Class A Shares of
AMERICAN LEADERS FUND, INC.
CAPITAL GROWTH FUND (A Portfolio of Investment Series Funds, Inc.)
FUND FOR U.S. GOVERNMENT SECURITIES, INC.
INTERNATIONAL EQUITY FUND (A Portfolio of International Series, Inc.)
INTERNATIONAL INCOME FUND (A Portfolio of International Series, Inc.)
(Formerly, FT Series, Inc.)
LIBERTY EQUITY INCOME FUND, INC.
LIBERTY HIGH INCOME BOND FUND, INC.
LIBERTY MUNICIPAL SECURITIES FUND, INC.
LIBERTY UTILITY FUND, INC.
LIMITED TERM FUND (A Portfolio of Fixed Income Securities, Inc.)
LIMITED TERM MUNICIPAL FUND (A Portfolio of Fixed Income Securities, Inc.)
PENNSYLVANIA MUNICIPAL INCOME FUND (A Portfolio of Municipal Securities
Income Trust)
STRATEGIC INCOME FUND (A Portfolio of Fixed Income Securities, Inc.)
WORLD UTILITY FUND (A Portfolio of World Investment Series, Inc.)
And
MICHIGAN INTERMEDIATE MUNICIPAL TRUST (A Portfolio of Municipal Securities
Income Trust)
(Formerly, Michigan Municipal Income Fund)
Supplement to Prospectuses dated July 31, 1994, December 31, 1993, July 31,
1994,  March 29, 1994, March 29, 1994,  May 31, 1994, July 31, 1994,  July
31, 1994, April 30, 1994, January 31, 1994, January 31, 1994, October 31,
1994,  April 5, 1994,  April 15, 1994, and October 31, 1994, respectively
For the period from December 5, 1994, to January 6, 1995, Federated
Securities Corp. will offer to pay financial institutions an amount equal to
.50 of 1% of the net asset value of Class A Shares or Michigan Intermediate
Municipal Trust shares purchased by their clients with the proceeds from
redemptions of unaffiliated mutual funds sold with a sales charge.
Accordingly, shareholders who purchase Class A Shares of a Fund or Michigan
Intermediate Municipal Trust shares in such a manner during that period will
be charged a contingent deferred sales charge by the Fund's distributor of
.50 of 1% for redemptions made within one year of purchase. Financial
institutions may elect to waive this initial payment; such waiver will
result in the waiver by the Fund of the otherwise applicable contingent
deferred sales charge. Purchases made at any time other than during the
special offering period or as discussed in the Fund's prospectus are
redeemed at net asset value without a contingent deferred sales charge.

This announcement will affect information in your prospectus regarding the
Summary of Fund Expenses, Purchases with Proceeds from Redemptions of
Unaffiliated Investment Companies, Contingent Deferred Sales Charge, and/or
Redemption Fee, as applicable to your fund shares.
In those prospectuses containing the subsection "Purchases with Proceeds
from Redemptions of Unaffiliated Investment Companies," please delete the
parenthetical sentence.
                                                            December 5, 1994


    FEDERATED SECURITIES CORP.

    Distributor
    A subsidiary of Federated Investors
    Federated Investors Tower
    Pittsburgh, PA  15222-3779
    027128107   530461102   625922505
    461444200   530565100   338319106
    360799100   530900109   338319700
    46031P308   531545101   981487101
    46031P100   338319106   625922703
    G00813-03(12/94)