For access to your Federated investment account

By selecting an investor type you will determine the site experience that best suits your needs.

For access to your Federated investment account

By selecting an investor type you will determine the site experience that best suits your needs.

Seeks tax-advantaged income with a secondary objective of capital appreciation, by investing in both tax-exempt (or municipal) securities and equity securities.

For additional information, including definitions of related terms and indexes, see theFinancial GlossaryandBenchmark Index Glossary.

1^1 disclosureIf this product is new, it will not have completed its first financial reporting period. Please check back to view future shareholder reports. For the new share of an existing fund, you may wish to view recent shareholder reports of another share of that fund by visiting another share.

The As of Date for regulatory documents is the date when the document is effective with the SEC and made available on Federateds website.

2^2 disclosureEach fiscal quarter, the Fund will file with the SEC a complete schedule of its monthly portfolio holdings on Form N-PORT. The Funds holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SECs website at 60 days of the end of the fiscal quarter upon filing.

^double dagger disclosurePDF file consists of a Presidents Message or Market Overview (if applicable) and Annual/Semi-Annual Shareholder Report. NOTE: To be sure you have the most recent information, please access both the Annual Report and the Semi-Annual Report.

^dagger disclosureThe funds expense ratio is from the most recent prospectus. The expense ratio may reflect voluntary fee waivers and/or expense reimbursements determined by the funds Advisor and its affiliates. The voluntary waivers and/or reimbursements, if applicable, are in effect up to but not including the later of 01/01/2020 or the date of the funds next effective prospectus.

Total returns for periods of less than one year are cumulative.

Total return may have been lower in the absence of temporary expense waivers or reimbursements.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards.

High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks and may be more volatile than investment-grade securities.

Fund income may be subject to state and local taxes. Although this fund pursues tax-advantaged income and seeks to invest primarily in securities whose interest is not subject to the federal alternative minimum tax, there are no assurances that it will achieve these goals.

There are no guarantees that dividend-paying stocks will continue to pay dividends.

As indicated in its name, Federated Muni and Stock Advantage Fund invests in both municipal (muni) securities and equity securities (stock) as described in the funds prospectus. Thus, the fund is not entirely a tax-exempt or municipal fund, and a portion of the income derived from the funds portfolio (or dividend distributions) will be subject to federal income tax and state and local personal income tax.

After-tax returns are calculated using a standard set of assumptions. Actual after-tax returns depend on each investors personal tax situation, and are likely to differ from those shown. The stated returns assume the highest historical federal income and capital gains tax rates, but do not reflect the effect of any applicable state and local taxes. Return After Taxes on Distributions assumes a continued investment in the fund and shows the effect of taxes on fund distributions. Return After Taxes on Distribution and Sale of Fund Shares assumes all shares were redeemed at the end of each measurement period, and shows the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on fund distributions. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA, 401(k) plans. The after-tax average annual total returns are based on the 37% tax bracket and include the 3.8% tax on net investment income.

Federal tax rates used in the taxable equivalent yields calculations are based on the 37% tax bracket. The tax rates do not take into account the 3.8% tax on net investment income. Consult with your tax advisor and attorney regarding your situation.

The tax law set specific dollar thresholds for each filing status above which the 20% qualified dividend income rate applies. Consult your personal tax advisor regarding your situation.

Mutual funds are subject to risks and fluctuate in value.

Product classifications noted at the top are Federateds internal classifications.

The ratings agencies that provided the quality breakdown ratings are Standard and Poors, Moodys and Fitch. When ratings vary, the highest rating is used. Credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality, and the lowest category of investment grade; credit ratings BB and below are lower-rated securities (junk bonds); and credit ratings of CCC or below have high default risk. The credit quality breakdown does not give effect to the impact of any credit derivative investments made by the fund.

The holdings percentages are based on net assets at the close of business on the date above, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Because this is a managed portfolio, the investment mix will change.

Current and future portfolio holdings are subject to risk.

Investors should carefully consider the funds investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the summary prospectus or prospectus before investing.