Highlights Pursues current income exempt from federal regular income tax and New York state and local personal income taxes, consistent with stability of principal. Fund income is also not normally subject to the federal alternative minimum tax (AMT). Invests in short-term, high-quality, New York tax-exempt securities. Offers New York residents the potential for attractive taxable-equivalent yields compared to taxable money market funds and direct securities.

Fund Management Jeff A. Kozemchak, CFA   Fund Cutoff Purchases: 1:00 p.m. Redemptions: 12:00 p.m.

©2012 Federated Investors Inc.

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For more complete information, ask your investment professional for a prospectus. You should consider the fund’s investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the fund’s prospectus, which you should read carefully before investing.

Income from Municipal funds may be subject to the local alternative minimum tax and state and local taxes.

Federated Securities Corp., is the distributor of Federated Funds.