Highlights Pursues current income consistent with stability of principal and liquidity. Invests primarily in short-term U.S. Treasury and government securities. Includes repurchase agreements collateralized by U.S. Treasury and government agency securities for higher yield potential than a Treasury-exclusive portfolio. Holds AAAm, Aaa and AAA ratings from Standard & Poor's, Moody's and Fitch, respectively. On National Association of Insurance Commissioners (NAIC) List.* Gives investors more time to complete daily cash processing and initiate late-day deposit transactions through 5 p.m. EST cut-off time for purchases and redemptions.

Fund Management Susan R. Hill, CFA Deborah A. Cunningham, CFA   Fund Cutoff Purchases: 5:00 p.m. Redemptions: 5:00 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.

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