IMPORTANT INFORMATION REGARDING THE FEDERATED FUNDS

SUPPLEMENT TO SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION

Effective June 18, 2018, Class B Shares of the following funds may be exchanged for Class B Shares of any other Federated fund.

The Federated funds include the Class B Shares of the following registrants and portfolios:

FEDERATED EQUITY fUNDS

Federated Absolute Return Fund
Federated Kaufmann Fund
Federated Kaufmann Small Cap Fund

FEDERATED EQUITY INCOME FUND, INC.

FEDERATED FIXED INCOME SECURITIES, INC.

Federated Strategic Income Fund

FEDERATED GLOBAL ALLOCATION FUND

FEDERATED HIGH INCOME BOND FUND, INC.

FEDERATED INCOME SECURITIES TRUST

Federated Capital Income Fund
Federated Fund for U.S. Government Securities
Federated Muni and Stock Advantage Fund

FEDERATED INVESTMENT SERIES FUNDS, INC.

Federated Bond Fund

FEDERATED MDT EQUITY TRUST

Federated MDT Large Cap Value Fund

FEDERATED MDT SERIES

Federated MDT Large Cap Growth Fund

FEDERATED MUNICIPAL BOND FUND, INC.

FEDERATED MUNICIPAL SECURITIES INCOME TRUST

Federated Municipal High Yield Advantage Fund

FEDERATED TOTAL RETURN SERIES, Inc.

Federated Total Return Bond Fund

federated WORLD INVESTMENT SERIES, INC.

Federated International Leaders Fund

May 17, 2018

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

Contact us at FederatedInvestors.com
or call 1-800-341-7400.

Federated Securities Corp., Distributor

Q454339 (5/18]

Federated is a registered trademark of Federated Investors, Inc.
2018 ©Federated Investors, Inc.