IMPORTANT INFORMATION REGARDING THE FEDERATED FUNDS

SUPPLEMENT TO CURRENT SUMMARY PROSPECTUSES

Under the section entitled “Fund Summary Information,” please add the following as the final sentence to the “Risk/Return Summary: Fees and Expenses” introductory paragraph:

“More information about these and other discounts is available from your financial professional, in the “What Do Shares Cost?” section of the Prospectus and in “Appendix B” to this Prospectus.”

The Federated Funds include all of the following registrants (including any of their share classes):

FEDERATED EQUITY INCOME FUND, INC.

FEDERATED GLOBAL ALLOCATION FUND

FEDERATED GOVERNMENT INCOME SECURITIES, INC.

FEDERATED HIGH INCOME BOND FUND, INC.

FEDERATED MDT LARGE CAP VALUE FUND

FEDERATED MUNICIPAL SECURITIES FUND, INC.

FEDERATED SHORT-INTERMEDIATE DURATION MUNICIPAL TRUST

PORTFOLIOS OF FEDERATED EQUITY FUNDS

Federated Clover Small Value Fund

Federated Clover Value Fund

Federated Global Strategic Value Dividend Fund

Federated Prudent Bear Fund

Federated Absolute Return Fund

Federated Kaufmann Fund

Federated Kaufmann Large Cap Fund

Federated Kaufmann Small Cap Fund

Federated Managed Volatility Fund

Federated MDT Mid Cap Growth Fund

Federated Strategic Value Dividend Fund

Federated InterContinental Fund

Federated International Strategic Value Divided Fund

PORTFOLIOS OF FIXED INCOME SECURITIES, INC.

Federated Municipal Ultrashort Fund

Federated Strategic Income Fund

PORTFOLIOS OF FEDERATED HIGH YIELD TRUST

Federated Equity Advantage Fund

Federated High Yield Trust

PORTFOLIOS OF FEDERATED INCOME SECURITIES TRUST

Federated Floating Rate Strategic Income Fund

Federated Fund for U.S. Government Securities

Federate Muni and Stock Advantage Fund

Federated Capital Income Fund

Federated Real Return Bond Fund

Federated Short-Term Income Fund

PORTFOLIO OF FEDERATED INDEX TRUST

Federated Max-Cap Index Fund

PORTFOLIOS OF FEDERATED INSTITUTIONAL TRUST

Federated Government Ultrashort Duration Fund

Federated Short-Intermediate Total Return Bond Fund

PORTFOLIO OF FEDERATED INTERNATIONAL SERIES, INC.

Federated Global Total Return Bond Fund

PORTFOLIO OF FEDERATED INVESTMENT SERIES FUNDS, INC.

Federated Bond Fund

PORTFOLIOS OF FEDERATED MDT SERIES

Federated MDT All Cap Core Fund

Federated MDT Balanced Fund

Federated MDT Large Cap Growth Fund

Federated MDT Small Cap Core Fund

Federated MDT Small Cap Growth Fund

PORTFOLIOS OF FEDERATED MUNICIPAL SECURITIES INCOME TRUST

Federated Municipal High Yield Advantage Fund

Federated Pennsylvania Municipal Income Fund

Federated Michigan Intermediate Municipal Trust

Federated New York Municipal Income Fund

Federated Ohio Municipal Income Fund

PORTFOLIOS OF FEDERATED TOTAL RETURN SERIES, INC.

Federated Total Return Bond Fund

Federated Ultrashort Bond Fund

PORTFOLIOS OF FEDERATED WORLD INVESTMENT SERIES, INC.

Federated International Leaders Fund

Federated International Small-Mid Company Fund

Federated Emerging Market Debt Fund

April 10, 2017

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

Federated Securities Corp., Distributor

Q453756 (4/17)