497 1 form.txt Federated Municipal Securities Fund, Inc. Federated Municipal High Yield Advantage Fund, Inc. Federated Short-Term Municipal Trust Federated Limited Term Municipal Fund Federated Municipal Ultrashort Fund (A Portfolio of Federated Fixed Income Securities, Inc.) Federated Muni and Stock Advantage Fund (A Portfolio of Federated Income Securities Trust) Federated Michigan Intermediate Municipal Trust Federated California Municipal Income Fund Federated New York Municipal Income Fund Federated North Carolina Municipal Income Fund Federated Ohio Municipal Income Fund Federated Pennsylvania Municipal Income Fund Federated Vermont Municipal Income Fund (Portfolios of Federated Municipal Securities Income Trust) ------------------------------------------------------------------------------- Supplement to the current Prospectuses Under the section entitled, "What Do Shares Cost?" please delete the following sentences in their entirety: "For mortgage-backed securities, prices furnished by the independent pricing service are based on the aggregate investment value of the projected cash flows to be generated by the security. For other fixed income securities, prices furnished by an independent pricing service are intended to be indicative of the mean between the bid and asked prices currently offered to institutional investors for the securities." and replace them with: "Prices furnished by an independent pricing service are generally intended to be indicative of the bid prices currently offered to institutional investors for the securities." January 9, 2006 Cusip 313913105 Cusip 313913204 Cusip 313913303 Cusip 313910200 Cusip 313910309 Cusip 313910408 Cusip 313910101 Cusip 313907107 Cusip 313907206 Cusip 31417P304 Cusip 31417P403 Cusip 31417P882 Cusip 31417P874 Cusip 31420C837 Cusip 31420C829 Cusip 31420C811 Cusip 313923302 Cusip 313923104 Cusip 313923203 Cusip 313923401 Cusip 313923880 Cusip 313923500 Cusip 313923609 Cusip 313923708 Cusip 313923807 Cusip 313923872 34137 (1/06) Federated Municipal Securities Fund, Inc. Federated Municipal High Yield Advantage Fund, Inc. Federated Short-Term Municipal Trust Federated Limited Term Municipal Fund Federated Municipal Ultrashort Fund (A Portfolio of Federated Fixed Income Securities, Inc.) Federated Muni and Stock Advantage Fund (A Portfolio of Federated Income Securities Trust) Federated Michigan Intermediate Municipal Trust Federated California Municipal Income Fund Federated New York Municipal Income Fund Federated North Carolina Municipal Income Fund Federated Ohio Municipal Income Fund Federated Pennsylvania Municipal Income Fund Federated Vermont Municipal Income Fund (Portfolios of Federated Municipal Securities Income Trust) ------------------------------------------------------------------------------- Supplement to the current Statements of Additional Information 1. Under the section entitled, "Determining Market Value of Securities," please delete the following bullet point in its entirety - o for other fixed income securities, according to the mean between bid and asked prices as furnished by an independent pricing service, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase may be valued at amortized cost; and and replace it with the following: o fixed income securities, generally according to prices as furnished by an independent pricing service that are intended to be indicative of the bid prices currently offered to institutional investors for the securities, except that fixed income securities with remaining maturities of less than 60 days at the time of purchase may be valued at amortized cost; and 2. Under the section entitled, "Determining Market Value of Securities," please delete the following bullet point in its entirety: o for mortgage-backed securities, based on the aggregate investment value of the projected cash flows to be generated by the security, as furnished by an independent pricing service; January 9, 2006 Cusip 8051601B Cusip 8092709B Cusip 8072507B Cusip 3070702B Cusip 25683 Cusip 28809B Cusip 1041202B Cusip 2092918B Cusip 201291B Cusip G02671-02 Cusip 0090702B Cusip 0090701B Cusip 30917 34138 (1/06)