of the Servicing Fees to which the preceding sentence
         applies and such arrangements shall be deemed a separate and distinct
         contractual arrangement from that described in clause (ii).

         (ii) The Principal Servicer will be deemed to have fully earned any
         Servicing Fees not included in its Allocable Portion (i.e., those
         attributable to Shares in respect of which Alternative A under Exhibit
         1 to the Shareholder Services Agreement is not applicable) as such
         services are performed in respect of such Shares.

      (c)Notwithstanding anything to the contrary set forth in this Exhibit,
         the Principal Shareholder Agreement, or (to the extent waiver thereof
         is permitted thereby) applicable law, each Investment Company's
         obligation to pay the Principal Servicer's Allocable Portion of the
         Servicing 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 Principal Shareholder Servicer's Agreement as it relates to the
         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) in respect of the Class B Shares
         of such Fund.

      (d)Notwithstanding anything to the contrary in this Exhibit, the
         Principal Shareholder Agreement, or (to the extent waiver thereof is
         permitted thereby) applicable law, the Principal Servicer may assign,
         sell or pledge (collectively, "Transfer") its rights to its Allocable
         Portion of the Servicing Fees (but not its obligations to the
         Investment Companies under this Principal Shareholder Servicer's
         Agreement) in respect of the Class B Shares of a Fund to raise funds to
         make the expenditures related to the Services and in connection
         therewith upon receipt of notice of such Transfer, the Investment
         Company shall pay to the assignee, purchaser or pledgee (collectively
         with their subsequent transferees, "Transferees") such portion of the
         Principal Servicer's Allocable Portion of the Servicing Fees 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 Principal Shareholder Agreement, or (to
         the extent waiver thereof is permitted thereby) applicable law, to the
         extent the Principal Servicer has Transferred its rights thereto to
         raise funds as aforesaid, the Investment Companies' obligation to pay
         to the Principal Servicer's Transferees the Principal Servicer's
         Allocable Portion of the Servicing 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 Servicer, Federated
         Shareholder Services (or its parent) or the failure of Federated
         Shareholder Services (or its parent) to perform its Irrevocable Service
         Commitment (it being understood that such provision is not a waiver of
         the Investment Companies' right to pursue such Principal Servicer and
         enforce such claims against the assets of such Principal Servicer other
         than the Principal Servicer's right to the Distribution Fees, Servicing
         Fees and CDSCs in respect of the Class B Shares of the 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 (d) but only insofar as those provisions
         relate to Servicing Fees transferred to such Transferee.

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

      (f)For purposes of this Principal Shareholder Servicer's Contract, the
         term "Complete Termination" of shareholder servicing arrangements in
         respect of Class B Shares of a Fund means a termination of shareholder
         servicing arrangements involving the complete cessation of payments of
         Servicing Fees in respect of all Class B Shares, and the complete
         cessation of payments of servicing fees for every existing and future
         class of shares of the Fund and any successor Fund or any Fund
         acquiring a substantial portion of the assets of the Fund ,which has
         substantially similar characteristics to the Class B Shares taking into
         account the manner and amount of sales charge, servicing fee,
         contingent deferred sales charge or other similar charge borne directly
         or indirectly by the holders of such shares.

   3. The Principal Servicer may enter into separate written agreements with
      Companies to provide the services set forth in Paragraph 1 herein. The
      schedules of fees to be paid such Companies and the basis upon which such
      fees will be paid shall be determined from time to time by the Principal
      Servicer in its sole discretion.

   4. The Principal Servicer 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 Companies and
      the purpose for such expenditures.

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

      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       PRINCIPAL SHAREHOLDER SERVICER'S AGREEMENT



                     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