497 1 form.txt Federated Intermediate Corporate Bond Fund Federated Short-Term Income Fund PORTFOLIOS OF FEDERATED INCOME SECURITIES TRUST Federated Government Income Securities, Inc. ----------------------------------------------------------------------------- Supplement to the current Statements of Additional Information The following changes are effective February 1, 2005. Under the section entitled "Determining the Market Value of Securities?" please add the following as the second bullet point: 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; Under the same section, please add "other" as the second word in the third bullet point. December 10, 2004 Cusip 313912206 Cusip 313912305 Cusip 313912404 Cusip 313912107 Cusip 31420C407 Cusip 31420C506 Cusip 31420C209 Cusip 31420C308 Cusip 31420C795 Cusip 31020C787 _________(12/04) Federated Fund for U.S. Government Securities A PORTFOLIO OF FEDERATED INCOME SECURITIES TRUST Federated Government Ultrashort Duration Fund A PORTFOLIO OF FEDERATED INSTITUTIONAL TRUST Federated Adjustable Rate Securities Fund Federated GNMA Trust Federated Income Trust Federated Limited Duration Government Fund, Inc. Federated Total Return Government Bond Fund ----------------------------------------------------------------------------- Supplement to the current Statements of Additional Information The following changes are effective February 1, 2005. Under the section entitled "Determining the Market Value of Securities?" please add the following as the first bullet point: 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; Under the same section, please add "other" as the second word in the second bullet point. December 10, 2004 Cusip 31420C704 Cusip 31420C803 Cusip 31420C886 Cusip 31420B102 Cusip 31420B201 Cusip 31420B409 Cusip 314082207 Cusip 314082108 Cusip 314184201 Cusip 314184102 Cusip 314199209 Cusip 314199100 Cusip 314213208 Cusip 314213109 Cusip 31428S206 Cusip 31428S107 _________(12/04) Federated Intermediate Corporate Bond Fund Federated Fund for U.S. Government Securities Federated Short-Term Income Fund PORTFOLIOS OF FEDERATED INCOME SECURITIES TRUST Federated Government Ultrashort Duration Fund A PORTFOLIO OF FEDERATED INSTITUTIONAL TRUST Federated Intermediate Municipal Trust A PORTFOLIO OF INTERMEDIATE MUNICIPAL TRUST Federated California Municipal Income Fund Federated New York Municipal Income Fund Federated North Carolina Municipal Income Fund Federated Pennsylvania Municipal Income Fund Federated Ohio Municipal Income Fund Federated Vermont Municipal Income Fund PORTFOLIOS OF FEDERATED MUNICIPAL SECURITIES INCOME TRUST Federated Adjustable Rate Securities Fund Federated GNMA Trust Federated Government Income Securities, Inc. Federated Income Trust Federated Limited Duration Government Fund, Inc. Federated Municipal High Yield Advantage Fund, Inc. Federated Short-Term Municipal Trust Federated Total Return Government Bond Fund ------------------------------------------------------------------------------ Supplement to the current Prospectuses The following changes are effective February 1, 2005. Under the section entitled "What Do Shares Cost?" please delete the following sentence: The Fund generally values 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 replace with the following: The Fund generally values fixed income securities according to prices 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. 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. December 10, 2004 Cusip 314082207 Cusip 313910309 Cusip 314082108 Cusip 313910408 Cusip 314184201 Cusip 313910101 Cusip 314184102 Cusip 313923104 Cusip 313912206 Cusip 313923203 Cusip 313912305 Cusip 313923401 Cusip 313912404 Cusip 313923880 Cusip 313912107 Cusip 313923500 Cusip 31420C407 Cusip 313923708 Cusip 31420C506 Cusip 313923807 Cusip 31420C209 Cusip 313923609 Cusip 31420C308 Cusip 313923302 Cusip 31420C795 Cusip 313923872 Cusip 31420C787 Cusip 313907107 Cusip 31420C704 Cusip 313907206 Cusip 31420C803 Cusip 31428S206 Cusip 31420C886 Cusip 31428S107 Cusip 31420B201 Cusip 458810108 Cusip 31420B409 Cusip 458810603 Cusip 314213208 Cusip 314199209 Cusip 314213109 Cusip 314199100 Cusip 313910200 Cusip 31420B102 31642 (12/04)