Definitive Materials Filed by Investment Companies. (497)

IMPORTANT INFORMATION REGARDING THE FEDERATED FUNDS

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SUPPLEMENT TO CURRENT statutory PROSPECTUSES

In the prospectuses, under the section entitled “ Account and Share Information ,” under the sub-section “ Dividends and Capital Gains ” please replace the following language:

“If you have elected to receive dividends and/or capital gains distributions in cash, and your check is returned by the postal or other delivery service as “undeliverable,” or you do not respond to mailings from Federated with regard to uncashed distribution checks, your distribution option will automatically be converted to having all dividends and capital gains reinvested in additional shares. No interest will accrue on amounts represented by uncashed distribution checks.”

With the following:

Small Distributions and Uncashed Checks

“Generally, dividend and/or capital gain distributions payable by check in an amount of less than $25 will be automatically reinvested in additional shares.

Additionally, if one or more dividend or capital gain distribution checks are returned as “undeliverable,” or remain uncashed for 180 days, all subsequent dividend and capital gain distributions will be reinvested in additional shares. No interest will accrue on amounts represented by uncashed distribution checks. For questions on whether reinvestment applies to your distributions, please contact a Client Service Representative at 1-800-341-7400.”

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

CASH TRUST SERIES II

Federated Treasury Cash Series II

CASH TRUST SERIES, INC.

Federated Government Cash Series

Federated Municipal Cash Series

Federated Prime Cash Series

Federated Treasury Cash Series

federated equity income fund, inc.

federated fixed income securities, inc.

Federated Municipal Ultrashort Fund

Federated Strategic Income Fund

Federated GNMA Trust

federated government income securities, inc.

federated high income bond fund, inc.

federated high yield trust

Federated Income Trust

federateD index trust

Federated Max-Cap Index Fund

Federated Mid-Cap Index Fund

federated mdt stock trust

federated GLOBAL allocation fund

federated intermediate government fund, inc.

federated International series, inc.

Federated International Bond Fund

federated investment series funds, inc.

Federated Bond Fund

federated municipal securities fund, inc.

federated short-intermediate duration municipal trust

federated total return government bond fund

federated total return series, inc.

Federated Mortgage Fund

Federated Total Return Bond Fund

Federated Ultrashort Bond Fund

federated u.s. government securities fund: 1-3 years

Federated U.S. Government securities fund: 2-5 years

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federated world investment series, inc.

Federated Emerging Market Debt Fund

Federated International Leaders Fund

Federated International Small-Mid Company Fund

intermediate municipal trust

Federated Intermediate Municipal Trust

federated adjustable rate securities fund

federated income securities trust

Federated Capital Income Fund

Federated Floating Rate Strategic Income Fund

Federated Fund for U.S. Government Securities

Federated Intermediate Corporate Bond Fund

Federated Muni and Stock Advantage Fund

Federated Prudent DollarBear Fund

Federated Real Return Bond Fund

Federated Short-Term Income Fund

Federated Unconstrained Bond Fund

federated institutional trust

Federated Government Ultrashort Duration Fund

Federated Institutional High Yield Bond Fund

Federated Short-Intermediate Total Return Bond Fund

federated municipal securities income trust

Federated Michigan Intermediate Municipal Trust

Federated Municipal High Yield Advantage Fund

Federated New York Municipal Income Fund

Federated Ohio Municipal Income Fund

Federated Pennsylvania Municipal Income Fund

federated equity funds

Federated Absolute Return Fund

Federated Clover Small Value Fund

Federated Clover Value Fund

Federated Global Equity Fund

Federated InterContinental Fund

Federated International Strategic Value Dividend Fund

Federated Kaufmann Fund

Federated Kaufmann Large Cap Fund

Federated Kaufmann Small Cap Fund

Federated Managed Risk Fund

Federated MDT Mid Cap Growth Strategies Fund

Federated Prudent Bear Fund

Federated Strategic Value Dividend Fund

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

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MONEY MARKET OBLIGATIONS TRUST

Federated Automated Cash Management Trust

Federated Automated Government Cash Reserves

Federated Automated Government Money Trust

Federated California Municipal Cash Trust

Federated Capital Reserves Fund

Federated Connecticut Municipal Cash Trust

Federated Florida Municipal Cash Trust

Federated Georgia Municipal Cash Trust

Federated Government Obligations Fund

Federated Government Obligations Tax-Managed Fund

Federated Government Reserves Fund

Federated Liberty U.S. Government Money Market Trust

Federated Massachusetts Municipal Cash Trust

Federated Master Trust

Federated Michigan Municipal Cash Trust

Federated Minnesota Municipal Cash Trust

Federated Money Market Management

Federated Municipal Obligations Fund

Federated Municipal Trust

Federated New Jersey Municipal Cash Trust

Federated New York Municipal Cash Trust

Federated North Carolina Municipal Cash Trust

Federated Ohio Municipal Cash Trust

Federated Pennsylvania Municipal Cash Trust

Federated Prime Cash Obligations Fund

Federated Prime Management Obligations Fund

Federated Prime Obligations Fund

Federated Prime Value Obligations Fund

Federated Tax-Free Obligations Fund

Federated Tax-Free Trust

Federated Treasury Obligations Fund

Federated Trust for U.S. Treasury Obligations

Federated U.S. Treasury Cash Reserves

Federated Virginia Municipal Cash Trust

Tax-Free Money Market Fund

April 4, 2014

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

Q451797 (4/14)