Highlights Pursues current income exempt from federal regular income tax, consistent with stability of principal. Invests primarily in short-term, high-quality, tax-exempt securities. Offers tax-sensitive investors the potential for attractive taxable-equivalent yields compared to taxable money market funds.

Fund Management Mary Jo Ochson, CFA   Fund Cutoff Purchases: 3:00 p.m. Redemptions: 12:00 p.m.

©2012 Federated Investors Inc.

Institutional Sales Material. Not to be reproduced or shown to the public.

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.