IMPORTANT INFORMATION REGARDING THE FEDERATED FUNDS

SUPPLEMENT TO CURRENT PROSPECTUSES

Effective after the close of business on October 7, 2016, shareholders of the Federated Funds will no longer be permitted to exchange into or from the Shares of the following funds:

Federated Institutional Prime 60 Day Fund

Federated Institutional Money Market Management

Federated Institutional Prime Obligations Fund

Federated Institutional Tax-Free Cash Trust

Federated Institutional Prime Value Obligations Fund

The exchange privilege may be modified or terminated at any time.

The Federated Funds include all of the following registrants (unless otherwise noted, this includes any of their portfolios and share classes):

FEDERATED ADJUSTABLE RATE SECURITIES FUND

FEDERATED EQUITY FUNDS

FEDERATED EQUITY INCOME FUND, INC.

FEDERATED FIXED INCOME SECURITIES, INC.

FEDERATED GLOBAL ALLOCATION FUND

FEDERATED GOVERNMENT INCOME SECURITIES FUND, INC.

FEDERATED GOVERNMENT INCOME TRUST

FEDERATED HIGH INCOME BOND FUND, INC.

FEDERATED HIGH YIELD TRUST

FEDERATED INCOME SECURITIES TRUST

FEDERATED INDEX TRUST

FEDERATED INSTITUTIONAL TRUST

FEDERATED INSURANCE SERIES

FEDERATED INTERNATIONAL SERIES, INC.

FEDERATED INVESTMENT SERIES FUNDS, INC.

FEDERATED MDT SERIES

FEDERATED MDT STOCK TRUST

FEDERATED MUNICIPAL SECURITIES FUND, INC.

FEDERATED MUNICIPAL SECURITIES INCOME TRUST

FEDERATED SHORT-INTERMEDIATE DURATION MUNICIPAL TRUST

FEDERATED TOTAL RETURN GOVERNMENT BOND FUND

FEDERATED TOTAL RETURN SERIES, INC.

FEDERATED U.S. GOVERNMENT SECURITIES FUND: 1-3 YEARS

federated u.s. government securities fund: 2-5 years

federated world investment series, inc.

intermediate municipal trust

Money market obligations trust

Federated U.S. Treasury Cash Reserves (All Shares)

October 6, 2016

Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

Q453367 (10/16)