IMPORTANT INFORMATION REGARDING THE FEDERATED FUNDS

SUPPLEMENT TO SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION

Effective February 1, 2018, exchanges of Class B Shares of the Federated funds listed below (the “Funds”) will only be permitted into Class B Shares of Federated Government Reserves Fund, an affiliated government money market fund. The Funds' Class B Shares were previously closed to new accounts on June 1, 2015 and to new purchases or inbound exchanges on August 1, 2015.

Shareholders may continue to hold Class B Shares of the Funds until such shares automatically convert to Class A Shares under the Fund's existing conversion schedule as described in each Fund's prospectus, or until the shareholder redeems such Class B Shares, subject to any contingent deferred sales charges.

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

FEDERATED EQUITY fUNDS

Federated Absolute Return Fund

federated income securities trust

Federated Fund for U.S. Government Securities

federated Municipal Securities income trust

Federated New York Municipal Income Fund

federated Municipal bond fund, inc.

November 20, 2017

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

Federated Securities Corp., Distributor

Q454206 (11/17)