IMPORTANT INFORMATION REGARDING THE FEDERATED FUNDS

SUPPLEMENT TO PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION

Effective June 1, 2015, Class B Shares of the Federated Funds listed below will be closed to new accounts and new investors.

Effective August 1, 2015, Class B Shares of the Federated Funds listed below will be closed to new purchases made by existing shareholders (excluding reinvestment of dividends and capital gains) and to exchanges from Class B Shares of other Federated Funds.

Beginning on the effective dates referenced above, any purchase (including purchases pursuant to the Systematic Investment Program) or any exchange request to the Class B Shares of the Federated Funds listed below will be rejected. After the effective dates, to continue automatic investments, a Class B shareholder must designate a different share class of the same fund or another Federated Fund, provided the shareholder meets the eligibility requirements for that share class.

A shareholder owning such Class B Shares may continue to hold those shares until such shares automatically convert to Class A shares under the Fund's existing conversion schedule as described in the relevant Federated Fund prospectus, or until the shareholder redeems such Class B shares, subject to any applicable contingent deferred sales charge (CDSC).

A shareholder owning such Class B Shares may exchange such shares for those Class B Shares of Federated Funds which remain open to new investments. However, no exchanges into the closed Class B Shares will be allowed.

Reinvestment of dividends and capital gains will continue uninterrupted.

All other Class B Share features, including but not limited to distribution (12b-1) and service fees, CDSC, accumulation privileges, and conversion features, will remain unchanged for Class B shares held after the Effective Date.

The Federated Funds include the Class B Shares of the following registrants and portfolios:

FEDERATED EQUITY FUNDS

Federated Absolute Return Fund

Federated InterContinental Fund

Federated MDT Mid Cap Growth Strategies Fund

FEDERATED GOVERNMENT INCOME SECURITIES, INC.

FEDERATED INCOME SECURITIES TRUST

Federated Fund for U.S. Government Securities

FEDERATED INTERNATIONAL SERIES, INC.

Federated International Bond Fund

FEDERATED MDT SERIES

Federated MDT Small Cap Growth Fund

FEDERATED MUNICIPAL SECURITIES FUND, INC.

FEDERATED MUNICIPAL SECURITIES INCOME TRUST

Federated New York Municipal Income Fund

Federated Pennsylvania Municipal Income Fund

FEDERATED WORLD INVESTMENT SERIES, INC.

Federated Emerging Market Debt Fund

Federated International Small-Mid Company Fund

May 18, 2015

Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

Q452630 (5/15)