Amendment to Distributor's Contracts between the Federated Funds and Federated Securities Corp.

                                                Exhibit (e) (xi) under Form N-1A
                                             Exhibit (1) under Item 601/Reg. S-K




                                 Amendment to
                           Distributor's Contracts
                                   between
                             the Federated Funds
                                     and
                          Federated Securities Corp.


      This Amendment to the Distributor's Contracts (each an "Agreement" and
together, the "Agreements") between the Federated Funds listed on Exhibit A,
(each a "Fund" and collectively, the "Funds") and Federated Securities Corp.
("Distributor") is made and entered into as of the 1st day of  October,
2003.

            WHEREAS, each Fund has entered into an Agreement with the
Distributor under and pursuant to which the Distributor is the principal
underwriter of the shares of the Fund;

            WHEREAS, the Securities and Exchange Commission and the United
States Treasury Department ("Treasury Department") have adopted a series of
rules and regulations arising out of the USA PATRIOT Act (together with such
rules and regulations, the "Applicable Law"), specifically requiring certain
financial institutions, including the Funds and the Distributor, to establish
a written anti-money laundering and customer identification program
("Program");

      WHEREAS, each of the Funds and the Distributor have established a
Program and wish to amend the Agreements to reflect the existence of such
Programs and confirm the allocation of responsibility for the performance of
certain required functions;

            NOW, THEREFORE, the parties intending to be legally bound agree
and amend each Agreement as follows:

1.    The Funds and the Distributor each represent, warrant and certify that
   they have established, and covenant that at all times during the existence
   of each respective Agreement they will maintain, a Program in compliance
   with Applicable Law.
2.    The Funds each represent and warrant that the Funds have entered into
   an amendment to the agreement with the transfer agent of the Funds,
   pursuant to which the transfer agent has agreed to perform all activities,
   including the establishment and verification of customer identities as
   required by Applicable Law or its Program, with respect to all customers
   on whose behalf Distributor maintains an account with the Funds.
3.    Distributor covenants that it will enter into appropriate amendments to
   selling or other agreements with financial institutions that establish and
   maintain accounts with the Funds on behalf of their customers, pursuant to
   which such financial institutions covenant to establish and maintain a
   Program with respect to those customers in accordance with Applicable Law.

In all other respects, each Agreement first referenced above shall remain in
full force and effect.

   WITNESS the due execution hereof as of the 1st day of October, 2003.

                          FUNDS

                          By:  /s/ Xxxx X. XxXxxxxxx
                          Name:  Xxxx X. XxXxxxxxx
                          Title:   Executive Vice President


                          federated Securities Corp.

                          By:  /s/ Xxxxx X. Xxxx
                          Name:  Xxxxx X. Xxxx
                          Title:         President - Broker/Dealer