FEDERATED MUNICIPAL HIGH YIELD ADVANTAGE FUND, INC.


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Supplement to the Statement of Additional Information dated October 31, 2005.

Under the section entitled "Investment Limitations" please add the following
sub-section immediately following the sub-section entitled "Selling Short":


Concentration
The Fund will not make investments that will result in the concentration of its
investments in the securities of issuers primarily engaged in the same industry,
provided that the Fund may invest more than 25% of the value of its assets in
industrial development bonds. For purposes of this restriction, the term
concentration has the meaning set forth in the Investment Company Act of 1940
(1940 Act), any rule or order thereunder, or any SEC staff interpretation
thereof. Government securities, municipal securities and bank instruments will
not be deemed to constitute an industry. As to industrial development bonds, the
fund may purchase securities of an issuer resulting in the ownership of more
than 25% of the Fund's assets in one industry, and the Fund reserves the right
to invest more than 25% of its assets in industrial development bonds in the
same state.



Also, at the end of the section entitled "Investment Limitations," after the
sub-section entitled "Restricted Illiquid Securities," please delete the
following:

The Fund considers certificates of deposit and demand and time deposits issued
by a U.S. branch of a domestic bank or savings and loan having capital, surplus,
and undivided profits in excess of $100,000,000 at the time of investment to be
"cash items."

Except with respect to borrowing money, if a percentage limitation is adhered to
at the time of the investment, a later increase or decrease in percentage
resulting from any change in value or net assets will not result in a violation
of such limitation. The preceding limitations regarding buying on margin,
borrowing money and pledging assets do not apply to intra-day cash advances made
by the Fund's custodian, or the grant of a security interest in securities by
the Fund to its custodian to collateralize such intra-day cash advances, in
order to enable the Fund to settle securities purchases or to redeem Shares of
the Fund.

 and replace it with the following:

The Fund considers certificates of deposit and demand and time deposits issued
by a U.S. branch of a domestic bank or savings and loan having capital, surplus,
and undivided profits in excess of $100,000,000 at the time of investment to be
"cash items." The Fund will not invest more than 25% of the value of its total
assets in securities insured by the same single bond insurer. Except with
respect to borrowing money, if a percentage limitation is adhered to at the time
of the investment, a later increase or decrease in percentage resulting from any
change in value or net assets will not result in a violation of such limitation.
The preceding limitations regarding buying on margin, borrowing money and
pledging assets do not apply to intra-day cash advances made by the Fund's
custodian, or the grant of a security interest in securities by the Fund to its
custodian to collateralize such intra-day cash advances, in order to enable the
Fund to settle securities purchases or to redeem Shares of the Fund. The
preceding limitations regarding buying on margin, borrowing money, lending and
pledging assets do not apply to the Fund's use of derivative contracts,
including, without limitation, the Fund's granting of a security interest in
connection with such permissible activities.



                                                      February 21, 2006

Federated Securities Corp., Distributor

Cusip 313910200
Cusip 313910309
Cusip 313910408
Cusip 313910101
34392 (2/06)