FEDERATED MUNICIPAL HIGH YIELD ADVANTAGE FUND, INC.

Class A Shares
Class B Shares
Class C Shares
Class F Shares


SUPPLEMENT TO CURRENT PROSPECTUS DATED OCTOBER 31, 2005.

   A Special Meeting of Shareholder of Federated Municipal High Yield Advantage
   Fund, Inc. (the "Fund") will be held on October 19, 2006 at 2:00 p.m.,
   Eastern time, at the Fund's principal place of business, 5800 Corporate
   Drive, Pittsburgh, Pennsylvania 15237-7000.  At the meeting, shareholders
   will be asked to vote on the following proposals:



               (1)To  approve  or  disapprove  a  proposed Agreement and Plan of
                  Reorganization  between  the  Fund  and   Federated  Municipal
                  Securities  Income  Trust,  on  behalf  of  its  series,   the
                  Federated   Municipal   High   Yield   Advantage   Fund   (the
                  "Reorganized   Fund"),  whereby  the  Reorganized  Fund  would
                  acquire all of the  assets (subject to the stated liabilities)
                  of the Fund in exchange  for  shares of beneficial interest of
                  the Reorganized Fund to be distributed pro rata by the Fund to
                  its shareholders in complete liquidation  and  dissolution  of
                  the Fund.

                (2)To  transact  such other business as may properly come before
                  the meeting or any adjournment thereof.

The  Board  of Directors has fixed August  22,  2006  as  the  record  date  for
determination of shareholders entitled to vote at the meeting.











                                                       August 22, 2006



Federated Securities Corp., Distributor

Cusip 313910200
Cusip 313910309
Cusip 313910408
Cusip 313910101
35037 (8/06)